Why businesses across Birmingham and Staffordshire need a Finance Director
You’re ready to take your business to the next level but realise that there is a missing cog in the structure of your organisation: you require financial planning, budgetary & strategic expertise and maybe someone with whom to discuss your ideas.
FD Outsource Ltd supports businesses across Birmingham and Staffordshire with outsourced Finance Directors. Our FD's provide all aspects of outsourced financial planning, strategic advice and budgetary controls. We offer the same level of friendly, strategic advice & expertise to all our clients.
At FD Outsource Ltd we not only show you how to grow your business, we help implement the strategies to do just that…in business it’s often not what you do but ‘how you do it’ that makes the difference. Our experience at FD Outsource Ltd enables us to analyse your requirements, identify your issues and then plan and project manage a range of strategies to achieve your objectives
If you are interested in taking on a high calibre part-time outsourced Finance Director and would like to talk to us about your specific requirements please call us on 01889 358921.
We specialise in working with £500k – £15m turnover businesses
Our partnership with you includes a commitment to provide you with a highly experienced senior finance director with ‘big business experience’ for a fraction of the cost of a full-time FD.
We’ll help you solve problems faster and develop a more efficient finance function with a guarantee of quality. If you would like to speak to us in person please fill out the form and one of the team will be in touch shortly.
Financial and management accounts: the basics
The accounting and bookkeeping needs of your business will vary according to its size, type and sector. As the business owner, it's your responsibility to make sure your business has accurate bookkeeping records and that the business keeps accurate financial records and accounts.
There are two types of accounting information - financial accounts and management accounts.
Financial accounts - are a historical record of your business' performance over a period - usually one year - for the benefit of external users such as shareholders, stakeholders, employees, suppliers, bankers and authorities. They have to be filed at Companies House.
Financial accounts normally include:
- profit & loss account
- balance sheet
- cash flow statement
- statement of recognised gains and losses
Limited companies are obliged by law to prepare a set of financial accounts each year and to file a copy with Companies House. There are statutory penalties for late or incorrect filing, for which the directors are liable. Small and medium-sized companies are allowed to file accounts with certain information omitted.
Management accounts are different – they are aimed at helping you to plan your business and make decisions about key areas such as sales, margins and stock. They help you make timely and meaningful management decisions about your business. Different businesses will have different management accounting needs, depending on the business areas that are important to them.
These can include
- the sales process - such as pricing, distribution and debtors
- the purchasing process - such as stock records and creditors
- the fixed asset register - details of all fixed assets, including identification numbers, cost and date of purchase, etc
- employee records
There’s no legal requirement to prepare management accounts, but it is hard to run a business effectively without them. Most companies produce them regularly - e.g. monthly or quarterly.
Most owner managers or SME MD’s will find out in time, that without a well structured finance function, which takes care of strategy on the one hand and mundane details on the other, it is almost impossible to avoid getting sucked into the finance side of the business.
One of our main objectives is to free up busy CEO’s and MD’s by taking away the problems within your finance department
FD Outsource Ltd provide businesses across Birmingham and Staffordshire with Finance Directors without the PAYE expense