I joined the business as financial controller four years ago, a few months before we went through a merger. Private equity (PE) came into the business and I saw the merger through, driving the programme of financial transformation that came with it and being promoted to group FD along the way.
We sell fires and wood-burning stoves to the consumer market, so we get hit quite hard by seasonality. In the four months of winter each year we have double the revenue that we do in the summer months. This is a big challenge for us: it creates resource issues in terms of people and systems, and in managing cashflow. Accurate forecasting is therefore key. I enjoy that aspect – planning for off-seasons and in-seasons, but also improving processes that have a real impact across the business. Providing data to the directors enables us to make better decisions.
I was told I was the most trustworthy person in the business, which reflects my ACCA qualification
I was inspired to join ACCA when I joined a local accountancy practice. Others there were ACCA-qualified and I could see tangible value in having the qualification and the prestige it brings. It gives credibility to the work you do and sets you apart from the rest of the people in the field. The managing director recently told me I was the most trustworthy person in the business – I think that reflects my ACCA qualification.
The traditional role of finance being in the back office is changing. Finance functions need to be thought of more as strategic partners. We don’t necessarily have the same emotion that an entrepreneurial director might have, but we’ve got sound reasoning, backed up by numbers, and so we have the ability to make value-adding decisions and give real insight. Technology can support with this. We can use predictive analytics and scenario planning to give more information and support.
Technology is fully integrated into everything we do here. This includes collecting data in order to visualise margins and sales year on year, tracking against forecasts and budgets, highlighting trends, loss-making products, more profitable products, consumer habits, etc. It frees up capacity for analysis and for problem solving rather than us doing repetitive manual work.
Integrity is everything in our profession – people look up to you for that quality
There are three key skills you need today to be successful in finance. These are digital literacy, strategic thinking, and forecasting and being able to adapt to planning. This last skill has been particularly important in recent years. Covid, the energy crisis, inflation and the economic slowdown have meant that there hasn’t been a year that’s been the same as the year before. That has tested everybody’s ability to forecast. I have to provide forecasts for our PE partner, the bank and our directors, using different metrics for each. It’s difficult, but I’ve developed systems that can deal with that.
My advice to someone starting out in the profession is never to compromise your values. Integrity is everything in our profession – people look up to you for that quality. At the end of the day, it’s your name, reputation and qualification on the line, so protect it. Secondly, stay technologically up to date. Tech is there to help you and allow you to deliver a greater output, so keep learning and embrace change.
