Runway Logistics
Problem
Runway Logistics was looking for a solution to day-to-day financial management when they first approached Butt Miller. Their FD had resigned, and they needed to act quickly to avoid losing control and sight of their finances.
They were considering outsourcing their entire Finance Department. Fortunately, the outgoing FD was still available, so we met with them and the MD to gain an understanding of how their business operates and the challenges they were facing.
Luxury fashion logistics is a demanding, fast-paced industry, and Runway was operating at high volume across three countries. It was therefore essential to receive timely monthly management accounts for the business as a whole, along with clear visibility of trading performance for each department.
The business was using Sage Line 50, which, while powerful software, wasn’t entirely meeting their needs. It was proving very time-consuming to maintain and didn’t provide the financial visibility the Directors needed to monitor their KPIs and make effective decisions.
Solution
The very first recommendation we made was to implement Xero, one of the world’s leading cloud accounting systems. To help them get the most out of this powerful software, we advised that they integrate various helpful add-ons.
They were happy to take our recommendation and switched systems straight away, as it coincided nicely with the start of their new financial year.
The financial year closed on 31st March, and the outgoing FD maintained the Sage system until Butt Miller’s appointment in May, when we conducted a comprehensive handover. We implemented the new Xero platform, converted and reconciled all data from 31st March, and reprocessed transactions for April and May: all within just two weeks.
We integrated Dext and Apron with Xero to create a seamless finance system to suit Runway’s fast-moving operations. Dext automatically captures and processes invoices, feeding data directly into Xero in real time. Apron, meanwhile, handles bank payments. These clever automations eliminate manual entry, reducing the risk of error and keeping their numbers effortlessly up to date.
We then spent time refining the company’s balance sheet to present a more accurate, reconciled and reliable position. We also set up cost centres to enable departmental profit-and-loss accounts to be produced.
Having had very little confidence in their numbers before, the Directors can now access accurate and reliable financial information anytime, anywhere. They can easily monitor performance across departments, identify trends, and make strategic decisions to drive profit and growth.
“Faced with the potentially time-consuming, expensive and uncertain path of rebuilding my finance team, I approached Butt Miller with a view to outsourcing the department, from day-to-day bookkeeping through to monthly management accounts, and all points in between.
The process from our original discussions, through to Butt Miller now effectively being an extension to our business, has been seamless, with the most outstanding levels of communication and consultation, resulting in the right solutions for our business at every step.
I now have visibility of the business wherever I am, and in real time with cloud-based use of Xero. The Dext functionality captures all expenses from major suppliers, right through to day-to-day expense receipts, and has proved to be a very tidy solution for us.
I’m now in the position of having accurate and dependable monthly management figures that give me the vision and confidence to steer the business, and the freedom to focus on growth.”
How we've had an impact for our customers...
Benefits of using Butt Miller for your Outsourced Finance Department with Cloud Accounting
If your business requires more financial clarity, it might be time to consider an outsourced finance department. Butt Miller helps businesses across the UK streamline their day-to-day accounting, automate time-consuming tasks, and benefit from real-time reporting.
With our long experience in chartered accountancy and Xero Gold Partner status, we are ideally placed to help your business take control of its finances.
To discover how we can help your business work smarter, please do not hesitate to get in touch to request a consultation.
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