Part-time finance staff are becoming more important in the work place.
Are you spending too much time carrying out bookkeeping and financial administration in your business? Do you wish that you had someone to take on the burden; however, you don’t have the budget to hire someone? Then perhaps you should consider a part-time solution.
Traditionally part-time work is predominantly in lower paid sectors; however, because of lifestyle changes driven by personal and social change, and awareness by companies of how to get best value, there is a growing supply and demand for part-time Bookkeepers, Finance Managers, Financial Controllers and Finance Directors whose circumstances suit part-time working. For a large number of start-ups as well as growing SME businesses this presents an opportunity to hire key professional staff at a cost which makes financial sense, allowing busy entrepreneurs to focus on running the business.
Adding value to your business
For example you may wish to hire a bookkeeper to look after your purchases and payments, sales invoicing and credit control as well as doing your bank reconciliation, wages and other financial administration. Another business may require a Finance Manager to come in two or three days per week and take responsibility for everything from day-to-day bookkeeping and processing through to month and year end accounts plus everything in between. A larger business may already have a full-time bookkeeper; however decides to engage an experienced Financial Controller for one or two days per month to prepare management accounts and oversee the bookkeeper. Just think, all this at a fraction of the cost of taking on a full-time staff member.
Great idea, I hear you say – surely it can’t be that easy? Good point. If you decide to go down this route, careful consideration and planning will be required if it is to work for your business. It may seem obvious, however, like any new hire, the first step is to create a job description or task list of exactly what has to be done and how the new role will fit into your organisation and the personality that will fit.
You will also need to consider how tasks are be dealt with or handled when the person is not there; will somehow else cover, will there be a procedure or will they work in conjunction with someone else? What about remote working? This may need to be set-up. How will you organise the paper work when they are not there so nothing gets missed or duplicated?
All of these questions and many more will need to be asked and answered.
Who are they?
So, what sort of people work part-time? Usually they will fall in one the following categories:
- Parents returning to work after their children have grown up or are growing up.
- People who want to work less hours because of life style choices.
- People who already hold a part-time job and wish to add one to their portfolio.
Whatever the reason, ascertaining the motivation will be a key factor when deciding who to recruit.
How to find them
Finding good part-time finance staff to match your needs can be a challenge. One way is to use a recruitment agency that understands the role and has experience of placing part-time finance and accounting staff. Alternatively you may wish to go it on your own and place an advertisement. If you decide to go down this route, take the same care as you would when recruiting a full-time staff member.
As discussed, providing you think it through and approach it with a professional manner, hiring a part-time professional can add a lot of value to your business at minimal costs. Here at RG Duncan we understand the issues involved and solutions required. Do get in touch of you think that we can assist you to find part-time finance staff.
Roy Duncan FCCA
RG Duncan Senior Finance Recruitment Specialists, 33 St James’s Square, London SW1Y 4JS
T: 020 7930 4401