Does the changing face of accountancy mean an increased need for part time FDs?

A recent article on Accountancy Age “Become a virtual FD or retire?” mirrored FD Recruit’s experience of the changing face of the Accountancy and Finance Director markets.

The article highlights that businesses are changing the way they use and value their accountants, moving more towards a need for strategic financial direction.

Businesses monitor themselves whether they have made a profit or not and having an accountant verify this for the sake of regulatory compliance demonstrates little commercial value and as such businesses are reducing spending.

In addition, the increasing availability and efficiency of cloud accounting and book-keeping software and packages is also meaning that businesses can keep their own basic systems up to date more accurately even incorporating the new RTI.

The article then goes onto suggest some accountants are down skilling to meet workloads of repairing book keeping errors and keeping accounts and accruals up to date when they should be up-skilling to offer more valuable financial advice.

FD Recruit is finding that another popular option for businesses looking for strategic financial steer is the introduction of a Part-Time FD.

FD Recruit Director & founder of the Part-Time FD Hub, Phil Scott, said: “A Part-Time FD can provide a perfect solution for many businesses as you benefit from the expertise of a highly experienced professional who can immerse themselves within your company identifying areas for development — all at a manageable fee.”

“Especially in today’s climate, businesses require strategic finance direction to steer them through difficult times or to help them grow to the next level but do not necessarily have the workload — or budget — to accommodate a full-time member of staff.”

Leading specialist consultants FD Recruit launched The Part-Time FD Hub for SME businesses wanting FD support and it has quickly become the UK’s largest network of independent Part-Time FDs.

Phil added: “With many senior level finance professionals considering a more varied and balanced career option we can match businesses with the perfect candidates, pairing sector expertise or specific industry experience.”