Our finance director (FD) Matt Cox sat down with journalist Christian Doherty to discuss all-things finance.
Working with marketers, we know exactly how important it is to understand your budget and make commercially savvy decisions.
Matt believes that no FD can devise a robust and effective resource plan without understanding the underlying numbers of the business. Here’s what he had to say in Financial Accountant…
“When I arrived, we (Force24) had two very big challenges,” he says, explaining how his main task has been to develop plans for a business that is growing in both size and complexity. “Firstly, with finance being so cyclical, a challenge is always around meeting set deadlines and planning and allowing team holidays/time off around these.
“I think this is probably a major factor in most small businesses, but there is always a need to make sure multiple team members aren’t off at the same time (or at least not for a long period), avoid the month end deadlines and generally ensure the team are onboard with this being understood and the norm.”
Christian the comments that Matt’s ‘two main mitigations against this centre around ensuring – wherever possible – that it has cover and knowledge throughout the team to step in if needed, then try to put in automation to support the process.’
Speaking about the second challenge, Matt added: “As a norm, the regular tasks take priority but obviously there are times that we have to make a call as a team, along with the stakeholders, whether some requests might trump those and in those cases we simply assess where we might be able to flex timelines or get more support from others in the team to deliver,” he says.
“One small way we try to mitigate that is to make it clear across the business what our standard deadlines and timelines are and ask them to avoid the busiest times.”
Read the full feature here.
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