I was contacted by the directors of this company in the summer of 2019 through my connections with their associate company. The company had urgent need of financial management when the financial controller walked out of the business.
It soon became clear that the financial records of the business were seriously compromised and that the management information previously provided was inaccurate. The immediate crisis management, including dealing with a twice postponed VAT inspection and a lender seeking to exit the customer was successfully negotiated. The VAT inspection was completed satisfactorily and the lender was provided with assurances of timescales to redress the situation.
The medium term now being implemented is to improve the management information both through recruitment and improved internal procedures and controls. This process is now well underway and significant improvement is being seen in the quality of financial information. The longer-term strategy to improve profitability is now being planned.