The external financial director is often called a “firefighter” to put in place the appropriate tools and processes, then he accompanies the structure on a regular basis, integrating flexibly into the management team, according to a perimeter of activity and duration of intervention defined with the manager.
The support formula is personalized and adapted to the expectations and needs of the company. The duration of the mission and the volume are adjustable according to the context and the complexity of the subjects to be treated and are reversible. Indeed, if at the start of the mission, the intervention of the external financial director can be relatively heavy taking into account the emergencies to be treated simultaneously with the substantive subjects, it is reduced in time as the company is structured and acquires autonomy. Quite often, in a VSE, the external financial director intervenes at the rate of 1 to 2 days per week on-site + a floating day.
Due to pooling, the use of an external financial director is therefore a winning formula because, for many VSEs / SMEs, the option of recruiting a full-time salaried financial director, or even a financial manager, is simply unthinkable. The services of an outsourced financial director are generally negotiated on the basis of daily or fixed-rate pricing.
WHAT ARE THE ADVANTAGES OF OUTSOURCED FINANCIAL MANAGEMENT?
Tailor-made expertise, added value, flexibility and economic relevance are the watchwords of outsourced financial management. Thanks to Suivant Consulting professional experience, an outsourced financial director is able to provide advice and vision, even with only a few hours a week. He has a fresh eye and the perspective necessary to bring fresh ideas to optimize the management of finances and administration.
As an outside speaker, he has extremely precious freedom of thought and speech. His know-how and his know-how allow him to discuss with the manager in all objectivity and benevolence, and in so doing, to get him out of his isolation. He then established a business partner relationship. The external financial director becomes a reflection partner.
In addition, as he does not seek a career in the company, he has no contradictory interest with the internal teams. It can therefore all the more easily recommend them innovative working methods and support them in their skills development.
First of all, the external financial director has a strategic role thanks to his analytical skills. Thus, it helps the manager to have a coherent vision of the activity of the company. In a context of crisis, knowing how to keep reason in all circumstances is the primary quality of the external financial director. Crises in any form are often indicative of dysfunction. With the distanced approach, the external financial director guides the director to put it in order. Finally, it is often very supportive in risk prevention, in particular by setting up appropriate internal control procedures.
In conclusion, outsourced financial management is an effective response to the needs of very small businesses and a real opportunity to face this new crisis.