In our latest case study, we interview Dan Cohen, Founder of CX Energy, about the company’s need for an Outsourced Finance Department, their decision to partner with Finance with Flow, and the impact it has had on the business.
Company Background
In 2023 we were acquired by RSK which included an onerous due diligence financial process, enlightening us to the need to ensure that we had strong management of all of our finances, covering everything from high level corporate reporting, monthly management accounts, cashflow management right through to strategic support and planning.
We were recommended Finance with Flow, and although we could have opted to proceed with RSK’s head office finance department, we moved forward with Finance with Flow due to the friendly and approachable team and wanting to maintain the SME feel of the company.
Finance with Flow showed themselves as an experienced and knowledgeable team with a vast experience of reporting for larger corporate companies, however, could apply all of that to SME’s. They have become our trusted partner.
Onboarding Process
The onboarding process with Finance with Flow was a seamless transition. Our first contact was over a consultation call to discuss the company’s needs. Finance with Flow then came to visit us at our offices to understand the company goals and ethos to help tailor the package which would be best suited to us.
Once Finance with Flow had got to know the company and the team, we then provided them with access to all our systems which included gaining access to the bank, HMRC, and all other systems allowing Finance with Flow to review all current processes and then implement controls and systems to ensure that they were robust.
The integration was such a smooth transition, it felt like Finance with Flow were always part of the team.
Service and Communication
The Finance with Flow team has been outstanding in delivering a bespoke plan for CX Energy and have become an extension of the team. Their expertise, responsiveness and attention to detail have made a significant positive impact on our business and has shown in the growth made over the past couple of years. We truly appreciate their professionalism and ability to streamline our financial operations.
Our expectations of Finance with Flow have been exceeded by them becoming an extension of our team at CX Energy. The connection between the people and working well as a team is really unique to what others provide.
Finance with Flow have slotted in seamlessly to our team.
The communication with the team has been excellent on every level. All members from both CX Energy and Finance with Flow teams are always in constant communication and will happily pick up the phone to discuss any concerns that may arise, from urgent payments required to be made which could potentially stop a site – through to advisory and planning calls.
The team have grown to know each other on a personal level making the working bond even stronger.
Expertise and Support
Finance with Flow have been incredibly knowledgeable and supportive of CX Energy, the whole team and support our plans of growth. They are also happy to deal directly with the suppliers which not only speeds up the process, but means that no conversations are diluted, any questions asked from the suppliers can be responded to and dealt with immediately, which is also really reassuring for our clients. The whole process is much more efficient and eliminates stress for all parties.
Finance with Flow have a strong knowledge around WIP accounting, project costing and implementing the correct systems to improve the processes for enabling this to happen.
Finance with Flow implemented project costing early on, which we are now reaping the rewards of. Its easy to think when there are a handful of projects that project costing is overkill, but now we have tripled our revenue, we see the benefits of that systemisation.
We have also found that Finance with Flow has been a great support in liaising between RSK and ourselves. They are very knowledgeable regards regulations, compliance and use of terminology and the rules of practice that is discussed with an investor.
This took a big weight off our shoulders as Finance with Flow dealt with it all.
Impact on business
CX Energy has grown significantly over the past couple of years, and Finance with Flow has enabled us to gain a greater understanding of our projects from a financial perspective and to really investigate the detail. Therefore, allowing us to have more of a focus on the growth of the business as opposed to operating blind.
The stress was immediately lifted once we started working with Finance with Flow. We have all of the benefits of having an in-house team. However, we have all different levels of experience with Finance with Flow, this we wouldn’t be able to do if we employed each individual permanently with CX Energy.
Challenges
There has been one challenge on this journey, and that was being required to migrate from Xero, due to RSK acquiring us, and moving across to a full ERP system.
This task was daunting and as a company we needed to shift our mindset, however Finance with Flow guided us through and supported us during this transition which included all the migration work, support on how to use the systems and we still have ongoing support till this day.
Since we have been working on the new systems, we have realised that we have a better quality of data and controls.
Satisfaction
We would happily recommend Finance with Flow! The whole team have really made the whole experience less daunting, less stressful and we have felt supported by the guidance provided by Finance with Flow.
Our trust and friendship has grown since working together and I am looking forward to this continuing working relationship to help our business thrive!
Specific Outcomes
As daunting as it initially seemed, the system migration turned out to be a silver lining. The new systems allowed for project costing to be implemented meaning that duplicate payments were found and recovered. Our systems are now very robust.
We have had a very positive outcome on our financial reporting, compliance and strategic planning since working with Finance with Flow.
This has been down to being able to be very agile in terms of decisions making due to the robust financial data and quick responses from the team with scenario planning.
Non-compliance issues have not been an issue since Finance with Flow have been on board due to their knowledge in this field.
Lastly, we have found that Finance with Flow have very positive investor relations. They have had informative and proactive conversations with the investors allowing Finance with Flow to look over the numbers to improve.
How can we support you?
Contact us today on undercontrol@financewithflow.com or 01206 326620 and let’s discuss your needs. We can shape your success together!
Visit our website to find out more about our services and packages – www.financewithflow.com/packages
Looking for advice in electric and solar?
CX Energy is the smart Engineering, Procurement, Construction and Management provider in the renewable energy and sustainability sectors. They specialise and help organisations on their path to net zero.
The team within CX Energy have been instrumental in the drive towards net zero in the UK and across Europe, and have successfully developed, tendered, constructed and connected over 1.5GW of renewable and sustainable energy.
Whether you are looking to buy an electric vehicle and are looking for information on a private charging installation or you want to supply solar energy to your child’s primary school, get in touch to see how you can work together.
To find out more about the services that they offer, visit their website on https://cx-energy.co.uk/
Or contact them via https://cx-energy.co.uk/contact-us/ or call 0800 669 6213 to speak to a representative.
