How part-time FD services can benefit your company
Managing your finances is critical to all businesses, no matter how big or small.
Juggling cash flow, sourcing funding and maximising profitability are challenges to all business owners and these are the things that a part time Finance Director can help with.
This is why EFM has developed 7 key benefits around why you should hire a part time Finance Director.
1. An affordable, quality driven solution
Hiring a full-time, experienced in-house Finance Director is expensive and you may not have a full-time need. Outsourcing provides you with access to a quality individual at a cost that is aligned to your business needs. Furthermore, you can chose the right individual to maximise performance, productivity and compliance at the correct level for you business.
2. Ability to scale
By engaging a part time Finance Director, you simply pay for support as and when it is required. This allows you to invest more of your funds in activities which will directly benefit your bottom line.
3. Enhanced decision making
A part time Finance Director can help evaluate your business from an ‘independent’ perspective. They can offer objective, effective advice with your best interests in mind. This guidance will help you steer and develop the business as you had intended.
4. Improve cash flow and get funding
Outsourcing a Finance Director gives your business access to expertise which will help you improve cash collection and effectively manage payments. Additionally, a part time Finance Director will be able to help you source the necessary support and funding to help your business grow.
5. Reduce overheads
An experienced Finance Director will be able to identify cost saving opportunities and implement them on your behalf. When a part time Finance Director is only being used as required, they effectively ‘pay for themselves’ even before all other value-adding opportunities.
6. Efficient use of time
Take note of how much time you’re spending on managing your finances every week for your business. That time could be spent on improving your operations,
better serving your customers and ultimately growing your business. Removing this type of distraction on a daily or weekly basis will ensure your time is being used productively.
7. Reduce Risk
A part time Finance Director will dedicate time to your governance requirements and will reduce your risk of non-compliance with organisations such as Revenues or external funders such as Banks and Venture Capitalists.
Pat Lavelle
EFM Ireland Patrick.lavelle@efmireland.ie
