Insight Associates provide outsourced accounting and Finance Director services to ambitious and growing businesses. We work as your only resource or with existing staff to give you complete financial support including monthly management accounts, high level financial advice, robust controls and financial systems, funding and business planning, payroll & compliance, VAT returns and statutory compliance.

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Wednesday, January 27, 2016

Every Little Helps!

Tesco's tagline of 'every little helps' may well come back to bite them as the supermarket giant find themselves under continued scrutiny from the Serious Fraud Office for some less than ethical accounting practices.

There is a huge difference between good financial management, bullying tactics and fraud but Tesco seem to have blurred the lines of all three.

The supermarket ombudsman found that Tesco had knowingly delayed paying money to suppliers in order to improve its own financial position with some suppliers waiting up to 2 years to be paid.

YES every little does help...
YES monitoring cash flow and costs is good financial management but...
NO this shouldn't be at the expense of your suppliers and...
NO this shouldn't be at the expense of your reputation.

Come on Tesco you should be better than this.

If you need some professional advice on good financial management give us a call!

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