Eu Referendum - what every finance director should be considering

EU Referendum - next steps for FD's

The following article takes a look at the EU Referendum decision and explores areas finance directors should be considering for their businesses.

Waking up this morning to the surprise announcement that the leave campaign had won took a bit of time to sink in. No matter whether you were in favour of remain or an advocate of leave, we have all now been a part of a historic decision. But with many questions to be answered it is an interesting time for the economy and for businesses.

Gary Simon of FSN had some great views to share on what every finance director should be preparing for their company:

“I consider that CFOs should be helping their board colleagues to do three things: (i) a risk assessment. Looking at currency, inflation, interest rate, country, employment and supply chain risk etc, depending on the character of the business. (ii) Scenario modelling looking at best/worst and median case probabilities (iii) talking to major customers, suppliers and other stakeholders to gauge their reaction”.

In terms of forecasting and putting together reporting if you are already using an accounting software with business intelligence then running projections should be relatively straightforward. However if you are noticing that your accounting software is being fairly restrictive then it is worth considering reviewing your current software and how you may be able to achieve more with an intuitive solution.

At Oakley we provide a free business review to discuss your current business processes and are always happy to provide non-committal demonstrations of our Sage 200 and Sage 300 accounting software solutions. If you would like to talk to one of our team please fill out our contact form here.