Does your business have in-house support for the entire finance function? Perhaps you employ a full time finance director to look after this side of your business. If so, it’s probably fair to say that you are paying them within the region of £50-60k per annum. Have you ever considered outsourcing this and using the services of a virtual finance director (FD) which would cost you a fraction of the cost?
To put it simply a virtual finance director does what a full-time finance director would do but on a part time basis for a fraction of the cost. For most small businesses, cost is a critical factor in deciding the scope of the accounting services they can afford. A virtual FD will become a key part of your business. Someone who knows the financial side of it inside and out and is a key source of financial advice.
As a consequence of the above we have seen an opening in the market for virtual finance directors and have launched our own specialist virtual FD service. The virtual FD service provided by Millhouses Accountancy will provide all of the services provided by a full time FD.
What is included in the virtual FD service?
Our virtual FD Service includes the following:
- Bookkeeping – This will include writing up your day to day transactions into ledgers, reconciling your bank and cash account(s), producing and maintaining a fixed asset register (for items of capital expenditure) and producing and submitting to HMRC VAT returns (if you are VAT registered)
- Monthly or quarterly management accounts. We will prepare management accounts on a monthly or quarterly basis. This will include a profit and loss account, a balance sheet and a cash flow so you can see each month or quarter how your business is performing, and take corrective action if deviating from budgets
- One onsite visit per month (we can offer additional visits if required). This will be to present the management accounts at board meetings where we can discuss the current financial position and performance of your company and make recommendations as to any improvements which could be made
- Prepare an annual budget and cash flow forecast
- Deal with the supplier payment run
- Manage and control cash flow on a monthly or quarterly basis
- Represent the business at meetings with the bank
- Manage payroll and credit control
- Prepare year end accounts and tax returns and file them with HMRC and Companies House
- Tax planning – We will provide tax planning on a monthly or quarterly basis and advise on current tax liabilities at that present moment in time whilst also identifying and advising on ways of minimising these
- Unlimited support and advice via telephone or email (which will be included in our monthly fee)
- Offer advice on and implement (where necessary) the latest bookkeeping and accounting software
Knowing that key decisions can be taken alongside consultation with an accounting professional, who knows the business, gives the owners confidence to concentrate on other key areas knowing that the financial side of the business is in safe hands. It can sometimes be difficult to see the big picture if you are focused on the day-to-day running of the business and so having a knowledgeable source of independent advice can be a great help.
Millhouses Accountancy is delighted to be able to offer this service and is happy to discuss a range of virtual FD options/packages based on budget.
Get in touch with Millhouses Accountancy Sheffield, Nottingham & London
Call us today for more information on:
- Sheffield 0114 345 0960
- Nottingham 0115 882 0356
- London 0203 146 4808