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What is the difference between a FD and a FC?

F&C can provide a combined FC/FD service and as a result we are frequently asked what the difference is between an FD and DC

FDs are keen to maintain the distinction and it certainly occupies their minds more than it does the business owner who simply wants to get the job done!

SMEs usually require neither a full time FC nor a full time FD, which is why Finance and Control offer the combined services of a part time FD/FC. Someone who can sort the books and give the higher level service of a FD.

 

A Financial Controller looks after the books of a company, ensuring they are kept in order and produces the management accounts. He or she will also ensure statutory compliance is met, e.g. VAT returns, Companies House returns, PAYE end of year returns.

A Finance Director takes the longer and more commercial view, looking at forecasts, trends, profitability analysis etc. and comparing it to the market and competitor benchmarking. He or she will use the information combined with experience to  advise the business owner or Board and help shape the future strategy of the business. The Finance Director will also negotiate financing and is usually the main contact with outside stakeholders.

 

Software packages such as Xero, Quick File, Quick Books and Sage One are designed to be used by non accountants, e.g. office admin staff. Finance and Control has set up and run many company's finance functions by training and supervising non accountant using these products.

 

 

 

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