Posts in Finance

Do you still need a Finance Director if you already have an Accountant? Yes!

July 17th, 2019 Posted by Finance 0 thoughts on “Do you still need a Finance Director if you already have an Accountant? Yes!”

What’s the difference between a Financial Director and general accountant? Well, an FD is necessary when moving your business forward.

Many people think they don’t need a Financial Director because they already have an accountant.

Firstly, an FD is necessary when moving your business forward.

Rather than reporting on the past financial health of your business, an FD will impact on the financial health of your business through strategic planning, commercial decision making and tighter financial controls.

​It’s valuable to have an outside and objective perspective on your business. Your accountant won’t be able to provide this as they are too close to the business itself.

With your accountant keeping the past year’s books watertight and balanced, if you spend too much time staring into your rear-view mirror, you’ll miss what’s coming ahead. In this sense, a seasoned FD will ensure that you’re able to capitalise on future growth opportunities and confidently move forward. Providing crucial guidance on strategic planning, credible future forecasting and recommendations on financing overall operations and meeting targets, FD’s become indispensable to growing your business.

You have to have an accountant first to have an FD. They actually compliment your accountant by taking their work and bringing strategy, planning and experience to the figures to help move the business forward.

If you’re looking to move your business forward, our part-time FD’s can help do just that. Get in touch with our trusted and seasoned finance professionals to discuss more opportunity contact@evokemanagement.co.uk

 

How do you know when it’s the right time to get a Finance Director?

July 11th, 2019 Posted by Finance 0 thoughts on “How do you know when it’s the right time to get a Finance Director?”

When is it the right time to get a Finance Director?

Given that most SMEs fail within their first year of business, investing in a team of professionals with your company’s best interest at heart becomes invaluable – especially as you begin considering expansion or improving financial performance.

They focus on:

Challenging and advising on growing the business
Developing and improving internal finance and business systems
Strategic advice and recommendations to Board and other key stakeholders

An FD is constantly exposed to tackling a range of financial problems that plague small businesses, financial directors are seasoned in protecting businesses from the holes in cash flows that can eventually sink even the largest of ships. This is where guidance from individuals with experience becomes crucial.

FD’s are instrumental to outlining KPIs, monitoring overall operations and ensuring firms stay on a path of meaningful growth, working as part of the team to deliver a clear vision for the future finances of a business.

Do you think your business needs a part time FD? Get in touch with us contact@evokemanagement.co.uk

Do you know what kind of Finance Director you have? Sometimes two are better than one!

July 5th, 2019 Posted by Finance 0 thoughts on “Do you know what kind of Finance Director you have? Sometimes two are better than one!”

An FD is necessary when moving your business forward. They will impact on the future financial health of your business through strategic planning, commercial decision making and tighter financial controls.

If you already have an FD then that’s great. I’m sure they understand the importance of proper planning and strategy. However, it’s worth checking that your FD provides you
with relevant and insightful reports that give you what you need to run your business.
If you think you need to review your strategic finance input, then you should consider what FD you need.

Sometimes two FD’s are better than one, there’s so many different types and skill sets an FD could have:

– An FD who restructures the balance sheet, builds up M&A deals, reports and closes the books, and understands the inner workings of the business

– An FD that has the strength, poise, and experience to make the difficult decisions on staffing, lenders, and suppliers

– An FD who acts as an expert of the business and can achieve increased productivity and efficiency throughout the company’s operations as a whole.

For example, if a crisis occurs resulting in a shortage of cash flow, your current FD may lack the necessary abilities and need assistance to kick start the turnaround. This requires a different FD who can provide the right perspective needed to spur the turnaround involving precise negotiations and proper management of the workforce.

It’s essential to have FD’s who have different skill sets that can collaborate and ensure the success of your business.

If you need an FD tailored to your needs, get in touch with our team right away contact@evokemanagement.co.uk

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