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When should financial management become an important consideration?

If your company has reached a certain inflection point in terms of size, you’ve reached a time where the level of your financial leadership becomes a consideration. There is no set point at which this happens – it doesn’t happen when you reach a R10-million turnover, or profits of X amount per year. It has more to do with the volume of sales you’re making and the growth rate of the business. When things are starting to really move – when the business starts making its way up the arc of the J-curve – financial management starts becoming an important consideration.

When your company reaches this point, a few facts usually become applicable.

Fact one: Your company needs strategic financial leadership. Assigning a book-keeper to balance the books at the end of the month is no longer going to cut it. Ad hoc or reactive financial management will likely lead to failure or unnecessary losses for the company. You need someone with experience and insight to understand the risks you face, to pinpoint opportunities, to manage debt and optimize cash flow. You need the full functions of financial planning, organizing, leading and control in place.

Fact two: Your company’s cash flow cannot yet easily support an extra executive-level salary. You’re at the point that every penny counts. At your current growth rate, your company needs to plough all the money it can into operations and capital investment. You’re setting up structures, employing operational level staff members and opening new branches. While you need the strategic insight of a financial manager, you can scant afford to direct a sizeable amount of your monthly income towards paying one.

Fact three: Your company could meet its strategic needs and simultaneously save money by employing a part time financial manager.

The average salary package of a full time financial manager comprises the following:

Basic package: This includes the salary as we know it, the car allowance, cellphone allowance and any other salary perks.

Short term incentives: This includes incentives that are paid if the company or management team meets certain targets. They are generally paid out once a year and can include cash or shares that invest.

Long term incentives: These are paid out if the company meets targets agreed upon by the board, usually every three to five years. If the company meets a portion of the target, the executive will generally be awarded a portion of the incentive. Long term incentives often take the form of share options.

When contemplating the salary of a senior financial executive, don’t discount the additional cost of incentives. When taking on a full time financial manager, your company would be required to cover all these costs, typically meaning a seven-digit salary on a cost to company basis.

A part time financial manager, however, is paid on a much less complicated basis. Most part time financial managers are paid an all inclusive set rate, which includes all of the usually hidden costs of employment common to full time employment.

And then there are the hours worked. A full time financial manager is paid on the assumption that he or she works at least 40 hours per week. In contrast, a part time financial manager is paid for perhaps 2-3 days a week, meaning 16 to 24 hours instead of forty and is paid on actual hours worked and not assumed hours worked.

Looking at hourly costs alone, your company will save 40% to 60% on the salary of a part time financial manager per month.

A part time financial manager gives your company the direction it needs, ensures that you’re on the requisite strategic course for success and helps put effective systems and processes in place. At the same time your company only pays for the time they need to work and no more, you’re saved from the extra incentive costs of a fulltime employee, and you’re assured that your part time financial manager uses every moment that they’re on the job, productively.

Contact The Finance Team for financial executives who specialise as part time and interim financial managers. They can help your company reach its goals in this role.

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May 10, 2017 / No Comments /  
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Why you should bring on a Cape Town Financial Manager when you branch out into the mother city

Climbing Mount Everest was once an undertaking reserved only for professional climbers in peak condition. Over the decades, though, this has changed. Climbing has become increasingly commercialised, and with that the chance to make it up the world’s highest peak has become a possibility for amateurs. Since the early nineties, several Everest-based commercial climbing companies have been founded. They offer amateur climbers the chance to fulfill their dreams of summiting a mountain that was once completely off-limits. But these climbers join the expedition on a strict condition. They must obey every single instruction of their expedition leaders as law. In return, expedition leaders literally become a lifeline to these climbers. Their familiarity with the route, the dangers of the climb and limits of the human body at such an altitude are ultimately what lead the climbers to safety.
In the same way, your Johannesburg-based company might be thinking about branching out to the city that houses our local iconic mountain: Cape Town. As you contemplate the move, you’re no doubt thinking about staffing concerns. Should you find a local branch manager, or should you ask someone you know from Johannesburg if they’d be willing to relocate? While we can’t give a definitive recommendation about each of the positions you’ll be contemplating, we can suggest that it might be a good idea to hire a Cape Town financial manager. In our experience, outsourcing your finance to someone local could act as a lifeline to your business in the same way as an expedition leader plays a vital role to a climber. Here are some reasons why:

A local knows the lay of the land

Outsourcing your finance to a Cape Town financial manager will mean that you have a local putting your systems in place. If you think that’s unnecessary, think again. Several business owners we’ve chatted to have said that starting up a business in Johannesburg versus Cape Town is almost like starting up a business in a new country. Your Cape Town financial manager has relationships with local financiers, knows people in the relevant local government departments and knows how local logistics will impact your business.

