Finance Director: Colin Spencer
Overview: Group of pre-press production companies with turnover of £20m
Issue: Each company with independent financial reporting function. Requirement to bring all together as one operating system.
Corrective Actions:
- Recruited an accounting team of eight people
- Oversaw the transfer of accounting records to main group accounting system – DDS
- Set up reporting in line with group requirements
- Ensured that inter company balances were reconciled on a monthly basis
- Worked closely with MDs of the various companies to review financial information
- Worked closely with MD of the Group to investigate acquisition opportunities
Improvements since action taken:
- A well run accounting department producing reliable financial information
- Ability to easily accommodate acquisitions into the Group
- Installed improved credit control procedure to reduce debtor days outstanding and increase cashflow