Finance Director

So what should the role of a Finance Director bring to your business?

• It should ensure that appropriate financial and management information is available for the business
• Support by a robust accounting and management process that gives confidence to the results published
• Closely controlled and monitored cash flow in the business
• Strategic input to the business, providing a focus for planning and development
• Decision support on key issues facing the business
• Managed relationships with external stakeholders, particularly funders to the business
• Work with management on cost control
• Administrative support as needed on legal and tax issues, often by engaging the help from outside advisors and managing the relationships with those advisors
• …and it should add real value

Specifically, this might include:

• Monthly review of management accounts and cash flow, and underlying integrity beneath them.
• Attendance and contribution to board meetings, and other high level meetings as required.
• Financial input into strategic business issues such as investment in new plant, factory move etc.
• Managing relationships with external stakeholders.
• Assistance with strategic planning and forecasting
• Overseeing compliance issues such as year end accounts completion, Audit, VAT compliance, payroll year end, P11D completion and general Inland Revenue compliance.
• ….and generally be “part of the team”

Good financial management is at the heart of a successful business, and there can be little doubt that a lack of financial expertise around the board room table will significantly hamper a business's progress.

Imagine that you are the Owner/Managing Director of a very large corporation with teams of staff at your disposal.  Whenever you have a query about any aspect of your business all you need to do is pick up the telephone and call the head of that department. 

Regular staff meetings and board meetings take place and decisions about the direction of the business are based on information gathered from all the department heads.  The Finance Director in any large organisation works very closely alongside the Managing Director, as his/her candid friend and confidant, and helps guide the decision making processes based on the financial implications they will have on the business.

The reality for small and medium sized businesses is that quite often it is the business owner/manager that takes on the responsibility for many of the ‘Heads of Department’ roles. 

Businesses are often created by people to do what they do … the business does what their technical skill is.  For example an HR specialist might set up a recruitment business and a keep-fit enthusiast might set up a gym.  Both are experts in their own field but suddenly they find themselves needing to be experts in all the other areas required to run a business.

Whilst it may be possible to “get by” in many of these new jobs, there is one area that really must be addressed by all businesses as soon as they are established. That is managing the money and strong financial control. After all one of the key reasons businesses are created is to make the stuff!

The Finance Director is a pivotal role in every business, no matter what its size, and as such every care should be taken to ensure the FD is not only technically competent but also fully understands the realities of the business world.

When Insight Associates takes on the role of Finance Director for your business we are not just a ‘run of the mill’ technical accountant giving you historical data on what has happened – we are working inside your business side by side with you helping to develop and grow your business – helping you to understand the financial implications of all the decisions you are making and guiding you towards making the best possible decisions for success.

The role of the Finance Director is to educate you how to better manage your money.  Not only does the Insight Associates Finance Director help you to keep your business on track through sound financial management it helps you to improve your business strategy skills and to gain better control of your business.

Insight Associates has a wealth of commercial and practical experience in supporting all manner of business at all stages and its proactive approach to all things financial means that most problems are resolved before they even occur.

Insight Associates Finance Director can also be a lifeline to a distressed business.  Helping struggling businesses to regain control and establish a much better relationship with external stakeholders, including lenders.  Knowing that the business has sought practical and commercial professional  assistance can help to reassure financial institutions on the viability and stability of the business going forward.

Utilising our Finance Director service can be a key factor to the continued growth and development of a successful business.  Having accurate and reliable accounting and financial information can really help to give you the edge over your business competitors.  For example, if you and your competition are bidding for the same work knowing how far or how little you can stretch your profit margins can go a long way towards winning the business.  It can tell you how ready you are for expansion, whether you can afford to purchase that new state-of-the-art piece of equipment – and of course the best way to fund it!

An Insight Associates Finance Director can help to establish a healthy cash flow position which in turn can enable you to take advantage of many benefits including early settlement discounts, better bargaining positions for purchases and improved stock levels.  More importantly than that though it will mean that you are controlling the business, not the money or lack of it!