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.
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.