PTW’s Post

good opportunity

HIRING ON THE CHEAP by Sham Afzan, Senior Business Advisor Here is one common example of situation when we work together with our advisory clients. Prior to our engagement, they basically don’t have any dedicated finance team. The Company decided to hire “someone to do finance”. They don’t want to spend a lot of money, so decided to hire a junior accountant. So here is the problem. Nobody knew whether this person was doing her job correctly. During our Financial Operational Assessment process, the findings revealed major gaps in their financial management systems. As a result after our recommendation, the Company finally decided to hire a senior accountant as Head of Accounts & Finance Department. Yes, they wasted their money and time earlier. Working together closely with #ABAMalaysia’s Advisory team, the new accountant proved she’s a key contributor to the Company’s financial transformation process. Trying to save money on key hires is obviously not a good idea. It’s penny wise, pound foolish.

Does your construction business have a turnover of up to £10m? 🛠️ Consider a virtual finance department instead of a full finance team. To be honest, I’d be surprised if you had a full finance team. It would cost around £300k a year to hire each individual full-time. A virtual finance department provides you with a comprehensive finance team's expertise without the need to hire each role full-time. You get the same skills but with the blend you need (at a much cheaper price). For example, let’s compare the financial controller role: In a full finance team: They're employed full-time, with a full salary. In a virtual finance department: They contribute to about 20% of the specific tasks you need, seamlessly integrated with the virtual team's services. The other thing with hiring a full finance team is ensuring they are all doing the job well. In reality, you don’t even know how to do their job. Interested in hiring a virtual finance department? Get in touch Mayflower Accountancy & Tax. #FinanceDepartment #ConstructionFinance #ConstructionAccountant #Construction

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There is talk in the news that jobs in finance are drying up. However, that's not our experience! Take a look at our range of vacancies and get in touch if anything interests you. You can find more here: https://lnkd.in/dBh-Ne7 #Finance #Accounting #Hiring #NorthWest