From time to time a business has to overhaul and rebuild its finance function.
Don’t put it off for a rainy day – you’re fighting with one arm tied behind your back if your finance function isn’t fit for purpose.
It’s going to be a game-changer – so, what do you need to think about?
Accurate and timely financial reporting is essential and an optimised finance function is not just about crunching numbers, it’s about providing useful financial information and insight into business performance that people take action on.
Inefficient financial processes and outdated systems can slow down operations and increase costs.
By overhauling your finance function, you can automate routine tasks, reduce manual errors, and free up your team to focus on other business initiatives. This boost in efficiency can lead to significant cost savings and improved productivity.
In today’s regulatory environment, compliance is critical.
A fit-for-purpose finance function can help ensure that your organisation stays compliant with all relevant regulations, reducing the risk of penalties and reputational damage.
Additionally, robust financial controls and risk management processes can safeguard your company against fraud and financial mismanagement.
Your objectives might include:
By defining what you want to achieve, everyone will know where they’re heading and you can easily see if the objectives have been met.
You know where you’re heading but where do you start from?
Look at:
Now you have a starting point and a destination. All you have to do is get there!
Technology is the backbone of every finance function and cloud-based platforms offer accessibility, scalability and flexibility..
At the centre is cloud-based accounting software such as QuickBooks, FreeAgent or Xero. But make sure you choose software that produces the reports you need and make sure all users are trained properly to use the software.
Look at which tasks can be sensibly automated. Adopt document management software, such as Dext or Autoentry for data entry.
If your sales invoices are produced in CRM software then invest in software that will import the sales invoices into your accounting software.
Much of the software you introduce will contain machine-learning code that will speed up data processing as you do more of it.
But right at the moment – be a little wary of the promises made about AI in accounting.
Review and streamline your financial processes and workflows. Identify redundant tasks, eliminate bottlenecks, and standardise procedures across the organisation. Implementing better practices will improve efficiency and reduce costs.
Set a target for producing a monthly reporting pack within, say, five working days of every month-end and organise workflows to do so.
Information is everything so ensure the right financial reports are coming from your finance function in good time, going to the right people and being acted on to improve business performance.
If your financial data set is large enough to make the investment worthwhile then investigate analytics tools which can provide insight above and beyond what your accounting software can provide.
And from time to time, because businesses evolve, loop back to data entry and make sure it remains complete, accurate and up-to-date.
We help many business to bring their finance functions up to scratch and this is what they say when we do it:
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.
Senior finance manager
Projects range from:
We’ve helped a wide range of organisations – can we help you?
Call Michael Austin on 020 7125 0270, email info@bluedotconsulting.co.uk or simply pop in for a chat – we’re at Bedford House, Fulham Green, London, SW6 3JW.
Michael
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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.”
“Blue Dot are uncompromisingly systematic and thorough so that you can get on with running your business.”
“Outstanding service and support. They get things done, just what you need. Recommended.”
“It was the genuine level of care and interest in what we do as a business.
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.”
“I can wholeheartedly and highly recommend Michael and his team at Blue Dot as an exceptional accounting firm. They put my mind at rest knowing I am in excellent hands.”
“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.”
