Recorded Webinar: Your internal finance function: How to set up to enable business growth?
In this recorded webinar, we dive into the strategic side of managing your business finances, going beyond basic bookkeeping to build a foundation for growth. Join Harry Hasler, Head of Accountancy, and moderator Jenny Jones, Managing Director, as they discuss how to structure your internal finance function to handle day-to-day operations and drive your business’s scalability. You'll learn practical steps for building a scalable finance team and how to use financial insights to shape your strategic planning.
Schedule a discovery call with Harry Hasler to discuss your business's finance function.
Agenda
Overview of how the finance function supports growth.
Key finance responsibilities: budgeting, forecasting, cash flow management, and strategic planning.
Common challenges business owners face in scaling finance functions.
Technology and tools: Leveraging accounting software, automation, and cloud platforms for efficiency.
When and how to hire: In-house vs outsourced finance team.
Aligning your finance team with business goals.
Q&A
Speaker
Harry Hasler | Head of Accountancy
Moderator
Jenny Jones | Managing Director
What we discussed in this webinar:
Q1. What challenges do our clients and businesses like them face when thinking about their in-house finances?
People Problem - Either Founder-Managed Finance or Inexperienced Finance Staff
Problems can arise when the wrong people are managing the finance function. Having someone who lacks financial expertise in charge of finance can lead to errors in financial management, forecasting, or compliance. This, in turn, can lead to mismanagement or an inability to focus on strategic growth as they juggle other responsibilities.
Process Problem - Cash Flow Management & Month-End
Founders and their teams often have to spend a lot of time firefighting or being pulled in multiple directions simultaneously. This means that cash flow monitoring, along with many other aspects of running the business, can become reactive rather than proactive (e.g., “Our cash looks low this month, so we will need to delay payments”). This can result in late payments, missed opportunities, liquidity issues, and poor decision-making. Failure to monitor profit margins as part of the month-end process leaves founders and their teams unable to understand how their underlying business is performing as they are missing a crucial piece of data.
Technology Problem - Not Leveraging the Correct Tools & Underestimating the Finance Function’s Strategic Role
Many startups and small businesses treat the finance team as purely transactional (handling payments, payroll, etc.) or as a necessary evil for compliance purposes, without recognising its importance in strategic planning, risk management, and growth. Technology is a key enabler that businesses can harness not only for automation but also for reporting purposes. Leveraging the correct tools enables real-time data usage, helping to make business decisions and support growth.
Q2. How do we support clients with these problems?
We set ourselves up as an outsourced finance team rather than just an outsourced accountancy firm. This means our clients often get three members of our team working part-time on their accounts in the roles of bookkeeper, financial controller, and finance director.
We improve lines of communication—this might be as simple as having a Microsoft Teams or Slack chat, allowing our clients to speak to all three of their outsourced finance team members at once. This approach feels more like having a full finance team rather than an in-house bookkeeper or outsourced accountant.
We provide tailored management reporting specific to the client's requirements, including forecasting P&L and cash flow over the next 12 months and highlighting specific KPIs for their business and industry.
We present the management reports and KPIs each month during a scheduled finance meeting where we discuss what the financials are indicating about the health of the business and, given the current state of play, where the business is heading.
This often leads to scenario planning, such as preparing for hires/employee exits, new business wins, and worst- vs. best-case scenarios.
Q3. We support visionary-led businesses as they scale, and I know your team works with clients of varying sizes across different industries. Can you talk me through the impact we have on clients?
We scale our services as your business scales, and as our advisory services increase, businesses can make more informed decisions based on our reporting and discussions. Many of our clients are tech companies in the development phase. We help them navigate between investment rounds, report on cash burn and runway, and forecast when they will need additional investment.
People/Process Problem Case Study: We worked with a rapidly scaling business where investor confidence had dropped due to inaccurate board reporting and revenue recognition. Gross profit margins were fluctuating each month due to timing differences. After our team reviewed and strengthened their processes, investors and the Board now trust the data and the business’s future potential.
People Problem Case Study: One of our client had an internal bookkeeper who reconciled the books but didn't provide financial insights or Project/Department profitability reporting. This meant that the leadership team didn’t know which projects or services were performing well or which were profitable to continue offering. By managing their finance function, our team was able to focus on EBITDA and highlight profitability per service, preparing them for potential exit or investment.
Tech Problem Case Study: One client had a fantastic 2023 but significantly changed their operations in 2024 without meaningful forecasting. Profits dropped significantly, and when we started reporting on cash burn and runway, they had to make difficult business decisions, including redundancies. By supporting them with cash management/forecasting, scenario planning, and invoice financing, we have ensured they are well-informed about the potential impact of future operational changes.
Q4. Technology and Tools: How should businesses leverage accounting software, automation, and cloud platforms for optimum efficiency?
There are thousands of apps that integrate with Xero to assist with automation and streamline the finance function. In our view, the simple, easy wins are:
Bank Feeds – Ensure data accuracy by setting up live daily data.
Supplier Invoices – Automate invoice processing by setting up an accounts email auto-forward to Hubdoc/Receipt Bank.
Expenses – Use user-friendly solutions like Expensify and Pleo to make this seamless for employees and Accounts.
Payment Runs – Streamline the process with Apron, which makes payments as simple as a click of a button, saving a significant amount of time.
Sales Invoicing – We recommend GoCardless and Stripe for payment automation, and there are many apps available that can automate monthly billing.
Reporting & Cash Flow – Float is a straightforward tool that Founders can use themselves. For a more sophisticated option, we recommend Fathom for its visual appeal.
Q5. From your experience as an outsourced FD, what three pieces of advice would you give to a founder or finance lead in an SME?
Delegate: Offload tasks to focus on growing your business.
Ask: Actively seek challenges and objective feedback. Small businesses can risk becoming echo chambers where everyone follows the path set by the founder. Having an objective outsider can bring new perspectives, share best practices, and identify new opportunities.
Recognise Your Limits: Know that there is a lot you don’t know, and surround yourself with trusted individuals who can help fill those gaps.
Conclusion
An effective internal finance function is a cornerstone of any business’s growth strategy. By addressing people, process, and technology challenges, businesses can transform their finance operations from a reactive, compliance-focused role into a proactive driver of strategic growth. Leveraging the right tools and practices not only enhances day-to-day efficiency but also provides the insight needed for informed decision-making. With the right support, businesses can focus on scaling, innovating, and achieving their long-term vision with confidence.
Contact us today to learn how we can support your business with our comprehensive outsourced finance services, and start turning your financial data into actionable insights for future success!
