When a business gets to a certain size and can afford to, they start to hire qualified finance staff to take care of the increased finance requirements of the business. The problem is, for small and medium sized businesses, they simply cannot afford to hire the right level of finance support they need. Read below to see how a Virtual Finance Office may benefit you.
According to the Indeed website the average salaries for the following roles are:
• Accounts payable clerk: £22,535
• Accounts receivable clerk: £23,861
• Bookkeeper: £22,996
• Senior accountant: £33,932
• Financial Controller: £54,829
• Finance Director: £82,439
To employ all of the above would cost a whopping £240,592! And these are before bonuses, benefits, pension contributions and employer’s national insurance of 13.8%!
Clearly this is out of reach for most small businesses and a huge financial commitment. However it’s exactly these small businesses that need access to this level of finance input the MOST!
Granted, as a small business you wouldn’t need to employ all of the above roles on a full time basis.
However, you do need the expertise of each of those roles at some level. The problem is you can’t employ 46% of an accounts payable clerk, 35% of an accounts receivable clerk, 35% of a financial controller, 10% of a finance director etc. You get the gist.
So you end up employing one or two people with some finance experience which either means:
1. You end up with highly skilled people covering and doing low skilled work
i.e Financial Controllers doing accounts payable and bookkeeping
2. You have gaps in your finance function because the people you employ do not have the skill set required
i.e. bookkeeper not being able to do what a finance director would.
That’s where we can help.
We provide a bespoke Virtual Finance Office service to small businesses at often, less than the cost of a full time junior staff member.
Don’t let the word ‘virtual’ put you off. It may be techy sounding but our service
is very much based around the human element – and giving you access to our team of experienced Finance professionals who have managed the entire finance function for other businesses like yours.
We can provide the full finance function from bookkeeper to FD and anything in between or complement your existing team with the elements that are missing.
If you want to know more book a discovery call here.