We offer Virtual Financial Directorship from a single representative individual. The scope, duration and frequency of interaction in this relationship depends on your requirements, but we advocate a long-term and in-depth partnership that allows us to really get to grips with how your business operates. Our team is highly qualified, with more than 50 years of experience in accountancy and business. Most are entrepreneurs with significant exposure to directorship of SMEs.
If you opt for directorship from us, you’ll get the full benefit of the entire team channeled through one individual with whom you have all your interaction. That means all their experience, all their expertise and, importantly, all their contacts. The key aspect of this relationship is flexibility, so if you want analysis and insight on a particular project, a merger or acquisition, for example, or advice about a growth strategy, we can provide that. If you want long-term management, supervision, even recruitment and training of your in-house accounts team, we can do that too. Whatever scale of relationship you want, we can be there at your review meetings, however frequent they may be, present key financial information in innovative, informative ways and give strategic advice, all for a fraction of the cost of employing a single individual.
A financial director (FD) or Chief Financial Officer (CFO) is typically a qualified accountant with significant business experience. They usually sit on the board, working with the CEO/ MD but reporting to the Chairman, and take a strategic [link to strategy and planning] role, broadly concerned with financial issues but also adding value to a range of non-financial decisions. Traditionally, an FD is employed on a salary, with or without a share in the company. This is the model preferred by larger corporations, particularly Public Limited Companies, but for many small and medium sized enterprises (SMEs) the cost of employing a single person full time is prohibitive. Virtual Financial Directorship has evolved to meet the needs of SMEs by providing the services of a full-time FD at a fraction of the cost, usually through a syndicate of suitably qualified individuals, or a firm of accountants.
The roles of a financial director are numerous. In terms of pure financials, their responsibilities might include budgets and forecasts, cost analysis and funding or investment proposals, but their tactical and strategic roles are often more important. These include activities like risk assessment and performance analysis where the combination of financial expertise and business experience is invaluable. A financial director can give you a unique perspective on a planned course of action and is the individual best placed to run ‘what if’ analyses based on possible scenarios.
For the SME, the benefits of commissioning the services of a virtual or part-time FD over a single individual are threefold. First, these services are typically offered at a fraction of the cost of employing a single suitably qualified individual, and rarely involve an equity transaction. Second, the term of engagement is usually short (though as discussed below, this may or may not be desirable) which means that the business is not committed to a large financial outlay. Third, services offered by a team of qualified individuals are able to draw on the pooled resources of all members of that team, including their own particular experiences and list of contacts.
Many companies offering financial directorship services approach the service from the perspective of a ‘business overhaul’, the chance for you to have an experienced individual or team of people look through your finances and data collection processes to identify areas for improvement. These arrangements, whilst they may be cost effective, and might benefit the business in the short term, fail to capitalise on the full potential of a highly experienced organisation at the head of your finance department. One of the key benefits of a longer working relationship is managerial: If you have your own accounts department or bookkeeper, your finance director will want to develop a close working relationship with them, to see through and evaluate changes that they make, and to develop the team and individuals within it. There is a clear strategic advantage here too, as you take advice from a group or individual who knows your business inside out, rather than a temporary consultant.
Communications with HMRC & Companies House
Self Assessment Tax Return
CT600 (Company Tax Return)
Monthly Management Accounts
Accounting Systems Set-up
Business Startup – Company Formation
Benchmarking and KPI’s
Virtual / Part-Time Financial Director / CFO
Non-Executive Director (NXD/ NED)
Disaster Recovery Systems
Monthly / Quarterly / Annual Performance Meetings