• Allegedly both Serco and G4S complied with their purchase order terms and conditions when invoicing for ‘equipment’ that had yet to be ‘installed or deployed’. It means the UK Ministry of Justice just paid invoices per the PO terms and conditions too.

    Lesson learnt is that timing is everything as verification of installation and deployment of should have occurred before invoices were raised and payments made.



    Posted on: November 25, 2013 by: mardle0312


    MP Austin Mitchell revived his age-old reputation as the scourge of the accountancy profession by laying into PwC, Lloyds Bank and the ICAEW during a parliamentary debate on the receivership of a company in his constituency.

    re RBS today 25th November 2013 per Vince Cable



    Posted on: November 18, 2013 by: mardle0312

    ‘Cash is strategy, in that both are like the life blood of an organisation, as restriction or termination of either can be measured through cash metrics, as the organisation deteriorates, or hopefully, improves.’

    The statement above requires only three areas (levels) to be addressed within your organisation.

    The first level is whether you, as a ‘C’ level executive team, have a strategy regarding your financial supply chain? If so what does it look like?

    The second level is whether the organisation understands the Working Capital Management and Optimisation criteria? Is implementation a project or a programme of work? If short term then, to measure ROI, the project approach could be very effective. Otherwise a programme may be required.

    The final level is the practical approach through Cash Conversion Cycle efficiency. This is where the physical transactional process needs to be amended to deliver the required savings.

    Posted on: November 1, 2013 by: mardle0312

    Customer Name: xxxxx

    Customer Industry:  Logistics and major European Parcel Carrier

    Year of Training Delivery: 2009- 2013

    Target Audience: Depends upon business unit of xxxx but make up has included:

    Financial Controllers, credit managers, supplier/procurement directors, depot/branch managers, reporting accountants, systems architects, logistics directors.

    Recent audiences have included European directors with a strategy driven by working capital management.

    Business Issue: Being a Blue Chip European Corporate shareholder value through sustainable cash flow was/is key. They required narrative, action plans that reflected the actions being taken to address shortfall in pensions, VAT issues, purchase of new aeroplanes, opening up of new routes, managing major customers like the NHS.

    The narrative was included in their Interim Management Statements and in the letter to Shareholders and reflects the work we have done. These are available on their web site.


    Culture change regarding payment to suppliers.  Payment in full on agreed timescales.

    Evidence based cash conversion cycles for contracts reviewed and actioned regularly

    Cash collection delivered by pre-emptive work by credit control and sales with the customers

    Strategy regarding systems implementation

    Generation of monthly working capital reports that reflected KPI/KRI  and identification of liquidity gaps and funding chasms.

    Outcome: Banking arrangement renewed. New loans funded.

    Banks and markets reassured of credible robust cash flows through efficiency improvements in working capital particularly receivables and payables.

    Share price steadily improving.