Improving internal controls of a recruitment firm
Specialist recruitment agency
Appointments Bi-Language is a privately-owned specialist recruitment agency in Covent Garden, set up by Nicole Debson and Marie Eichler and now employing more than 20 staff.
Owners required improved financial controls and better visibility of cash flows. The owners were conscious that they needed to replace their retiring accountant but also wanted to review the internal reporting procedures to give them better control of their business and understanding of cash flows.
Finance function review undertaken and report prepared
FD Solutions were introduced to Nicole and Marie by BDO and were appointed to carry out the review, producing a budget and reporting format which – to quote one of the owners – “made financial information about the company interesting for the first time ever!”
Budgets, management accounts and cash flow reporting set upWe assisted the company in production of the budget, regular management accounts and cash flow reports and guided them in recruiting an accounts manager in order to make the process more cost effective.
Our detailed involvement lasted for approximately a year and involved on average two days work a month, much of which was carried out at the client’s offices but some of which he was able to perform remotely. We still make ourselves available if they require us to improve or create positive cash flows.