External Finance Department

If the sudden and unexpected emergence of Covid-19, and the subsequent staffing shortages throughout many industries, has shown us anything, it is that businesses need to be adaptable and having the flexibility over how and when work is performed is vital. The ability to be able to increase or scale back the work being performed is really important in maintaining a viable business model.

Often management have to carefully consider and balance a changing workload and the income that brings with the staff resource and expenditure required to manage that workload.

Outsourcing finance

One area that businesses are making greater use of to combat the continually rising costs and regulation linked to employment is outsourcing, removing committed costs and replacing them with variable ones that can easily be upscaled, downscaled or removed with limited or no notice required. Creating a lean employee structure gives those businesses greater flexibility and often an economic edge over some of their competitors.

In recent years, we have seen a large increase in clients wanting the provision of services which traditionally have been covered by internal finance functions and includes areas such as bookkeeping services, VAT compliance, management accounts, payroll services, credit control services, BACS approved bureau services, budgets and forecasts as well as implementation of accounting systems. For a number of clients, we are their finance function.

This may be a relatively permanent solution or, alternatively, you may just need cover for a temporary period, such as maternity/paternity leave cover, furlough leave, annual leave or to provide cover for periods of illness.

High level financial advisory services

However, some businesses are starting to take this a stage further and to outsource their high level financial advisory services.

This is particularly useful for businesses going through a growth phase, where Finance Director level expertise are required but not at the stage where a full-time staffing position is justifiable. Or where a position is required but the type of work required means you would be paying for an expensive individual to deal with lower-level work at certain times. Outsourcing this high-level advisory services means that you can pay for that level of expertise on the items and at the times when you require it, but aren’t committed to it when you don’t.

This also gives greater flexibility in recruitment where a candidate may be highly suited to the role but doesn’t quite have the experience or expertise to take it to a Finance Director level.

We provide high level financial advisory services to a number of clients and every situation is different. Our services can be tailored to your exact needs and by having staff at various levels and with different expertise we can ensure you get the right person doing the work at the right cost. And by making use of technology, travelling time and associated costs can be eliminated.

At MFW our services can include:
• Attendance at Board meetings.
• Financial assessment of contracts, customers and suppliers.
• Liaising with auditors.
• Detailed financial elements of business plans.
• Managing relationships with external business stakeholders.
• Management of working capital.
• Strategic financial advisory.

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