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.
- 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