finance director services


Managing core
accounts processes


Finance presence
within the business

Liaising with
business partners

Managing core accounts processes

  • Overseeing the routine accounting matters dealt with by the bookkeeper/accounts team, ensuring they are properly maintaining the cash book and nominal, sales and purchase ledgers, so that accurate accounting is delivered and cash is effectively managed through:
    • Good credit control being employed with customers
    • Suppliers being paid the correct amount and at the right time (ie. maximum advantage taken of agreed credit terms)
    • Stock levels being optimised such that materials are re-ordered in due time (but overstocking is avoided to minimise cash tied-up in stock)
    • Client billing terms being structured more favourably for the company
    • Payments for work performed by freelancers more closely aligned with receipts from clients
  • Ensuring work in progress is correctly measured so that turnover is accurately reported
  • Overseeing the preparation of VAT Returns to ensure the correct amount is paid to HMR&C

Financial reporting

  • Preparing/reviewing monthly management accounts (profit & loss, balance sheet and cashflow movements), including comparison against prior year and budget/re-forecast targets
  • Providing supplemental reports to give transparency over the profitability achieved by each of the company's income-streams / projects and monitor overhead costs

Business planning

  • Leading the budget setting process and subsequent re-forecasting exercises, so that the business is able to look forward and plan its resources accordingly
  • Producing regular cashflow projections so that cash shortfall hotspots can be identified in time for action to be taken to avoid an unnecessary crisis – banks will usually be understanding in providing additional short term finance provided they are informed in good time and retain confidence that the business is under control

Finance presence in the business

  • Actively participating in management/board meetings, delivering and interpreting the company's trading results and pulling out the key financial issues for the business
  • Assisting with general company strategy in providing a dedicated higher level finance sounding board to support good decision-making
  • To generally increase transparency over the company's financial performance and likely future trajectory, thereby creating opportunities to identify efficiency gains/cost savings

Liaising with business partners

  • Managing the provision of financial information required by banks, investors, lenders, other shareholders (or potential shareholders), or as needed for new client tender documents
  • Being the lead contact with the company's external accountants/auditors and tax advisors, overseeing the preparation of year end working papers to ensure the annual compliance fees charged by these firms can be kept to a minimum

Can't my year end accountant provide these services?

Accountancy firms have traditionally focussed on year end accounting, audit and tax compliance work, and more specialist tax planning and corporate finance services. They can also provide an invaluable helpdesk for technical issues, VAT advice, etc. on specific matters. They are usually highly skilled and able to provide value for money in the delivery of such essential services.

But many businesses find that finance director type services are not always easily provided by accountancy firms. This may be due to the limited time availability of suitably experienced staff, or the hourly fee charging structures for such personnel, which makes it too expensive to provide these services on an ongoing basis. Some accountancy firms will provide elements of the finance director service (for example production of monthly management accounts, attendance at Board meetings etc), but they are often unable to deliver the full service offering that can be provided by a part time finance director.

I don't replace your external accountant and I don't replace your bookkeeper. I provide a complimentary service for both and sit logically inbetween. In fact I have strong relationships with many firms of accountants and work regularly with them. I let the experts deal with tax and compliance while I focus on cash, profitability and growth.