Our approach is to work with you and your existing planning, reporting and operational accounting procedures and staff, so that our knowledge and recommended business practices can be easily adopted by your organisation.
To be effective it is essential to undertake a strategic review of your business, to enable us to identify the specific areas where an Impact Finance Director engagement would have the greatest and most lasting impact. This review would cover the following areas;
- Strategic Plan. All major decisions should be made with reference to the stated aims and objectives of the business. The strategy should articulate the businesses competitive proposition in the light of market opportunity. The operational plan will provide detail of how the businesses competitive proposition will be brought to market, while the financial plan should accurately predict the resulting financial impact.
- Management Reporting. It is essential that senior management and stakeholders are given regular financial updates regarding the performance of the business, compared with the financial forecast. These will broadly cover profitability, cash flow and operational performance, all of which should be cost effectively extracted from the businesses underlying accounting systems.
- Operational Accounting. To operate effectively all functions within the business will require direct support from the Accounts Department, both in terms of procedures and transaction processing. Procedures should be consistent with the operational plan and will cover credit control, raising purchase orders, employment contracts and fixed / long term asset acquisition etc…
- Business / Trading Cycle. All companies face critical moments in their business cycle, such as opening new markets, launching new products and services, making capital investment decisions, raising finance, new business acquisition and planning for exit. Each of these events will put stress on the companies resources, requiring financial leadership and planning.
- Relationship Management. Your business will rely upon important stakeholders such as investors, bank managers, commercial lenders, auditors and tax accountants. Presenting your business’ performance and equally importantly its potential will be a key part of maintaining this support when you need it most.
Following our strategic review it will be possible to prioritise key actions and deliverables, which will deliver the greatest impact to your business. This will take the form of a pre agreed engagement, which will combine specific activities and outcomes as well as periodic reviews.