Who are YRH Finance Team?
YRH Finance Team gives business owners peace of mind that their internal finances are being completed properly and efficiently at a fraction of the cost of a full time Financial Controller. They allow the business owner to gain clarity around their financial position today and visibility of what’s coming around the corner, enabling them to make well informed and confident business decisions that result in more cash, more profit and more time to devote to looking at the bigger picture! Established 14 years ago, YRH Finance Team are now a team of over 100, providing a unique combination of expert talent and proven methodology to a wide range of B2B and B2C organisations located throughout a variety of regions across the UK.
How do YRH Finance Team work?
Whether they work on site, off site or hybrid, their finance people will feel like part of your team. Their support for you is flexible, scalable and affordable. You pay for the skills you need when, and as much as, you need them. They agree the priorities and deliverables of any project work every quarter, based on the needs of the business. YRH Finance Team may be part time but you’re on their mind full time so they’re there for you even when they’re not in the office. They agree a retainer that balances what needs to be achieved in the business and the budget you have available. They use a tried and tested roadmap to help you improve your profit and cashflow.
Case study
IT solutions company SkillWise UK had lots of technical experts within its team, but no expertise in the finance function. The owners realised that the lack of professional in-house accounting support was causing significant problems for the business – and for them personally. They had a great product, and a strong client base and market, but cash was constrained and they felt fed up and frustrated by their ROE (return on effort) and the imbalance of hard work vs reward.
Key Issues
- Lack of operational expertise in the finance function, leading to poor financial control.
- No proper credit control practice and customers paying late.
- No visibility of costs, profit or cashflow to help decision-making.
- Directors distracted from core duties, and feeling “stuck” and frustrated.
- Volatile cashflow compounded by shock tax bills.
Solution
YRH Finance Team initially assessed their existing bookkeeper, providing key training, while also reviewing the accounting processes, but they couldn’t “step up”. We know that all businesses need someone doing the day-to-day and a more experienced financial controller. The Directors quickly realised they would benefit more from YRH Finance Team implementing best accounting practice and the access to our unique, managed team service. Over the first month, a YRH Financial Controller put better, simpler bookkeeping processes in place (YRH Finance Team best practice) and worked with a YRH Finance Manager to get customer payments collected and the bookkeeping up to date and under control. The Directors were massively relieved, and even more delighted when they realised YRH Finance Team had paid for themselves.
If this is something that you feel your business would benefit from, please speak with your manager and they would be happy to discuss this service further.