Published: August 6, 2024 | Updated: 22nd August 2024
In this month’s Finance Matters, Matt Trowbridge, Senior Manager and Head of Saffery’s Accounts team in Bournemouth, looks at how to unlock business growth and how a fit-for-purpose finance function drives success. We also get to meet Emma Newman, Senior Manager and learn about her love of rock music!
Unlock business growth: how a fit-for-purpose finance function drives success
The landscape of accounting software is constantly evolving, with cloud-based solutions taking centre stage.
Many businesses have migrated their accounting systems, but are they reaping the full rewards? This article explores the importance of a fit-for-purpose finance function and how it can propel your business towards success.
The evolving role of finance in business
Finance is no longer just about compliance and bookkeeping. Today, it plays a strategic role in driving value for businesses. By analysing financial data, identifying growth opportunities, and supporting decision-making, a robust finance function directly contributes to your bottom line.
The benefits of a fit-for-purpose function
Having a well-oiled finance function offers a multitude of advantages:
Beyond the cloud migration: optimising your system
Thousands of transformations have already taken place, with businesses moving finance systems from legacy-based accountancy platforms to more modern, automated cloud-based systems.
However, migrating to the cloud is just the first step. Many cloud accounting software platforms offer a range of features and multiple tools beyond basic accounting, such as customised reporting, expense management tools, and inventory control.
A recent survey from one platform, Xero, showed that only 37% of businesses are using the automated bank feed option. This is considered to be a “basic” automation tool, which is why we’re surprised this figure isn’t higher. Take advantage of these automation features, as they not only save time, but also minimise errors and improve data accuracy.
Additionally, don’t underestimate the power of process optimisation. Review your current workflows and identify areas where automation or internal procedure changes can enhance efficiency.
Identifying the need for a review
Are you constantly struggling to meet deadlines? Facing data inconsistencies? Do you lack real-time financial insights? These are all indicators of an inefficient system.
Don’t wait for the year-end rush of producing compliant accounts or filing a tax return to address these issues. A proactive review can identify bottlenecks, streamline workflows, and free up your team to focus on strategic initiatives that drive growth.
How we can help
Our cloud accounting team can analyse your current processes to pinpoint areas for improvement, which allows us to identify inefficiencies and recommend tailored solutions. By investing in a fit-for-purpose finance function, you empower your business to make better decisions, mitigate risks, and unlock new avenues for growth.
Don’t let outdated systems hold you back. Take the first step towards a thriving future with a modern and optimised finance function.
We have extensive experience with multiple platforms and applications. If you’d like to know more about how Saffery can help to optimise your finance function, please get in touch with Matt Trowbridge, e: [email protected] or contact Becca Durrant, Cloud Accounting Manager, e: [email protected].
***
Role: Senior Manager – Accounts
Time at Saffery: 10 years
What’s the best bit about your job?
It has to be the variety of clients that we have the opportunity to work with. A large proportion of the clients I work with operate within the landed estates and rural sector and I love really getting to know their businesses, forming close relationships with my clients, and having the occasional farm visit always keeps the job exciting too!
The culture of Saffery is really important to the business and the people within it – what do you think you bring to the team and what do you contribute?
I like to think I am a positive influence within the team and enjoy encouraging and witnessing the development of others. I have progressed from trainee to Senior Manager during my time at Saffery so I have a real understanding of what it is like at each level and can pass on my own experiences to help support others.
If you weren’t doing this role, what might you be doing?
Is it boring to say I actually really enjoy my job and couldn’t see myself doing any other role? I thought so. If you were to force me, I would have to try my hand at something completely different, perhaps in Criminology.
What do you enjoy doing outside of work?
I have a 2-year-old son, Chester, who keeps me very busy, so outside of work I mostly spend my time with him having lots of fun at farms, parks and playing cars!
Tell us something about yourself that we don’t know.
I have a varied taste in music and, most people don’t know but, I enjoy a lot of rock music, such as Falling In Reverse who I will be seeing in London later this year. On the other end of the spectrum though I have seen S Club three times now, most recently last year!
Who or what inspires you?
My son inspires me to become the best version of myself and to build the best life I can for him. I like to continually develop myself, setting myself new goals and working to achieve them. My dad was a businessman and worked incredibly hard, so he was a good role model to have growing up and encouraged me to pursue a career in accounting.
What’s your favourite place in Dorset?
I love going to Highcliffe Castle and walking down through the woods and along the beach to Mudeford quay.
Give 3 words to describe yourself.
Friendly, Reliable, Caring