Further Growth Milestone for Kingsmere Finance Directors

Geoff Maclauchlan founded Kingsmere Finance Directors nearly ten years ago in response to a growing need for businesses navigating the increasingly challenging commercial landscape to access outsourced Finance Director (FD) support. A collaboration of experienced industry FDs, Kingsmere provides high-level strategic financial and operational planning and management guidance, enabling businesses from startups to corporates to increase their financial stability, efficiency, and profitability.

Since founding Kingsmere and in line with the increasing awareness of the need for financial discipline, Geoff has been joined by Finance Manager, Nina Evans, together with fellow established FDs Bob Evans, Harriet King and Steven Jones.

Maintaining momentum

Prompted by further ongoing demand from businesses for outsourced, part time or ‘fractional’ FD expertise, the Kingsmere team has again expanded with the recent introduction of four additional FDs - Mike Elliot, Aly Henderson, Rob Jones and Stewart Renfrew, each bringing their own industry experience and expertise.

As well as expanding capacity and scope for clients, the extended team will provide a wider and valuable resource for banks, accountants, lawyers and other professional advisers to access when signposting businesses.

New starters

Commenting on the expanding team, Geoff said:

“The increased demand for financial rigour leading to Kingsmere’s continued growth has in part been driven by banks, lenders and investors who understandably want the reassurance of robust internal control of a business’ finances through clear and up to date management information. In a constantly evolving commercial world, it has become imperative that businesses have an ongoing and accurate picture of their financial health rather than just a set of accounts six months after year-end.”

Why do businesses need an outsourced FD?

Despite the relentless challenges all businesses face, even successful ones, not every business has the need or resources to employ a full-time, in-house FD. Through a pragmatic consultative approach, Kingsmere fills that gap, working either on specific projects or on an ongoing basis – for as much or as little as the business needs. This flexibility means the FD's input can be dialled up or down as required, for example preparing a business for sale, a funding round or in response to a downturn.

Each business and its owner/s are unique, some fully understand their 'numbers' and simply need reassurance or a ‘sounding board’ for the CEO/MD. Those more unsure about the financials may need more hands-on practical support, benefitting from an FD’s years of industry experience and ability to zero in on where the business is today and where it is going in the future.

Through day-to-day experience of working with businesses, the Kingsmere team has found that a combination of accounting platforms such as Sage or Xero, with a solid lower-level finance or accounting resource and the help of an FD over just a few days a week or month, can lead to considerable time and costs savings.

What if I already have an accountant?

Most company accountants deal with compliance and tax. An FD complements and supplements an existing accounting resource, deploying their expertise to examine the wider financial health of the business, for example through forecasting or by producing in depth management accounts. The relationship between a part time FD and the business’ accountant is therefore mutually supportive and beneficial.

At your side

Through Kingsmere’s collective expertise and experience clients 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.

Inflation, interest rates, fixed-rate mortgages ending and skills shortages are some of the many factors leading to economic uncertainty. For those businesses that are finding the climate challenging, Geoff advises:

“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. This gives you the opportunity to talk to banks, lenders, turnaround specialists or insolvency practitioners, experts who can provide potential solutions to the problem before it is too late.”

Kingsmere’s continued evolution

Commenting on the expanding team, Geoff said:

“As my colleagues and I have found when dealing with a wide range of businesses over the years, continued growth inevitably comes from meeting a genuine need for a valued product or service. That is exactly what has happened with Kingsmere – we have a developed a tried and tested support model for our clients. The team and I find the variety and positive impact we are making so rewarding with each of the businesses, owners and managers we work with.”

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. 

This article was featured in September's edition of Northern Insight.