About the business
A well-established firm of commercial electrical contractors
What they were looking for
They were curious to meet us as we look after one of their sub-contractors, in particular they were impressed with the invoices they received from this sub-contractor, thinking it very professional.
What are we doing for them?
They subsequently told us that they had no intention of changing accountants but following our meeting they were ‘blown away’ with the accounting system and the way that we would set it up for them
So, they moved from having a separate bookkeeper and a year end accountant to one firm looking after both the bookkeeping, year-end accounts, tax planning and business advice. They have a ‘one stop shop.’
They now receive a quarterly management report to help them understand the financial performance of the business, in particular the profit they are making on their large bespoke projects.
We undertake their weekly bookkeeping, the preparation of annual statutory accounts, company and personal tax returns, VAT returns, payroll and tax planning.
What results have we achieved?
Although still a relatively new client we have already implemented Xero and set up the automated process of chasing of payments for overdue sales invoices. This in particular has helped them to considerably reduce the level of outstanding debt and consequently, improve their cash flow
They are making the most of technology to save them time and improve the quality of their accounting records, using their mobile phones to record their expenses, so no more missing receipts whilst purchase invoices from their suppliers are scanned directly into the accounts system ahead of payment approval.
Our Tax planning advice is allowing them to keep the amount of tax they need to pay to a minimum and they are receiving plenty of ideas and advice about growing and developing their business.