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Case studies - outsourced finance management

Emergency management: why a Finance Controller's sudden sickness didn't cause a headache

The Financial Controller of a company suddenly went on long term sick leave and was having no ongoing contact with the department. The staff were highly skilled at their individual jobs but had little knowledge of how their parts fitted together to make the whole. Day to day management of the department was provided as well as ensuring the company management had the information they needed. In addition roles were reviewed leading to some rotation of responsibilities to provide better holiday cover, greater team spirit and understanding and enabling improved processes to be identified.

Improving cashflow through better processes

An established business had few documented financial processes and controls and this was leading to uncertainty about amounts owed to suppliers and owed by customers, amongst other things. A review of the payments process identified a number of duplicate payments. Various processes were introduced including reconciling supplier statements to eliminate duplicate payments and bank reconciliations which identified a number of uncleared cheques.

Finance across geographies: evaluating and transforming profitability in a geographically disparate business

A business operating across a variety of locations had widely differing profitability. A review of financial and operating information enabled best practice to be identified and shared. Improvements to profitability were achieved by having consistent pricing structures, procedures and staff packages as well as recognising where local tailoring was beneficial.

A rewarding job: re-orienting a commission structure to reflect both sales person and shareholder value

A sales commission scheme that provided reward based on the value of the contract signed did not ensure that the shareholder value was delivered due to the complex revenue recognition rules in the software industry. In addition there was no consideration as to whether the customer paid or the timing of the payments. A revised commission scheme enabled the sales and business objectives to be brought in line with financial benefits to both salesmen and the company.