Property (Office development)
The company had access to a trained accountant so the financial management of the business was not a problem for this person. However, finding the time to input the data and keep up to date with all his statutory obligations was. They realised that to grow the business, they would need to divest this one person of the day-to-day responsibility for financial management. Their auditors Ernst &Young (EY) recommended he speak to EFM as they could provide an ideal solution to this resource problem.
The client received private funding through an intermediary in South Africa and had established reputation and key contacts in marketplace. They then decided to expand the business and create larger high-quality office developments that would attract international clients. This meant they would need someone to concentrate on financing projects and manage the day-to-day workload.
The property development market from a financial perspective is quite complex and each development project needs to be set up as a separate company with its own accounts. Like many owner-managers , the client was quite sceptical about passing over the responsibility for his financial management to EFM but realised that he had to do something or he would jeopardise his plans for the company’s future.
EFM started working with the client and the role developed considerably as EFM became an integral part of the client’s team, providing not just routine financial management support in reporting and bookkeeping but also more strategic input into helping the business make more financially viable decisions.
The company had access to an all round finance team at a cost it was happy to incur.