No matter how long you have been in business, there may come a point where embracing change is the only reasonable solution to the niggles you have been experiencing.
Perhaps your existing arrangement just isn’t meeting your needs in the way that it used to or, perhaps, as your business has grown, you have become steadily more time and resource ‘poor’ and so need somebody else to take the reins but can’t afford (or don’t have the inclination) to employ a “head of finance”.
Whatever the reasoning, a fresh perspective in the form of one or a team of professionals taking on the responsibilities of an outsourced management accountant can be invaluable.
Our years of experience as chartered accountants, auditors, tax, and business advisers means we can deliver the operational and commercial support that directors need in order to achieve their objectives.
Identifying efficiencies for an established business and long-standing client
For a profitable, established business, looking for ways to improve their business model, diversify their income streams and plan ahead, outsourcing the FD role can be a cost-effective, flexible alternative to hiring a single person in-house.
By outsourcing the role, businesses often stand to benefit from access to a ‘team’ of professionals covering a range of specialisms and the ability to combine their expertise and provide a different perspective from those working in the business every day. This approach can also strengthen the structure of the business, should a member of the management team be unable to carry out their duties for a while, as the outsourcing provider can flex their offering and provide temporary solutions.
Our client was looking for a team of advisers who would go the extra mile to proactively identify opportunities to make efficiencies within the business, which is exactly what we do for them. They knew that some of their processes were a little antiquated and the person assigned to looking after the financial administration had fallen out of love with the role and really wanted to reduce their hours. They didn’t know that we would enable that person to step away from the business within just a few short months allowing them to pursue other life goals.
The scope of our support encompasses the following activities:
- Online bookkeeping and cloud accounting support, including the matching of payments to sales invoices, running reports on amounts due by the client each month and facilitating payment of purchase invoices;
- Production and provision of monthly management accounts, to enable the directors to plan for their liabilities and see where their budgets have not been met;
- Suggesting and supporting the implementation of innovative Apps and software to reduce the number of time-consuming processes and meet the needs of the business as the team evolves;
- Advisory support as requested, in respect of business strategy, profitability, cash flow and the tax implications of certain strategic business decisions;
- Fully outsourcing their payroll function, including assisting them with the transition from weekly paid to monthly paid staff;
- Analysis and reporting in respect of monthly/annual budget vs actual totals; and,
- regular meetings to discuss figures, future plans, business performance and key performance indicators (KPIs).
Access to consistent, ongoing support benefits our client, since they know they can rely on us to help them drive operational productivity across the business, to track the performance of their income streams and sales channels, and to provide opportunity for valuable conversations to happen.
They know that they will always be advised on tax efficient strategies, have a sounding board to challenge ideas and above all else have quality information at their fingertips. Their appointed management accountant works closely with them to ensure they understand the data available to them and is responsible for the efficient handling of the bookkeeping and production of the management accounts.
Our client has fedback that they are thrilled with how well George Hay personnel have aligned with their team, despite the majority of the work being managed remotely, and appreciate the consistency our set-up delivers to aid their day-to-day operations. They also enjoy the way in which the assigned George Hay partner collaborates with their business coach to ensure that their strategic goals are supported by financial performance.
Regular, reliable support and trusted sounding board
In taking on a qualified accountant as a management accountant, but also to fulfil the responsibilities that an FD would typically take care of, the directors of the business have consistent, flexible support, and a reliable sounding board for off-the-cuff ideas as they arise.
Our ultimate goal is to arm our client with the data, insight, and expertise they need to understand the impact that a particular decision may have on their business so that they are confidently able to make good choices.
If the day-to-day running of your business means you are too time-poor to tackle the numbers or you don’t have the financial acumen needed, don’t let the financial management of your business overwhelm you, we can work with you to tailor a package of support that meets your needs now, and as they continue to evolve.
