Management Accounts Service

Posted by Chris Hooper on 16.06.14 in Case Studies

MANAGEMENT ACCOUNTS SERVICE

A Client Story

OUR CLIENT

Westminster Stone are a third generation family owned business who produce a wide range of landscaping and building products. From their manufacturing site on the Shropshire / Wales border they manufacture flagstones and tiles that set the benchmark for UK paving.

CLIENT NEEDS

Due to the departure of the incumbent management accountant Westminster Stone required immediate support to bring their management information up to date. Managing Director John Clifford was also keen to see an improvement in the level of information he received and to gain greater value from the service. A key requirement was to provide regular updates to company investors and finance providers.

“I took the decision to use Hooper Financial because I knew Chris was a trustworthy professional and would be easy to work with.”

 APPROACH

By evaluating the reports prepared by the outgoing service provider we quickly concluded that there was significant scope to make improvements. The regular reporting of financial numbers alone only scratches the surface of financial management so we were keen to do far more.

The opportunity we identified was to provide an insight into the operational factors behind the numbers. We wanted John to benefit from clear guidance on which areas would benefit from greater management focus, all backed up by a logical analysis and solid data.

“We’ve been delighted with the results so far.”

It was also clear to us that there was also an opportunity to help the team move towards a more structured approach to reviewing their management information. Management information is fairly pointless unless it can inspire improved decision making that helps the business perform better. By getting to the heart of operational issues and bringing the debate to the boardroom table we bring focus to the areas that count. This is our expertise and the reason our clients are delighted by the support and guidance they get from our management accounts service.

OUTCOMES

Our work with Westminster Stone so far has helped form a collaborative approach to analysing the numbers and identifying opportunities to improve. Our mission is to help our clients reach their business goals and we work hard to make this a reality.

“It’s a breath of fresh air to have Chris on board because he’s passionate about our business and helps challenge us to move forward.”

In addition to improving the approach to management accounts we also have helped Westminster Stone make several other improvements. Through our experience of business planning methodologies we have introduced a more effective approach to the company’s annual budgeting process. This helps drive further value from the management accounts and helps the team update the forecast with greater speed and flexibility as they move forward.

“As Managing Director I feel incredibly well supported and have the right information I need to run my business.”

We are also looking at a project to update the existing accounting system to a more modern platform. This will enable John to obtain financial updates in “real time” and analyse the performance of the manufacturing plant to drive greater efficiency.

“I have no hesitation in making a full recommendation – knowledge, experience and a team approach throughout make for a great service.” (John Clifford, MD Westminster Stone)

If you would like to talk to us about our management accounts service or other areas of financial management please contact Chris Hooper (t) 01244 470 478 or (e) chris@hooperfinancial.com