Often companies grow rapidly and their finance teams don’t keep pace with the needs of the expanding organisation. This Group of companies provided foster, domiciliary and educational care for young people throughout Europe but its finance team were buckling under the strain.
Our experienced Financial Director went in initially to stabilise the ship after the sudden departure of a key finance staff member. He then set about reorganising the team to provide effective support for the vital operations of this not for profit group.
Upon meeting the managers it became clear that one vital need was for a timely and accurate suite of management reports to allow them to see exactly what was happening in their areas and this was a key deliverable of the contract.
Next the finance team had to be upgraded to ensure that they could cope and the interim FD put in a series of training schemes and performance management measures to bring the staff up to speed. This also had the effect of allowing the FD to reduce costs in the finance function by 30% which, whilst it wasn’t in the original project scope provided a very pleasant by product for the Directors.
It was clear that one of the main areas of inefficiency was the lack of investment in capable systems and so he then organised an outsourced IT provider to maintain and develop a networked system for the group and followed this by fully specifying a new accounting system and running the choice procedure.
Finally, once the finance function was running on an even keel he ran the procedure to bring in a permanent financial controller to oversee the department in the future, allowing the company to concentrate on growth opportunities.
If you think that your finance team isn’t working as efficiently as you may like or you have a system that isn’t working correctly then why not get in touch Call now for an informal chat about how we can help