Success Story: Transforming Financial Management for a Busy Company

One of our clients, a well-established and busy SME in the broadcast industry, was struggling to keep on top of their finance operations. Although they had a great relationship with their accountant, the quarterly and yearly paperwork was often handed in late. The client was not in a position to employ a full-time finance person, and the business demanded most of their attention. Despite spending hours of their personal time preparing the necessary documents, the accountant still had to charge a significant amount for sorting out the paperwork to produce the required reports.

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The Challenges:

Overdue Paperwork: Frequent delays in submitting paperwork to the accountant.
Lack of Financial Oversight: No dedicated person to manage finances, leading to payment delays and untracked invoices.
Cash Flow Issues: Busy operations but inadequate cash flow due to unpaid or delayed invoices.
Credit Control Problems: No focused effort on collecting payments from clients, leading to missed or late payments.
Unreconciled Bank Statements: Payments were not matched to invoices, causing confusion and guesswork.
Inadequate Project Costing: Financial performance of services and costs was not analysed, relying solely on experience.

The Solution: Marie Pop-In

Marie Pop-In now manage all their finances virtually at a third of the costs involved from having to employ a finance person. Here is how I transformed their financial management:

Efficient Invoicing: With more time on their hands, the client can now invoice promptly. I introduced a new accounting system with greater automation.
Centralised Information: All sales invoices, expenses, bills (after checking the PO on our new PO system, of course!), project quotes, and bank statements are forwarded to a shared info email and file. I upload everything into the new accounting system.
Credit Control: I manage all credit control, sending regular client statements and chasing payments as needed.
Handling Queries: All financial queries from clients and suppliers are forwarded to me, and I deal with them promptly.
Regular Finance Meetings: We have regular meetings to review reports, payment runs, and credit control issues.
Outsourced PAYE: I arranged for the outsourcing of their PAYE management, handling the monthly data (i.e. overtime figures, sickness) for wages. The outsourcing company provides detailed reports and updates on government changes.
Liaison with Accountants: I consult with their accountants to ensure clarity on what is needed and when, submitting reports on time. I also manage their VAT, leaving the accountant to handle the yearly reporting .

The Results:

Improved Efficiency: The client can focus on their core business activities while I handle their finances.
Professional Financial Management: Prompt responses and professional handling of financial queries have improved the company's reputation.
Better Cash Flow: Regular invoicing and effective credit control have resolved cash flow issues.
Accurate Financial Reporting: Automation and regular meetings ensure accurate and timely financial reports.
Enhanced Decision-Making: Analysing project costs helps in making informed decisions about the services they provide.

Conclusion

By taking on their financial management, I have helped the client streamline their processes, improve cash flow, and maintain a professional image. They can now focus on growing their business, confident that their financial matters are in capable hands.

 

 

This success story demonstrates how my services can transform financial management for busy companies, providing cost-effective and efficient solutions tailored to their needs.