Filling in the gaps - Facilitating growth with an outsourced finance function - PAGES - Flipbook - Page 6
6 | Facilitating growth with an outsourced 昀椀nance function
SECTION 2:
THE PEOPLE PROBLEM: GETTING THE
RIGHT EXPERTS IN PLACE
Deciding you need to hire someone to help manage your
business 昀椀nances is just the 昀椀rst step. Where do you go from
there – and why is it so di昀케cult for SMEs to 昀椀ll out their 昀椀nance
departments?
GET THE BASICS RIGHT:
UNDERSTANDING YOUR BUSINESS NEEDS
Firstly, business leaders need to go back to basics when it comes to
looking at their 昀椀nance teams, you need to walk before you can run. It’s
important to understand that one person can’t do multiple roles. A CFO
involved in 昀椀nancial planning and strategic leadership will not also have
bandwidth for day-to-day accounts management and bookkeeping. So
what does your business need? Should you be looking at hiring a CFO?
Or do you need a Financial Controller? Or do you need someone to
support with more transactional work or payroll, like a Bookkeeper.
It can be di昀케cult to understand the di昀昀erences between all of these
roles, and as a growing business, the reality is that you probably need
someone who can do a mixture of all of these things. It’s hard to get that
through one employee alone and you may not be at the stage where
you can resource a fully operational in-house 昀椀nance team.
CASE STUDY
COMPETITION FOX LIMITED:
ACCESSING EXPERTISE WITHOUT HIRING IN-HOUSE
“The support we receive from Menzies goes far beyond accountancy. As our
business scaled, their team provided the strategic guidance we needed to
navigate growth challenges, helping us avoid costly hiring mistakes. Having
access to their breadth of 昀椀nancial expertise means we don’t need to recruit
an in-house team, yet we still bene昀椀t from high-level insights and support.”
Martin McIver, Director
