Testimonials

Paul Worsnip, Lexis Nexis

“FD Centre’s insight and understanding of our business provided us with the capacity to outsource a ‘business development opportunity’ whilst continuing to focus on internal priorities, at a particularly pressurised period of the financial year.

FD Centre were able to integrate their work on this project, with internal resources to deliver a report containing high quality, insightful findings which exceeded our expectations and delivered a significant cost saving in terms of scope objectives.

There is a fine line between organisational effectiveness and cost reduction as this could be damaging to the organisation in the long run. The FD Centre’s independent approach encouraged company-wide participation and assisted us in adopting pro-active position for reporting these initiatives to key stakeholders.”

Paul Worsnip, Lexis Nexis

Our client Lexis Nexis is a provider of content-enabled workflow solutions to professionals in law firms, corporations, government, law enforcement, tax, accounting, academic institutions and risk and compliance assessment.
We were called in to undertake a company-wide review of their cost structures and identify opportunities for cost reductions within the organization over the next 12 months.

In all, 74 new ideas that require planning & implementation are being investigated and 6 ideas have the potential to deliver savings of over R 1,1 million in the next 12 months. A further 14 ideas are considered as having high potential for savings in the next 12 months but will require additional work to assess and implement.

Effective cost management is a critical component of achieving financial success. There is a fine line between organisational effectiveness and cost reductions which may be damaging to the organisation in the long run. The independent approach encouraged organisation wide participation and assisted us in adopting a pro-active position reporting these initiatives to key stakeholders. FD centre provided us with an outsourced Executive perspective in prioritising the ideas generated and clarity in decision making relating to implementation of the ideas generated.

In another instance we were called in to undertake an investigation into the sales commission and royalty system to confirm compliance with policies & procedures. We completed the requested investigation and reported on all findings within the timeframes required.

FD Centre were engaged at short notice following a matter which called for direct FD attention whilst conflicting with internal bandwidth and priorities. It was comforting to know that resources were on hand to respond to the request whilst allowing the Executive time to continue to run the business. The flexibility in reporting and frequent realignment of work plans added to the quality of work delivered, at a fee which accommodated our non-operating budget constraints.
We have also been closely involved in the Assessment & Selection of an e-Learning Authoring / Course Development Tool and Learner Management System
We completed the assessment and made the selection, submitted and presented a report-back to the Executive Committee.

One of the biggest challenges we face as a business is the level of expectation placed by key stakeholders on Executive bandwidth and the need to balance day-to-day strategic and operational priorities against new opportunities and initiatives which require investigation and review. FD Centre’s insight and understanding of our business provided us with the capacity to outsource the business development opportunity whilst continuing to focus on internal priorities at a particularly pressurised period of the financial year. FD Centre were able to integrate their work.

ICR Electrical

Craig McBain
Non-Executive Chairman

What does your company do?

ICR Electrical, one of the largest electrical service organisations in South Africa, prides itself on its extensive expertise covering all aspects of the electrical construction industry.

What prompted you to take on the services of the FD Centre?

I approached the FD Centre in June 2011 to help us stabilise the accounting functions of ICR in light of the imminent departure of the company’s chief financial officer. During this time the company was facing significant structural and cash flow challenges and was busy with the financial year-end audit.

Has having FD Centre on board specifically benefited your business?

The team provided by the FD Centre, Mike Jordan and Yolande Jansen with the support from the Regional Director, provided stability to the company from the first day. They reacted swiftly to our needs and displayed significant awareness and understanding of the challenges the company faced. Once stability was achieved the FD Centre team implemented further improvements to the financial and executive team functioning of the company.

Mike and Yolande’s ability to deliver tangible improvements in a challenging and pressured environment has significantly contributed to the company’s success in the second half of 2012.

Michaelhouse

Damien Rautenbach
Bursar

Michaelhouse is a senior boys’ private boarding school in the Kwazulu-Natal midlands. Distributions from the well-administered Michaelhouse Bursary Endowment Trust provide bursaries and scholarships to at least one third of all learners at the school, allowing a diverse range of boys to benefit from a Michaelhouse education.
In 2014 I took up the position of Bursar from the previous incumbent of 17 years. Besides the school’s main accounts, there are three Trusts that require significant administration and investment management. I wanted to update the accounting system to streamline the investment reporting and also enable improved outputs such as interim financial statements.

In 2015 I approached the FD Centre to assist with these tasks and also to complete our 2014 year-end financials. They appointed Lana Scott-Robertson to help us. Besides wrapping up the year-end reports, Lana developed a new financial accounting model with superior functionality that enables regular reporting and administrative transparency. These features are very important for the Board of Trustees to fulfill their duties.

Thanks to Lana’s intervention the school is now in a robust position to manage its funding with greater flexibility. Our association with the FD Centre will continue as we review future requirements.

It might be generally considered that only businesses, not schools, need the sophisticated offering provided by the FD Centre, but any school’s accounting management system could benefit from the FD Centre’s professional service. I would not hesitate to recommend the FD Centre to any school or organisation needing external support.

Kokstad Medical Admin Trust

Dr Brett Craig
CEO

What does your company do?
The Kokstad Medical Admin Trust is a medical practice supported by a trust that provides administrative support services, and tied into this is a majority shareholding in Kokstad Private Hospital. I am also the CEO of a second business, a hotel.

What prompted you to take on an FD Centre FD?
When we took on the services of the FD Centre we were experiencing massive growth on the medical side, and large losses as big capital investments were being made in the hotel.
Our immediate need was for robust systems and controls, up to date, accurate and reliable monthly management accounts, and help with managing the delicate transition from a partnership to a business with a profit motive.

How has having an FD Centre FD specifically benefited your business?
Rob Craig from the FD Centre used his skills as a chartered accountant to introduce a sustainable monthly business process that gives us timeous and reliable management accounts. The FD Centre also introduced us to one of their distribution partners who has played a constructive role in the change management aspect of our evolution, particularly at board level.

With the basics in place, the focus is now on cash management, enhancing profitability in order to enhance value, and developing and implementing strategic and business plans. Wayne Jaggard, who replaced Rob at the beginning of 2013, is providing valuable input into the current high level and strategic finance requirements.

The FD Centre has moved us into a different league from an accounting perspective. We now have a financial roadmap whereas before we were thrashing around in a bookkeeping mess.

How has the arrangement benefited you personally in your role as director?
The intervention from the FD Centre has elevated me from being involved in the day to day business processes and dealing with internal and external accountants. I am able to negotiate the challenges of dealing with professional partners more confidently as the figures, projections and accounting logic are in place.

RTT Group

Dr Iain Barton
CEO

The FD Centre played an integral role in helping us create two of the most exciting black empowerment enterprises in their fields. Safeea Rahiman worked tirelessy to pull all the relevant stakeholders together, tie up loose ends and facilitate closure of these transactions.

Richard Levine: Managing Director, Executive Solutions

Executive Solutions is an ICT system integrator and service provider.
We learnt about the FD Centre through LinkedIn, and started using their services in August 2016 to help with our financial management and reporting. John Kinghorn was assigned to our company for two days a month to develop the necessary reports and dashboards that would enable us to keep a close eye on the financial pulse of our business.
John formalised the financial management of the business, and provided monthly financial reviews which are invaluable. We now have an accurate understanding of the financial position of the business at all times.
A part-time FD is an excellent option for us. For a company the size of ours, a full-time FD is typically too expensive and could also find themselves underutilised at times. We are currently looking at a one-to two-year engagement with the FD Centre, and thereafter as and when required.