What does a Finance Director do?
Are you looking to take the management of your business’ accounts to the next level? In that case, perhaps you’re considering hiring a finance director or outsourcing the role. If you’ve found yourself in this position, you might be asking the question: what does a Finance Director do? And how can they help me and my business? Those are exactly the questions we’ll be answering in this article.
The role of a Finance Director
A Finance Director – often alternatively referred to as a chief financial officer (CFO) is typically the highest-level finance position in a business.
This means that their role predominantly focuses on the strategic aspects of a company’s finances; they are responsible for giving direction and leading the rest of the finance team, helping ensure the company’s goals are met and that it continues to grow.
They are also ultimately responsible for the company’s adherence to financial rules and regulations, ensuring that emerging legislation is complied with as soon as possible to minimise its impact on the business.
Given the strategic nature of their role, it’s also the duty of a finance director to forge relationships with new and existing lenders, investors and any other organisations that have a financial interest in the company.
The finance director is relied upon to lead the business’ financial planning and budgeting processes, and is expected to regularly communicate the firm’s progress with the chief executive and other managers.
Essentially, a finance director is ultimately responsible for the ongoing financial health of a business, avoiding any critical situations where it’s short on cash or fails to adhere to regulations.
Do I need a Finance Director?
This is a complex question, and one which requires a great deal of thought. In order for a finance director to be of use to your business, you have to have clear long-term goals in mind, and to have established a range of KPIs by which you can measure its financial success.
If you already have a finance team in place and have those long-term aspirations firmly in mind, but feel you’re lacking clarity on the state of your business’ financial trajectory, perhaps hiring a finance director would be a worthy consideration. At Ratiobox, we can handle the responsibilities of a Finance Director for you, saving you the expense and hassle of finding and hiring someone yourself.
Our outsourced finance director service gives you ultimate peace of mind; we’ll make sure that your company’s finances are in tip-top shape and regularly provide feedback on its status, saving you time and money and allowing you to focus on running your business.
If you’re unsure of what’s best for your business, or you’d like to speak to one of our advisors about our outsourced finance director service, get in touch with us today.