- The Challenge
A leading retail company was facing significant challenges within the business following personnel changes in the finance team, which resulted in delays to their year-end submissions.
This delay put the company at risk of legal penalties and affected the confidence of both stakeholders and the board. They required immediate expert intervention to manage the backlog and streamline their accounting processes.
- The Solution
Oakwood Resources deployed a project team of interim managers to address the company's urgent needs and future-proof the business. The interim managers worked closely with the existing finance team to resolve the backlog issues and implement several processes and controls to prevent a repeat of the issue.
- The Outcome
1. Conducted a thorough audit to identify and rectify discrepancies.
2. Implemented robust accounting processes to prevent future delays.
3. Trained the in-house finance team to enhance their skills and ensure compliance with financial regulations.
4. Knowledge transfer between the project team and the existing finance team.
The interim managers successfully cleared the backlog, ensuring that the delayed year-end submissions were submitted. The new processes reduced the risk of future delays and improved overall financial management within the business. As a result, the company regained both stakeholder and board confidence whilst also avoiding legal penalties.
- Client Testimonial
"The expertise and swift action provided by Oakwood was instrumental in navigating our financial crisis. The interim managers that they provided resolved our immediate issues and set us on a path to future success. The collaboration between our team and the interims was seamless and highly effective.” - Chief Financial Officer
Are you looking for a consulting solution which combines hands-on expertise with strategic framework delivery?
Get in touch with our team to find out more.
info@oakwoodresources.co.uk
0203 0069603 | 01908 030200
