“Turn round” of previous poor reputation for financial control
...by rapidly improving skills and diligence in the Company’s financial community.
The Challenge
The Group had a reputation for using “financial engineering” to flatter its published results. Operating subsidiaries’ results were often “adjusted” at Head Office. Weak accounting policies encouraging, unsustainably, maximisation of immediate trading results. No corporate appetite for business or financial “bad news” The Solution
Included the conception and scripting of a 2 day residential conference for all senior finance personnel. This mandatory event clearly communicated on a face to face basis:
(a) Values of competence and integrity going forward
(b) Coaching in working capital management techniques
(c) Stimulation of cost / cash flow savings ideas eg customs duty, VAT, trade finance techniques
(d) Adherence to standards in re-vamped finance manual
(e) Importance of internal controls
(f) Forecasting disciplines, and
(g) Promotion of the notion of CFO as internal business partner.
The Result
Developed corporate reputation for clarity and reliability of financial reporting. Better quality CFO’s and better quality business decisions in a “no surprises” environment.
Reduced financing costs through enhanced relationships with UK and US lenders.
Valuable by products included identification of individual training needs and improved teamwork between CFO’s of business units with common interests.
Received Stock Exchange award for best annual report and accounts
“…a well run company…” - Investment Bank equity analyst
|