Your Cape Town financial manager knows the competition

The recently-released movie Everest tells the true story about disaster that struck on top of the mountain in 1996. Too many commercial climbing companies were on the mountain during climbing season that year. None of the companies had anticipated this level of competition. As a result, there were hours-long delays on several of the passes as “traffic jams” occurred. In the end, climbers were still atop the mountain when the weather turned bad, and several lives were lost.

Similarly, one of the most daunting aspects of starting up in a new location is not knowing exactly who you are up against. A Cape Town financial manager knows the local market and the players in it. They can help you situate your business in such a way that hones in your strengths in relation to your local competitors.

A Cape Town financial manager knows how to cater to local tastes and preferences

Those who climb Everest must adhere to the customs of the area as they do so. This includes visiting a local monastery before their ascent and receiving a ‘safe journey’ blessing from a Nepalese monk. Failure to do so would constitute a great offense. Likewise, building the strategy for your local branch is so much more powerful when it takes into account local happenings. Your company could run promotions around local events or anticipate sales spikes (or dips) around local holidays.
Outsourcing your finance to a Cape Town financial manager will allow your company to benefit from local knowledge and insight, while still retaining the integrity of your own corporate culture. Contact The Finance Team to find out more about getting a suitable professional onboard for the period of time that you need them.

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December 4, 2015 / No Comments /  
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Deck the halls: Three tips for credit management during the festive season

A healthy business outlays and receives just as in any relationship. At some points your business is in debt and at other points it’s delivering on promised orders and awaiting credit. The challenge for your business’s credit management is to ensure that you’re outlaying enough to keep transactions flowing, but not so much that you are mired in debt.

The risks around credit management are even higher during the festive season. As “sleigh bells ring”, many South African businesses go into a lower level of productivity and turnaround times are extended. The need to outlay credit often increases.

The festive season can also be seen as the spending season, a time of year when many over extend themselves and spend a little more than they should. Whilst extending credit over the festive season may seem like the only way to do business at this time of year, there are a few tips that can help you with credit management to keep credit at reasonable proportions without putting too much strain on your own cash flow and still keeping the business flowing:

Communicate your payment expectations to debtors early

Much of South African industry will grind to a halt in about a month’s time, after reconciliation day on 16 December. Many companies use closure as an excuse to pay bills late. Pre-empt this by sending a reminder email this week, and another at the beginning of December, informing debtors that your company will expect payment before they close for the festive season.

Invoice early for December

As you’re no doubt aware, most companies follow a standard procedure in terms of when they pay invoices. For example, some companies have an “invoice paying” day in the week or month; others allow for a 30-day period between their receipt of the invoice and payment. With this in mind, where possible, get December’s invoices out early (such as where a standard or predictable amount is billed). This will allow for companies to follow their regular procedure and still pay before closing.

Be diligent about contributing to your ‘bonus’ slush fund

If you haven’t been doing this already, this one is for next year. Many businesses include an end-of-year incentive bonus as part of payment packages, but this is very difficult to execute at a time of year when cash is already running thin, unless there’s been diligent planning and saving towards it. Include bonus planning as part of your annual review and forecast, identify how much should be set aside every month, and then do it! It may be tempting to use that cash elsewhere in a pinch, but keep reminding yourself that a happy workforce is a productive one. On top of that, your credibility as a manager hinges on delivering on what you’ve promised.

Proactive credit management during the festive season can mean a great start to your 2016 or one that is overextended and flavours the entire year with stress. Contact The Finance Team to find someone who can help you manage debt and cash flow on an interim or part time basis, and gear up for year-end. Put some effort into doing this now, and you will be able to truly sit back and enjoy your Christmas roast.

