Type of business: Construction
Our client: Construction company
The financial controller of a £35m turnover company was leaving and other staff had already left the accounts department. We provide an outsourced accounts department comprising a CFO, Financial Controller and six additional staff in different locations.
- The company was in the process of creating a new group to further develop the different sectors of the business. New accounting systems and consolidations of monthly accounts were required.
- Day-to-day operations had fallen behind.
- Systems and procedures needed reviewing and strengthening, as well as introducing cloud-based software, to reduce time and increase accuracy of accounting records.
- Immediate updating of financial reports was needed to ensure continuity of creditor support in relation to major trade and credit insurers, who provide performance bonds and invoice finance to suppliers.
The company was already known to us and we had previously installed the ERP software. Only a very short handover was available and we immediately prepared a full set of accounts and detailed financial report for the recently ended financial year comprising commentary, profit and loss account, balance sheet, notes, pipeline, aged receivables and payables, and detailed forecasts.
Relationships were improved with bankers and third party financial stakeholders. We prepared and issued a six-month management accounts report and subsequently worked with the auditors to finalise the year-end audit, resulting in a significant increase in credit rating and much improved cash flow.