Case Studies ¬

A Design and Branding Consultancy

Requirement:
An ongoing internal accounts function covering all areas such as payroll, bookkeeping, invoicing and project job costing. External reporting also required – annual accounts, CT return, etc.

Action:
Installed an in-house facility to run the accounts function including software and reporting tools. Manage the accounts department at all levels, prepare directors’ management reports, chairing finance meetings.

Result:
By 2003 the company was so successful we recommended a full-time accountant, whom we trained with a full handover. When he left one year later they started using our service again. Long-standing client for whom we have delivered everything they need from the accounts function. The company directors receive timely reports on a monthly basis and have a decision-making process in place based on the monthly information provided. This accounts function costs a lot less than a full-time in-house accountant and includes back-up of an accounts practice. Some basic bookkeeping duties are undertaken in-house to reduce costs further.

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London TV and Film Production Company

Requirement:
To bring financial accounting in house from an external provider, create uniform reporting system including cash flow forecasting. Production of regular and timely management accounts up to pre-audit.

Action:
Set up client’s records on Sage, standardised the number of nominal accounts, streamlined the number of bank accounts, unified the year end of all four companies in the group. Improved the group’s corporate governance, implementing a quarterly financial review between us, the client, the auditor and the personal tax adviser.

Result:
The client has saved large amounts of corporation tax by utilising losses in one of the group’s companies. Took remedial action to offset cash flow dips by improving cash collection. Moved to quarterly VAT returns to reduce administrative burden and have accounts signed off four months after the year end.

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Online Media Marketing Agency

Requirement:
Referral based on our specialisations and track record. Brought in as a stop-gap after the full-time accountant left. Large job to sort out accounting disarray and help prepare the business for sale.

Action:
Set up systems and management accounts for the last ten months of their financial year. Keep a handle on all financial matters, initiated project meetings based on sales forecasts. Management accounts brought fully up to date ready for the due diligence process prior to the sale.

Result:
The client decided there was no need to recruit a full-time accountant as they are happy with the service. The job was brought completely up to date and they enjoy the fall-back support of the group with the additional advice we can provide.

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London Art Dealer (Starting in business)

Requirement:
Implementation of the controls necessary for an art dealership. Quarterly visit to prepare VAT return and review manual cash books, half-yearly management accounts for bankers and cash planning, year-end audit file preparation.

Action:
Set up stock book, simplified import/export system, undertake complex margin scheme VAT calculations, set up internal accounts controls to facilitate external reporting.

Result:
Complete file ready for audit within three months of the year end. Timely management accounts facilitate greater control of business and have led to reduced overheads through efficient tax planning. Due to improved financial reporting the client was able to attract third party finance to fund major expansion plans including the establishment of a Central London Art Gallery. The client is recognised as a world wide major art dealer.