transforming The New Craftsmen

how we gave Mark and the team clarity, control and made them feel calmer

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just some of the challenges The New Craftsmen was facing

do any of these sound familiar?
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vision & strategy

lack of alignment and understanding of the business vision from the finance function creating a disconnect between finance and the business. overall, finance didn’t understand the business and their needs
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control

lack of confidence in financial reporting and a poor control environment; from inconsistency and inaccuracy in supplier payments to poor cashflow forecasting to and a lack visibility on current and future cash position
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insight

limited business-wide management information & lack of visibility of results to make informed decisions. there was little strategic insight provided from finance and where there was information it was siloed
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efficiency

overall, the finance function was inefficient and ineffective; information was routinely delivered late and couldn’t be relied upon. there was a lack of ownership across processes which led to too many cracks
the overall impact for The New Craftsmen and Mark was lack of visibility and limited confidence in financial information to make robust strategic decisions

“we see this as a hugely, hugely valuable thing for us…we literally could not operate without these measures being in place!”

Mark Henderson, Founder & Chairman – The New Craftsmen

how we applied the flinder effect™ to The New Craftsmen

the results

redefining the vision & strategy

on day 1, we read, discussed and understood The New Craftsmen’s business plan. we also set clear objectives and a vision for finance to align the finance function to the business strategy and their needs.

we combined the role of management control and strategic insight and began attending and participating in monthly board meeting where we could present and provide instant responses. we also facilitated a 0.5 day strategy session for the business to gain clarity on their strategic OKRs (objectives & key results).

read in detail
✓ read, discussed and understood the business plan on day 1
set clear objectives and vision for Finance – aligning to the business strategy & needs
✓ developed and facilitated a 0.5 day OKR strategy session to increase clarity on strategy
✓ redefined the role and involvement of Finance with the business; increased communication and embedded Finance through increased face to face meeting rhythm
✓ attend and participate in Board meetings to present and provide instant responses to questions
✓ developed relationship, touch-points with, and understand, all parts of business; retail, trade, supply side and payroll etc. to become truly embedded
✓ combined the role of management control and strategic interest

giving control back & delivering insight

we targeted key control improvements such as clearing up old reconciling items and transparency around supplier payments, put in place a clear close calendar and new ways of working. we reengineered and optimised processes and implemented robotic processing automation to gain further efficiencies. we designed, developed and deployed strategic reporting aligned to the business strategy and built a bespoke 3-year integrated model. overall, we embedded finance into the business.

read in detail
developed and implemented a clear close calendar for more timely reporting
built a bespoke 3-year integrated model – P&L, Balance Sheet and Cashflow
✓ improved transparency and accuracy around supplier payments and proposing payment runs
✓ worked closely with the business to clean up old items in the balance sheet reconciliations
✓ put in place new ways of working and optimised processes and weekly/monthly rhythm
✓ attend and participate in Board meetings to present and provide instant responses to questions
✓ designed and built a real-time working capital and cash management dashboard
✓ redefined the reporting to provide improved control around cash, cashflow and segmentation
✓ created a defined multi-touchpoint team; strategic, tactical and operational owners at each level e.g. named owners at transactional processing, month-end close and board levels
✓ embedded finance team within the client team – face to face regular meetings and time on site
✓ re-engineered & optimised processes for efficiency
✓ implemented Eve (flinder bespoke RPA bot) to carry out routine/manual tasks

new processes & pushing technology

we developed integrations from the core applications (CIN7 & Xero) in place into our own reporting layer so we could provide real-time reporting on financial and operational data; we mashed this data for daily KPI reporting; including average transaction value, conversion rates, traffic, sales etc. – all segmented by categories. we also designed, developed and deployed automation through our use of robotics process automation.

read in detail
aligned management information reporting to the business strategy and objectives
integrated with the primary operational application (CIN7) to deliver real-time reporting dashboards on operational data
designed and built real-time business-wide dashboards using mashed data for daily KPI reporting; including average transaction value, conversion rates, traffic, sales etc. – all segmented by categories
provide a monthly executive summary report with management accounts – business and financial rationale
developed automated daily emails with prior day revenues (using ‘Eve’ – our bespoke RPA bot)

“I would sum up working with flinder as being an absolute pleasure, they are the best accounting firm I have ever worked with!

Mark Henderson, Founder & Chairman – The New Craftsmen

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