As CEO / MD, you’ll know when you have to improve your finance team because the numbers side of your business just won’t feel right.
A robust finance department isn’t just about number crunching; it’s about strategic financial management, risk mitigation, and informed decision-making.
If you’re concerned that your finance team isn’t meeting your business’s evolving needs, it’s time to take action and transform your finance team.
You can’t change if you don’t know where you’re starting from so review and evaluate:
Staff Competency
Do your current team members have the necessary skills and qualifications? Are they up-to-date with the latest financial regulations and technologies?
Processes and Systems
Are your financial processes streamlined and efficient? Is your finance technology up-to-date and integrated with other business systems?
Strategic Contribution
Does your finance department contribute to profit improvement, strategic planning and decision-making, or are they merely handling transactional tasks?
1. Upgrade skills and expertise
Finance moves with the times, particularly the technology, but also new regulations and methodologies. So ensure your finance team are trained properly in how to do their work.
Hire experts, perhaps on a part-time basis. An interim FD / fractional CFO maybe just what you need for a while.
2. Embrace technology
Finance teams rely heavily on technology, usually cloud-based, so make sure you have technology that’s fit for purpose but don’t invest in apps just for the sake of it – every app must be useful.
Not all cloud-based accounting software is good at financial reporting. Make sure yours is and that you know how to get the right reports out of it.
Also, get on top of data analytics, such as Power Query and pivot tables to improve your insight. Sometimes you need to play around with data outside of the accounting software so people need to learn how to do it.
3. Streamline processes
Inefficient processes will hold your finance department back and reduce productivity. Streamlining these processes will improve your finance team, save time and reduce errors:
Automate Routine Tasks: Automation can significantly reduce the time spent on routine tasks such as invoicing, payroll, and reconciliation. This allows your team to focus on more strategic activities.
Standardise Procedures: Develop and implement standardised procedures for financial reporting, budgeting, and forecasting. This ensures consistency and accuracy. It also reduces risk and makes work much easier to review. For an FD and MD – this is a massive benefit!
Implement Internal Controls: Strengthen internal controls, such as bank reconciliations, oversight of supplier payments and margin reviews, to prevent fraud and ensure compliance with regulations.
Have you ever looked at Proof of Profit or appointed a Gross Profit Officer?
4. Communication and Collaboration
Ditch any silo mentality across your business – now!
Effective communication and collaboration between the finance department and other business units is essential for profitable business growth.
For sure, you need clear reporting lines and certainty over who is responsible for what. But numbers don’t exist in a sealed container, they exist because people create transactions and those transactions have measurable outcomes – across your business.
Sales, marketing, operations, HR and finance people need to produce, share, understand, discuss and improve all aspects of your business if it’s to move forwards.
5. A wider and deeper role
A forward-thinking finance department should be a key player in strategic decision-making. Foster a culture where finance professionals are involved in:
We do this transformation work with many businesses of all shapes and sizes and this is what they say about us:
Blue Dot Consulting went above and beyond in helping us navigate not only the transition to cloud-based accounting but also in leading our accounts team through a broader period of transformation.
Can we help you?
Call Michael Austin on 020 7125 0270 or email info@bluedotconsulting.co.uk and let’s have a free-of-charge chat about your business and what it might look like if you can improve your finance team.
Michael
Related links:
Customer timeline report – a window into the soul of your customers
Gross Profit Officer – appoint one today!
Why don’t businesses make better use of accounting software?
Chartered Accountants – Bedford House, Fulham Green, London, SW6 3JW
We don’t believe in forms, we believe in talking to people, finding out your needs and tailor-making a solution just for you.
Give us a ring on 020 7125 0270 or email us at info@bluedotconsulting.co.uk
“Michael and the Blue Dot team have been an essential part of our journey from startup through to being an established company, and we look forward to continuing working together long into the future. They have always been on hand to offer support and sound advice whenever it is needed.”
“Blue Dot have been our accountants and bookkeepers since the very beginning of our business, and have been nothing short of outstanding throughout.”
“Blue Dot Consulting went above and beyond in helping us navigate not only the transition to cloud-based accounting but also in leading our accounts team through a broader period of transformation.
Their deep understanding of our unique needs and challenges was evident from the outset. They provided unwavering support to our team, ensuring they felt confident and well-prepared for the changes ahead.”
“Thank you again for your help and training so far – it’s honestly been invaluable.”
“I’m no expert but it has been transformative the help and advice I get from Michael and his team.
Michael was fantastic. He quizzed me on how my business worked financially and was super patient with me. Explaining everything in a non-accountancy manner. He then showed me how to utilise all the less obvious tools in the program, which he continues to do, so that I can see immediately what monies held belonged to my company and what is held for clients. I now do my own VAT returns and payroll because of his help and continued support.”
“I really enjoy working with Blue Dot Consulting — they’ve helped me take control of our financial situation in a practical, no-nonsense way.
They take a common-sense approach and, most importantly, they get things done. For example, we now have weekly planning and forecasting calls, along with monthly cash flow reviews using simple, easy-to-understand spreadsheets.
Their support has made a huge difference in how we manage and plan for the future.”
“As the business owner, it can get lonely making all the decisions. I feel I have a ‘silent FD’ that I can call, challenge and that any idea is OK to discuss, and to arrive at a sensible way forward.”
“Having someone in the room that is happy to (in a structured way) challenge the norm and not simply accept that, because things look good, we should stop looking to improve.”
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The regular check-ins and the effort to ensure the systems they’ve implemented are working for everyone stood out.
It felt like more than just a service, it was a partnership.”
“I’ve been delighted with both the service and expert advice I’ve received from Michael and his team. They take the weight off my shoulders when it comes to my business’s financial requirements, allowing me to focus on building and managing the company.”
“We are a small organisation with no in-house financial expertise, so it’s a huge weight off my mind knowing that I can rely on Michael and his team to take care of everything.”
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“Michael and the team are my saviours. Always helpful, approachable and reliable. They show an interest in my business and give excellent advice and recommendations. Above all, they are highly likeable and fun to work with.”
“They went above and beyond in helping us navigate not only the transition to cloud-based accounting but also in leading our accounts team through a broader period of transformation.”
“You guys are brilliant. It’s been a challenging few weeks facing up to the issues but I do feel positive towards them now and I feel a weight has lifted from my shoulders. I am honestly so thankful!”
“I was a little apprehensive about working with a new accountant but I didn’t need to worry – I have found their approach to be friendly, genuine and they go above & beyond to help.”
“Michael’s straightforward, practical and tailor-made approach was perfect for me and our business.”
“Blue Dot have been our accountants and bookkeepers since the very beginning of our business, and have been nothing short of outstanding throughout.”
