Manufacturing. A business with £12M turnover.
Following an initial review carried out by EFM and further internal analysis, decision was made to accelerate the appointment of a full time FD, with potential impact on the current Finance Manager.
EFM were requested to provide project support in preparing the way for the new FD.
CUSTOMER REQUIREMENTS AND CHALLENGES
• Mitigate any risk should issues arise with current Finance Manager and act as a starting base for a new FD.
• Summarise all known problems and propose viable solutions.
• Develop a draft policy and internal controls/compliance manual which governs the ‘work book ‘ processes and procedures, from which the new FD can evolve his requirements.
• Obtain and deliver all company and group reporting, document the reporting requirements timetable, data sources and calculation logic.
• Support the realignment of the in house business system, review the advice provided to the project team by current Finance Manager and support in developing the specification for the new system.
• Ability to step in to provide Financial Management direct support should the need arise during any transfer of duties.
In a short engagement, EFM fully analysed and recorded the current finance team’s processes and procedures, advising on the restructure of the finance department. We ensured written job descriptions are in place, as well as creating a draft policy and internal controls/compliance manual to mitigate a single point of failure across the department.
We provided full documentation of all the current Finance processes and procedures. A summary of problems and possible solutions has been created along with a risk matrix and indicating solutions to provide better controls, Additionally, we documented banking and other control/on line activities to be completed on a regular basis.
Our EFM Associate extracted all company and group reporting, and has created a full reporting timetable, identifying all the required data sources and calculation logic. Where these are not system generated but managed through excel, this data manipulation has also been fully documented.
We have also undertaken to provide subsequent support to implement these improvements if and when required, by the new FD.
The Client now has a full and clear understanding of their finance function, providing a clear path for the role of their new FD, and an assurance the EFM has the skills and understanding to provide further support on demand.