Denis Kaye is non-executive director of a firm of scientific consultants. It had come through a management buy-out and Denis was asked to help because of his experience in managing professional service firms.
Our first task was to review their processes and systems and to introduce some new key performance indicators involving multipliers of staff costs and weighted average charge rates. The billing system was also changed to simplify the invoicing process, recording turnover in a way that is compliant with FRS5, the latest accounting standard for work in progress.