Our Finance Transformation Service is designed to help CEOs and business owners who are not currently achieving the desired outcomes from their finance team.
This service aims to revitalise and enhance your finance function to align with the current and future needs of your overall business.
The same principles apply whatever the size and composition of your finance team. We ask one question to start with:
What does your business need from its finance team?
With a clear view of what’s required, there are three areas to look at to transform your team:
- people
- technology
- workflows
Six steps to transform your finance team
Not only are these six steps inter-linked with each other but they have to take place whilst the business continues to run!
1. Assessment of current position
Conduct a thorough evaluation of your existing team’s capabilities, processes and technologies.
If you outsource your accounts work to a third party then this will include an assessment of whether the bookkeeper / accountants are good enough. They may well not be.
2. Targeted training and recruitment
Training might be required in the following areas:
- technical / regulatory – such as VAT or financial reporting specific to your business / markets
- software training – the team needs to be on top of the technology
- AI is here to stay – is it useful and, if so, can you harness it?
- soft skills – leadership, communications, presentation skills
Training may not be enough, you might also need to recruit new finance staff to complete the team.
Recruitment may be for full-time roles but one particular short-term role could be for a part-time FD / fractional CFO.
3. Technology enhancement
Do you have accounting software that’s fit for your business now and for the future? There are many choices and the key here is how strong the reporting module is in your software. Some applications are better than others.
There are some very good data-entry apps (e.g. Dext and AutoEntry) that integrate with accounting software and, at the reporting end of the spectrum, analytics software such as Power Query is worth investigating.
4. Workflows and processes
As the technology stack takes shape and Finance Transformation is well underway, workflows across the business also need to evolve.
The finance team must ensure that all data required to be processed is flowing into the department in good time so that deadlines are met.
Also, financial controls such as bank reconciliations and stock counts need to be embedded.
Workflows for credit control and paying suppliers should be reviewed and improvements here will not only improve cashflow but also reduce stress both inside and outside the business
5. Metrics and reports
What financial information does the business need?
This is the most important question and the answers will inform every element of financial transformation.
The main themes will include:
- profitability
- cashflow
- how much are we owed and how old is the debt
- who do we owe money to and when is it due
- budgets, forecasts and business plans
Financial information is worthless if it’s not acted on. It needs to be shared with the right users at the right time.
And it needs to be compared to and used in conjunction with information from other areas of the business such as sales, marketing, operations and HR.
6. Alignment with the overall business
As your finance team develops it needs to take its place in a well-balanced business.
One in which there’s good communication and collaboration across the different departments and there is no “silo mentality” in place.
Your business has its goals and an overall strategy to achieve them and your finance team needs to be working to make sure the goals are met.
The benefits of Finance Transformation
In short – you’ll have a much stronger business, well equipped to take you forwards.
More specially, you should see improvements in these areas:
- Decision making – should be data-driven
- Financial information and reporting
- Competitive advantage
- Improved profitability through cost management, revenue growth and margin improvement
- Increased efficiency and productivity
- Cashflow
- Better risk management
- Responsiveness to change
- Less stress, higher staff retention rate
We can help you with Finance Transformation
“Their tailored solutions, commitment to excellence, and depth of knowledge make them an indispensable asset.
With Blue Dot Consulting, you can confidently navigate change and emerge stronger and more efficient.“
Finance transformation comes in many shapes and sizes depending on your businesses.
You may be running a six-figure or seven-figure turnover business and you may have an in-house finance team, you might be outsourcing everything, or have a combination of the two.
But if you need to change up then you need to change up!
Much of the work we do with businesses looks at better use of technology and workflows but all of it starts with the same question:
What does your business need from its finance team?
If you’re asking the same question call Michael Austin on 020 7125 0270 or email info@bluedotconsulting.co.uk and let’s have a free-of-charge chat about the finance transformation you’re looking for in your business.
Related links:
How and why to improve your finance team
Do you have the right financial information to run and improve your business?
Why don’t businesses make better use of accounting software?
Chartered Accountants – Bedford House, Fulham Green, London, SW6 3JW
