Some time ago Tim asked a friend of his if he knew a good accountant. His existing accountant had just had a heart of attack and although the accounts got submitted to Companies House on time (only just), Tim was worried for the future.
The accounts had been prepared at the last minute for several years and he never knew how the business had performed until 9 months after the financial year end. Tim was ambitious, he had plans to grow the business but he was being hampered by a lack of confidence in his financial numbers. The turnover of the business at that time was just over £1m per annum with about 10 employees and they’d had a few years of mediocre results – a lack of financial clarity was holding him back from fully realising his aspirations..
It was during these uncertain times that we got involved. We understood Tim’s needs, his ambitions, and the urgent requirement for good financial systems. So, we introduced timely production of quarterly management accounts based on reconciled, reliable figures. By carefully scrutinising his Balance Sheet, interpreting the figures and examining sales and cost changes over time, we were able to provide Tim with the confidence in the numbers he wanted. We met with Tim on a quarterly basis to discuss the financial figures.
These changes helped transform the business. As our partnership with Tim continued and deepened, over the years the business grew its turnover and profits. The business is now £10m turnover per annum, nearly 60 employees, results are good. They operate from 3 sites locally, with finance reporting for each site as if each business was independent. We continue to support them through their growth, looking now at easier and more informative finance reporting tools and working with the recently appointed auditors who we introduced.
We have given Tim peace of mind through control and understanding of the numbers on a timely basis, we’ve helped give him the confidence to grow the business and as his business partner we are always there to explain his numbers and support him with his growth plans. Of course other good practices in the running of the business contributed to Tim’s success but a key was a solid foundation of financial understanding and control.