Frequently Asked Questions

Frequently Asked Questions

Part Time Finance Director Service

I already have a book-keeper and an accountant. Why do I need a part time Finance Director?

A book-keeper enters transactions into your accounting system but usually lacks the experience to interpret the results of the transactions.

An accountant handles the legal accounts and tax at year end, but isn't trained to support your business throughout the year.

A part time FD will give you expert financial analysis advice and support, allowing you to get the best out of your business.

What does a part time FD actually do?

The short answer is “whatever you need”, but the normal activities include:

  • Managing cash flow
  • Providing management accounts and information
  • Handling relationships with financiers, accountants and outside advisers
  • Supporting and challenging the Board on financial issues
  • Providing high quality analysis to support decision making
  • Overseeing the finance department
  • Budgets and forecasts
  • Management and development of IT systems.

What characteristics should I look for in a part time FD?

  • A qualified chartered accountant
  • An experienced FD
  • Used to working in a range of companies
  • Commitment to a portfolio career, so that he or she won't disappear as soon as a permanent job comes up
  • Energy and organisation
  • A strong client focus
  • A solutions provider
  • Good personal chemistry

What does it cost?

The investment depends on the time spent. Typical costs vary between £1,500 and £6,000 per month. There are no other associated costs such as recruitment or redundancy. You only pay for the time you use.

At Prospero, we don't charge any time unless we have worked for a client for at least an hour on any one day. Quick calls or emails are included in the service for no extra cost.

My FD has several clients. How do I ensure I get the attention I need?

You should have the same access to your part time FD as you would to a full time FD who was travelling on business. We will always respond promptly to phone calls, and to emails on the same day.

Is my information kept confidential?

Absolutely. We adhere to the highest professional standards of confidentiality and would never disclose information about your business to an outsider.

What happens if my FD is also working for a customer, competitor or supplier?

We decline any appointment that would lead us into a conflict of interest between two clients. You can always trust your FD to be acting in your best interests.