Hi,
It’s a big week for us Mumfords, because this Saturday, my daughter Amy is getting married.
I know the day is going to be full of joy, and we are very excited. Luckily, we adore our new son-in-law, Andy…
And I am extremely impressed at the effort the young couple has put into the event. In fact, I’m rather exhausted on their behalf…
You see, when Amy and Andy got engaged, they faced two choices.
They could get married at a hotel venue where everything from the catering to the entertainment was included. A hotel package would (possibly?) have been more expensive, but they could also lean on the hotel’s experience and expertise, and the staff would do most of the organising while they sat back and focused on other things, such as their house build project.
Alternatively, they could organise the entire wedding themselves.
Amy and Andy went for the latter option – they wanted to get involved in every detail and create an event that felt highly personal.
Even then, they didn’t take the easy route!
My daughter hired a barn in the middle of nowhere, up a track with no parking, and with absolutely nothing in it. They had to source everything from scratch – from tables, chairs and tablecloths to lighting, decorations, music and catering…
Then there are the even more intricate details. For example, it looks like the weather is going to be lovely (fingers crossed) but they’ve also had to put in place a Plan B in case it rains. Another key question: We’ve got hay bales for people to sit on, do they need to be covered to preserve the guests’ clothing?
I’m certain it is going to be an incredible day – testament to Amy and Andy’s incredible attention to detail. But although they might not admit it, it’s also been a lot of stress and hassle to organise, especially as they are not wedding planners. (Personally I think they’re now qualified to advise others – a future alternate career has opened up!).
This question of how to organise the wedding reminds me of the dilemma I hear from many company owners…
…Namely, how do they best manage their finance functions?
Here too, the question is: Do we do this ourselves, or do we outsource?
Like Amy and Andy’s efforts with the wedding, many companies do try to build an effective finance department themselves. But it doesn’t always come together quite as nicely as Amy and Andy’s event.
Because they are not accountants, they often struggle with a huge learning curve.
Their team is often too small for the job, without all the requisite skills, and often relies on legacy staff members who do not have the experience you really need. And when the company owner tries to hire a CFO, they’re often not sure exactly what to look for and make mistakes.
Similarly, picking the right accounting software is often hit-and-miss, reflecting the personal preferences of whoever’s in charge rather than the needs of an ambitious, growing company.
Most importantly, without the right people and experience in place, no one is exactly sure how to professionalise the accounting function – which is critical to help your company grow more smoothly and faster. Everyone’s learning on the go, so it takes double or triple the time it really should to understand what systems and processes are necessary and get things right.
And the result is that instead of your finance function contributing to your company’s growth – for example by helping you understand your financial position and using that to make better financial decisions – you spend a few years focused on the mechanics of building the department.
Then there are the companies that outsource their financial management – using our team at Insight Associates as their own finance function.
This is a much smoother experience, as we have all the people, skills and experience you will need working for you on Day 1. This includes people with experience in areas you may not even realise you might need, such as looking for outside finance; and access to top-level financial advisors that most companies usually can’t afford for years, when building an in-house team.
Similarly, we come with turnkey financial systems and processes, developed through years working with companies just like yours, which we start implementing in your business from the very start.
Instead of struggling with accounting issues, you get a world-class finance department as soon as we start working together. That means you can stay focused on what you’re really good at and what matters to you – including serving your clients and developing other functions.
And together with you, we can focus on what we’re really good at – including helping your company grow much faster and maximising profitaiblity.
Does that sound like it might be of interest?
Then, to speak to us about how we might be able to work together, please email garry@insightasssociates.co.uk or call us on 01279 647 447.
As we gear up for Amy and Andy’s special day, we’re grateful for the journey and excited for the celebration ahead. We hope your business can also find its perfect solution with Insight Associates, making your journey smoother and more rewarding.
Warmly,
Garry
