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We will monitor the improvements via the company's KPIs. on a monthly basis.
The service I provide is on an “as and when required” basis so will suit a company who may have a need for financial management but either the requirement is irregular or is deemed to be too expensive to justify a full time position.
EMAIL : James.Allan7@ntlworld.com
There is a perception amongst SMEs that an FD is only required once they reach a certain level of turnover or complexity within their company.
Without wishing to be derogatory about FCs (we were all there ourselves in our past) but what level of business experience do they have ? A part–time FD should be fully experienced and aware of the various driving forces within the company and hopefully this experience was gleaned across a diverse range of business sectors.
In my opinion though this is wrong. There is a distinct void between having an FC and using an external firm of auditors. Yes, the FC will hopefully produce a good, accurate set of Man Accounts every month and the Auditors will ensure they are correctly presented within the company’s statutory accounts…. but there is a lot more to Finance than just that. What is missing is the strategic business related advice.
What do you get in return ??
This then allows the MD to concentrate on the operational aspects of their business with the sound knowledge that the finance side is in a safe pair of hands.
JD Allan Services Ltd
Supplying a Part Time Finance Director / Non Exec Service.
Contact No : 07904589581
The actual figures should be compared every month on a current and YTD basis and effective variance analysis carried out..
Strangely this is not something that has taken off in Scotland, as yet, but is very popular down South.
We will detail the systems to be implemented to rectify any shortfalls identified.
IT is now an inherent part of a company. Are their IT systems up to date ensuring that the company is running both efficiently and effectively ?
We will review your Company's systems and procedures and provide a written report detailing the strengths and weaknesses.
They believe that they can battle on regardless, relying on their Financial Controller and their auditors and, for some, this may work.
Being a small SME myself means my company’s costs are usually substantially lower than larger CA companies resulting in a lower cost to you and my time can be charged on an hourly rate basis.
Once we have approval, we will oversee the implementation process from start to finish.
Can Tablets replace our PDA’s ?
Is the Insurance cover satisfactory ? Do we need Business Interruption cover ?
What are the company’s inherent risks ? Have we mitigated them ?
Sounds expensive ???
First of all this relates primarily to SMEs who obviously don’t have a Finance Director.
Future growth and prosperity must be monitored by way of Budgets which are based on a good, robust business model and then superseded by Forecasts, should some of the initial assumptions materially change.
The part-time FD should work alongside the current finance team offering support, help and training, if required. He should be viewed more as a business partner - someone to oversee the finance team and someone the MD can bounce ideas off to see the various financial “what if” scenarios.
The part-time FD role is a cost effective solution for SMEs where they will reap the benefits of having :
A CA with over 25 years of being an FD,
Experience and proven ideas gleaned over a wide variety of businesses,
An independent point of view of your business,
Skills which can be drawn on, as and when needed,
Financial model templates which can be easily adapted to suit.
The role of a Part Time Finance Director.
“Cash is King” is a well utilised phrase but how many SMEs produce a Balance Sheet derived Cash Flow to show the position 9 months down the line when the Tax bill is due or the Dividends are paid ? Who will deal with the Bank should additional facilities be required ?
SME owners believe that, having taken the company so far themselves, there is no need to employ an additional expense, and perceived to be a very high expense at that.