Why your business probably doesn’t need a finance department

Why your business probably doesn’t need a finance department

Most rapid-growth startups and many high-growth SMEs don’t need a full finance team.

When you’re trying to scale a business efficiently, remaining lean and agile is key – so every salaried member of staff needs to be essential to everyday operations. And the truth for many companies is that finance departments just aren’t an essential day-in, day-out function for every day of the month.

It can feel ambitious and strategic to hire internally for a Head of Finance, a Finance Director, or even an entire department in-house. But in real...

How overcomplicating your finances is killing your decision-making

How overcomplicating your finances is killing your decision-making

Many growing SMEs face a common challenge: overcomplicated finances.

They have a tendency to make the numbers a scary, sacred thing – rarely sharing them outside of boardroom contexts. And whilst, yes, it does require nuance and knowledge to understand why debt might not be bad, or why soaring profits might cause problems – a wider understanding of the basics of finances is vital to getting all of your people to pull in the same direction.

The case for simplification

For us – ‘dumbing down’ the numbers is good for growth, becau...

Stabilising and Expanding a Professional Services Business Following Rapid Growth

AI Digital engaged GMT for management accounts reporting to help them manage their business after a period of rapid revenue growth. After helping AI Digital create strategy to sustainably maintain their revenue growth, GMT expanded their partnership to provide a full financial overview of their business. They partner with key department stakeholders to make them shine in their individual roles and continue to grow the company. GMT’s primary services include management accounts reporting, client contribution analysis, payroll, and financial administration services.

What Does the Autumn Budget Statement Mean for Businesses & their Employees?

Chancellor Jeremy Hunt released the Autumn Budget Statement on the 17th of November. The Autumn Budget Statement affects SMEs in a big way. Here is everything small business owners and its employees need to know about the Autumn Budget Statement.

National Living Wage Increase

The Autumn Budget Statement has announced a “substantial boost” to the national living wage. From April 2023, the national living wage will increase to £10.42 per hour. This change will be applied to employees over the age of 23.

What this means for Employers

Increasing the National Living Wage is a good thing for i...

Can Outsourcing Mitigate the Risks of Inflation For Your Company?

As the UK is despairing over the latest rise in inflation, the conversation has understandably been focused on how the cost of living increases will affect everyday people. This is an important conversation to have, and companies should be aware of the struggles that their employees and consumers are facing. Inflation also affects businesses, and mitigating the risks of inflation on your company will allow you to continue to provide jobs as well as your product or service for your clients.

How Will Inflation Increases Affect UK Businesses?

The most obvious answer is that consumers are pinch...

Improve Processes to Save Money and Increase Efficiency

4 simple business process improvements that will increase your output and save money. Learn how to evaluate your business processes to make them more effective.

The Benefits of a Finance Department

Ever wondered what a finance department does and why you need one for your business? We’ll explain how a finance department contributes to your bottom line.

How Comprehensive Cashflow Management Allowed a Construction Company to Grow During the Covid-19 Pandemic

High-end residential developer Higginsongrey has quadrupled their business in the last 5 years, even though the Covid-19 pandemic was one of the most challenging times for the construction industry. Financial services offered by GMT have allowed them to monitor their cash flow and allocate their financial resources in a way that supports short and long-term business goals.

4 Reasons Your New Business Needs an Exit Strategy

You can be forgiven for thinking that you don’t need to create an exit strategy unless you’re thinking of selling your business in the next few years. But you’d be wrong. Business owners should start thinking of their exit strategy the moment they start their business and here are 4 reasons why.

The Benefits of Planning, Budgeting and Forecasting

On the surface, planning, budgeting, and forecasting may sound like three different ways of saying the same thing. But these are three different (though connected) critical business tasks. Failure to do any of the three can result in your business running out of cash.