RISING STARS CHRIS THOMAS
Job title: Assistant Accountant / Office Manager Company: LBS Builders Merchants Ltd
What’s your role?
Preparation of financial statements for year end and overseeing audit work, Management Accounts, Bank Reconciliation, Cashflow forecasts, Maintaining Fixed Asset register, rebate reconciliation, Account application checks and authorisation as well as overseeing the finance team of 13. Looking at KPI’s and also preparation of monthly performance reports in regards to sales and profit levels. Reporting to the Finance Director
How did you get into this industry? Having previously worked in practice I felt it was time to experience something different, I received a call from a recruitment company asking me whether I would be interested in crossing over to industry and into the builder’s merchant sector in particular as an opportunity had arisen. After reading up on LBS and the industry as a whole and how both were continually growing and expanding I decided that this would be a huge challenge to myself and this motivated me, I applied for the job and was lucky enough to be offered the opportunity.
What might a typical day for you at work be? Even though every day is different, mainly Cash management, Bank Reconciliation, credit control, accounting functions and branch liaison. Plus anything else thrown my way!
What were you doing at work last week? Preparing the management accounts for distribution to the board and branch managers, inputting data into the newly designed rebate matrix from our system and the Fortis hub. Preparation of the month end performance charts and authorising customer credit limit increases and opening of new accounts. Preparing data for the Office for National Statistics surveys and finalising the financial accounts with our auditors.
What are your big challenges in this role? With accounting being based on historical data, the biggest challenge is being able to provide and work on real time data. We are constantly working on ways of providing the Board and branches with real time data and we have set reporting deadlines and controls for our own team to ensure this data is kept timely and relevant. Time management in any role is also key, we have legislative, external and internal reporting deadlines so balancing these with the day to day demands of the role is also a challenge but it is a good challenge and you need to be able to manage your time accordingly.
What do you love about your role? The fact that every day is different and coming into work
not knowing what will land on your desk. The office is extremely fast paced and there is never a dull moment. Being part of a large team where everyone gets along is also hugely important and there is the feeling that even though I am part of a large team my input is valued and respected
What do you think has been your biggest achievement so far in your role?
The redesign of the rebate reconciliation process which allows us to quickly analyse rebate by supplier and product group. This then allows me to provide the key information to our purchasing team to maximise the profitability of those suppliers and product groups. Also implementing a restructure of the finance team which now segregates sales, purchasing and finance, managing a team with no prior experience and introducing performance measures and targets, this has allowed me to also develop individuals into more responsible roles.
What would you like to achieve next? Looking forward to completing my professional accountancy qualification and further my own personal development through a leadership and management programme which I will be starting in September. Also with a new purpose built head office being acquired this will also allow us to develop the team further and the continued improvement of the accountancy function in LBS.
What advice would you give someone new to this industry?
Every day is different and you will need to be a people person as the industry is all about people. You must be able to learn, develop and adapt to different situations and environments.
What would you say to someone who might be thinking about a career/getting a job in the merchant industry?
Don’t hesitate!! Has been the best decision of my career to move across from the practice side of finance, it is a growing industry with lots of opportunity and varying experiences. I have learnt and experienced so much in the very little time I have been in it.
What are the changes you foresee the industry making in order to survive the future? Digitalisation and the growth of the online market. As online shopping is becoming more and more popular I believe this will become the norm for the new generation of builders, there are already some merchants providing online functions, and I believe that this will be used as a tool for builders to check availability and price match with other suppliers. BMJ
MANAGER’S VIEW
Chris joined LBS in 2015 from an accountancy practice with no knowledge at all of the builders merchants industry and saw a chance to progress in a non-traditional management role - not necessarily branch management. He is now a fully qualified accountant with 12 members of staff reporting to him and has responsibility for the entire rebate and claim back structure. He has introduced a number of business benefits incuding analysis of key areas contributing to mrgin erosion, digitisation of the company’s bank reconciliation, fixed asset register and rebate analysis. He has also hosted a Finance Workshop for LBS managers, outlining his team’s key objectives and how branches can work more effectively with the finance team. This led to an overall increase in profit margin due to new customer terms, fewer debtor days and a 20% increase in trading on dormant accounts, among other benefits. His role in finance is a critical, central one that benefits every branch and area.
Our vision is to be recognised as a market leader and our customers’ preferred ‘Partner in Wall Building’, supplying innovative, sustainable and cost-effective
aircrete building solutions.
Our mission to supply value added aircrete solutions for any wall.
July 2019
www.buildersmerchantsjournal.net 25
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