Interim Finance Director

The problem often faced by SME’s is that a full- time position cannot be justified in terms of cost and the size of the role. If this is the case, hiring a Finance Director on an interim or part time basis will be beneficial to the company who can engage with the FD on a contractual basis.

The FD will essentially work as a consultant on a flexible basis. This might be as little as one, two, three or four days per month or could be a couple of days each week depending on the size of the business and the extent of the role. The arrangement can be varied to cover any special projects that arise from time to time.

There are no national insurance costs, payroll taxes, pension contributions or holiday pay and because there is no employment contract, if things do not work out the engagement can be terminated easily.

The part time finance director (FD) works with the Business Owner or Managing Director to provide strategic and operational support to guide the decision making process using business planning, financial forecasts, management accounts and key performance indicators.

A FD should be technically competent in all aspects of finance, but more importantly the FD must understand the realities of the business world. A detailed knowledge of the business is a critical requirement as well as a close working relationship with all of the managers and stakeholders to ensure the best possible outcomes.

Part of the role of a part-time FD is to contribute towards the preparation and management of the strategic plan for a business. The plan is used to communicate with everyone in the organisation the goals, the actions needed to achieve those goals and all other critical elements that are developed by the planning process.