Business owners contend with a great many responsibilities and have to deal with a lot of different routines and processes to run their company successfully on a daily basis. The truth is that none of us are perfect at all aspects of running a company. When you’re a small business that’s just starting out, you want to keep your staff as lean as possible. Hiring for a new position only happens when you absolutely can’t fulfill a certain need. Those initial employees will typically specialise in your company’s industry sector or fulfill a client/customer facing need. Rarely are “back office” staff hired too early!
However, the importance of tracking your finances can’t be understated. So many businesses make simple and costly mistakes early on because they do not include a finance “brain” in their decision making. This typically includes:
- Poor pricey decisions
- Poor payment terms
- Late or inaccurate management information
- Insufficient cash forecasting
- Inappropriate staffing
- Wrong or insufficient funding
Cash can be scarce and matters to a growing small business, so losing or mismanaging money isn’t an option.
Not all small businesses need or can afford to invest in a full-time controller or can acquire the right expertise and experience by hiring a bookkeeper or using their compliance accountant. It is often the case that just a few days a month are all that is required to undertake the necessary monitoring, planning and preparation to ensure an SME has visibility and clarity around the business’ financial situation to help it grow and avoid falling into traps.
An external part-time financial controller is the perfect solution to the accounting needs of a small business. An experienced person is flexible, affordable, cost effective and often value adding beyond their cost.
“Mark’s not just a financial controller; he’s coming up with sales ideas; ways to record sales, and how to bring in new clients. It is financial management but it’s also a business process change”.
Robert Bullock, Bullock & Co Ltd
With an experienced and qualified professional at the business owner’s side, you can rest assured that your finances will be carefully monitored and in check. A financial controller can track and flag expenditures, assist with contracts, monitor cashflow, prepare management information, and offer sound advice.
EFM Ireland’s methodology can give business owners the right level of support, working at your company, as a part of your team, to maximise the understanding of your sector and company operations to develop robust reporting structures and systems. This will enable our FC’s to provide business owners with structured and meaningful financial information.
Why struggle and perhaps make the wrong financial decision when you can insource an expert resource to give you improved results and visibility? EFM Ireland can assist you on a consultancy, contract or ad hoc basis. This flexibility is designed to take the strain away from you, let you focus on growing the business and eliminates additional costs of expensive and fixed overheads.
So if you’re going to hire a part-time financial controller, speak to the EFM Ireland team. EFM Ireland can support your company’s financial management and business advisory needs. Get in touch with our Experts today by email or call 01442 8176.