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Is now the time to invest in an outsourced financial director?

Michael Cole, associate partner at Haines Watts, discusses how investing in an outsourced financial director can help your business to thrive in the months ahead. 

The corporate climate is changing in the North East, and local businesses are already feeling the hit. 

With rising costs of living and labour and skills shortages, it’s no surprise that business confidence in our region has taken a dip over the last three months. 

This is where the expertise of a financial director can be invaluable. Providing vital insights into your business, they can be the key to continued business growth during uncertain times. 

While a lack of specialist advice can often be a barrier to growth for many, recruiting a full-time internal financial director isn’t financially viable, nor a necessity for every owner managed business. 

But with flexible and scalable solutions, outsourcing a financial director can really help your business to recover, pivot and thrive. 


Better quality information 

By delving into your finances, an outsourced financial director will provide insights and expert opinions to help you better understand your business. 

Providing you with real-time information and utilising KPIs, they can plan and measure the success of your business, as you work towards your goals and objectives together.

They will challenge, discuss and debate, seeing beyond your numbers and helping to drive your business forward. 


Better decision making 

Having access to better financial information and data undoubtedly leads to a more empowered strategic decision-making process. 

And with uncertainty ahead, it’s more important than ever to feel informed and confident for the months to come. 

With boardroom expertise at your disposal, the input from an outsourced financial director really offers an opportunity to help your business progress dynamically, while providing a level of accountability for your strategies. 

An outsourced financial director will take the time to get to know you and your business, and will ultimately become an extension of your own team.

In doing so, they’re in a strong position to support you in your decision making.  


Better use of technology 

Most businesses use technology in their daily functions, but not all do so in the most efficient way possible.

Through the adoption of new technologies, or even creating a bespoke solution tailored to your business, an outsourced financial director can help you to overcome cumbersome processes and rectify deficiencies. 

From automating your systems to maximising cloud accounting technology and all of the add-ons and apps that come with it, having an expert to help you make the most of today’s technology will help you increase efficiency and free up time, so you can concentrate on what matters most – your business.