A finance manager is often the most experienced financial professional in a small business. Their responsibilities include overseeing company finances (cash, debt, collections, and payments,) preparing statements and reports, analyzing data and collaborating with management to make important decisions. As the owner or CEO of a small business, your financial manager plays a key role in the success of your business. A finance manager must stay ahead of the latest business practices and trends within your industry, so that your company can change course when necessary and take advantage of new opportunities.
If your finance team is falling short of these expectations, or if you are looking to gain these advantages without the burden of a full-time employee, an outsourced finance manager may be the right solution for you.
A finance manager is like a junior CFO: they prepare financial reports, analyze data, and present recommendations to steer the company to greater profitability. Supervising finance department staff, ensuring regulatory compliance, analyzing market trends, and guiding investment decisions are other finance manager responsibilities.
In financial outsourcing, a company hires an outside service provider to handle some or all of your business’s accounting processes. This can include daily bookkeeping, financial reports, tax filings, market analysis and much more. A financial expert may also advise on issues related to your industry, such as specific tax laws and regulations. Finance management outsourcing is like having an accounting department and CFO on your team, without the expense and time commitment of full-time employees.
The cost of finance management outsourcing varies according to company size, location and services. An outsourced full-service financial team may be $1,000 to $12,000 monthly, whereas the annual salary for a full-time finance manager can range from $50,000 to $125,000. Overall, compensation is comparable, but flexible arrangements along with the consistently high quality of outsourcing financial agencies make them a compelling option.
Your outsourced finance manager should have an onboarding process that includes full investigation and evaluation of your processes. This process should be designed to limit your involvement to essential discussions only, while leveraging your team as a resource and independent research by the outsourced finance manager.
