Traditionally the role of the financial manager would be to be described as a safe pair of hands and to analyse the figures to be sure that every thing was acceptable. Today's financial directors have a significantly different function in that they need to give you a broad range of support and aid to the company in order to justify their position. Part of their job will be to set in position the people and systems that will enable them to get the right accounting information such as a balance sheet and loss and profit account. They are going to then analyse these to make important financial decisions to benefit the business.
Some organizations will find that they cannot justify the expense of getting the full time FD and will as an alternative turn to they can be supplyed by those specialist organisations who with a part time financial manager. This sort of service provides a flexible and tailored solution for any business that cannot afford or will not want financial manager input on a daily part time financial director basis.
A part time FD will do every one of the work that internet finance director hire a full time manager would do in that they will prepare the numbers in a manner that other directors, stakeholders and decision makers can understand but these services will be provided by them just when they are desired. They can be there to assist in the presentation of the material to anyone that has to know and also offer advice and support even though 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 job and will have a history of turning around businesses that have experienced financial difficulty. Having a finance director 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 want to invest in full time personnel.
Another time when the services of a part time FD will be valuable is if the business is experiencing a significant change. Getting the support of a finance director is likely to be invaluable through acquisitions and mergers. The accounts team can be also complemented by them all through end of month or end of year accounting.