the training and tools we’ve had from Serena have changed our world for the better

Ok we know this isn’t the most exciting part of running your business, but it’s an area that can cause huge financial damage if you don’t pay attention and get it right

There are things that can go wrong both inside and outside of your business that can cause a major crisis, one that could be potentially fatal to your business.

Over our collective years working with small companies we’ve seen some pretty terrible things – some intentional fraud, some caused by a lack of internal process that caused major cash flow crises:

• A fraud that saw a client lose £250k because an experienced finance person gave out banking passwords over the phone, supposedly to the bank
• Internal theft that cost a client over £50k in lost stock
• Cash theft by finance staff
• Many companies have fallen for the various email scams that pose as suppliers or HMRC
• Lack of spending controls have taken many companies into cash flow crisis
• Lack of payroll authorisations leading to persistent payroll fraud
• Internal staff buying personal goods on company credit
• Lack of bank signatory control leading to suppliers being paid even though the business could not afford it
• Missed VAT payments that directors weren’t aware of leading to large penalties and interest payments

So, although controls and processes probably aren’t top of your worry list, you’re leaving the door wide open and putting your business and financial freedom at risk for the sake of things that are not difficult to put in place.

And if your business is growing then the risks are multiplied – as a business grows, controls and processes become even more important. Knowing your business is well controlled and as protected as possible lets you get on with running it.

As part of our financial health check we review processes and controls, making recommendations of what needs putting in place and why. We also help our clients put these critical elements in place including robust checklists of all routine financial processes.