Case Studies
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Case Studies

Mrs W has a successful company providing entertainment services for a FTSE 250 client.

 

She initially approached Accounting Solution when she won this lucrative contract as she needed a professional firm to put her ‘house in order.’ We came in and set up her accounts department by implementing a Sage accounting system initially doing the job ourselves a couple of days a week. We set up a tight cash control system, a debtor collection procedure, a supplier/invoicing checking process and an excel sheet which tracks all the expenditure for management purposes. Since the company expanded quickly from the initial turnover of £80K to a £2.3 million firm we trained the various employees in both Sage & the MIS so that most of the accounting work can be done in house thus keeping costs down.

Our team visits the client once a week to make sure that all controls are tight, conduct random spot checks, do the bank reconciliations and report on past performance. We provide management accounts when required and assist in the financial side of any tendering required. Once a year we produce the year end accounts and assist in any tax mitigation measures required to always ascertain that the tax liability is kept to a minimum.

Ms H owns a group of care homes.

 

Whilst historically very profitable the business structure meant that the owner was paying a massive amount of income tax. The challenge with this business was getting the accounting function in order as Ms H was not very good with numbers. When Accounting Solution came in, the business was wasting money needlessly. Our manager went in and ‘made sense’ of the financial aspect of the business.

We came up to date with the financial reporting which had been left untouched for 2.5 years, submitted all overdue accounts to the Inland Revenue and came to a ‘time to pay’ arrangement with HMRC. Ms H was given advice on how to change the structure of the business and loose 30% of the day to day costs which were eating away at her bottom line without affecting her end clients. We were also able to raise additional bank finance for the build of another care home which is now underway. We still do the book keeping of the group twice a week and Ms H is safe in the knowledge that her business is on the right footing financially thus letting her concentrate on future business prospects.

Mr E had been working in the recruitment industry for 18 years

 

when he came up with an innovative way of helping companies to recruit staff. He approached Accounting Solution to set up a Limited Company and advise him on the day to day book keeping and financial management. Initially we set up an accounts department in house by training his PA on the Invoicing and debtor collection system.

We visit this client once a month to run the payroll function, pay suppliers and prepare the management accounts. We do his quarterly VAT returns and year end accounts and are in the process of assisting him in approaching private equity firms to take his business to the wider market.

Mr S is a subcontractor pipe fitter working in the construction industry.

 

He is CIS registered and had not filled in his last years tax return receiving HMRC notices periodically. He approached Accounting Solution for his self assessment tax return. We undertook this painlessly and managed to get him a substantial refund of the tax he had overpaid over that year and submitted the current year tax return which also showed he had a refund due. Mr S has since recommended us to a number of his other colleagues.

Ms K is the finance director and one of the shareholders of a telecoms company

 

which supplies communication services to business across the UK. He had fallen behind with his day to day book keeping and the company accounts were soon due. He approached Accounting Solution who undertook the massive job of getting the accounts up to date. Periodically we still assist in this function when the company’s internal resources are at full capacity.