“I can’t believe they’re still trying to run the business that way.”
That’s what a fellow finance professional said to me recently about a company he was referring to us.
It was a successful business — turning over tens of millions — yet, as he pointed out, they were still managing their finances as if they were a start-up.
For example, they were using QuickBooks.
Now, QuickBooks (like Sage, Xero and similar systems) is an excellent accounting package — for small businesses. But once you reach a certain size, it simply can’t keep up.
It isn’t designed to handle the volume of transactions, the number of users, or the level of reporting and analysis needed by an organisation turning over £30m+.
Yet as the business grew, no one ever questioned the system.
No one noticed that the finance team couldn’t easily produce the management reports the board depended on…
That reconciliations were taking longer and longer each month…
That data was being exported into spreadsheets and manually stitched together, instead of flowing seamlessly between systems.
In short, the business had outgrown its financial infrastructure years ago — but was still trying to run on small-business tools.
In my last email, I talked about how too many businesses outgrow their accounting team — keeping the same bookkeepers or accountants they started with, even when the level of skill and expertise they now need has dramatically increased.
The same is true of financial tools.
Too many companies stick with the software and systems they brought in years ago — even though they now need far more sophisticated solutions to support their growth.
And the reason is almost always the same.
The business owners are brilliant at what they do. They’re focused on growth, innovation and delivery. But they’re not necessarily interested in the accounting function — and they don’t always realise when it’s no longer fit-for-purpose.
At least, not until something goes wrong, like an unexpected tax bill, a sudden cashflow crisis or a major decision that has to be made without accurate financial insight.
By the time the problem surfaces, the damage is already done.
Of course, if your tools are out-of-date, it’s often a red flag for broader issues with your finance function. Chances are the people, roles and processes haven’t evolved to match the scale and complexity of the business either.
That’s where our financial management service comes in.
Upgrading your finance function can take years if you try to do it yourself — recruiting new people, embedding new systems, rewriting complex processes.
We shortcut that.
At Insight Associates, we bring a ready-made team of experienced finance professionals who work as closely with you as your own in-house staff — implementing world-class systems, processes and reporting from Day One.
You’ll notice the difference almost immediately — as you receive clear, relevant financial reports that help you make confident business decisions…
Gain a precise understanding of your company’s financial position (often for the first time)…
And stop fire-fighting, because your finances will finally be managed the way a multimillion-pound business deserves.
If that sounds like an upgrade that’s overdue, just email garry@insightassociates.co.uk or call our office on 01279 647 447 to arrange a no-obligation consultation.
We’ll look at how your finance function is working today, where it needs to be — and how we can help you bridge that gap.
Warmly,
Garry
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