Among the daily challenges of running a business is the critical decision of how best to manage its financial affairs including whether you choose to hire an in-house accountant or outsource your accounting needs.
Internal hires often come with hidden costs that can burden your business.
Instead, you can tailor an effective outside resource to deliver the services you need, when you need them.
Costs of hiring:
1. salary
2. pension costs
3. employers national insurance
4. company benefits
5. company car if you need them to drive for work
6. holiday pay
7. sick pay
8. recruitment fees (which can be 20-30% of the salary)
9. new computer equipment
10. additional software subscriptions for them to do their job
Also factor in the time involved in recruitment searches, interviews and onboarding. This is followed by the uncertainties of performance and the time involved in managing your new employee.
For many businesses turning over £500k - £5m, it may not be a viable option to employ a full-time Finance Director or Management Accountant, however they may hugely benefit from having access to this skill level for a few days per month.
Outsourcing those roles to a business partner that can offer those skills for a set fee, at the frequency you specifically need, can be a game changer. You get the skills you need to support your business growth but you only pay for what you use.
Our Fractional CFO service can be tailored to the specific needs of your business. For example, you may be confident with your in-house bookkeeper but know you need some management accounts and more strategic support.
We can agree a service delivery timeline based on your specific requirements. For your business this may look like a full day per month, or half a day a week instead. You get to control the time and investment therefore only paying for what you need, which is a much more affordable option than hiring a CFO.
If you'd like to know more, please contact us.
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