Management Accountants
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Case Studies
As my business grew, I knew I couldn’t continue to do my bookkeeping myself as I had to focus on growing the business so I decided to employ an in –house bookkeeper. Initially this was a good arrangement as I now had more time to focus on running my business. However as time went by, I noticed that whenever I requested information from the bookkeeper she was not able to provide the information required as her training did not include running reports. The final straw was when we couldn’t reconcile suppliers and customer balances. I knew I had to take drastic measures.
A colleague recommended that I approach Q-Financial Solutions and that they would be able to provide monthly reports designed to suit my business. I spoke to Q-Financial and told her that at the moment the validity of the accounts was in question as we could not reconcile the debtors and creditors and we were not aware what we owed and what was owed to us.
Within a month of outsourcing our accounts, I could see the difference in our books. I now receive monthly reports that include reconciliations for debtors and creditors as well as cash flow projections which helps me plan for the future.
Q-Financial Solutions have added a real professionalism to our Finance function. Up to date reporting with all the key numbers I need to properly manage the business. Being in charge of our finances now gives me the confidence to make the right decisions every time.
A colleague recommended that I approach Q-Financial Solutions and that they would be able to provide monthly reports designed to suit my business. I spoke to Q-Financial and told her that at the moment the validity of the accounts was in question as we could not reconcile the debtors and creditors and we were not aware what we owed and what was owed to us.
Within a month of outsourcing our accounts, I could see the difference in our books. I now receive monthly reports that include reconciliations for debtors and creditors as well as cash flow projections which helps me plan for the future.
Q-Financial Solutions have added a real professionalism to our Finance function. Up to date reporting with all the key numbers I need to properly manage the business. Being in charge of our finances now gives me the confidence to make the right decisions every time.
Two years ago at Catalyst we were facing a number of challenges with our financial processes. They were too expensive, we were too dependent on our auditors who themselves had significant turnover of people supporting us, and we had far too little real management information on which to control a rapidly growing and changing business. Quite a nightmare!
We had taken the decision to appoint a bookkeeper who would get to know our business and take on work transferred from both our auditors and from one of our Directors – who was having to spend too much of his valuable time processing routine transactions instead of being out working directly with our clients. We indeed made an appointment – but the individual left almost before she’d started, leaving us in the middle of changing our accounting processes but without the means to complete it.
Then good fortune – or rather Q-Financial came along. What we really needed was not just a bookkeeper but a Financial Controller as well – someone who could design and develop our accounting system, not just administer it. It’s just that we didn’t realise it at the time – we had thought we could do probably do this ourselves since one of our Directors is a qualified accountant.
Q-Financial rapidly stabilised the situation we faced – and assured continuity of our financial processing. They then project managed the re-design of our Chart of Accounts and Coding systems and transitioned our books onto Sage Line 50 hosted on Sage’s bureau web-site. This enabled all our key people to access our financial records on-line when needed. (I should add that we are unusual in that we don’t have offices – all of our team work from their homes or client sites; so having our financial records and transactions web-based ideally fitted our decentralised way of working). They designed our Management Reports and enabled our Board to have a full and timely set of monthly Management Accounts as a matter of routine.
Initially they personally processed most of our financial transactions, but over time as the business has continued to grow they transitioned invoicing, debt collection and other financial processes to a couple of administrative staff based remotely. Q-Financial trained these people, set up and still maintains the remote access systems for them – and exercises day to day financial controls to ensure that all transactions are accurately and meaningfully reported and managed. So Q-Financial has moved from being both Bookkeeper and Financial Controller to now just being mostly the latter.
I mentioned that one of our aims was to reduce the costs of our financial processing. As a direct result of their contributions we have cut costs by almost 40% - we’re now using highly motivated administrative staff of our own at much lower rates that we’d previously paid to our auditors for their people. And our people are more efficient and productive as they know our business through and through. With Q-Financial at the centre of our financial processes we know that we have resilience and backup – they are able to process any or all of our transactions if any of our team is ill or on vacation.
So our nightmare has become a dream! Lower costs, better management information on tap, and proper control and resilience in our processes. Q-Financial indeed!
We had taken the decision to appoint a bookkeeper who would get to know our business and take on work transferred from both our auditors and from one of our Directors – who was having to spend too much of his valuable time processing routine transactions instead of being out working directly with our clients. We indeed made an appointment – but the individual left almost before she’d started, leaving us in the middle of changing our accounting processes but without the means to complete it.
Then good fortune – or rather Q-Financial came along. What we really needed was not just a bookkeeper but a Financial Controller as well – someone who could design and develop our accounting system, not just administer it. It’s just that we didn’t realise it at the time – we had thought we could do probably do this ourselves since one of our Directors is a qualified accountant.
Q-Financial rapidly stabilised the situation we faced – and assured continuity of our financial processing. They then project managed the re-design of our Chart of Accounts and Coding systems and transitioned our books onto Sage Line 50 hosted on Sage’s bureau web-site. This enabled all our key people to access our financial records on-line when needed. (I should add that we are unusual in that we don’t have offices – all of our team work from their homes or client sites; so having our financial records and transactions web-based ideally fitted our decentralised way of working). They designed our Management Reports and enabled our Board to have a full and timely set of monthly Management Accounts as a matter of routine.
Initially they personally processed most of our financial transactions, but over time as the business has continued to grow they transitioned invoicing, debt collection and other financial processes to a couple of administrative staff based remotely. Q-Financial trained these people, set up and still maintains the remote access systems for them – and exercises day to day financial controls to ensure that all transactions are accurately and meaningfully reported and managed. So Q-Financial has moved from being both Bookkeeper and Financial Controller to now just being mostly the latter.
I mentioned that one of our aims was to reduce the costs of our financial processing. As a direct result of their contributions we have cut costs by almost 40% - we’re now using highly motivated administrative staff of our own at much lower rates that we’d previously paid to our auditors for their people. And our people are more efficient and productive as they know our business through and through. With Q-Financial at the centre of our financial processes we know that we have resilience and backup – they are able to process any or all of our transactions if any of our team is ill or on vacation.
So our nightmare has become a dream! Lower costs, better management information on tap, and proper control and resilience in our processes. Q-Financial indeed!