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Who, when, why, what, how

How did we come up with our business name, what does it mean?

A lot of people think the figure on our homepage and to the right is Rodin’s Thinker, but he’s not. He is Cain, created by Henri Vidal in 1896 to depict Adam and Eve’s son Cain after he had killed his brother, Abel. 

No, we are not called FacePalm because we’re into fratricide, but Cain is doing a perfect example of a facepalm. It’s when your hand goes to your face in a gesture of despair, dismay, exasperation or embarrassment and we know you’ve done it when you’ve been doing, thinking or talking about your accounts.

Why was FacePalm started?

The short answer is because we know the frustration that small to medium business owners face every day when they want information about the financial position of their company.

It’s one thing to have an accountant to take care of your tax affairs at the end of the year and tell you how much profit you made – last year. It’s quite another to have someone telling you how much profit you made last month, or are going to make next month, how to work out which parts of your business are worth putting effort into, and which parts are costing you too much in time and money to bother with.

If you have a bookkeeper the chances are they don’t know what you’re even talking about when you ask for management accounts, and if you have an accountant who is pro-active enough to provide such things, they often don’t go into the kind of detail you’re looking for – or rather need - in order to get your business running at its most profitable AND efficient.

Usually you’d need to employ a damn good bookkeeper – and they are like hens teeth, or a Management Accountant and/or a Financial Director and that’s often blummin’ expensive and not always necessary if you only need one and/or all of them on a part-time basis.

Big. Gap. In. The. Market.

What is our aim?

To educate business owners and directors to really understand their numbers.

According to Companies House, there were 673,000 company incorporations and 508,865 dissolutions* in 2018 to 2019. The average age of dissolved and closed companies is 5 years old and roughly only half of all companies will make it to 5 years.

There are a number of reasons why they close

  • Retirement
  • Lack of ambition to make it happen
  • Being rubbish at sales
  • A product or service that nobody wants
  • Rubbish marketing

there’s not much we can do about those things.

But, the absolute killer is generally not knowing how to manage their finances, and THAT is something we CAN do something about!

*data source https://www.gov.uk/government/publications/companies-register-activities-statistical-release-2018-to-2019/companies-register-activities-2018-to-2019#age-of-companies-on-the-register

Why do we think its important?

You’re brilliant at what you do. You’re a nice person. And for some bonkers reason, budgeting, forecasting and cashflow is still not being taught in schools, so unless it’s something that you have a particular knack for, then finance is viewed as boring and something that a lot of people don’t give any thought to, until it’s too late, and then it becomes the only thing they think about.

How we can help

You know what you want to do, and you know how you want to do it, and we can provide you with the information you need so you can put all those ideas into action.

It’s all about data and if it’s not input properly, then all you’re going to get out is a load of numbers that mean absolutely nothing to anybody. The right data with the right strategy and the right decisions at the right time can make the difference between success or failure. 

You can’t look into the future, but you can minimise risks whether that be investment, staffing or funding and give potential investors (or banks) confidence in your future plans.

Whilst we obviously love the financial side of things, that’s only part of the story. We help you understand the statistics on all levels of your company so that you can use them to improve staffing and leadership, add more value to customers and, ultimately, be more competitive.

When you add in our savvy use of digital, paperless accounting systems that help make reporting much easier, you’ve got a powerful business advocate on your side.

Our ethos

We believe that business owners are being let down by the financial industry. You’re expected to “just know” how to understand the numbers in your business and because many accountants are brilliant at what they do, they assume you know what they’re talking about when they chunter on in Accounticanese, often leaving you too embarrassed to ask - again, or losing the will to live because the way it’s explained it’s sooooo boring!

 

But really, why should you know this stuff? It’s a practiced skill, much like learning a language or building a wall, or whatever that thing is that people buy from you because you’re a master at it, and they are not.

FacePalm FD Vision Statement

Every business owner will understand all the numbers in their business with a view to increasing their efficiency, profits and personal wealth.

FacePalm FD Mission Statement

Provide business owners with the necessary knowledge and support to inspire action.

Core beliefs

  • Optimism
  • Quality
  • Simplicity
  • Truth
  • Clarity