A summary of the benefits to business of an fd, fc and bookkeeper

  Finance Director Finance Controller Bookkeeper

What they do? • Supports a business by overseeing and implementing the financial strategy

• Controls key financial matters and risk

• Supports the management team and Managing Director

• Responsible for supervising the quality of accounting and financial reporting within a business

• Records a business’s financial transactions and brings the books to the trial balance stage

The benefits? • FDs help enhance profit margins, provide strategic support and assist with business planning, funding proposals and other key areas that affect profitability and cash flow

• A good FC will deliver financial efficiency and will be able to recommend new processes and systems to achieve this

• Well-managed books have a positive knock-on effect on all levels of a business and a qualified bookkeeper will deliver accurate records and on time

Be aware… • The FD’s role is not a passive one; your business views and opinions might be challenged!

• FCs are not ‘senior managers with accounting experience’… they are financial experts and will ensure a business passes its financial health check, with robust procedures and controls put in place

• Appointing an underqualified individual to keep your books could lead to inaccurate records and penalties, and the need for expensive resource to correct any problems

FD, FC, Bookkeeper: An EFM guide to the benefits for businesses