At Industrial Packaging, we’ve always prided ourselves on our ability to adapt and grow in the face of challenges. As part of our ongoing commitment to excellence and transparency, we’re delighted to share insights from one of our key team members, Bridget Byrne, our Finance Manager & Cost Accountant.
Bridget joined Industrial Packaging in early 2022, bringing with her a wealth of experience in driving process improvements and enhancing efficiencies. Her role is crucial in maintaining our financial health and supporting strategic decision-making across the company.
Recently, we sat down with Bridget to discuss her role, the challenges she faces, and how her work contributes to Industrial Packaging’s success. This conversation is part of our broader initiative to highlight the expertise within our team, a direct response to feedback from our recent Customer Experience Improvement Project.
Q: Can you describe your role as a Finance Manager & Cost Accountant and what a typical day looks like for you?
A: Depending on the time of year, quarter, or month, you will have routine and time-specific tasks to complete, such as budgets and management accounts. Beyond these regular duties, your responsibilities may vary based on the needs of other departments or the projects being undertaken by your team or other teams.
Q: What are the biggest financial challenges you face in your role, and how do you address them?
A: The biggest challenge tends to be cost management. Over the past several years, companies have faced rising costs due to the pandemic and geopolitical conflicts, which have led to rapidly increasing prices for raw materials and energy. This posed significant challenges. Our first priority was to ensure a continuous supply. Subsequently, we conducted a thorough market review to identify potential cost savings, not only in the areas with the most significant increases but across all aspects of our operations.
Q: Can you explain the importance of cost accounting in the overall financial health of a company?
A: Cost accounting allows you to compartmentalise your costs into areas such as raw materials, labour, direct and general overheads. In doing so you are enabled to identify the cost drivers in each of these areas and establish cost control measures. This leads to greater decision-making and effective production control.
Q: How do you support other departments in making financially sound decisions?
A: A key element is understanding the objectives of the other department and determining what information we have readily available to support their decision-making. This could involve generating a report within our system or conducting a more in-depth analysis with what-if scenarios. Effective communication between the finance department and other departments is paramount in making these decisions.
Q: What role does technology play in your daily tasks and overall financial management?
A: There isn’t a Finance Manager who doesn’t know their way around Excel! However, in recent years there have been great advances in data analytic tools that allow you to link directly to our accounting package where you can formulate the reports that you need which enables finance teams to spend a greater amount of time analysing and interpreting data instead of just compiling it. This allows for a better understanding of the company’s performance and improved decision-making.
Q: What metrics or KPIs do you consider most important for tracking the company’s financial performance?
A: Cashflow, debtor days, and gross margin are some of the key metrics in tracking performance.
Q: What impact does your role have on the overall strategic direction of the company?
A: In my role, I need to be able to provide data that is used in making informed decisions in areas such as pricing strategies, cost-cutting measures, or capital investment decisions. Additionally, the budgeting process assists in helping departments align with company goals both short and long-term.
Bridget’s insights highlight the critical role that financial management plays in our operations at Industrial Packaging. Her work not only ensures our financial health but also supports our ability to deliver high-quality products and services to our customers.
As we continue to invest in new machinery, like our recent acquisition of a high-speed multiknife core winder from Eberle, and expand our facilities, the expertise of team members like Bridget becomes even more crucial. Her ability to navigate financial challenges and provide strategic insights helps us maintain our position as a leader in the Irish packaging manufacturing sector.
At Industrial Packaging, we’re committed to making it easy for our customers. By fostering a team of experts like Bridget and continually improving our internal processes, we’re ensuring that we can meet and exceed our customers’ expectations, now and in the future.