The size and complexity of a business are the main factors in determining what financial support is best suited. Whilst many growing businesses are aware of (or even utilise) the services of an in-house finance director (or “FD”), there is clearly a growing demand for a less costly solution that provides exactly the level of support the business’ needs.
What is an outsourced FD?
An outsourced FD is a dedicated finance professional equipped with the knowledge, resources and insight of an in-house FD. The difference is that the level of support, and consequently the cost, is scaled to meet the needs of the business. Most small, growing businesses don’t require FD services full time, however could seriously benefit from them.
Our outsourced FD service
UHY Hacker Young’s team of outsourced FDs are supported by a wealth of in-house professionals, from our corporate and personal tax teams, to our audit, accounts and corporate finance teams. The most common services we provide are to;
- Help implement or improve your internal financial management, processes and systems.
- Review the operation of internal processes, usually weekly or monthly, providing valuable supporting advice.
- Prepare annual budgets, cash flow forecasts, balance sheet forecasts and monthly/quarterly management information.
- Review monthly/quarterly VAT returns.
- Prepare end of year accounts and tax returns.
- Assist with fundraising through business plan reviews, assistance with grant applications and grant audits, setting up EIS or SEIS schemes and connecting you to potential investors.
- Provide company secretarial services.
- Provide unlimited advice with no hidden charges.
Our outsourced FDs are here for you & the needs of your business, which are often in some ways unique. Therefore, it’s best to get in touch with us directly to determine what services we can provide for you.
Can a business outgrow an outsourced FD?
Yes, and it is encouraged! We have genuine concern for our clients, and as such share your successes and hope your business will grow to the point where an in-house FD is more suitable. Once your business has grown to this stage, we can help with the interview process to ensure you find the right fit. However, if the business still requires support such as tax advice, general accountancy services or audit services, we would be more than happy to continue working with you.
The next steps
For more information please get in touch with Dan Thomas on d.thomas@uhy-uk.com or your usual UHY adviser.
