When trading conditions are unpredictable (at best), the disadvantage of not having key management information to hand can quickly become painfully obvious. After all, how can you make critically important decisions about your business if you don’t have the data to steer and support your thinking?

Our 2020 SME survey revealed that almost a quarter (21.3%) of business owners felt they had no-one to talk through their options and plans with. And 13% of SME business owners identified accessing the right management information as one of their biggest financial challenges.

A financial controller can help with both of these issues, producing the numbers that are most relevant to the business, interpreting what those numbers are actually indicating and presenting that information to you in a meaningful way – so you can understand whether you can afford to take on more people, or how you could reduce costs, for example.

You absolutely need to know your numbers

Smart business owners keep a watchful eye on their key numbers at all times. The most successful SMEs use their numbers and data to leverage opportunities to improve their profits and cash – and to spot areas of their business that aren’t performing so well.

Is your business performing as efficiently and as effectively as it can be?

With the right management information in front of you, it can be relatively easy to optimise your profits and your cashflow. You can also use the different levers in your business to improve performance in certain areas that need a bit of extra attention.

The key question is this: do you have the numbers and the data that you need at your fingertips? And if not, who’s going to present you with that information?

Your day-to-day bookkeeper hasn’t got the commercial insight or financial experience to help you with this essential task – and your local accountant is unlikely to be helpful either because their talent and experience is in reporting to government, not providing intelligence for business owners. It’s easy to think it’s all “just accounts”.

Business life is easier with experienced support

What your business needs is the support of an experienced financial controller. A financial controller will professionalise your processes for managing and optimising money in your business and will help ensure that your accounting function can be scaled with the business as it grows.

Often as businesses grow, they retain their loyal people who were perhaps there from the start and have witnessed the ups and downs, or individuals that have simply turned their hand to wherever they were needed. While these people are invaluable, the reality is they have probably been learning on the job and as the business has grown, they may have lost sight of what best practice looks like.

This means your day-to-day money management and accounting is inefficient and not cost-effective and, as a result, your cashflow suffers. Your management reporting isn’t giving you the insights or visibility you need to improve profits and cashflow further, and there’s no early warning system in place. Put simply, without this insight, you’re unable to fully understand where your business is heading or to make those all-important decisions for the future.

Financial controllers can offer that extra level of clarity you need. From financial forecasts and cashflow management to compliance and tax, financial controllers are armed with the means to help you make better data-led decisions and to ensure you have full control and visibility.

All of which means more profit and more cash – plus more time and less stress for you, enabling you to make the best decisions for the future of your business.

Like the sound of that? There’s more good news…

You only need a part-time financial controller

The finance function of a £1m-5m turnover business looks very different from that of a £10m business in terms of the number of work days required, the systems, the information needed, the forecasting, the budgeting, the analysis, the risk levels, the pricing and management structure. From our decades of working specifically with SMEs we know that most businesses in this space don’t need, and shouldn’t have to pay for, a full time Financial Controller.

There’s no point paying for a full-time resource, if you don’t actually need it. But you do need firm control if you want to see your business flourish. And we can help with that.

At YRH Finance Team, we specialise in offering support that meets the specific needs and budgets of SME business owners. So we can provide the right part-time financial controller for your business. A friendly expert who will make a real difference to your profit, efficiency and overall peace of mind – often in a matter of days, rather than weeks.

Discover the difference today

We understand that the accounting function is the lifeblood of your business. As part of our pledge to #LeaveNoBusinessBehind during these difficult times, we’re committed to providing dedicated support for SME business owners.

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