Virtual Finance Director
Support - as and when required
Services
The role of the Finance Director is critical in any business in order for it to fully utilise its financial information to influence strategic direction and impact on business operations. However, the cost of having an experienced full time Finance Director can be quite burdensome for some companies.
GKM Accountants provide an outsourced Finance Director service to those companies that want the financial expertise, insight and impact of a professional but don’t want to pay the associated cost. We are able to deliver such a service by letting you decide when you require the service of a Finance Director and how often. This type of approach makes certain that your business still has access to an experienced professional who understands your business, can provide the support when required and you are only charged for when the service is used.
The main benefits of this approach are:
- Your company has access to the expertise of an experienced professional
- Costs are minimised due to savings in wages, associated employer taxes and employment remuneration benefits (e.g. pensions, sick pay, company car etc.)
- You will have your systems and procedures reviewed objectively
- You will receive advice on cash flow, budgets, profit maximisation, cost reduction and tax-efficient investment strategies
- You will be able to utilise business growth advice
- You will receive advice on how to prepare effectively for mergers and acquisitions
- Your company will be able to utilise and develop customised performance measurement tools (KPIs) to understand how to manage the business more effectively
- An expert will be on call who can make sense of jargon, interrogate financial information and be an ally in your quest for business success
Virtual Finance Director
We understand that the control of finances, paperwork and looking at strategy can be difficult when you are really busy dealing with day to day work.
Smaller businesses often face the same issues as larger businesses but can't justify employing a full-time finance director.
Having someone with financial expertise, together with extensive commercial and business experience, can be vital to your success.
Our Virtual Finance Director service offers the best of both worlds - access to our extensive experience at a level that is tailored to your individual needs and budget.
What is a Virtual FD?
A Virtual FD plays the FD role on a part-time business for a fraction of the cost of a full-time FD. A Virtual FD is essentially a business adviser and a source for financial insight at a far smaller cost than a full-time FD.
Having access to an experienced, knowledgeable finance professional is a luxury that many smaller businesses simply can't afford on a permanent basis.
But by utilising a Virtual FD this is now within reach.
Through a combination of practical knowledge, cloud-based accounting software, mobile technology and modern data analytics we can deliver a service that really makes a difference to your business.
What does a Virtual FD do?
We'll act as your company's Financial Director by providing you with all the specialist skills, services and expertise you'd enjoy if you recruited one yourself.
Key aspects of this role include:
- Managing and controlling cash flow (turnover is vanity, profit is sanity and cash is reality);
- Preparing an annual budget and rolling cash flow forecast;
- Representing the business at meetings with the bank and auditors;
- Implementing financial strategy;
- Reviewing business performance – Do you have the right information to manage your business, in a timely fashion?
- Supervising finance teams – Would your finance team benefit from support?
- Preparing monthly management accounts;
- Running up to date accounting software;
- Having a monthly meeting with the directors to discuss business performance.
What are the benefits of a Virtual FD?
Besides looking after the practicalities detailed above, the real benefit is that you will receive a service that is far greater than the sum of its parts. It's the bigger picture and the real-world advantages that really benefit our customers using this service.
Business owners and senior managers often find that they can focus more on doing what they are best at, and use the extra time and energy that becomes available when they are freed from financial management tasks to creatively develop and grow their business. Bringing many years of commercial experience, we provide an outside perspective that can breathe new life into your business.
Who is it for?
We don't believe in a one-size-fits-all approach to accounting, so our Virtual FD service is always carefully designed around the very specific needs of your business. This means it's suitable for a wide range of businesses and situations, and particularly suited to start-ups and established businesses with ambitious plans.
Typically, our Virtual FD service is used by forward-thinking organisations that have reached the point where the expertise of a Financial Director is the only way to safeguard its financial interests and the best way to guarantee its continued growth.