1. What types of financial management issues do you commonly solve, Can you really help me?

I have covered numerous different financial management issues, all specific to different businesses.

Have a look at the table on the right. Sometimes its hard to recognise what your problem is in the first place, so this may help you.  These are all common types of Financial Management problems I have solved for small businesses.

If I don't think I can help you I will tell you or refer you to one of my contacts.

 

  • You are suffering from lack of timely and accurate information
  • The figures don’t seem right but you don’t know why.
  • You need some assurance that the monthly accounts are being prepared in the most efficient way..
  • You have no idea if your business is profitable.
  • You don’t have a consistent profit figure for your business.
  • You are not sure what is the best way to measure the profit of your business and how to use the information to help you increase profit
  • You would like to know what areas of your business are profitable and which ones are not
  • You don’t have the right type of management information which helps you make decisions or build your strategy
  • Your staff are not trained sufficiently so they don’t know where to find the right information in your accounting software.
  • Your business is profitable yet you are constantly having to manage the cash
  • You don’t know how to fix your cash flow problems
  • You need help to understand the cash flow cycle for your business
  • Where are you weak and what risk does this place your business under.
  • What processes are missing which need to be implemented to help your business grow profitably.
  • What financial processes need to be changed to improve cash and profit performance.
  • You want to know what changes are required to your pricing model to ensure you are targeting the right level of profit for your business
  • You want suggestions on what control checks are needed to make sure your pricing is correct
  • You want to know if and how to create a better way to automate your pricing to reduce lead time on quotations
  • You want to better manage your staff through using targets and KPI’s
  • You are looking for a dashboard approach to your management information but are unsure how to go about this.
  • You need suggestions on what KPI’s can be used in other areas of your business e.g Warehousing, Design, Sales etc.
  • You are not sure what other reporting specific to your business will help you and why.
  • You need suggestions on how to structure up regular forecasts that will help you with managing your business.
  • You need suggestion on what reporting will help you with gaining funding for your business.

2. What does a Financial Controller actually do and how is that going to help me?

As a Financial Controller working for your business, I know the importance of being flexible and adaptable. You want some one who not only has the right skills, but the right mindset and personality to fit in with your existing team. 

There are 3 core ways I can help you.

1. Ensuring your Finance Resource is deployed in the most efficient and effective way

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As a Financial Controller working part time in your business, you have access to my skills to provide training and direction for your Finance/admin staff.

This will help you to improve the effectiveness of your bookkeeping resource.

We will implement, standardise and improve your core financial processes. These include

  • Credit Control
  • Sales Ledger management
  • Purchase Ledger management
  • Balancesheet control account reconcilliations
  • Accruals and Prepayments
  • Vat Accounting

 This means you will reduce your operating risk and increase your chances of success.

2. Ensuring Your Business Grows Profitably

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You need to see and understand the numbers!

I simplify and demystify the financial numbers.

Whenever you have a key growth decision to make, whether this is increasing staff, investing in assets or pricing for a new type of customer, I will provide you with the vital numbers you need to make these decisions.

I will also build many of the forward looking numbers you require in order to forecast your financial position in the periods ahead.  These include producing

  • Cashflow Forecasts 
  • Operating Budgets
  • Latest Views and Profit Forecasts
  • Scenario planning, looking at most likely, worst case and base case outcomes.
  • Pricing models

3. Ensuring you have Access to Financial Controller Expertise

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When your business is growing there will be times when you just need to bounce a new idea or discuss a particular aspect of your business.

You can access my knowlege and expertise, opinions and recomendations through phone calls and emails when you need it.

Having a qualified Financial Controller working part time in your business, means that you only pay for the time you need.

This may be from 1 day a month upward.

This access can be tailored to both your business need and budget.,

3. What Management Information does my business need to ensure it grows both profitably and sustainably?

As a minimum you should be able to produce monthly management accounts by the 15th of each month. You will also need to have in place an operating budget which reflects your growth strategy for the next 12 to 24 months. In order to help you achieve your short and medium term goals, you will need to have agreed KPI's to help you measure and track progress

4. What Financial Resources do I require?

This all depends on quickly you are looking to grow!

However, as a broad rule, upto £0.5m turnover, a Bookkeeper should be sufficient. After this I would suggest you would require some form of part qualified accountancy resource to be included in your Finance team ( either ACMA or CIMA Qualified).

Many businesses start with an admin or office manager whos role also includes the bookkeeping duties.

Bookkeeping will dramatically increase as your business grows. As the number of transactions increase, the complexity will increase.

It is important to be able to recognise when you have outgrown your existing bookkeeping resource.