PAUL COLLIS Virtual Finance Director Services

By Sarah Ridgway

This month we caught up with Lancashire based Paul Collis, founder and director of Virtual Finance Director Services which offers a flexible, and affordable finance service to businesses.

TELL US A BIT ABOUT YOURSELF?

I left school at 18 and was in two minds about going on to university, one of my tutors told me that the ‘big 4’ accounting firms were offering employment opportunities to A-level students, so I decided to apply. I was offered a job and in 2001 I started with PwC in Manchester where I did my AAT qualification and then ACCA, qualifying as a chartered certified accountant. Three years into the role I was offered the chance to move to the London office, I was 22 at the time and it was a fantastic opportunity. Also, while people my age were leaving university and starting out their careers, I was at a huge advantage with three years of professional experience already under my belt. I left PwC in 2007 as I was more interested in working with businesses as opposed to within an accountancy practice. I applied for roles and was offered a position with the property group Savills and worked at their head office for two years. I then progressed to a role at property competitor DTZ which was a promotion and another step up.

After being in London for 6 years I decided to make the move back to the North West where I am originally from. Unfortunately, in 2010 there were not a lot of opportunities in the region and a recruiter asked me if would consider moving to the Caribbean as there were a lot of opportunities out there. Within three weeks I had moved to the Turks & Caicos Islands to work as a Group Finance Manager for a supermarket chain. I worked in the Caribbean for six years and in the last four years of that I set up my own consultancy working as a part time finance director for a variety of different businesses. Typical clients included a boutique hotel, bar, restaurant and a construction company. These companies had an existing finance team but needed a senior person to work alongside the senior team which is where my services came in. In 2016 I moved back to the UK and have since done various interim roles. When the pandemic hit in early 2020 I felt the need to diversify and used the opportunity to set up my Virtual Finance Director business, which was always my long-term plan - the pandemic simply sped up the process.

WHAT IS A VIRTUAL FINANCE DIRECTOR?

It is a very affordable solution for small and medium enterprises and owner managed businesses. You are getting the same expertise as what you would get from a full-time finance director for a fraction of the cost. I can also mentor and coach an existing finance team, and if there comes a stage where a company does need a fulltime finance director then I can help with the recruitment and transition period.

HOW DID THE BUSINESS GROW IN THE PANDEMIC?

I am not a natural salesman, but I am aware you need to sell yourself in this industry, so I used the time to get to grips with sales and marketing and I enrolled in some courses. Tapping into my existing network was key in growing the business, I have been in this industry for many years, and have amassed a large network. Therefore, I contacted people I have worked with over the last 10 years and immediately picked up three clients. I also set up my website, wrote blogs and utilised LinkedIn but found a lot of my clients came via word of mouth and that is how I have built up the business.

WHAT DOES YOUR FREE CONSULTATION INVOLVE?

I am usually contacted when a client has got a problem which might involve reaching their monthly numbers, or help looking for investment and need someone experienced to lead them through the process. After the Initial conversation I will go away and put a proposal together based on their requirements. Sometimes a client does not know what they want so the consultation can highlight other services they might not have realised they needed.

WHAT ARE THE BENEFITS OF A VIRTUAL FINANCE DIRECTOR?

The biggest benefit of having a virtual Finance Director is the value for money, a full-time finance director can cost in the region of £100k plus a year, so you can cut that cost dramatically by having a part time Finance Director. Your business gets access to the highest level of expertise and professional advice, and I also offer a coaching service for less experienced member of the team. So, rather than hiring an external expensive accounting firm I am on the phone or email and they can consult me on any problem. This goes back to my PwC days where there was a huge emphasis on coaching which was a huge positive and this ethos has always stayed with me. Also, I can represent the client in the board meetings every month, which I offer so taking pressure off the MD and CEO. I usually offer an initial three-month period, to check we are a fit for each other long term and then see how it goes with no obligation. This service is perfect for SMEs and an ideal client is one where they already have a finance team in place, and need someone more senior to come in. It is fantastic value for money, and it is flexible, so the days can be upped or decreased as required to fit the budget. Most of the work is done remotely but I can meet clients once or twice a month as I don’t think you can beat that face-to-face interaction and contact.

Contact Paul today for a

FREE 40 minute consultation

and find out how we can assist you and your business today.

E paul@virtualfds.com D www.virtualfds.com N +44 (0) 333 050 9664