Virtual FD Services
As young businesses look to grow, it is beneficial for them bring a qualified Finance Director into the business to help to aid this growth. Recruiting a full time Finance Director who is a qualified accountant will mean you will be paying a salary of £50,000 plus for the right candidate.
Cost Effective Solution
Often the salary above will be too big a commitment for a business and so we offer our Virtual FD solution so you can take advantage of our skills and experience for a fixed day rate where one of the team will provide you with all the functions of an FD without a large annual cost.
You can engage us for a set number of days a month so you can get all the benefits of having a qualified FD in your business for a fraction of the cost of employing a permanent employee.
Benefits of Having a Virtual FD
Our Virtual FD service will involve us becoming part of your team to use as you see fit but the benefits of having one as part of your team can include :
● Improved credibility with financial institutions. This will both give your existing stakeholders confidence but also other financial institutions who you are looking to get involved with.
● Help building a team. As your business grows, you need to start building a team in your business and the virtual FD can help you develop both the finance team plus other teams in the business.
● Detailed systems review. Finance Directors understand how business systems and processes work and so having one one board means you can be use them to review that you are as efficient as you can be.
● Provide you with support and advice. Having a virtual FD means that you have access to a high quality business professional to aid you in your decision making to take your business forward.
● Keeping you up to speed with regulatory changes. Making use of a virtual FD means you have access to a qualified accountant who will ensure you do not have to keep checking you are not doing anything untoward, they will be doing this for you.
● Available to prepare forecasts and management accounts.
● Attendance at meetings when required.
If your business is still in the process of recruiting a full-time FD, our virtual FD service can provide you with a temporary solution to help you through this time whilst you have completed your recruitment. This may work out as a more cost effective solution than recruiting a temporary FD on a fixed term contract.
Practical Experience of Working in Senior Finance Roles
The team are either qualified as CIMA accountants or are undertaking the qualification and so are well versed in what is required for a senior finance role in a business. Alan Hemingway who started the practice, qualified in industry and worked in senior roles in industry for 20 years before starting Hemingway Bailey. This experience proves invaluable for clients who can draw down on this practical business knowledge both from Alan and the team.