What is a finance manager and how outsourcing can help SMEs grow
So, what is a finance manager and how can outsourcing this role benefit your SME? As an SME (small to medium-sized enterprise), you’re probably used to juggling a multitude of tasks, from marketing and sales to operations and finance. But as your business grows, so does the complexity of managing your finances.
Here at CPL Accounts, we offer a variety of different bookkeeping-related services, with different levels of care. One of our newest services includes a finance manager who is there to support your business growth. Learn more about what a finance manager is and how they can help support your business in this blog.
What is a Finance Manager?
A finance manager is a professional who oversees the financial health of an organisation. They take the reigns of financial planning, management of financial risks, record-keeping, and financial reporting. Their expertise extends to budget planning, maximising profits, and making strategic investment decisions to drive financial growth.
The finance manager is critical in ensuring compliance with regulations and offering strategic insights based on financial data. Large businesses will hire a finance director to work within the business. But the need just isn’t there for SMEs to have a full-time member of staff around taking on this role.
The Benefits of Outsourcing
Access to Expertise: Essentially, a finance manager is an expert in their field and is there to help you manage your finances and make informed financial decisions. Outsourcing this role gives you access to a pool of experienced professionals who have honed their skills across various industries and businesses. They bring a wealth of knowledge to the table, helping you make informed decisions that can significantly impact your company’s financial health.
Cost-effectiveness: Employing an in-house finance manager comes with associated costs like salaries, benefits, and recruitment expenses. Outsourcing allows you to only pay for the services you need, when you need them, making it a more cost-effective solution.
Flexibility: Outsourced finance managers can provide varying levels of service to suit your needs. Whether it’s part-time, project-based, or on a retainer, you have the flexibility to scale up or down as required.
Time-saving: Outsourcing frees up your time so you can focus on what you do best – running your business. You leave the financial management in capable hands, allowing you to concentrate on growth and innovation.
The Convenience of Having a Finance Manager for SMEs
Having a finance manager, particularly an outsourced one, provides immense convenience for SMEs. They can provide real-time financial insights, help streamline processes, and make adjustments to improve profitability.
Finance managers can also help with strategic planning, leveraging their expertise to guide your business decisions and ensure your company’s financial stability. They play a vital role in managing cash flow, setting budgets and forecasts, and ensuring your business is financially sound, all of which are paramount for the success of your SME.
In conclusion, understanding what a finance manager is, and the value they bring can be a turning point for your SME. Outsourcing this role affords you the convenience and flexibility to manage your finances effectively and strategically, setting your business on the path to sustainable growth. If you’d like to find out more about outsourcing a finance manager or are interested in any of our other services please get in touch, we’d love to hear from you.
