Using an Accountant at your board meetings as a finance director to monitor your business finances

The challenges facing SME business owners in the UK are manifold and using an accountant as a finance director at your board meetings can gain you a big business advatage.

From liaising with clients to managing staff, making strategic business decisions to monitoring finances and cashflow, finding the time and energy to learn and maintain peak performance across a number of disciplines is far from straightforward. While it’s tempting to ramp up recruitment and take on board specialists for each department, finding the resources you need while your business grows is not always possible.

Above all else, management of finance is integral to the growth of your SME.

So, what is the solution? Share responsibility among existing staff members across multiple disciplines? Continue to micro-manage every aspect? Or is there a more suitable alternative.

With an outsourced trusted advisor, the solution to overcoming the demands of managing the accountancy requirements of your SME business is simple.

What is an outsourced finance director?

An experienced accountant who will attend your board meetings, will provide the wisdom of a finance director without the cost of employing one.

Much like any role within an organisation, the position encompasses a specialist selection of skills, so being able to call on an experienced professional to take on this responsibility will prove invaluable.

Best of all, you know you’re paying for the services of the advisor as and when you need them, without the outlay on a full-time wage. As such, you are able to ensure you’re getting the expertise you need without the full expense.

Why should you think about outsourcing?

For many businesses – particularly SME organisations – outsourcing represents the most financially viable option for utilising the best resources at the best price. For example, among the many services provided by an outsourced advisor are:

  • Monthly management accounts
  • Monthly management information reports
  • Creation of key performance indicators (KPIs) for the business
  • Profit and cash-flow forecasts
  • Advice on improving the profitability – and performance – of your business
  • Meeting with directors on a regular basis to develop suitable action plans

If you’ve already grown your business from initial start-up , you’ll know how much effort goes into each of these responsibilities, as well as all the other tasks that need to be completed. Being able to place your trust in an outsourced advisor frees up time and resources to help you focus on the continued growth of your business.

How your business could benefit from an outsourced advisor

As identified, there are clear benefits to investing in an outsourced advisor for your business. Among those that will prove particularly beneficial to you and your company are:

  1. Oversight of regulations

The number of financial rules and regulations that require compliance  is staggering. If you’re already occupied with a number of other responsibilities, finding the time to educate yourself and stay abreast of the changes is time consuming and a full-time job in itself. Being able to rely on a fully certified and dedicated resource will deliver the peace of mind and legal compliance that is necessary for the sustained growth of an SME. What’s more, an outsourced finance director will have the experience required to maintain an overview of industry-specific developments, enabling you to focus on the important work of growing your business.

  1. Flexibility

When it comes to working in finance, a disparate array of skills is required, whether it’s being an effective accountant, undertaking ongoing commercial analysis to advise on key business decisions, or even being able to chase outstanding payments in a manner that is effective without causing conflict with clients and customers. Wearing the many hats necessary to manage the financial responsibilities of an SME business takes competence and flexibility. By working with an outsourced advisor, you can be assured that key responsibilities are in a safe pair of hands.

  1. Cost saving

Company growth – particularly as an SME – demands attentive management of each and every penny in your business. One of the biggest expenses you’ll discover as your company grows is employee costs. Not only are you responsible for payment of salaries on time, but you have to take into consideration National Insurance, software licenses, insurance and many other hidden costs. For every full-time employee hired, you could find yourself spending up to 1.85 times their base salary.

Working with an outsourced advisor– particularly with those working on a contractual, often part-time, basis – enables you to invest in the same level of services you might expect from hiring an entire accounting department in-house, but at a much more affordable level.

  1. Redeployment of roles

Earlier we looked at how many SME businesses have to maximise the staff they have. Some employees are tackling many different roles at the same time. By extending your team with an outsourced advisor, there will doubtless be an opportunities to redeploy those that may otherwise be occupied – or even burdened – with additional work. By being able to focus their attentions on other tasks, the opportunity to add value to the business without the added responsibility of having to worry about the accounting duties will prove invaluable.

  1. Trust and peace of mind

Throughout this article, we’ve focused on how working with a trusted advisor outside your company can support you and aid the growth of your business. Perhaps the most significant benefit of such an arrangement is actually something that cannot be measured: the trust generated when you’re working with somebody that knows the industry and profession inside out. Trust plays a vital role in all working relationships and knowing that you have the best resources in place provides the confidence and peace of mind you need to continue to focus on growth and reduce the level of stress on your current workforce.

Enquire about using an accountant at your board meetings

At THP Chartered Accountants, we can provide the outsourced advisor support your business needs to flourish. THP is a chartered accountancy firm with South East coverage, with offices located in Sutton, Chelmsford, Saffron Walden and Wanstead.  We’re happy to support SME businesses across all industries with their accountancy requirements. Contact us today for more details about using THP Chartered Accountants as your outsourced advisor.

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    Avatar for Kirsty Demeza
    About Kirsty Demeza

    With a portfolio that ranges from startups to companies with a £10 million turnover, Kirsty’s talent for working closely with her clients ensures her services remain in strong demand.

    “The most rewarding part of my role is seeing clients succeed,” she says. “When you help a new business and watch it expand into new premises and secure big contracts, it’s a great feeling.” Kirsty never finds two days are the same.

    As well as providing accounting services that range from self-assessment tax planning and VAT to audit and accounts, she’s part of THP’s sales team and closely involved in helping our trainees to develop their skills.

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