OpenView-A

OpenView Case Study by MW Interim Finance

OpenView Group Limited – Case Study A

This privately owned business had expanded by acquisition over a number of years to increase their UK market exposure, supported by an invoice discounting facility and a long term loan. Significant pressure on cash flow was foreseen following their latest acquisition, however there were additional concerns from the bank and external auditors on the robustness and accuracy of management reporting. The incumbent senior financial resource was unable to satisfy the shareholders about their financial risk and they required an interim finance director to review the business and implement agreed recommendations.

The Solution
  • Reviewed prior year statutory accounts and closing balances, reconciling to opening position on their financial systems.
  • Forensic detailed reconciliation of all balance sheet accounts with specific focus on trade & intercompany debtors and creditors and HMRC liability accounting.
  • Re-designed the format and created robust processes surrounding the production and content of monthly management accounts.
  • Implemented a detailed rolling six month cash flow forecast, reconciled daily to the invoice discounting facility and availability.
  • Restructured and centralised the finance function across the business.
  • Enhanced cash collection processes and monitoring of aged debt.
  • Attended monthly board meetings and presented monthly management accounts supplemented with improved branch office gross margin reporting and cash flow forecasts.
  • Assisted the business through the next year end process to completion and filing of all subsidiary and group accounts.
The Result
  • Guided the business through a year of significant cash flow pressure.
  • Implemented improved and robust management reporting to satisfy directors, external investors and auditors.
  • Improved the quality and accountability of the finance function, both internally and externally.
  • Introduced a credit control function to focus on collection of receivables for UK branch trading operations, and consequently reduced aged debt to free up cash to the business.
Skills Needed
  • financial reconciliation, management reporting, cash flow forecasting, restructuring

Open View Group

www.openviewgroup.com

Testimonial

Mark Ingleson, Managing Director and shareholder of OpenView Group commented, “MW Interim Finance was initially engaged to undertake a forensic review of the accounting systems and controls, implement a centralised re-structuring of the finance function and significantly improve the cash management and forecasting of the OpenView group. The directors were impressed with Martin Walby’s ability to quickly understand the business and its commercial operations, instigating and implementing new requirements and over delivered on the objectives set”.