Precision Tooling Engineers
This precision tooling engineering company has been with us for over 15 years and joined us after the owner was struggling to understand their accounts and not receiving financial advice from his existing accountant. We provide them with a range of services including year-end accounts, payroll, cash flow forecasts, business planning, tax planning for the business and MD, and self-assessment tax returns for the directors.
The Finance Director (FD) role developed from a conversation I had with the owner when he attended a talk I was doing on understanding the numbers in your business. He needed support and there was no senior finance person in the business, just a bookkeeper. The business only required a part-time FD resource to support the MD, and it was a logical step to extend the accountancy services we provide to them to include this.
How does the role work?
Stephen works one day per month directly with the MD either face-to-face or virtually. They typically review the business performance each month looking at the numbers and the key staff performance. The order book and business capacity are also reviewed alongside the cash flow position and forecast to assist with planning. A key part of the role is to be a sounding board and a second viewpoint to assist with planning and decision-making.
The business has benefitted from better financial planning and reviews that have allowed them to address any potential issues early and plan accordingly. But it’s the business owner that has benefitted the most as he has become more financially aware and confident in his decision-making as he has the numbers to support what he is doing. They have also made substantial personal and corporate tax savings as a result of proactive tax planning.
When asked what he enjoys about the FD role, Stephen said “It’s great to be part of a business rather than an outsider as you are as an accountant. You can really get to know the business and make an impact with the advice and support you give, so you are able to share in their successes as you communicate their results.”
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