Founded by Geoff Maclauchlan, Kingsmere Finance Directors, has been successfully delivering outsourced Finance Director support to a wide range of growing businesses for nearly 10 years.
Fulfilling Kingsmere’s own growth ambitions and in response to businesses’ growing awareness of the need for financial discipline, Geoff has joined forces with other established FDs to expand the expert team.
Kingsmere’s evolution
Geoff is an experienced senior Finance Director (FD) with a proven track record of delivering pragmatic and practical support to businesses in a wide range of sectors, of varying sizes and stages of maturity – from startups to corporates. Kingsmere provides high-level strategic financial and operational planning and management guidance, enabling businesses to increase their financial stability, efficiency, and profitability.
Increasing demand from businesses for an outsourced, part time or ‘fractional’ FD resource prompted Geoff to build the Kingsmere team by introducing four additional FDs. As well as expanding capacity and scope for clients, the team provides a greater resource for banks, accountants, lawyers and other professional advisers to access when signposting businesses.
Geoff said: “The increase in demand for more financial discipline, in part, comes from a push by banks and business lenders to have more robust internal control of their management information. Businesses also realise that the world they are operating in is constantly changing and having an ongoing picture of their financial health is preferable to a set of accounts six months after year-end.”
What does an outsourced FD bring to the table?
While businesses are increasingly looking to understand their financial situation more deeply, not every business has the need or resources to employ a full-time, in-house FD – Kingsmere fills the gap through the flexibility of a consultancy relationship, working either on specific projects or on an ongoing basis – as much or as little as the business needs.
Each business is unique, with a varying understanding of ‘the numbers’; some know where they are and want reassurance, a safe pair of hands to confirm that they’re in the right place, be it relating to cash flow forecasting or management accounts. Those more unsure about the financials may need more support, including confidence that their accounts give an accurate picture.
Sharing their experience and expertise, FDs focus on where the business is today and where it is going in the future through commercial analysis, awareness of the wider business environment, and also often acting as a sounding board for the CEO or MD. The combination of accounting platforms such as Sage or Xero, with a solid lower-level finance or accounting resource and the help of an FD a few days a week or month, can save businesses a considerable amount.
What if I already have an accountant?
Most businesses need an accountant to deal with compliance and tax. An FD complements and supplements an existing accounting resource with a more senior skill set, looking at the wider financial health of the business, for example through forecasting or by producing more meaningful management accounts. The relationship between a part time FD and the business’ accountant is mutually supportive and beneficial.
Introducing the Kingsmere FD team
With four additional experienced FDs, Kingsmere clients have access to a vast breadth of expertise across a wide range of sectors. The line-up for the new look Kingsmere features Geoff Maclauchlan, Bob Evans, Harriet King, Steven Jones, and Alister Brown, all of whom bring impressive track records and client portfolios with them. The team will also be supported internally by Finance Manager, Nina Evans.
Kingsmere’s collective expertise and experience means that when engaged, clients will benefit from an FD hitting the ground running. Following an initial no obligation discussion, support can start immediately, and any issues – such as incomplete management information, VAT problems, cashflow, and funding needs – tackled head-on.
Financial challenges for businesses
The economic uncertainties caused by inflation, interest rates and fixed-rate mortgages ending are at the forefront of most businesses’ minds as consumers look to curb spending. While some businesses are weathering the storm well, many are finding it challenging, and in turn exploring funding options. “That’s why we work closely with the best finance brokers,” commented Geoff, “to see whether there is a way through the minefield to give businesses the support they need to continue their operation or explore opportunities that market fluctuations can offer.”
“My main tip to businesses,” Geoff continued, “is to ensure that your financial information is completely up to date and accurate. The sooner you identify any issues, the more chance you’ve got to be able to do something about it. It gives you the opportunity to talk to banks, lenders, turnaround specialists or insolvency practitioners, experts who can provide potential solutions to the problem”.
Kingsmere’s Future
Continued growth – of clients and headcount – is the goal for the Kingsmere team: “We are all of the mindset that we don’t want full-time engagement with one particular client,” comments Geoff, “We like the variety and positive impact we make when working with several different businesses. We are keen to build on this tried and tested model where our clients can be reassured that we’ll be there for them in the longer term.”
Kingsmere is on the lookout for like-minded FDs seeking a flexible, varied and impactful working life, as well as more junior support roles for activities such as management account production and bookkeeping. For more information visit www.kfdl.co.uk