Case Study Publish Interactive - Creators of iReports Business sector: Software Development

A Finance Director for the price of a Bookkeeper

This technology-based business has an ongoing need to invest significantly in R&D. Accurate long-term financial projections are critical to support growth and ensure financial stability. Previously, an internal admin person maintained records of income and expenditure in Excel. The spreadsheet and supporting documents were sent to the accountants who populated them into Quickbooks.

Glasses

Requirements

The business needed more timely and detailed accounts and accurate long-term cash forecasts.  Fees charged were high in relation to the service received, which was principally bookkeeping. Accounts were often late and there was no added value or reliable long-term financial model for the business.

What we did

For a one-off fee we trained the administrator to use Sage so that routine bookkeeping was taken in house.  We also set up detailed and informative management accounts and trained the administrator on how to produce the reports required by the business. Again this was a one-off fee.

We created a three year financial model that integrated the P&L account, balance sheet and cash flow. Chris Langrick attends monthly board meetings to provide expert financial advice.

Benefits

  • The cost for preparing annual accounts is very low as we maintain an overview of bookkeeping data throughout the year.
  • There is an accurate three year financial model to support investment decisions and business plans.
  • The accounting budget is now funding high value financial expertise rather than routine bookkeeping.
  • Client staff have been upskilled and empowered.

Results

The annual fee is the same as the client used to pay for what was essentially a bookkeeping service. They now have accurate long term financial projections and regular input from a finance expert to help with planning and investment decisions.