Market Research: political and consumer research
Situation faced:
Acted as CFO post 3i instigated MBO, as incumbent considered non-effective. Accounting and finance staff were at a low morale following a long MBO process. Accounting systems were bespoke, internally prepared and under supported within the IT department as well as very antiquated and rudimentary. The monthly reporting timetable was extremely labour intensive, onerous and not really fit-for-purpose - reports were prepared 6 - 8 weeks after the month end. Cash was not under control and AR was around 70 days with significant amounts overdue.
Outcome achieved:
Implemented much-needed finance discipline into the function around accounting and cash procedures (reducing AR to 31 days and improving cash flow by £1.4 million) and improving the monthly reporting to two weeks while at the same time improving the quality of management information (favourably commented on by senior Board members at the time).
We reviewed the IT Department staffing and capability and also selected and successfully introduced new external software (accounting and MIS systems) to replace the antiquated systems. The company had to move to new premises and I project managed the investment required, £3million) and obtained Board approvalfor this and the acquisition of its first subsidiary, in Ireland.
Duration: 1 year
End: February 2012
