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The Do's and Don'ts of Hiring a Finance Director. In our latest blog, we'll provide you with the expert insights and advice you need to ensure that you make the best possible choice when it comes to hiring a Finance Director. Read on to discover the do’s and don’ts of hiring a Finance Director (FD). https://lnkd.in/gy29qEub #FinanceRecruitment #financedirector #fd #businessmanagement

This week I will be shining a light into what each level of Finance Leader can bring to a Startup / Founder.🔦📊 First up is the Head of Finance or Controller position. In London the salary for such an individual will range between £80 - 110k or £65 - 90k outside of the Southeast. If this is a number one in finance role then candidates will also be looking for some form of equity component with progression opportunities ideally available.💶🪴 This individual should provide the business with a technically strong, highly analytical and project driven resource to lead in establishing all core elements of a first finance function.👊 Typically the priority of this individual from the outset is to implement the best technologies, processes and sequences to enable the smooth running of financial operations, reporting, internal controls and cashflow management. Depending on the startup and the background of the Head of Finance it might be a sensible option to choose an outsourced provider for most areas of financial operations, bookkeeping or management accounting but in some instances, it might be best to manage internally.💻 After a timely and accurate finance function has been established the individual can focus in more added value areas such as financial planning, KPI dashboards, developing the financial model and playing a more active role on strategic milestones such as playing a supporting role in a funding round or an acquisition for instance.👩🚀🚀 What type of Startup should hire a Head of Finance / Controller⁉️ ✅ One of the Founders has a strong financial or analytical background and will continue to lead on future fundraising and investor relations requirements. ✅ The business is of high volume and low value in nature meaning lots of data and financial transactions. ✅ Finance is becoming a distraction to the Founders / SLT but budget is tight. ✅ You are showing strong growth trajectory towards a £3m turnover business. ✅ You already have a strategic Fractional CFO who needs support with the day to day running of finance who can help develop the Head of Finance. Happy to answer any questions you may have on this topic?🤔🤘

Does your construction business have a turnover of up to £10m? 🛠️ Consider a virtual finance department instead of a full finance team. To be honest, I’d be surprised if you had a full finance team. It would cost around £300k a year to hire each individual full-time. A virtual finance department provides you with a comprehensive finance team's expertise without the need to hire each role full-time. You get the same skills but with the blend you need (at a much cheaper price). For example, let’s compare the financial controller role: In a full finance team: They're employed full-time, with a full salary. In a virtual finance department: They contribute to about 20% of the specific tasks you need, seamlessly integrated with the virtual team's services. The other thing with hiring a full finance team is ensuring they are all doing the job well. In reality, you don’t even know how to do their job. Interested in hiring a virtual finance department? Get in touch Mayflower Accountancy & Tax. #FinanceDepartment #ConstructionFinance #ConstructionAccountant #Construction

Exceptional opportunity in Central Lancashire

So, you're a small business owner and the thought of hiring a Finance Director has crossed your mind. But you say, "Not now. Maybe next quarter. Or even next year." Sounds familiar? Most business owners think, "It's just finance, I can handle it. It's not a priority." Hold on a second! Here's the real deal: Managing finances isn't just about keeping the books in order. It's about strategic planning, cash flow forecasting, and cost control - activities that drive your business forward. 💼 Here's more: Delaying the decision to hire a Finance Director can actually slow down your business growth. You might be saving on the cost of hiring, but at what price? Remember these points: "Time is money": Every hour you spend on finance is an hour away from your core business activities. "Expertise matters": A Finance Director brings years of experience and a new perspective that can unlock potential you didn't even know existed. "Staying ahead": In the ever-changing business landscape, a Finance Director can help you anticipate and navigate financial challenges. And the best part? You don't always need a full-time Finance Director. Part-time, flexible arrangements are a game-changer for SMEs, bringing in expertise without breaking the bank. So, before you push that decision to next month, quarter, or year, ask yourself - Can your business really afford to wait? ⏳ What's your next move going to be? #financedirector #businessmanagement #businessgrowth

