Outsourcing a part-time finance director has existed as a professional service for 15 years already in countries such as the UK, USA, and Canada.
Due to the flexibility and possibility of providing top quality financial management at an acceptable price, such a support to entrepreneurs is becoming more and more popular. At its beginning it was intended primarily for small and medium enterprises; however, due to its advantages, it is used today by companies of all sizes, including multinational ones.
In Croatia, this type of engagement of a person or of financial management services is a relatively new service, wherein which the selection of such is quite limited and mainly linked to companies that offer accountancy services. Furthermore, the persons providing the service are physically dislocated from the company, its employees, and business flows. There is also the difficulty of understanding and monitoring business processes. The quality of services depends on the queries coming from the company without pro-activity in the opposite direction, while the solutions do not necessarily take in all business facts and aspects. Additionally, due to the large number of clients that accountancy services have, the time commitment to the mentioned business aspects is highly limited.
Our approach is different. Our finance director (FD) performs the job predominantly on the client’s premises, alongside the client’s employees, actively participating in the design of business processes with the aim of establishing control of business operations, reducing risk, and meeting the prescribed rules of doing business, which is ultimately the key factor of productive and profitable business operations of the company. For this reason, there are significant advantages to such an arrangement:
The option of utilizing the experience and knowledge of a professional finance director for a portion of the usual cost of full-time employment.
Flexible cooperation. The scope of engagement, which is initially arranged while concluding the contract, may be increased or decreased simply and quickly with the aim of adjusting the desired and current requirements of the company.
Flexible costs, given the fact that they are in direct dependence with the scope of cooperation and engagement demands over a specific time period.
Trouble-free cancellation of services or redefinition of services in accordance with the company’s needs.
Access to information & networking. Thanks to rich experience in a number of companies, a part-time FD is equipped with better quality and prompt information access with regards to providing potential solutions for specific situations and problems.
Significant savings in the cost of education given that they are borne by the outsourced contractor and are proportionaly included in the price of the engagement.
Business owners do not need additional costs, but they do need business support in the form of advice and financial management based on experience and knowledge – an added value that will help them achieve the potential of the company they run.