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You may not have considered hiring a financial director, or perhaps you have, but decided that you can’t justify the additional outlay until your business reaches a certain size. However, as with any business decision it’s a question of balance, and when you weigh up the cost of a financial director versus the tangible benefits they can bring your SME, it might make you reconsider your position.
There's often a little confusion surrounding the role of a financial director – especially because it's so easy to get this function mixed up with other financial and accounting roles. In a previous blog I explained a little about the different types of accountant , but this time I want to focus on the part a financial director should play in your company's growth journey.
In any SME, accounting and financial administration can swallow up a lot of time. Even if you have your own in-house accounting department, there are so many processes to manage that unless you find the most efficient ways to work, you can soon end up with a backlog – which in turn can put you at risk of non-compliance with your financial reporting .
If you're an SME, you'll probably consider outsourcing your financial management to an accountant sooner rather than later – or employing one in-house if business activity warrants the salary. However, not all accountants have the same skills, so it’s helpful to be aware of the different types and what they're qualified and able to help you with.
As the UK’s leading accounting software for SMEs, I recommend Xero to many of my clients who are looking for a sophisticated yet easy-to-use solution for keeping track of their business finances. Of course there are plenty of alternatives out there, but Xero offers a comprehensive accounts management tool that you can use from your office or home computer, or any internet enabled device, such as a tablet or smartphone. However, that’s just one of the great benefits that Xero offers – let’s take a look at some of its other great features and functions...
When you’re looking for a way to improve your SME’s financial management, you essentially have two options: employ someone in an internal role (full or part time), or outsource the task to an external specialist.... Here’s a quick list of some of the key benefits of using an external financial management provider...
Last week I shared some views in an article in the business section of the Daily Telegraph
the firm of the future is one that adds value to clients, using their position as trusted adviser to help clients improve business performance
Perhaps the thing that has crystallised the most for me over the last few months though, is – it’s ok to have questions. None of us have all the answers. Recognise what you do know and seek help and support for anything else.
January is a time of the year that prompts reflection, optimism and objective setting for many - so much seems possible and barriers don't seem quite as big as they did before the Christmas break. Something that holds back a lot of people is a grasp of the basics of business finance.
