New expense control procedures set up for Foreign Currency Broker


Foreign Currency Broker

Finance Director


Cashflow/Credit Control


The client company provides a platform to its European clients to buy and sell currencies speculatively.


The client had no control over its suppliers invoices many of which came from overseas. Individual staff members would make or authorise payments, and finance would process payments sometimes more than once for the same supplier as invoices arrived by post and email and payments would be made any day of the week. In essence there was no process or procedure. Additionally there was no cashflow analysis or forecast to identify the business’ cost structure.


We removed the ability of staff members to pay suppliers (and place unauthorised purchase orders) and limited payments to be made by the finance team under a four-eyes principle. Finance also processed all payments only on a weekly cycle which was communicated to relevant staff and key suppliers. All invoices whether arriving by email or post were recorded and validated and then sent to the appropriate departmental head for authorisation.

Secondly a detailed monthly analysis of overheads was prepared with suitable comparisons to prior periods and a budget was established for each cost centre which the senior management was presented with so that they could understand the impact of their spending.


A clear procedure for expense control and responsibility was established so that the Directors had a better understanding of their overheads. As a result a number of suppliers were either axed or their budgets considerably cut.

Case Study: Ronny Munster (Click here to see his profile)