FAQs

Part Time Finance Director Service

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

A: 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.


Q: What does a part time FD actually do?

A: 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.


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

A: • 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


Q: What does it cost?

A: 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.


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

A: 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.


Q: Is my information kept confidential?

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


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

A: 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.

Finance Raising Service

Q: Why do I need help in raising finance for my business?

A: There is a huge variety of banks and institutions prepared to provide finance. Not all of them would be right for you and there is a range of costs. With an expert to guide you, you will be able to achieve a better deal than you could alone.

In addition, there will be many requests for data and information that your existing finance team may struggle to provide. We are expert at preparing and submitting information in ways that the financiers like.


Q: What would Prospero do to raise finance?

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

• Preparing a business plan to justify the need
• Recommending suitable products and services for you
• Researching the market to find suitable providers
• Handling negotiations to get you the best deal
• Providing financial and other information to meet the financiers’ requirements./p>


Q: What characteristics should I look for in someone helping me to raise finance?

A: • A qualified chartered accountant
• An experienced FD
• A track record of raising different kinds of finance
• An excellent network in the corporate finance world
• Energy and organisation
• A strong client focus
• A solutions provider
• Good personal chemistry


Q: What does it cost?

A: We charge for our time on an hourly or daily basis. We never take commissions from finance providers where we are working on behalf of the client. Any commission that would be available is deducted from the charges that you pay.


Q: How long does it take?

A: This really depends on the complexity of your situation and the amount of research you wish to do. The quickest financing we have achieved took 9 days, but 4 to 6 weeks is typical.

Computer System Service

Q: Why do I need help in managing or implementing a computer system?

A: IT systems help a business to meet legal requirements, manage its cash better and give information to support decision making. Implementing a new system is something that most people do rarely. If it goes wrong it can be immensely disruptive or even bring the business down. You need an experienced expert to guide you through the process.


Q: What would Prospero do to help?

A: The three core activities are:
• Establishing and justifying the need for a new system.
• Choosing the software package from the huge variety available on the market.
• Project managing the implementation process.


Q: What characteristics should I look for in someone helping me with IT?

A: • A qualified professional
• Experienced in senior management positions
• A track record of implementing IT projects
• An excellent network in the IT world
• Energy and organisation
• A strong client focus
• A solutions provider
• Good personal chemistry


Q: What does it cost?

A: We charge for our time on an hourly or daily basis, or are willing to quote fixed prices for specific packages of work. We never take commissions from IT providers where we are working on behalf of a client. Any commission that would be available is deducted from the charges that you pay.


Q: How long does it take?

A: This really depends on the complexity of your situation and the state of the existing IT infrastructure within the business. The quickest implementation we have achieved took 9 days, but 2 to 3 months is typical