At LHP, we can sit as non-exec finance directors on your board, to help take your business to the next level – at a price that won’t break the bank.
Combining both strategic and hands-on operations work, we can assist you with budget-setting, manage financial risk and handle compliance matters. We can prepare quarterly and annual accounts and reports for shareholders and keep your board of directors updated on financial performance.
LHP can work closely with your team and manage all of your growth plans.
What do outsourced finance directors do?
The finance director is a member of a senior executive team with responsibility for their company’s financial health. They combine operational and strategic roles, manage accounting and financial control functions, and establish a financial strategy for the profitable long-term growth of the business.
To fulfil the role, they must have the versatility and talent to meet a continually changing set of circumstances. It’s usual for the finance director to be qualified and a member of a professional accounting body. This may be the Association of Chartered Certified Accountants (ACCA), or a member of the Institute of Chartered Accountants in England and Wales. (ICAEW).
How are they qualified?
A finance director’s qualification should include excellent analytical and finance management skills, with the ability to communicate complex financial information, to both finance professionals and non-specialists. In the current technological climate, they must be familiar with software for financial analysis and reporting.
To think strategically and make effective business decisions, finance directors must have an excellent track record in financial management and strong commercial experience.
They must also be good team players, with management skills to lead the finance department. Financial control is a key responsibility of finance directors. They set budgets and work closely with departments, to ensure income and expenditures remain within target. They maintain control over all financial transactions and take responsibility for managing the company’s liquidity; ensuring it always has access to cash and sources of credit.
What are the key responsibilities?
The finance director’s job title also comes with responsibilities for keeping all employees in compliance. This role develops and enforces policies, to minimise risk and ensure that the company reports its financial position accurately. As leader of the financial team, the director ensures all other financial team members follow legal and company requirements, for accurate and compliant financial data.
Most commonly, finance directors prepare quarterly and annual accounts, that present the company’s position in line with generally accepted accounting principles. However, this role currently includes providing monthly information to the directors.
As part of the annual report, they may also prepare an annual report for shareholders that provides an overview of business performance and financial results. As part of their reporting role, finance directors meet with directors and shareholders, to build confidence in the company and update them on financial performance.
How do they manage growth plans?
To ensure company growth plans represent sound financial decisions, finance directors work closely with other senior directors, providing a financial and commercial perspective. They also evaluate the financial potential risk of acquisition plans. To accurately provide financial strategy guidance for the company, the finance directors needs to prepare financial forecasts and weigh in on financial decisions for the company, using their expertise in finance as a guide.
Why not talk to our team of specialists at LHP, to learn how we can streamline your existing systems and tailor the right fit of outsourcing. Whether it is payroll, or all of it, we can offer as little or as much support as you need.
For all your payroll needs, have you considered outsourcing to work faster and smarter?
Combined operational and strategic skills in one non-exec board director to take your business to the next level.
Virtual bookkeeping can save you up to 25% cost and time savings. Let us take away the hassles of day to day finance so you can focus on your business.
For help with any of these services, please don’t hesitate to contact team LHP. Our cloud specialists and advisors are based in offices across South West Wales from Cross Hands near Swansea across to Tenby and Haverfordwest. And further north in Carmarthen and Lampeter. We are here to help you!