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Photo credit: © Hongqi Zhang (aka Michael Zhang) | Dreamstime Stock Photos

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November 26, 2015 / No Comments /  

Six tips for hiring a part time financial manager

Whether you’re a Human Resources manager or a small business owner, the task of hiring is one of the most daunting, and risk-laden aspects of your job. Author and business owner Gene Marks puts it this way: “No matter how much work you put into it, no matter how many interviews you conduct, no matter how many books you read about the process, in the end it’s still just a leap of faith.

“You can minimize the risks and try to weed out as many inferior candidates as possible. But, whether you’re the human resources director at a Fortune 500 company or a small business owner, you never really know for sure if this person is going to be the right hire or not.”

As the chief executive of a consulting company that focuses on pairing up part time financial managers and finance executives with companies that need them, I’ve gleaned some insight about how to increase your odds of getting a good hire in the finance department. Here are a few tips below.

Have at least two or three people interview your candidate

A part time financial manager will be an integral part of your management team and need to collaborate well with several other department heads. Don’t let the hiring decision rest on only one person’s opinion. Marks suggests bringing on an outside advisor as part of the process too. “Getting insight from others, particularly those that have no personal agenda, will help you round out your opinion of the candidate.”

Get someone qualified to ensure they have the technical skill base you need

When hiring a part time financial manager, you should start off being comfortable that their technical skills are already there. At this level of management, an understanding of the numbers and the institutional frameworks surrounding their profession is a must. However, it’s impossible to know whether these skills are there if you don’t have them yourself – and if you did, you would be doing the job, not them! So enlist the advice of an experienced Chartered Accountant or a similar professional to get a sense of their level of insight.

Find someone with a passion for the details

Financial oversight requires an unusual combination of skills. Your part time financial manager will need to be able to think strategically and grasp the bigger picture. But, because they’re dealing with numbers, they’ll also need to have an eagle’s eye for detail. You’re looking for the equivalent of someone who would be willing to spend an hour looking for the missing word on the crossword puzzle.

Look for someone with the ability to translate financial jargon

Your part time financial manager has arguably one of the most important communication roles in the company. Not only must they understand the numbers, but they must be able to tell non-financial colleagues what they mean for the business. Use the interview to get them to explain a few financial scenarios – and see how clearly they are able to do it.

Stick to a shortlist of criteria

In some ways, hunting for the perfect part time financial manager is like hunting for a life partner: you’re never going to find the perfect spouse, and if you did, they probably wouldn’t be interested in you! So decide on a few non-negotiables and stick to them. Whether it’s a certain qualification, experience in a certain area or a particular management style, use these as your weeding tools as you search.

Don’t underestimate the importance of personality

Your part time financial manager will need to embrace your corporate culture and work within it. He or she will also be working with you! Be honest with yourself in this area. The part time financial manager candidate may have the most convincing CV in the world, but if you’re going to find them intolerable to work with, you should go with someone else.

Above all, remember you don’t need to undertake the task of finding the perfect candidate by yourself. The Finance Team can guarantee the experience and qualifications of our associates, and provide you with suitable candidates to interview to make the search an easier one. Contact us to find out more.

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October 29, 2015 / No Comments /  

How outsourcing financial executives can best help you meet fluctuating staff needs

Seasons come and go. The tide has highs and lows. The moon goes through phases. Almost every aspect of life has an ebb and flow; a rhythm that means one day is not exactly like the next.

Your business is part of that. It goes through cycles. Manufacturing and sales-related companies face busy seasons and quiet seasons. Consulting companies encounter similar peaks and troughs. The fact is that there are very few companies in the world that can anticipate a completely steady level of work and income every month. So how do you ramp up for the busy times without being over-staffed during the quiet times? It’s one of the greatest challenges an HR manager faces today.

Currently there are a few standard ways in which employers respond to this. In his book “Annual hours, contracts and working time transformation”, consultant and author Jon Pasfield outlines some of them as follows:

Employ enough staff to meet the low times, and ask them to work overtime during the high times.

