Welcome from Paul
Welcome to Mitie and to Mitie Finance, you have made a great choice!
Working in Mitie Finance is a dynamic place to be and you will undoubtedly learn a lot from the role and your new colleagues. I can't promise it will always be easy, but it will be fulfilling.
Mitie operates in a tough sector, but one which can be hugely rewarding. In the aftermath of Carillion, there is a lot going on and this is a sector providing vital services and so is here to stay. In our sector, the finance team can make a massive difference both to profitability and to cash flow.
We have a clear agenda across the finance team to look after our people. In order to do this, we have a focus on finance leadership, a defined finance brand, career and development and the people fundamentals.
I look forward to meeting your soon as part of your induction to Mitie and to working with you over your career with Mitie finance.
Chief Financial Officer
The Group Financial Control team's role is to prepare the Group's external financial reporting, maintain the consolidation system, develop the Group's accounting policies, manage the external audit process, support/strengthen the internal control environment and contribute to ad-hoc projects including financial systems development and M&A.
The Group Financial Control team are the owners of the Group Financial Manual and the Hyperion Financial Management consolidation system.
The role of Corporate Centre is to manage the group companies and corporate functions (such as HR, IT, Finance etc) and ensure clear visibility of costs and recharges to the Group.
The team provides business partnering to corporate functions, working closely with Functional Leads, managing their costs, identifying savinbgs, and managing transformational programs from business case to implementation stage.
Financial Planning & Analysis and Management Info
The Group FP&A and MI teams are responsible for management reporting processes and MI systems across the Group. This includes monthly management reporting, budgets and forecasting frameworks and processes. The goal of the team is to ensure the Group has common processes that give visibility and accuracy of financial MI in a timely manner - which allows management to make optimised decision making on the basis of all available financial and operational data.
The Group Treasury team arranges core financing facilities to support the Group's strategy and manages Mitie's liquidity and financial risks. Group Treasury hold key relationships with external stakeholders such as banking partners, private placement debt investors and credit insurers. The team is responsible for monitoring compliance with debt covenants and deal with credit related enquiries from stakeholders.
The perception of tax has changed dramatically over the past few years with businesses being more aware of the damage to their reputation if they are not seen as paying their fair share of tax. In addition, tax legislation is forcing businesses to self-certify/identify that positive action is taken with punitive penalties being levied if mistakes are being made. This has led to boards taking a greater degree of interest in tax.
The role of the Group Tax team is to provide assurance to the Executive Team and the Mitie Group plc Board that the Group's tax exposure if managed appropriately both in the UK and overseas. The Group Tax team do this by working closely with the businesses to ensure that tax matters are addressed in real time, risks are identified and are dealt with appropriately. Group Tax implement processes and monitor controls to ensure the Group remains compliant with tax legislation. If the issues are identified, the Group Tax team will work with the businesses to rectify the issues and ensure that processes are amended to avoid a repetition.
The Group Internal Audit team's role is to provide independent assurance to the Executive Team and the Mitie PLC Board and Audit Committee that the Group's risk management, governance and internal control processes are operating effectively. The Group Internal Audit team provide an unbiased and objective view on whether risks have been identified and are being managed appropriately, and ensure that controls to manage risks are both designed and are operating effectively. The Group Internal Audit team do this through an annual programme of audits designed following an assessment of risks and discussions with the Mitie management teams. Additionally, when necessary, members of the Internal Audit team conduct investigations into specific matters and are regularly called upon by business teams to advise on the effectiveness of systems, processes and controls.
The role of the divisional finance teams is to provide finance and commercial support to the division and to monitor and drive revenue and profit whilst also ensuring adherence to accounting standards and Group Finance policies.
Mitie divisional finance teams are structured on the following model:
Finance Director - provides leadership and develops business unit (BU) strategy in liaison with BU Senior Leadership Team to drive revenues, profit and working capital growth. Responsibility to ensure accurate and timely financial reporting is provided to the Board.
Financial Controller – Preparation of all financial reporting and management of working capital. Ensure adherence to Group policies and act as the interface between the BU and Group Finance. 3rd party relationship management (e.g. External auditors, key suppliers, etc).
Finance Business Partners - FBP roles require close working with management to ensure informed business decision can be made using accurate and timely financial information. FBPs provide financial support to budget holders to ensure accuracy of forecasts/budgets and also provide commercial support (e.g. development of business cases)
Transaction Finance – Whilst the majority of Mitie’s transactional processing is provided by Genpact (including OTC, PTP and RTR), there are some specific areas where transactional finance is carried out (or overseen) by Mitie finance staff.
Specific staff - there are some specific activities (e.g. Management Information, Performance Reporting, etc) that also report via the Finance Director
This team carry out the transactional finance processes on behalf of the whole business. Shared services is delivered both Onshore and Offshore, by our partners in Genpact.
Purchase to Pay (P2P)
P2P are responsible for ensuring that Mitie pay the right people, the right amount at the right time.
Purchase order, invoices, payments, supplier management, expenses.
Order to Cash (O2C)
Billing, collections, cash collections.
Record to Report (R2R)
General accounting, compliance.
Payroll, compliance, reporting.
Our Investor Relations team cover the requirements of a listed company in communicating with the investment community. Investor Relations closely work with all areas of finance to produce our half yearly and full year results and annual report and accounts.
You can take a look at the Mitit Investors web page to learn more.