Why do I need a part time Finance Director?
A book-keeper enters transactions into your accounting system but usually lacks the experience to interpret the results of the transactions.
An accountant handles the legal accounts and tax at year end, but isn't trained to support your business throughout the year.
A part-time FD will give you expert financial analysis advice and support, allowing you to get the best out of your business.
The short answer is “whatever you need”, but typical activities include:
The latest salary surveys show that, with national insurance and executive benefits, the cost for a full-time Finance Director is likely to be in excess of £100,000 per annum. The value they bring far exceeds this or they wouldn’t be employed to do the job.
Most companies don’t need a full-time Finance Director; they need financial expertise, bespoke to their requirements on a part-time, ad hoc or project basis to have an input and add value in those areas that are relevant to the business. Real impact and added value can be obtained for a fraction of the cost paid by the large companies.
In terms of specific fees to support your needs, I would meet with you initially to review your business, agree your needs and discuss the benefits that I could bring before any discussion of fees. However, typical costs vary between £650 and £3,000 per month. There are no other associated costs such as recruitment or redundancy. You only pay for the time you use. I also provide ad hoc ‘phone a friend’ support free of charge, so quick calls or emails are included in the service for no extra cost.
To be able to have an input into your business I need to understand how it works operationally, not just the finances. To do this I would expect to spend some, if not a reasonable proportion of time, working at your premises, understanding the business and the people within it. Other work can be done off site.
"'Having a part time FD as over qualified as Kate has added considerable value to our business, delivering insight in to our finances that has driven our growth strategy, kept us agile and contributed to over 30% growth last year. She is money very well spent for Mash."