Ten years on: how the GTA moved from delayed reporting to live financial data

When the GTA first came to us, accessing financial information was a slow process. Their management information system didn't talk to their accounting software, the numbers arrived weeks after they were needed and cover was a constant worry in a small team.

More than a decade later, the picture looks very different. We sat down with Simon Le Tocq, Chief Executive, to talk about the decision to outsource, the move to Xero and what having live financial data has changed for their board.

They started with management accounting alone and built from there. Here's how the relationship has developed.

How has the organisation changed over the past few years?

The biggest shift for us was around our finance function and the decision to outsource it.

Accessing timely financial data presented in the way we required it had been a challenge for some time and in addition our MIS did not talk to our financial accounting software which was hugely problematic. Offshore advised us on redesigning the internal system we were using and moved us off an old desktop accounting package onto Xero, which finally gave us visibility of our numbers when we actually needed them. Their expertise was in helping us identify the right systems for our business, and they looked at our internal procedures alongside the finance system rather than treating the two as separate problems. They also worked directly with the developer of our new internal system so it could link to the finance system, and that has transformed the way we work.

We were cautious at first about handing our finance function to an external party. We started with just the management accounting, built the relationship and the trust from there. We still retain a bookkeeper but Offshore now also assist with day to day operations and provide an important level of oversight and financial expertise.

Good management accountants are costly and hard to come by, so the arrangement works well for us. Offshore go beyond what we expect too, picking up on things that aren't purely financial, and that has been genuinely helpful.

What are you trying to achieve as an organisation at the moment? What does success look like over the next few years?

The new system we implemented recently has made a huge difference in terms of both efficiency and productivity. We now have live financial data at our fingertips, which means we can assess performance on a daily basis rather than waiting weeks for a picture of where we are. That has probably been our single biggest success.

Fundamentally we're having to do more with less and we need systems and partners like Offshore that can get us good management information in the most timely and cost effective way possible.

What was your finance setup before working with Offshore? Who was handling what, and where was it starting to creak?

The main strain point had been cover – which is always a challenge in a small business. If our bookkeeper went on leave it was genuinely difficult to fill the gap, and everything would back up. With Offshore, if someone is away there's always cover and the knowledge sits within the team rather than with one individual.

The systems themselves were the other issue, as I've described above. One of the knock-on benefits has been around the audit. The systems we've implemented give the auditors direct access, so the volume of queries coming back to us has reduced significantly, and having Offshore's support through that process makes a real difference.

What made you choose Offshore over the alternatives? Was there a moment where you felt this was the right fit?

What really stood out was that they're a very approachable team, so we're much closer to the individual people working on our account. Customer service matters enormously to us, and that personal relationship with the team is something we've come to rely on. The fact we've been with Offshore for over a decade now, and they've continued to deliver that same standard of service throughout, says everything about them.

How would you describe the working relationship with us in a few words?

Friendly, approachable, professional and super responsive, with real attention to detail and accuracy.

They also go above and beyond what we'd expect. Over the years they've made suggestions about the business that have saved us both time and money, and those are things we simply wouldn't have known about or been able to address if Offshore hadn't flagged them.

Beyond your named contact, have you drawn on the wider Offshore team? What has that been like?

Yes. Mich is our internal bookkeeper, and Offshore have put real time into helping develop her skills. That relationship works very well and has added a lot of value on our side. Day to day we're in contact with Zoe and Rob, but we've also drawn on Offshore for consultancy projects in the past.

Has it changed how your board or senior team makes decisions, or what information they're working from?

Definitely. Previously we had no real access to the financial data at all, and now I have it at my fingertips. That has made forward planning far easier for the board, because our conversations start from a clear picture of where we actually are rather than an out of date one.

As the organisation grows or changes, what do you need from a finance partner going forward? How do you see the relationship developing?

Offshore have an outside view of the organisation, so they spot things we simply don't see from the inside and point them out to us. That's something we'd want to continue.

I see the relationship carrying on much as it has done. We'll grow with Offshore and with the systems they advise us on.

Anything we haven't covered that you think is worth saying?

We're aware Offshore offer other services beyond what we currently use, things like payroll, consultancy and project work, and those are areas we're hoping to draw on in the future.

Really though, the fact we've been with Offshore for so long is a testament to the service we've received and the relationship we've built with Zoe and the wider team. It's something we intend to keep building on.