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Why your business needs an experienced (part-time) Financial Manager

The domain of financial management is occupied by highly qualified accountants that have come through a rigorous regime of training and examinations, followed with significant practical experience, upon which they draw for your benefit. They are the general practitioners of the financial world, with the expert knowledge and integrity to give you high quality advice on any aspect of your businesses financial affairs.

Many small to medium enterprises believe they cannot engage the services of an experienced financial manager due to the costs involved but fail to consider that a good financial manager can actually save your business money if utilised correctly.

You may only need a financial manager to help you with a major financial decision for projects, or to help keep your business on track when starting out, or assist you if your business is entering a growth phase. Too many companies make the mistake of not engaging a financial manager to set up their business when they need the valuable advice  and guidance experienced financial managers can input in the start-up phase.

For companies that do not have the capacity (whether it be financially or volume of work) to employ a financial manager full time, there is an alternative option, engaging an experienced and qualified, part-time or interim financial manager on an outsource basis, which is a growing trend worldwide.

A part-time or interim financial manager should be able to:

  • Understand operational performance and what contributes to better results
  • Review performance measures and ensure that they are appropriate and timely
  • Assume a hands-on approach to risk management
  • Provide a good understanding of compliance requirements
  • Understand organisation structure and human resources issues
  • Manage the operational planning and produce reliable forecasts
  • Provide an awareness of the benefits of appropriate tax planning
  • Have the experience required to make clear and decisive decisions

There are outsource companies that are able to provide access to highly experienced qualified part-time or interim financial managers that meet this list of criteria.

What you should look for in a financial management outsource company?

  • Experience
    Does the outsource company have a team of financial managers that have a minimum of five years’ experience within the financial field and a minimum qualification of B.Com or B.Compt (Hons), with the majority of associates holding either CIMA or SAICA accreditation?
  • Flexibility
    Is the outsource company able to tailor-make a solution that suits your company’s needs and budget?
  • Team approach
    Does their team comprise individuals with multiple skills sets that are able to provide the correct level of experience and knowledge for your business?
  • Commitment
    Are they committed to providing clients with solutions that solve their problems without adding additional challenges linked to long-term contractual agreements and other types of red tape?
  • Trust
    Does the outsource company have a good reputation within the financial management field and have excellent references?
  • Director level involvement
    Do the directors of the outsource company have a hands-on approach to clients’ needs, assessing each project personally so that they are able to find the right ‘fit’ for your particular financial requirements and company culture?

Does your business need a part-time or interim financial manager? The Finance Team is able to assist. Contact us for a free needs analysis

(Image Credit: Resume OK)

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