Fairview Architectural

Strategic Specialists Group commenced service to Fairview in February 2019 with delivery of a financial Discovery Roadmap. Engagement continued with placement of the CFO to implement the Roadmap action plan though a 5-month engagement period, which was extended to deliver an expanded remit.

Fairview Architectural required assessment of their finance and operational processes within the business and whether finance practices supported the recent significant business growth.

Deployment of a CFO for 2 weeks on site to undertake the financial Discovery Roadmap. The CFO would review and analyse Fairview’s accounting processes, financial reporting, internal capabilities, and risk management.

The financial Discovery Roadmap and implementation of the plan included:

• Financial reporting: a. review accounting process; b. review accuracy of financial reporting and correct; c. review accuracy of prior year financial statements and correct; d. analyse processes; e. design best practice recommendations and implement; f. initiate CFO dashboard reporting. 
• Profit normalisation: identification and classification of business expenses by commerciality
• End-of-month reporting: a. review end-of-month accounting processes; b. implement process improvements for reliable and timely information; c. operationalise across the business
• Business reporting: a. design timely and useable monthly reporting and implement; b. design benchmarking and implement; c. initiate new standards for Board pack information
• Financial team capability: a. review staff capabilities including competence with finance and IT systems; b. design recommendations for improvement (e.g. development, recruitment)
• Budget and cost-management: a. review alignment between budget and cost-management; b. design and implement management of revenue and cost budgets to staff and scenarios; c. align sales, purchasing, cost budgets with key staff and sense check
• Risk: a. review key financial risks; b. review appropriateness and use of financial information in business performance management and identify opportunities for improvement
• Inventory: a. review warehouse operations, inventory management, purchasing, manufacturing, imports, and distribution; b. design recommendations for efficiencies, stock-flow, stockholdings, minimum-order-quantity ordering procedures and implement to ensure effective cost-management and impact on cashflow.

The financial Discovery Roadmap and implemented plan delivered a clean set of accounts, profit normalisation and reliable, accurate and timely financial accounts. Improvements to accounting practices and operational processes increased reliability of financial reporting for management accounts and end-of-month reporting. Revenue forecasts and cost budgets were aligned, risk management established, benchmarking qualified and monitoring systems delivered through a dashboard. Redesigned warehouse operations and stock management improved the bottom line.