An example of this might be in accounting departments, where finance staff are asked to work overtime during month end and working up to the year-end period. Pasfield observes: “This can work well if the working time need for the majority of the year is flat, and the busier times are very few, short lived, and not much busier than the rest of the year.” However, there are drawbacks once the busier times become more frequent or lengthier, as is often the case for finance professionals. This can become “expensive because a lot of the work is done at premium rates” (on the understanding that employees are paid higher for overtime hours worked). Also, planning becomes difficult. “It is not easily manageable because it relies on the willingness of staff to work outside their contracted hours”, says Pasfield.

To employ more staff than is needed at high times of the year and have surplus staff during the low times.

If the busy periods make up a large portion of the year, this approach might become necessary. There are obvious downsides to this as well, though. “For the business, it is expensive in unit cost terms … for part of the year, the work is being paid for at premium rates … at other times, staff are being paid to be idle,” says Pasfield. Not only is this expensive for the company, it also encourages a highly undesirable corporate culture of not using time optimally.

The Finance Team recommends a third option.

Hire the right number of full time staff for the low times, and bring on ad hoc, part-time or interim staff members for peak periods.

We advocate outsourcing financial executives for the following reasons:

  1. You’re not paying regular staff members premium rates to work long hours, as you would be in scenario 1. Research has shown that productivity decreases when an employee works more than 50 hours a week. So essentially, in the first scenario, you’re paying your staff more to work less. Outsourcing financial executives means you may be paying a slightly higher rate than you would a regular employee, but you’ll be getting more from that person who is fresh and motivated than you would from an overworked full time staff member.
  2. Outsourcing financial executives when needed means you won’t be paying full time salaries to staff who are under-employed for some of the year. In this way, you’re promoting a healthier corporate culture and saving on your bottom line. The staff you hire know they’re required to give of their best every day of the year, and they’re remunerated accordingly.
  3. Outsourcing financial executives allows you the same continuity that you might enjoy with a full time staff member. A valid argument against hiring temps during a busy period is that they need to be trained each time, and productivity is lost during that process. But outsourcing financial executives provides a different solution. It means that whenever you need them, the same finance professionals can return to your business for the period of time they’re needed. They build up an increasing amount of familiarity with the company as they do so. No down-time is wasted with repeated training.

Outsourcing financial executives provides a solution that is more efficient and cost-effective than both scenarios one and two. It allows you to employ the optimum staff level, promote a culture of productivity, and get the most out of all staff members. If this solution sounds appealing, get in touch with The Finance Team for a no-obligation cost analysis.

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October 13, 2015 / No Comments /  
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The story of Herman: How a part time financial manager can breathe new life into your business

Ten years ago, Herman founded Sparkling Pools with his father. They sell pool cleaning equipment and provide pool cleaning contracts. The company, based in Soweto, services the wealthy homes in the township and surrounds. Herman was one of the very first pool businesses in the area and has established a name and a market for his business.

The company has a turnover of several hundred thousand a month. Herman hires, trains and manages semi-skilled workers. He teaches them how to build and service pools, and manages their output weekly. He personally inspects all newly-completed pools. He conducts routine checkups on his cleaning staff onsite. He also attends home expos to promote the business.

Things seemed to be going well for the business until Herman realized that his revenue did not seem to match the amount of work the company was doing. After some investigation, he found that year-long cleaning contracts had lapsed without him realizing, and the company was continuing to provide cleaning to several customers for free! With his time filled up with other things, Herman realized he needed help. After some consideration, he brought a part time financial manager on board.

The part time financial manager spent time delving into the books. His findings were that Sparkling Pools needed to up its game from an invoicing and accounts payable perspective. Up until that point, Herman had been manually tracking the start and end of his cleaning contracts. The contracts also worked on a monthly invoicing system: houses were billed after the first of every month for work that had taken place the month before. After a year, the system stopped producing invoices for that household automatically. The result was that there was a lag between output and payment, meaning cash flow was flagging; and of course, in some cases work was being done for free. Herman, as busy as he was, had also been putting together all the quotes himself, meaning that would-be customers would sometimes wait several days before receiving a quote for services.

