Years ago, we had a client providing life assurance. They were fully regulated by the Financial Conduct Authority, so compared to most companies, their regulation process was off-the-scale.
When we took them on as a client, we undertook some training so we could better understand their requirements.
What we learned was that the FCA’s motto might as well have been: “If it isn’t written down, it didn’t happen.”
It wasn’t enough to have good processes for handling their finances, or to take the right actions. Unless it was documented, it didn’t count.
So, we started evidencing a lot more of what we were doing, physically signing off more transactions and recording various processes more rigorously, so they could be easily referenced later.
And critically, we didn’t just do that for our FCA-regulated client. We realised that this was excellent practice, and rolled out the exact same procedures to the rest of our client base. So they all benefited from additional documentation.
Last week, I mentioned one of the key advantages of outsourcing your financial management to us: We never take a day off! Because you’re hiring a team, not an individual, you’ll never notice if one of us takes annual leave or is otherwise unavailable. Your service will continue unimpeded.
The range of clients that we work with is a second advantage.
Our experience spans from engineering companies to software development companies, railways, training companies, beauty companies and more. We have two major international companies on the books, as well as charities. And the companies we work with range from £1 million turnover to divisions of £40 billion businesses.
We continually learn from each one, building up skills and experience.
And this is a huge boon to our clients, as we transfer good ideas from one company to another.
When you work with a bookkeeper or a couple of accountants in-house, their knowledge is generally restricted to your industry – or a handful of other industries they have worked in in the past.
But with us, the learning is ongoing and very broad. Over the years, we’ve seen so many clever things clients are doing, from the way they use spreadsheets to the way they recognise sales, which we’ve adapted for others. Helping clients manage furlough during COVID was another notable example of how we helped spread best practice, when everyone was learning on-the-go!
We also regularly help clients grapple with significant financial challenges and take advantage of various opportunities. Each piece of experience we gain later benefits someone else, as we apply it to similar situations, bringing valuable knowledge, advice and perspectives to the table.
Now, it’s your turn to experience the difference. Professionalise and elevate your financial management by working with our dedicated outsourced finance team, and benefit from our extensive expertise across diverse industries. Don’t miss out on streamlined processes and the collective knowledge and experience of a team dedicated to your success.
Simply hit ‘reply’ to this email, or call us on 01279 647 447 to find out more about how we can work together.