Our client is a SaaS business delivering real time data and information to the NHS and helping to manage patient footfall through its mobile app. The company currently turns over £2m and employs some 35 people onshore UK with an outsourced development centre in India.
Case Studies > Professionalising the Finance Function
The Need
When we were first contacted by our cient, the company relied on their firm of traditional external accountants to capture sales and purchase ledger data and submit reports to their Finance Manager. After four years of trading, the management team decided that they needed to professionalise their finance function, to not only provide timely management information but to also help with the production of forward-looking statements.
Our part time Finance Director was a great fit for the business as he specialises in technology companies and has extensive experience in starting, leading and motivating both large and small finance teams in cross-cultural and cross-functional environments.
The Engagement
During the early weeks of the engagement, the Numitas part time FD was able to implement a more efficient finance system, Xero; introduce the Finance Manager to a certified Xero trainer; as well as guide and mentor the Finance Manager in the day-to-day book-keeping activities. Over the course of the engagement, the FD also made financial reporting an official agenda item at the monthly Executive Management Team meetings. This meant that greater collective focus was put on cost control and the commercial terms of sales contracts. The FD built a financial model so that the company was able to plan ahead and measure its performance, at both a company and departmental level, against an agreed budget. Through the FD’s network of external advisers, the company was able to obtain well priced, pro-active advice regarding R&D tax credits, an EMI scheme and EIS status.
Outcomes
1. A better culture of financial management: timely submission of expenses, a greater awareness
of cash resources and focus on their preservation and the Finance Department is seen as a
business partner.
2. Building three-year projections that will position the business for a fully-funded growth phase,
due to a fully costed financial model.
3. Accurate, up-to-date and well presented management information for the Advisory Board.
4. More effective management of the external accountants, who remain responsible for statutory
filings.
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Our client is a SaaS business delivering real time data and information to the NHS and helping to manage patient footfall through its mobile app. The company currently turns over £2m and employs some 35 people onshore UK with an outsourced development centre in India.
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Scintacor (formerly Applied Scintillation Technologies) is a successful British company and the world leader in phosphor and scintillation technology, which allows the conversion of different radiations into light for imaging and detection. The growing demand for their expertise meant that Scintacor decided it was time to look for further investment into the business, which is where Numitas was able to help.
GeoSpock is an extreme-scale spatial big data platform company that provides analytics, visualisation and builds insight for four main verticals: location based mobile advertising, telecommunications, connected cars, and smart cities.
AIM-listed Ubisense was founded in 2002 and is a high growth, Cambridge-based technology firm. Its highly specialist expertise serves 500 customers in 50 countries with enterprise location intelligence products and solutions that help them with their high value manufacturing operations.
For example, its work with automotive firms BMW and Aston Martin and with aerospace giant Airbus, enables specific components and tooling to be located and supplied automatically to a manufacturing location, using state of the art, ultra-wideband radio technology.
Our client is a SaaS business delivering real time data and information to the NHS and helping to manage patient footfall through its mobile app. The company currently turns over £2m and employs some 35 people onshore UK with an outsourced development centre in India.
i-graduate surveys international student opinion about different universities, then tracks and benchmarks the data, delivering comparative insight to the education sector worldwide, in order to help institutions deliver a world class student experience to enhance competitive advantage.
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