First off, Sparkling Pool’s part time financial manager started putting new systems in place. A new debit order system was set up, so Herman no longer had to wait for customers to pay monthly bills and chase payment regularly. The part time financial manager also introduced a full-fee upfront incentive: customers who wished to pay for a full year of services upfront got a 10% discount. These two measures very quickly helped boost cash flow.

Herman’s part time financial manager used his knowledge of Herman’s existing financial software to set up basic reminders that kept the system ticking. Two and eight months into the contract, Herman receives a reminder to give the customer a phone call to see if they are happy with the service. Two months before a contract ends, Herman receives another reminder to set up a meeting with the customer, with the aim of retaining them for another year.

The part time financial manager now produces all quotes (instead of Herman) and generates follow-up reminders on quotes that have not been responded to.

In addition, he develops quarterly and annual cash flow forecasts and budgets. He meets with Herman monthly to show him actual income and cash flow in comparison to the planned amounts. He highlights possible danger zones in the upcoming months. He’s investing Sparkling Pool’s extra cash in his own unique portfolio that has been seeing returns of between 17% and 20%.

Since bringing a part time financial manager on board, Sparkling Pools has seen a substantial cash flow increase and looks set to make record profits this year.

If you own an SMME that could do with some insightful financial leadership, get in touch with The Finance Team. We have a team of seasoned, qualified finance executives who can come on board for the period of time that you need it. The best part is that you’re not in for a full time senior salary, and you only pay for the time you use. Like Herman, your company could be running more smoothly and more profitably with an experienced financial professional on your side. Give us a call to find out how.

*Please note: the story of Herman is a case study based on a collection of real-life experiences that our team has encountered. In other words, Herman is you!

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July 24, 2015 / No Comments /  
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What are the skills an HR practitioner should be looking for in a part time financial manager?

If you’re in Human Resources, one of the most important tasks of your job is to find and attract the best human capital to your business. This means not only knowing where to look, but knowing what to look for and recognizing it when you find it.

When it comes to hiring for specific departments, some decisions are easier than others. The more familiar you are with the work that a candidate will be required to do, the easier it is to spot the right person. So, for example, if you’re hiring for your own department you have a very clear idea of the strengths and weaknesses to look for in a potential candidate. When you’re dealing with unfamiliar territory, things get a little murkier. Someone who looks perfect on paper might struggle to fulfill the assignments given to them; another person who seemed perfect to you turns out to be less than ideal to their line manager.

So what about when you’re looking for a part time financial manager? This person will need to head up the finance department. A part time financial manager needs to possess the financial aptitude to do this, so you’ll be looking out for indicators of financial proficiency. They’ll also be managing a team, so you’ll be looking for the classic traits of a good manager. Add to this that they’ll be doing this part time, so you’ll be looking for a special brand of efficiency on top of everything else.

Sound a bit overwhelming? Here’s a list of pointers to make your hunt for a part time financial manager a little easier. Following these guidelines should help you feel more confident of your choice of candidate.

Team player:

Your part time financial manager will only be on the job for a portion of the work week. This means he or she needs to be able to motivate and trust their team. They need a strong sense of group accomplishment and must possess the ability to delegate effectively. Remember, a team player doesn’t refer to someone who tries to please or kowtow to all members of the team. It means that your part time financial manager needs to recognize the power of synergy and understand how to unleash it.

Problem solver:

Your part time financial manager needs to acknowledge problems and tackle them head on. You’re looking for someone who is honest about the challenges faced by the business, and is not intimidated by them. Use scenario questioning to try and determine if they are a “doer” – someone who makes decisions and acts rather than pondering their options for too long. In the role of the part time financial manager, time is a luxury that can’t be wasted.

Analyser:

Your part time financial manager needs excellent analytical skills. She needs the ability to analyse and understand the big picture, and how the financial “cogs” fit into that. Because she oversees a very technical department, she needs to be able to analyse financial statements and cash flow records for accuracy, and pick up mistakes within moments.

Self-starter:

A part time financial manager needs to be highly motivated and self-directed. She needs to be able to structure her time in a way that makes her on-the-job hours highly efficient. Waiting for instructions from the MD won’t cut it in this environment.

