In the time I’ve worked with Nordens they’ve been nothing but fantastic. They’ve not just developed our company, our law firm, but they’ve understood our SRA rules, and they have helped us with our client accounts, and business accounts. They’ve given us the infrastructure to actually grow our company, and to work internationally around Europe and elsewhere around the world. It’s been a fantastic experience, and I look forward to continuing working with Nordens for a long time in the future.
Oracle Solicitors
Background:
Oracle Solicitors, a reputable legal firm, recognised the importance of focusing on their core legal work without the burden of managing intricate financial processes. In their pursuit of efficiency, compliance, and seamless financial management, Oracle Solicitors turned to Nordens for Cloud Accounting, Outsourced Finance Department, Advisory, SRA Audit, and General Compliance services.
The Brief:
Solicitors, by nature, are deeply immersed in their legal work, leaving limited time and attention for financial management.
Oracle Solicitors, like many in their field, needed a reliable partner to handle the intricacies of their unique financial systems, whilst ensuring compliance with legal accounting standards. They also needed a team to manage the crucial Solicitors Regulation Authority (SRA) audits.
The challenge was to find a solution that allowed the legal team to focus solely on their legal expertise, and to build a system that would be robust enough for their global expansion.
We implemented a Cloud Accounting system for Oracle Solicitors, streamlining their processes. By developing their app-stack further, Nordens provided the team with real-time access to financial data, ensuring transparency and efficiency in financial management internationally. The cloud accounting solution simplified payments, invoicing, expense tracking, and financial reporting, allowing Oracle Solicitors to have a clear overview of their financial health and to continue their rapid growth.
It’s been a fantastic experience, and I look forward to continuing working with Nordens for a long time in the future.
Solutions:
One of the critical components of our services for Oracle Solicitors was managing the Solicitors Regulation Authority (SRA) audits.
We ensured that Oracle Solicitors complied with the rigorous SRA regulations, conducting thorough audits to validate the firm’s financial practices. This meticulous approach not only ensured compliance but also provided Oracle Solicitors with the confidence that their financial operations met the stringent standards of the legal industry.
Recognising the need for comprehensive compliance management, we provided Oracle Solicitors with general compliance services. This included adherence to accounting standards, tax compliance, and regulatory requirements.
We took on the responsibility of staying abreast of ever-changing legal accounting regulations, allowing Oracle Solicitors to focus on their legal practice with the assurance that their financial operations were in compliance with industry standards.
For the past 5 years, we have been acting as their Virtual Finance department (VFD), supporting the in-house Financial Controller with:
- Preparing annual budgets & monthly accounts.
- Delivering crucial financial insight and critique business performance in a monthly meeting.
- Proccessing all payments globally.
- Reporting on profits in all departments, externally reporting on key financial RTI (Real Time Information) which not only adds value but also provides a holistic, 360-degree view of the business from a neutral perspective.
- Dealing with tax planning.
- Implementing a suitable, accessible, and high-quality accounting system.
- Creating financial strategies to support their rapid international growth.
- Notifying of any updates as well as always being there as a support system.
Results:
Since carrying out the VFD service for Oracle, the professional services firm have grown exponentially with the opening of new markets across many different countries over a short amount of time.
The funding required to achieve this has been self-generative, meaning one project has essentially funded the next project.
We regularly scrutinise and report on figures from different projects separately, helping to break down the finances compartmentally to achieve this feat. This in turn helps to keep an overall track of proceedings and potential growth movements. Because of this, we have naturally aligned ourselves with all their financial partners including banks, suppliers, and lenders. This seamlessly creates a fluid system whereby processes are prepared, executed, and recorded using maximum efficiency and clear communication.
Since taking over as the company’s VFD, the company grew by a staggering 5100% in the space of a year, conquering new markets and winning huge contracts with the constant assistance and support of our VFD. Combining our VFD service with also our Cloud and Strategic departments has proved a winning formula, allowing our input to advance and cultivate itself to increase the support involved. This has allowed us to curate scenario planning, in-depth forecasting, and even exit strategies which provides accountability during the growth process.
Hollie Watson, who heads up our Cloud department, believes, “Our Cloud department works with clients and their internal teams to put the systems and processes needed in place. This is to get the figures produced in a timely manner through daily processing, with as much automation as possible. Without the strategic team stepping in to take it to the next level, what would be the meaning behind those numbers? Having those experienced strategic advisors working as part of the VFD, and using those numbers my team produce, allows our clients to really visualise the future of their business and drive it in the right direction. This is where a VFD can be used to seriously exact purposeful growth and change.”
By entrusting Nordens as their VFD, and with their Cloud Accounting and general compliance, Oracle Solicitors were able to reclaim valuable time and focus. The Oracle team are now confident in the knowledge that as they scale, they have the robust systems in place to support them without worry.
The partnership between Oracle Solicitors and Nordens exemplifies the seamless integration of financial expertise, compliance management, and legal practice.
If there’s anything mentioned, or you’re looking to acquire a Virtual FD in your business, then please do not hesitate to get in contact with us at Nordens where one of our trusted advisors would be happy talking you through your query.
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