What is the role of a Finance Director?

According to the Institute of Directors (IoD):

“The finance director is often viewed as the member of the board who creates a solid foundation upon which a business can grow.”

My name is Geoff Maclauchlan and I’m the Managing Director of Kingsmere Finance Directors Ltd. As an experienced senior Finance Director, I help businesses grow by improving financial stability, efficiency and profitability.

It is becoming more and more widely recognised that not every business needs the full-time attention or input (or cost!) of a Finance Director. Kingsmere offers the flexibility of a consultancy relationship, working either on specific projects, or on an ongoing basis.

A first step when working with businesses that request our input would be a financial health check. Businesses of all sizes often don’t keep their longer-term financial health in mind. Their financial strategies tend to be reactive, whereas at Kingsmere, we focus on a more proactive approach. This means that we take on tasks such as management accounts (detailed or summary), year-end accounts, cash forecasts (short and long-term), and banking and auditor relationships.

But we also work on long-term, future-oriented tasks such as profit forecasts, exit strategies and the mentoring of management teams – making finance understandable for those working on a day-to-day basis within the company.

“Geoff has a unique insight into the operation of legal businesses of different sizes coupled with the experience of working with law firm partners gained over a number of years in differing economic times." Simon Stell, Managing Partner LCF Law and LCF Residential

Kingsmere recognises that those running a business can profit from the freedom to focus on the 'day job', in the knowledge that the financial side of the business is in order. And this is not the only advantage of outsourcing the Finance Director role in this way (much as marketing roles are often outsourced).

We also help businesses save money, as our advice pays for itself in the form of reduced overall costs. And we often see how our work with management teams leads to further development within the company, as they react to and are informed by an outside perspective – namely, ours!

If any of this sounds interesting, please do get in touch and let’s talk.