Part-time finance professionals: a solution for SMEs?

 

As the economy improves, many organisations are finding that they need to recruit again. The focus, however, is still on obtaining value for money and recruiting a finance professional on a part-time basis can provide an effective solution for some organisations providing access to experience and skills without the expense of a full time resource. 

 

Part-time employees present an excellent value for money proposition. Companies obtain the skills and experience that they need, when they need it and only for the length of time that they need it. Indeed, a strong Chartered Accountant employed on a part-time basis will often recoup his/her salary through the savings and efficiencies he/she implements.

 

Stuart Sheehy, FCA has been working as an interim financial manager for the last ten years and has seen at first-hand how the services he provides fit the size and resources of smaller businesses. “Many businesses have neither the work load nor financial resources for a full time and permanent head of finance.  A part- time financial controller can take full responsibility for your financial control and accounting function, enabling the managing director and management team to focus on driving the business forward,” Stuart explains.

 

Having spent the initial years of his career as a full time financial controller, Stuart decided to make a change in 2004 and has carved out a successful career operating on a self-employed basis and providing outsourced financial control services to a portfolio of SME businesses.

 

Changes in the jobs market in recent years mean that the range of candidates open to part-time working arrangements is broader than before and many chartered accountants have chosen the part-time route for their career path. Flexibility is one of the key benefits they offer employers. “Access to an experienced professional is very attractive to employers,” explains Pat Byrne, Chairman of the Chartered Accountants Interim Managers Group. “Their expertise can be used as and when you need it and as their knowledge of the business and sector grows, their ability to add value to the business is enhanced. Indeed, hiring an experienced finance professional can help to grow your business more quickly.”

“The part-time solution is flexible and scalable and the arrangement can be tailored to suit a business. Typically, all work is carried out on the business premises and the part-time manager is part of the management team. Sometimes, the part-time manager works in tandem with other accountants and service providers as an integrated part of the total finance solution for the business. Often, the part-time professional can play a key role in liaising with external stakeholders,” Pat adds.

 

From an employer’s perspective, another advantage of part-time financial professionals is that they are less likely to be involved in office politics. They tend to focus on getting the job done. The benefit of know-how gained outside the organisation and their fresh perspective can stimulate new ideas and initiatives. 

 

Stuart Sheehy, FCA agrees, adding that the quality information and reporting provided by experienced finance professionals enables better decision making.

“Experienced candidates tend to ‘hit the ground running’ and make an impact in the role in a shorter period of time. This means that there is less time and money spent on training and induction. Your return on investment is more immediate,” he explains.

Access to additional experience adds weight to a team and junior staff often benefit from the part-time manager’s expertise, knowledge and skills. Where the finance professional has good training and mentoring skills, this can help to motivate a team and achieve improved productivity and lower attrition.

 

Says Pat: “An experienced finance professional with a strong track record is capable of adding real value in terms of better financial information for key decision making. Their extensive experience and increasing knowledge of the sector will enable them to interpret the financial information and see beyond the numbers. This is an area where a senior finance professional has the potential to make a meaningful contribution and real difference in terms of decision support and the strategic planning process. What a company really needs is direction when reviewing KPIs, performance reporting and analysis as well as the preparation of budgets, forecasts and projections. The ideal part time professional has commercial savvy, business acumen and vision. His or her focus is to add value by focusing on projections and the future rather than on historic data.”

Many small to medium sized organisations have benefited from the value add that a part-time senior professional can bring to the table. As the economy recovers, now could be the ideal opportunity to recruit a senior finance professional on an part-time basis.