Professional service firms face many of the same challenges as other businesses, but there are often issues that re-occur and are common across professional service firms.
Areas that we help with are:
Firms do not track time efficiently, which leads to:
-Missing billable hours.
-No understanding of the true utilisation of the team
-No understanding of the true time spent on a project to determine if the ‘fixed price’ is actually profitable.
The reality is that many professional service firms are poor at project accounting and understanding the true profitability of each job. Frequently projects are not as profitable as business owners would like. Project overruns, scope creep, and poor time tracking can all lead to projects being less profitable but without the tools to track and monitor performance there is little chance of improvement.
Unfortunately many professional service companies suffer from poor cash management, we see good firms being caught out by VAT returns and corporation tax payments and struggling to provide adequate working capital. We work with these firms to put in place cashflow forecasting and cash management systems to help manage this. We help with activities like automating billing, making use of direct debits, automating payments and improving credit control.
Whatever the size of your business Your Finance Team can help you meet your financial management needs, achieve long term goals, and plan for succession.
Our expertise covers the full range of professional services and our clients currently include:
- Financial Consultancies
- Business Coaching
- Legal Services
…and what they say.
We strive to give our clients an excellent service
“I approached Mark recently to ask his advice on how to support my small business growth and improve the current Accounting operations. He has provided some excellent help and support, including a very comprehensive training session to show us how to use cloud accountancy software Xero to improve our productivity and reporting. It will make my life much easier. Thank you.”
Kemp Marketing Ltd
“Mark Randall and Your Finance Team assisted The Sheriffs Office in a major financial transaction. We found him to be professional, knowledgeable and proactive in his approach which is something often lacking with Accountants and financial advisors. We would highly recommend his services and will continue to use him going forward.”
CEO, The Sheriffs Office
“I cannot recommend Your Finance Team highly enough. Mark and his team constantly go above and beyond for my freelance business, and are so helpful and easy to deal with. They’re hugely conscientious, with forensic attention to detail and a phenomenal work ethic; hiring Your Finance Team is the best decision I’ve ever made as a freelancer. If you’re thinking about getting a new accountant, it’s a no-brainer.”
“Mark is an expert in his field and a fantastic communicator. He has provided wise guidance and excellent advice during the time that we have worked together.”
MD, create. Select Ltd
“Your Finance Team are professional, informative and friendly, they also offered flexibility and a willingness to work in a way that suited my business.”
Director, Jeffcoate and Co
“The friendly and approachable manner of all the team at YFT makes running my business smoother. Knowing they are there for support and advice gives me peace of mind.”
Director, Forefront Professionals
“Moving to Your Finance Team was an excellent decision for our company. Mark spent time on understanding our business and quickly developed a clear knowledge of the details. YFT has provided clear advice for us on all large and small issues where we have needed guidance. YFT is reliable, offers a high quality service and Mark goes above and beyond to ensure we have the support we need. I’ve been extremely grateful for Mark’s patience and expertise.”
Head Speech & Language Therapist, ClarkSLT
“YFT have been our accountants for 4 years. We have been really happy with the support they provide with a professional but personal touch. Knowing they are on hand for any issues that arise means we can focus on running our business and leave the technical side to them.”
Director - Resolution NDT
“Your Finance Team assisted in the setting up of our new business in 2016. The advice and support provided during this complex and sometimes stressful period, proved to be invaluable. Your Finance Team have continued to support us since by acting as our FD, providing board level services, management information and full financial compliance for our business. I’m relieved to know that our finances are in safe hands.”
Director - Newland Development Services Ltd
“I’ve been really pleased with the way YFT have helped and guided me through accounting, Tax and VAT payments. I think your quick response time for queries is just what you need when it’s all going wrong! I’ve also used their services to evaluate a prospective company purchase. I was happy with the informative way I was guided through the process by Mark, which answered a lot of my questions. I’ve always been really happy with their service.”
Director - Absolute NDT Solutions Ltd
“Moving to Your Finance Team was one of the best decisions we have made. We now have a greater understanding of our accounts, feel better equipped for making business critical decisions and enjoy access to a team of highly skilled and incredibly approachable individuals.”
Director - Empire Tiling
“I recently moved my accounting over to Your Finance Team. The level of service I have received has been exemplary. They offer excellent advise and provide a comprehensive service. The friendly staff were more than happy to discuss my accounts and guide me when required. I will be continue to use Your Finance Team in the future, and am relieved to have found a professional, reliable and friendly company I can trust to manage my accounts.