About the business
The client is has four separate and distinct parts to the business, including weekly contracts with some of the most prestigious venues in the south east, a thriving wedding service, high end events and ad-hoc sales and attendant revenue streams such as classes and tutorials.
What they were looking for
When Butt Miller was recommended to the client they were looking for peace of mind, financial visibility on their business and help to reduce their stress levels.
What are we doing for them?
We have taken them from a receiving a one page profit and loss statement that they would receive every 10 months after the end of their financial year end, the main purpose of which was to tell them how much personal tax they have to pay.
This service was of no benefit in helping them to use this information to make better decisions, make sensible plans or expand their business.
We quickly set up and installed an easy to use accounts system that gives vital information about the business and they now receive quarterly management accounts to help them understand the financial performance of the business for each distinct area of their operation.
We can identify what is working properly and what is not performing as well as it should be, we communicate this in simple terms and we review the numbers at a quarterly meeting.
The conversations are now about how we can improve their business performance, with particular focus on margins, we also undertake their weekly bookkeeping, prepare annual statutory accounts, company and personal tax returns, VAT returns, run payroll and advise on tax planning.
What results have we achieved?
By focusing on the numbers that matter, we have seen sales grow by 137% – with projections for the next financial year of 178%, we have reduced the business owner’s personal tax rate and more than double the company profits. At the same time we have dramatically improved the cash flow of the business and the quality and consistency of the bookkeeping records. And yes…we have reduced their stress levels!