Background
Our client, an asset management company with offices in London and Germany came to FD Solutions with an urgent request: their head of finance had left suddenly and they required a suitably experienced person at short notice to assume the head of finance role.
Spring into action
An FD Solutions’ client finance director was appointed immediately and started work three days later, towards the end of January 2009. He worked at the client’s office almost full-time for four months.
Stability required
There had been a succession of finance heads over a relatively short time, so the initial key issue was to stabilise the finance and accounting function and ensure continuity in the finance reporting, together with maintenance of the integrity of the accounting information and focus on cash management.
Urgent work required
There was a need to submit a quarterly FSA return and a quarterly VAT return (including partial exemption) within the first week of being on-site; both were successfully completed and filed with the relevant authorities by the due dates.
Develop forecasts
Moving forward, there was a need to develop the existing forecast into an iterative model incorporating balance sheets and cash flows, for internal management purposes and to provide a basis to secure additional funding. After a series of consultations with management, the revised model was completed and forms an integral part of management information.
Improve management information
The next key issue was to integrate information from the Exchequer accounting system into an excel management accounts model (including profit and loss account, balance sheet and cash flow) which would provide regular management information and provide a basis for the completion of the quarterly FSA returns. Using ODBC and OLE links, this exercise was completed and provides a high degree of integrity for periodic reporting of corporate results.
The role progressed
Ongoing, the role focused on:
- cash management correct
- information being included in the accounting system
- analytical review
- providing advice to management
- ensuring that the finance function was positive and proactive in its role within the company
During the assignment, the CEO of our client said,
Going forward
Given the flexible nature of the services offered by FD Solutions , we were made aware that the company was seeking a new permanent head of finance. We were involved in the process and the company made a successful appointment at the end of March 2009. We assisted with a handover and remain in contact with the company, providing assistance on an as-required basis.
A satisfied client
Our FD was delighted to be presented with champagne at the end of the assignment, and received a letter saying