A Finance Function Fit for Growth
A UK-based business with subsidiaries in the US and Far East asked Howard to assess the capability of its finance function after the part-time Finance Director and a key team member resigned. With the entire group relying solely on the UK finance team for reporting and financial processing, stability and clarity were urgently needed.
Howard’s immediate priority was to prevent disruption, recruiting a temporary revenue accountant to maintain workflow while he carried out a full review. He focused on four areas:
- The effectiveness and efficiency of core finance processes
- The quality, insight, and reliability of management information
- The capability and aspirations of the remaining finance staff
- The team structure and skillsets required for the future
Although some processes worked well, it quickly became clear that others were fragmented, relying on multiple sources of data. Producing basic insight, particularly customer and project profitability, was difficult, manual, and slow. Howard recommended the introduction of an integrated project accounting system to bring together timesheets, third-party costs and expenses, and project budgets. This would allow greater, quicker, and up-to-date visibility of individual project and client performance to enhance profitability.
He also redesigned the monthly management pack to reduce manual effort, improve accuracy, and better align with the structure of the monthly business review meetings with regional management and the leadership team. Actual performance and forecast information were also brought together into one place for better understanding.
From an organisational perspective, Howard designed two potential finance team structures and reviewed them with the senior leadership team. Together, they agreed to recruit a full-time Financial Controller supported by an accounts assistant, with part-time specialist input retained from the existing finance manager. This provided:
- greater senior financial capability
- capacity to improve systems
- continuity during change
- the same total cost as the previous structure
Howard supported the recruitment process end-to-end. With over 300 applications received, he shortlisted candidates, assessed technical capabilities, and participated in interviews to ensure the right appointment.
With a new Financial Controller in place, a clearer reporting framework, and a future-proof finance structure, Howard was able to step back. The business now had a stable, capable, and more effective finance operation in which the management could have more confidence.