10 Reasons to use a part-time Finance Director

There’s been a lot of talk recently about the benefits of utilising part-time Finance Directors. But what do they do? And how can they help you?

In this blog we cover the main benefits of using a part-time Finance Director, how to find one and what to look for. Let’s get started…

Reasons to use a part-time Finance Director

There are many reasons to use a part-time Finance Director, but here are 10 of the main ones:

1. A strategic and forward-looking view on your finances – to allow for longer term decision making on funding, internal controls and growth opportunities.
2. They can share experiences from other (often complementary) industries, which an in-house Finance Director might not otherwise be aware of.
3. They’re cost effective – rather than having a fixed cost on your payroll, instead you can use them as little or as much as you need on a weekly / monthly or quarterly basis.
4. The ability to grow with your business.
5. Improved reporting and KPI’s to alert management to issues before they happen.
6. Credibility amongst other external stakeholders such as banks and investors.
7. Access to finance (both debt and equity) from their external network of funders.
8. Benchmarking against competitors or supply chain to increase commercial awareness.
9. A sounding board for any in-house finance team.
10. Ability to free up Board members’ time for them to focus on other value-added activities, such as Business Development and margin enhancement.

Where do I find a part-time Finance Director?

A good first place to start is to speak to your accountant. At WCL we offer part-time Finance Director services alongside our main accountancy solutions. If your accountant doesn’t offer part-time Finance Director services, they may be able to recommend someone to you.

The important thing is to find the right person for you and your business.

What should I look for?

There are three main factors you might want to consider when looking for a part-time Finance Director:

Experience. What qualifications do they hold? What knowledge do they have of my industry or firms my size?

Relationship. Do I like this person? Are we going to get along or are they going to get on my nerves?

Value. What value will they deliver for my business? How will they help take my business forward?

Where can I find more information?

If you would like to know more about what a part-time Finance Director does or how they might be able to help you and your business, please get in touch.

We offer a free initial no-obligation meeting, where we can talk through your requirements and how me might be able to help you. We’d love to hear from you.