Is your accountant not offering the support you require? Perhaps they just don’t have the knowledge and skills of the latest automated accounting systems and software that can save companies time and money and help them develop robust, achievable future plans.
Recently we stepped in to help a young, growing business who had been paying more than £8,000 a year in fees for their accountancy services and yet had no understanding of how the business was performing on a day-to-day basis.
They were a business who needed to be on top of their numbers because they expanded quickly in the first two years of trading, but like many businesses their view of their figures was mostly retrospective when year end accounts showed them what had happened the previous year.
They had outsourced their bookkeeping to their accountant so they were paying more than £500 a month for that help as well as fees of £2,500 for statutory accounts and corporation, a service which although valuable gave the Directors no insight into how the business was performing on a month to month basis.
We worked with this company to help them understand what they needed and the resources that were available to them. It turned out that the wife of one of the directors had capacity and the skills to take on bookkeeping. We were able to support them in introducing a user-friendly, cloud-based automated bookkeeping system using Xero and Receipt Bank accounting software. The directors loved the simplicity and speed and we worked with them so that they all understood how to get the most from the software. After spending two initial sessions setting the systems up and training the client face to face we offered short e-training sessions to get them up-to-speed successfully.
Once the company was working well with Xero we spent time making sure that the directors understood their accounts thoroughly and could read a profit and loss account, understand gross profit and make sense of a balance sheet.
Today the client has all their basic accounting needs met but also benefits from in-depth quarterly meetings where they get a thorough understanding of how their business is performing throughout the year. We also identify key figures within the business that we use as targets to drive the business forward such as staff to turnover ratio’s and minimum cash requirements.
By getting the core accounting function in place and working efficiently it has allowed us to work with the client to focus on looking forward. To do this we have created a 12-month rolling forecast that has allowed an in depth understanding of the future performance of the company as well as seeing potential problems, such as a dip in cash flow requirements in advance so appropriate action can be taken.
This pro-active business strategy and development support service has offered value to the client who is now paying less to their accountant but getting a service that is relevant to their business at this crucial stage in their development.
If you think your accountant is letting you down contact us by email, firstname.lastname@example.org, or call us on 0121 794 4009.