How French Duncan brought financial visibility, leading to new market opportunities...
Silver Cloud is an independent IT and telecoms specialist, based in Glasgow. Founded in 2014, they have grown rapidly: they now have over 30 staff and a turnover of about £5m.
They provide a complete ‘end-to-end’ service for their clients: assessing their needs, putting together a mix of products and services that precisely meet those requirements, setting everything up, and then providing training and on-going support.
Recently they have been seeing huge interest in their home working solutions. Which help organisations adapt to the new ways of working with ease. Their solutions help keep the business culture alive whilst delivering multiple layers of communication both internally & externally. You can find out more at www.silvercloudltd.com.
What we did
In 2018 Silver Cloud had realised that with a growing client base they needed to mature and grow as a business, and recognised that their financial systems and processes were not where they should be. To understand the true growth of the business, and the opportunities that lay ahead, the Board and Directors required better insight into the financial situation of the business on a regular basis.
French Duncan was engaged initially to provide compliance and payroll services, but we also agreed to undertake a comprehensive system and process review to identify critical financial processes, associated risks and recommendations for improvement. This review found that there was too much reliance on spreadsheets and manual processes, which themselves consumed limited people hours without delivering insights to the management team.
We provided Silver Cloud with honest feedback, and recommended easily actionable changes that should be made to systems and people. We assisted in the implementation of a cloud-based accounting system with an integrated CRM system, critical to the future growth of the business. We also worked closely with the CEO and finance team to deliver management accounts over a 6 month period whilst the search and selection of a new Finance Director was undertaken.
Overall, French Duncan helped streamline processes and systems for the firm, giving a strong foundation for the new Finance Director to take on, and providing management efficient and reliable financial information on which they could base decisions.
Impact we had
French Duncan’s involvement with Silver Cloud has greatly increased the visibility that the management team now has to the overall finances of the business. This visibility has given the team confidence to venture into new markets, such as the supply and installation of thermal imaging cameras to businesses. This is now seen as a key area of growth for the businesses as in a post-Coronavirus world, employers will have to increase protection of their people, customers and suppliers on site.
"The team at French Duncan have provided a step-change in our financial systems and process, which now delivers critical metrics to the Management team on which we can base our decision. This gave us the visibility and confidence to enter a new market, the supply and installation of thermal imaging cameras, which we now see as a key area of growth in the months and years ahead.”
Tony Quinn, CEO, Silver Cloud