Hiring a part-time Finance Director (FD) can be a great way to save money on your business finances. However, there are a number of things you can do instead of hiring a part-time FD that will save you even more money and give you more control over your finances.
Here are 5 things you can do instead of hiring a part-time FD:
- Use a financial management software program
There are a number of financial management software programs available that can help you track your income and expenses, create budgets, and manage your cash flow. These programs can be a great way to save time and money on your business finances.
- Hire a virtual assistant
A virtual assistant can help you with a variety of tasks, including bookkeeping, data entry, and customer service. This can free up your time so you can focus on other aspects of your business.
- Outsource your bookkeeping
Outsourcing your bookkeeping to a professional bookkeeping firm can save you time and money. Bookkeeping firms have the expertise and experience to handle all aspects of your bookkeeping, so you can be sure that your finances are in good hands.
- Take a financial management course
There are any number of financial management courses available that can teach you the basics of financial management. These courses can help you understand your finances and make better financial decisions for your business.
- Join a financial management networking group
Financial management networking groups can provide you with the opportunity to connect with other business owners who are interested in financial management. These groups can be a great resource for information and support.
Hiring a part-time FD can be a great way to save money on your business finances.
A bonus: here are some additional tips for managing your business finances:
- Stay organized
One of the most important things you can do to manage your business finances is to stay organized. This means keeping track of your income and expenses, creating budgets, and managing your cash flow. There are a number of tools and resources available to help you stay organized, such as financial management software programs, spreadsheets, and accounting software.
- Set up a system for tracking your finances
Once you have a system in place for tracking your finances, it is important to stick to it. This will help you stay on top of your finances and make sure that you are not overspending.
- Review your finances regularly
It is important to review your finances regularly to make sure that you are on track. This means reviewing your income and expenses against your budget and your cash flow. You should also review your financial statements on a regular basis.
- Take action when necessary
If you find that you are not on track with your finances, you need to take action. This may mean making changes to your budget, cutting back on expenses, or increasing your income. It is important to address any financial problems as early as possible.
- Get help if you need it
If you are struggling to manage your business finances, you should not be afraid to get help.
Managing your business finances can be a challenge, but it is important to really nail this area.
We hope these tips are useful in helping you to get on top of the finances of your business.
That said, they can be time hungry and if you would rather not be doing it yourself … then why not call the Tectona team.
About Tectona
Tectona Partnership helps business owners sleep at night by embedding one of our 16 commercially minded finance directors in your management team.
Very often, a part time solution is the most effective solution.
We make sure you have the necessary management information and strategic insight to make informed decisions and reduce risk; and we will absolutely tell you what you need to know, when you need to know it.