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What FinanceHeads do
Small and medium size businesses are often referred to as SMEs (small and medium enterprises). They probably don't have a need for a full time senior finance expert. However, we are looking to provide these independently owned businesses in and around our local areas with the support of financial professionals.
A FinanceHead is a part time finance director who fills the gap between your bookkeeper and your high street accountant helping you look forward to the future of your business.
A FinanceHead provides business finance support by:
- Help with the interpretation of the financial results (and other KPIs) so that appropriate actions can be taken. Indeed, they will even design monthly reports that help business owners focus on the key information, including non financial measures.
- Look forward with the business by ensuring that appropriate financial plans are in place and in line with the overall company strategy. These plans will be a living document that is regularly updated to reflect new information as it becomes available.
- Provide proactive advice and support throughout the year that will often lead to cost savings being identified, along with improvements to cashflow and other profit improvement measures.
- Be a trusted and experienced business head for a business owner to bounce ideas off
- Get involved in managing out of the ordinary transactions, contract negotiation or even helping prepare companies for sale/investment or an acquisition
- ‘Liaise with external advisors and other finance professionals such as auditors, bookkeepers or the bank or other external funders
And all without the commitment and costs of taking on an employee because you only pay your part time finance director for the service you receive and need.
What might you expect from a FinanceHead?
SMEs generally have access to a bookkeeper, or a family member may do the transaction processing side of the accounts. FinanceHeads work closely with, and provide advice and support to, that bookkeeper.
SMEs usually use a high street accountant to take care of their tax and year end accounts. Although your FinanceHead will have an awareness of current regulations they are unlikely to be experts in this area.
Between the bookkeeper and the accountant most of the compliance matters associated with running a business will be dealt with - VAT, PAYE, Corporation tax, filing of company accounts and even personal tax returns. However, neither are likely to provide the hands on practical approach, nor the business finance support that will come from a FinanceHead.