Traditionally the function of the financial director will be to be described as a safe set of hands and to analyse the figures to be sure that everything was ok. Today's financial directors have a significantly different part in which they need to give you a wide range of support and aid to the business in order to justify their position. Element of the function will be to set in position the people and systems that will enable them to gain the right accounting information such as for instance a balance sheet and loss and profit account. They are going to then analyse these to make important financial decisions to gain the company.
Some businesses will find that they can not justify the trouble of having a full time FD and will instead turn to they can be supplyed by those specialist organisations who with a part time financial manager. This kind of service offers a flexible and tailored solution for any company that cannot afford or does not want financial director input on a daily basis.
A part time FD will do all of the work that the full time manager would do in that they will prepare the numbers in a way that other directors, stakeholders and decision makers can understand but these services will be provided by them only when they are desired. They may be there to assist in the presentation of the material to anyone that needs to understand and also offer guidance and support even when they are not physically at the office.
Any part time financial manager that the company is provided with will have several years' experience of the part and will have a history of turning around companies that have got into financial difficulty. Having a finance manager who works on a part time basis as and when they are needed will give many small organizations the opportunity to operate effectively during times of economic recession as they will still have use of financial expertise as and when necessary but will not need to take a position in full time staff.
Another time when the services of a part time FD will be valuable is if the company is experiencing an important change. Getting the support of a finance director is going to be invaluable through acquisitions and mergers. The accounts team can be also complemented by them during end of month or end of year accounting.