When you set up your business things were relatively simple..... 👉No employees 👉Hardly any transactions 👉No one to answer to ...   Then you started to grow and things changed ...... 👉You had to hire people 👉Trust that they knew what they were doing 👉Rely on them for advice on areas that were not your zone of genius One of these areas was finance!!! Finding top-tier financial management at a reasonable cost is not easy for a small business. You can try to manage it all yourself, but soon, the complexity and the amount of transactions becomes overwhelming along with all the other hats you are wearing..... or perhaps the original bodies you had in place aren't able to keep up with the growth and complexity. Hiring a full-time Finance Director is expensive!! You are looking at £75K to £120K ! So ... In steps the Fully Outsourced Finance Function....     We can handle all this for you, from bookkeeping, credit control and payroll to management accounts, to annual accounts and taxes to FD support. Check the attached for the steps involved and if this sounds like a something you need - drop a comment below or send me a DM if this resonates ..... #cfo #financefunction #b2b #businessgrowth    

Seeking a Finance Director? When small businesses kick off, either we manage our pennies or let an accountant do the maths. But as businesses expand, there's often a call for an in-house finance director. This can be a game-changer, giving the owner more time to map out the company's future. However, it's not a hiring decision to make on a whim. From finding the right match to tallying up the expenses, there's a lot to mull over. To assist, we've put together this concise guide to hiring a finance director. https://bit.ly/483jsTU #thealternativeboarduk #sme #smallbusiness #derby #derbyshire #leicsestershire #eastmidlands

Too many business owners hire an accountant and expect them to act as a virtual finance team. Here’s the difference: A virtual finance team mimics an internal team for a fraction of the cost and risk of hiring staff. They are there to fully support the growth of your business and take responsibility for streamlining your systems. Virtual finance teams: ✅ Manage your payroll ✅Take care of credit control ✅ Manage cash flow of the business ✅ Identify discrepancies in your accounts ✅ Compose accurate and realistic budgets ✅ Help you to make informed financial decisions ✅ Address all tax-related issues before they become an issue ✅Provide management accounts and strategic planning every month/quarter Accountants: Speak to you sporadically, are a nightmare to get hold of otherwise. Will do your basic compliance work but don’t take responsibility for improving your finances. Will answer the questions you ask, but won’t dive deeper into why you are asking them. ✔️ Manage your payroll ✔️ Manage your transactions ✔️ Manage and generate invoices See the difference? If you’re simply looking for someone to do the basics, yes, hire an accountant. But if you need someone to come in and transform your financial insights and overall situation, you need to hire a virtual accounting team. If you’re looking for someone to help you do just that, drop me a DM.

Are you getting the most out of your finance function? 🤔 All businesses should have a finance function but all of them will look different. You will have your large corporations with hundreds if not thousands of staff managing their finances. 🏢 You will then have smaller businesses whose finance function is being run solely by the founder/MD. 👩💻 Then you have the businesses that are in the growth stage and are considering hiring an in-house finance person. 📈 When those growing businesses do look at hiring, they are going to want to know how they can get the most out of their investment in their new staff member. The finance person will need to take on -         Bookkeeping -         Payroll -         Supplier payments -         Credit control -         Invoice management -         Reporting requirements for management -         Liaising with external accountants -         All relevant taxes applicable to the business This is a fairly condensed list of all the requirements that the first hire would need to be responsible for. On top of this, to get the most out of your finance function, you should expect a proactive approach to look into the following. -         Funding options available to help drive the growth of the business -         Budgets set for each department and reviews with heads of departments to hold them accountable -         Forecasts for management that tie into the long-term goals of the business If you'd like to know more about how to maximise the efficiency of your finance function, please feel free to get in touch! My Finance Function #SMEs #smallbusinesses #growth #outsourcing