Preparing for growth
It's always great to be working with a client who has a well thought out route to the finance department's future. We're in, yes to sort out the finance department, but not because the system has completely collapsed or because of some associated problem such as shortage of cash but because the company has an ambitious strategic programme for growth.
Working with clients who have a problem with the finance function, we sometimes spend a good amount of time fire fighting, working to solve a crisis before moving onto the next... well crisis. But in this case, the CFO is looking ahead and knows that the finance department needs to be in the best place possible to work with the rest of the business. This client is in publishing, Peter Charles seems to be developing a strong presence in this sector. This is the third significant assignment in a short space of time.
With this business, we've been involved in three distinct projects to date: renewing and improving the financial reporting to the board; reorganising and restructuring the financial function: and the latest is to upgrade the financial management and accounting system.
While there were some short-term issues to sort out, the overriding objective is to have a finance function that is fit for purpose when the growth strategy becomes a reality. The incoming CFO wanted to be sure that the finance department has quality systems and processes in place. And because he's worked with a Peter Charles team before, he asked us to work with him again. His plan for the finance function was well thought through, set out and communicated.
The focus is on the big picture, to deliver a system which works better today, is better organised, is lower cost, and yet will be properly scalable for when planned growth and acquisitions start rolling in.
The work that Peter Charles is doing is literally paying for itself. The idea is in the end to have a new financial system which will have a sales and marketing front end; a clear organisational structure; and clear goals for the finance team.
It is satisfying to start with a clear vision but with a blank sheet of paper on which a whole new chart of accounts and systems can be planned. Another clear advantage is that we are completing each of these projects on budget, on time and delivering to a clearly defined set of outcomes is that we have driven each of them using the strong engine of project management.
Related Content
Case Stories
- Case Story: Resurgence of a dotcom
- Case Story: Managing a successful separation
- Case Story: The only constant is change
- Case Story: Financial forecasting model for a scientific invention
- Case Story: Buying gold with silver
- From negative to positive