Financial management is really important for all businesses, no matter the size, niche or industry. Whether you do it yourself or choose to get an accountant or financial director on board, the need for effective financial oversight is the key to financial success.
That being said, however, many people face the dilemma of hiring a financial director vs improving their accounting department. This blog aims to make that decision clearer – if you are thinking about hiring a financial director – you may just need a better accountant.
Let’s delve into it.
Understanding The Role Of A Financial Director
A financial director is responsible for strategising and offering financial guidance to ensure a business’s financial commitments are met. They help companies form a strong foundation in which they can financially grow.
It’s understandable, as a business owner that hiring a financial director seems like an attractive option. With that being said, however, specialist financial advice and guidance can also be given by a well trained and highly skilled accountant.
If you are wanting to continue experiencing financial growth, it may be time to consider getting a better accountant.
The Value Of A Skilled Accountant
Choosing the right accountant is no mean feat. An accountant plays a huge role in business, controlling finances.
Accountants are responsible for a number of things:
- Compliance work
- Business advice
An accountant can add real value to a business – if chosen correctly. Improving an accounting department can strengthen internal processes and controls as well as enhance financial growth within the business and analysis capabilities.
A skilled accountant can be on board from the very beginning of the business, at whatever stage you are in – whereas a financial director is a role that you perhaps incorporate later down the line.
Financial Director vs Accountant
When making the decision to grow your business financially, understanding whom to have on board is a big decision. We explored the role of a financial director and the value an accountant can add to your business – but that doesn’t make the decision between the two easier.
Getting a better accountant can help you maintain profit and ensure your business remains compliant with financial regulations. An accountant will also be able to check the accuracy of your financial documents and help you strategise the improvement of your financial gains.
A financial director, on the other hand, will help with slightly different roles within the business such as monitoring the financial wellbeing of your business. They play a crucial part in structuring the financial department of the business, including the financial decisions.
When you are evaluating the current and future financial needs of the business, both roles can play a part in different ways.
Before making the decision, it’s important to really know what it is you need – when you have explored your business needs, then is the right time to consider the differences between a financial director and an accountant.
Need A Better Accountant? Get In Touch With Rivington Accounts
Recognising the importance of financial oversight in your business operations is the first step to making the decision between hiring a financial director or improving your accounting department.
Rivington Accounts is home to highly qualified accounting professionals. If you are wanting to get a better accountant to help with your finances, that’s where we can step in! Whether you are starting, running, struggling or growing, we are the accountancy firm that can help!
If you are looking for a company to manage your accounts, bookkeeping and payroll – get in touch!
You can call our team today on 01257 429252 or drop us a line at email@example.com.