Communicator:

A part time financial manager needs to excel at communication. This doesn’t mean he needs to possess an extensive vocabulary or be the most erudite person in the business. It means he needs to recognise the importance of facilitating a shared understanding within the business. It means he needs to place a premium on keeping team members and senior management informed. He needs to understand the importance of sending that email and making that phone call, rather than assuming that everyone is on the same page.

If you can look for these traits in addition to ascertaining that level of financial understanding that comes inherent to the role of part time financial manager, you’re on your way to finding a winning candidate. Short cut this process by getting in touch with The Finance Team. We have a network of hand-picked finance professionals who all possess the qualities that would make them effective in the role of part time finance management.

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June 23, 2015 / No Comments /  
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What to look for in a Part Time Financial Manager?

Being a part time financial manager doesn’t mean being able to read financials and crunch numbers, it means being able to manage numbers. A good part time financial manager should be able to support and guide management as how best to implement or amend a company’s financial strategy, embark on expansion programmes and provide accurate financial data on all aspects of the business. They also need to become a trusted and confidential source of financial information. A part time financial manager needs to be persistent and assertive and combine this with tact and diplomacy. In our experience, we find that the title of “Financial Manager” is given very liberally and often elevates the functional position of senior bookkeeper or accountant to that of a manager.

While the role of a financial manager is more of a hands on role than that of a financial director / CFO, the operative word is manager. Unfortunately, many capable financial managers are not supported by competent staff below them which results in them having to perform tasks and duties NOT typically associated with the role. A financial manager should not be a data capture clerk and should not be entering debits and credits into an ERP system. For a part time financial manager these issues are amplified as there is limited time available to be effective at this level. A part time financial manager thus needs to have adequate experience to ensure that the people, systems and controls in his environment are operating adequately and efficiently so as to best execute his/her role. A key attribute is that of people management and delegation of responsibilities and the resultant measurement and management of these responsibilities. This is not a god given talent and comes with years of experience.

A Part Time Financial Manager must also be able to (Not Exhaustive)

• Assist in making clear and decisive financial decisions.
• Assume a hands-on approach to risk management.
• Understand operational performance and what contributes to better results.
• Provide a good understanding of the compliance requirements of a business.
• Understand organisational structure and human resource issues.
• Provide an awareness of the benefits of appropriate tax planning.
• Provide financial insight regarding a company’s implementation and execution of strategy.
• Assist companies with capital growth.
• Apply financial tools and methodology to benefit a company.
• Design and build appropriate financial models and “what If” scenarios.
• Design, Implement and monitor an appropriate budgeting process.

The risk of not utilising the services of an appropriately qualified and experienced financial manager can be catastrophic. Entrepreneurs and business owners start to slide into this role and start spending more of their time on finance and administration issues and ignore the one element in the business that they are really good at, marketing and sales. The opportunity cost of that will far outweigh the cost of a good financial manager. Similarly, smaller companies that start to expand rapidly often find themselves wanting when their controls, systems and processes start to fail and their financial forecasts / models produce misleading / inaccurate information. This can be the end of a very promising beginning.

Many small to medium sized enterprises believe that they are not in a position to engage the services of an experienced financial manager. This may be due to the costs associated with engaging a full time financial manager or that the volume of work simply does not justify the employment of a full time resource. This belief is completely unfounded as part time financial manager resources are available to the SME market and are provided by niche, financial resource consultancies such as The Finance Team. These part time financial managers are employed because they possess the required qualifications and come with many years of experience.

Larger corporates also utilise the resources offered by a part time financial manager. Situations and projects often materialise that require experienced financial expertise that are not readily available within the organisation. This can happen when employed resources are utilised to capacity and it does not justify the full time employment of a resource for a short term or interim solution.

How can a part time financial manager make your business more profitable?

By properly utilising the skill set of a qualified and experienced part time financial manager a business owner is able to embark on business growth whilst balancing external risk. A good financial manager can offer support and guidance to company management on issues that affect the company’s profitability.

In short, a good part time financial manager will be able to put the financial science behind your gut feel where your gut feel is no longer the prudent alternative, owing to the magnitude and risk associated with your next big business decision.

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February 19, 2014 / No Comments /  

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