How tightly does your business monitor every cost, every expenditure, every charge, every business expense? With the right tools in place, it’s easy to keep a close eye on everything and to spot problems quickly – you can also get a much clearer view on the bigger picture too. That’s the ideal – but for many businesses, it’s not so clear cut. In this article we explore the areas where money is potentially being lost.
- Topic:
- Finance
After a turbulent 2020, many professional services firms and project-oriented businesses are considering whether fundamental changes must now be made in order to leverage the most potential from 2021. Read on for some fresh thinking on reshaping your business.
- Topic:
- Finance
Cash flow issues in business can cause serious problems – in fact it’s one of the most commonly cited reasons why companies fail, especially SMEs. But there are also plenty of actions that can be taken by finance professionals to improve cash flow. In this article we look at some the most common cash flow issues in business, as well as some actions that can be taken to address them.
- Topic:
- Finance
Knowledge is power – so the saying goes – and timely information is the key to project profitability analysis. It’s not enough simply to have a profitable project plan on paper, because once everything is up and running and things change, staying on top of the information is crucial. In this article, we look at project profitability analysis from the Finance leader perspective. We identify 10 ways in which the profit margin in project management can be protected and maximised.
- Topic:
- Finance
With England now in its second lockdown, finance leaders in businesses across all industries find themselves in a similar position to March - but with one distinct advantage.
When we entered lockdown earlier this year, we were all gripped by uncertainty, no one working today has lived through anything like this, so from the day-to-day point of view of a finance team, it was all about reacting, re-forecasting, re-budgeting and stabilising cash flow in any way possible - while simultaneously setting-up remote working and learning to operate in a different way to usual.
Businesses as a whole were quick to react to the outbreak and introduce contingency plans, with almost 80 per cent of businesses in response to one survey claiming they had already put these plans in place before the end of March. Only each business will know themselves how effective those contingency plans have been.
Now with lessons learned, businesses go into this lockdown with experience which is vital to navigate through difficult trading periods and means finance teams are better equipped to understand what the financial data in lockdown is telling them and how to turn plans into action.
- Topic:
- Finance
‘Financial period end’ is one of those phrases finance teams hear and can’t believe it’s back round again. Yet often drawn out, using manual processes that can last days and even a few weeks for some businesses, it’s not surprising that finance professionals are seemingly in a never ending cycle of crunching the numbers to ensure information about the business's financial performance is accurate and compliance is met. It means many financial professionals find themselves looking backwards for around half of their working hours - when the demands of today’s business means they need to be looking forward.
Widespread accounting practices have long been overdue for a change to make them faster, more agile and more responsive to the market conditions businesses face. From the credit crunch of 2008, to disruptive technologies and now Covid-19, rarely is it plain sailing for businesses. Finance teams are being called upon more and more by their business leaders to help them understand where the business can grow revenue, where it needs to scale up or down, how it can react to financial challenges and of course how it can protect key assets including the workforce.
The year 2020 has been like no other, certainly not this side of the millennium, and it has given a lot of finance teams a strange sense of clarity on what practices need to change - as many businesses consider reshaping and refocusing teams.
Accountants and finance professionals have long spent significant periods of time focused on manual tasks and processes - record-to-report process of accounts reconciliation, audits, data input and financial reporting - yet it’s clear the accounting cycle has to become more linear to reflect today’s business demands. Continuous accounting could be one way that finance teams make big changes to the way they work.
- Topic:
- Finance
Right now, care organisations across the UK are working hard to address the challenges presented by the COVID-19 pandemic – on top of the usual struggles faced with balancing funding, staff shortages and changing care needs. It’s crucial for the care sector to keep on top of financial issues to ensure ongoing stability and continuity of care. But what many finance professionals in the care sector have not yet experienced is the uplift in efficiency, productivity and positivity that can be gained from using the latest technology.
Now that the cost of cloud based solutions has reached far more affordable levels – and can reduce costs in a number of areas – it’s the perfect time to look at reaping the benefits for your organisation using more up-to-date software.
- Topic:
- Finance
There is plenty for care sector finance managers to contend with at the moment – from fluctuating service user numbers and staffing levels to inconsistent revenue streams which make cashflow difficult to predict.
The COVID-19 pandemic has created some additional challenges too. Ultimately all of these pressing problems need solutions – and the latest technology offers some useful and effective ways to help finance managers alleviate their day-to-day stresses and make their teams more efficient and productive. It’s also not as complex or expensive as you might think…
- Topic:
- Finance
Automating some financial processes has long been a goal in business, and today it’s essential if you want to keep up with the competition – but just what is it that makes it so invaluable? What can it bring to your business that you don’t already have? When you take the leap and introduce financial automation software into your workplace, you’ll start seeing the benefits straight away – including the following:
- Topic:
- Finance
