The Impact Advantage Ltd
“The Smart Finance Team has been a game-changer for my business in terms of grant management, formalizing financial processes and creating financial forecasts. Their expertise, dedication, and support have helped me create a strong financial foundation for the next stages of growth”
Introduction
Jimmy Cockerton’s testimonial captures his journey with The Smart Finance Team, a leading fractional finance team, from sharing his early-stage challenges and to the critical support he received with grant funding, claims and financial management.
What was the key trigger which made you reach out to The Smart Team?
I faced several challenges in the early stages of my business, as do all entrepreneurs, and I’d got to the stage where I knew I needed to formalize things a bit better. If I’m honest I was also conscious that if I didn’t get help soon, I would be creating quite a mess which I could see would only get worse!
The VAT was driving me up the wall, and I needed someone who could pick it all up and sort it out.
I also needed financial forecasts in the “proper” format for investors and grant applications. I’d worked with a few other accountants in a light touch way and hadn’t been impressed. I didn’t want to be told what was wrong with the financial plans, I wanted help to get them fixed!
How has the team helped you?
I have Janet, Sarah and Caroline on my team, and the balance of skills they each bring is a great fit.
This fractional finance team gives me access to a part time FD, a Finance Manager and Grant Manager as well as payroll support when it’s needed.
The biggest thing for me is that I get this all in one place, and the grant stuff really makes a difference in my case. I think this is a unique offering and I now know I don’t need to worry about anything.
What was your experience like when you first started working with us?
The onboarding was smooth, and the team took the time to understand my business. We slowly ramped things up, one step at a time. I do remember the team telling me all the things I needed to do for compliance, and that can be overwhelming sometimes. If I were to do it again, it would be great to have more guidance on the level of urgency and importance on some of these things. When you have limited time, you need to prioritize the things which will keep your business alive as well as what you need to do for HMRC, and it isn’t easy!
What’s the biggest impact the Smart Finance Team has had?
The grant support has been exceptional. From helping with the financial forecasts to ensuring the claims went smoothly. In fact, I’d definitely say that getting the first 2 payments within 2 weeks of the period end was critical for our cash flow, subsequently ensuring we were able to deliver, and grow our business.
That was huge for us, absolutely brilliant.
I’m also very much on top of the numbers. I have it all in my head, but there were a couple of times where I had miscalculated, so having that second set of eyes has been important.
The key figures for me are the monthly burn rate, the operational cashflow and our break-even point.
Is there any other feedback you’d like to give?
What you do for us right now is perfect. We don’t really need the full CFO services at the moment, but the fact that you have got all the different resources in the team, so no matter what I break or what the problem is, your gonna be able to fix it.
I’ve never had a good experience working with a standard accountant, until I worked with you guys. I think they are just there to process documents and prepare the accounts, so having that financial management support as well as the compliance has been refreshing.
What 3 words would you use to describe the team?
Reactive…what I mean is you never leave me hanging, you’re quick to respond…. A better word would be
Responsive,
Very capable as well. I know that if there’s a problem, you’ve got someone who knows exactly what to do.
So Capable or Professional…
And finally Patient…I can imagine that working with me might not always have been fun! So, you are definitely very patient 😊
