Why do you need a Finance Director?

Most small businesses are not in a position to employ a full-time Finance Director.  At an annual cost of £70k upwards it is not financially viable to consider this option for your business.

However as a business is growing it is imperative that you understand the finances of YOUR business and that it is in a position to grow.  This is where a Finance Director comes along.

Where can Balance Accounting Solutions help?
At Balance Accounting Solutions we pride ourselves on being able to offer you the services of a Finance Director at a fraction of the cost. 

What will we do?
Initially we will come into your business, get a thorough knowledge of what your business is all about and what it is you are trying to achieve with it.

Once we have got 'under the skin' we will formulate a plan for what requires doing and where we can offer you those services.  This will be a completely visible plan that will be free of all that accountancy jargon and you will fully understand.

Once we have agreed the plan and you are 100% happy and comfortable with it we will agree the work that requires doing and the cost to you will be upfront.  Up until this point you will have incurred no cost whatsoever from us.

Example of the type of work we do

Monthly reporting
At the end of each month we would come into your business for a couple of days, take all your book-keepers work and turn it into a set of management accounts that will give you a complete understanding of where your business is each at the end of each month.  This is a very powerful tool as you are not having to wait until the end of each quarter or even the end of the year when you take all your transactions to your accountant who will prepare just what is necessary to submit to Companies House and HMRC for statutory purposes.  It shows you on a monthly basis what is going on in your business.  You may find a situation early in the year that you would not have necessarily picked up on without the knowledge of the management accounts.  It therefore gives you the ability to rectify that situation early on and potentially saving yourself a lot of money.

All large companies now a days have a dedicated management accounts department and rely completely on the information they receive from that department each month to make large commercial decisions.  It cannot be underestimated the power of the management accounts information.

We will tailor the management accounts to  your business to ensure it is relevant for you.  We will understand what your Key Performance Indicators (KPIs) are and report on them each period so you are able to measure how you are doing.

Management accounts are also extremely important for any kind of funding you receive, whether that is from private investors or from your bank.  You can bet your bottom dollar they will want to see your management accounts each month to ensure you are spending their money wisely!!!

Business planning

Product Pricing

Budgeting and cash flow forecasting

And much mush more......
Now a days Finance Directors are more than just the traditional number crunchers that they have always been seen as.  They are real, effective business advisers (with personalities!!!).  Therefore the possibilities are endless on what services we can offer you.  This is what 'floats our boats' at Balance Accounting Solutions and gets us out of bed every morning!

So, the most important bit.................how much is this actually going to cost you?
If you take on a full time FD, you are talking upwards of £70k plus all the other associated costs (& headaches) of having an employee in your business. 

If you were to go to a specialist agency, you have to pay the daily rate for the FD and the cut that the agency want for introducing you. For this you are talking of upward of £500 per day.  The other disadvantage is that it is very difficult to find an interim FD who wants to come and work for you on just a part time basis and there is no guarantee that they will stay working for you.  

At Balance we will charge you:

• Just for the days that you need the service of an FD
• A very reasonable daily rate.  
• You have the advantage of dealing directly with the FD, not through an agency 
• Not only that, but we will be available through out the month to offer you any advice over the phone or via email.