Transforming Finance

When the finance function is not working properly, the results can be catastrophic. Not only are costs wasted in an inefficient department, but a lack of control and information could mean:-

• the inability to steer the company because you don’t know what course you are on,
• the wrong strategies or revenue streams being pursued,
• cashflow problems due to customer debts not being collected,
• incorrect payments being made to suppliers,
• and ultimately, you may unknowingly be trading illegally.

Whichever way you look at it, an ineffective finance function will cost money – it’s just a question of how much. Will Marr has experience of transforming finance departments which are not operating correctly. He has knowledge and training to know what should be done, and experience to know the most efficient ways of doing it. Sometimes just some guidance, direction and mentoring is all that is needed.

Case Study

Background: Windles Group were a growing and successful family-owned printer, trading at around £3m turnover. They employed a book-keeper and accounts assistant, but the management accounts were late, often inaccurate and were not trusted. The finance department had little credibility with the management team or the rest of the business. Problems were looming with the auditors.

Scope: Will Marr was employed to resolve this situation. He found significant weaknesses in the operating procedures, and the reporting framework was manual and prone to error. In addition, the work that was being completed was being done inefficiently and so other work was late in the department.

Results: The end results were that the finance department was transformed:-

• Every balance was reconciled or corrected, giving integrity back to the whole finance system.
• The new management information was accurate, meaningful and timely.
• Processes and controls were put in place, for the department and the business generally.
• Will became a trusted adviser to the MD, and was involved in key decisions with the business.
• Existing finance staff became more engaged, more productive and happier.

Testimonial

“It had become apparent that our book-keeper was not up to the job. Accounts were late, poorly-presented and there were always unanswered questions surrounding them. Consequently we couldn’t rely on the accounts for key decision making. Will came on board and went through the whole system. He corrected the accounts, agreed numbers with the auditors, and put in place the controls, procedures and reporting system that we needed. Job well done.”

Bruce Podmore

MD and owner Windles Group