Can you drive your business forward without a Finance Director?

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What is a Finance Director?

If we were to compare business to a rally car championship, where each car taking place is a business that is driven by the owner, a finance director would be the co-pilot.

A co-pilot takes all of the data available to him and presents it in an easy-to-understand format to then be able to advise the driver on the journey ahead. This does not take away from the skill of the driver, it enhances them and with the right team working together it will lead to the car getting to the finish line as efficiently and as quickly as possible, whilst always trying to avoid failure.

A finance director is no different. They take all the business data and pull it together to provide the business owner with valuable, understandable information which can be used to drive their business forward. Most business owners would agree it is always helpful to have someone give you advance warning of a “hard right” ahead because without this the business could at best go off track, at worst be out of the race altogether.

Can your business afford a Finance director?

A finance director shouldn’t be viewed as a cost to the business, it should be seen as an investment that with the right finance director you should see a return on your investment

Typically a full-time finance director would cost a business in the region of £100,000, but there are a lot of additional costs of recruiting at this level, for one a recruitment agency may be required and the finder’s fee can be anywhere up to 30% of the annual salary.

Then there is holiday pay, pension costs, company car, medical insurance the total costs of employment could be another 30-40% of the salary cost.

For many businesses recruiting a finance director to be sat next to them every day is out of their reach that is why at Armstrong Watson we offer our Virtual Finance Director (VFD) packages.

Virtual Finance Director packages

Armstrong Watson has long understood the need to be at the side of our clients when they need us. Our VFD packages offer clients the opportunity to take control over their financial data and present them with up-to-date management information that can be used to create a roadmap for the business, including setting up the best key performance indicators. With regular meetings, we can help keep your business on track and navigate any twists and turns along the way.

Our packages are designed with flexibility in mind so businesses can use the service as much or as little as they need it without any long-term commitments. Businesses can take a quarterly package or a monthly package, and depending on the business's needs they can switch between the two. Typically we see the best results from our monthly package however having a co-pilot sitting alongside you once a quarter can still deliver strong direction to the business.

For more information about our other finance outsourcing services please visit www.armstrongwatson.co.uk/services/outsourcing


If you would like to find out more about how our VFD packages can help drive your business forward, get in touch with Grant by email grant.smith@armstrongwatson.co.uk or call 0808 144 5575.

Contact Grant

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The final date for claims is 14th October 2021. If you require our JRS team to submit your claims please send them to jrs@armstrongwatson.co.uk. For details on the changes to the scheme visit our CJRS page.