Issues Identified: Modernisation of accounting practices were required, and the management was not receiving any information on business performance
Reporting Method: Quarterly management accounts with review meetings with department leaders
We have been instrumental in completely transforming the accounting function for this client.
Their previous accountant would collect the records from the business each quarter, and with the use of Excel would summarise the records to a standard sufficient to prepare a VAT return. Year-end accounts were done from those records but were often not received until reporting deadlines, sometime almost 18 months after the period end.
We introduced a cloud bookkeeping product into the business, and trained office staff to maintain the records on this system. At each quarter-end we review the records and make any amendments necessary in order to ensure that the VAT return is correct. All adjustment is explained to the client, and this additional support has resulted in the office team becoming increasingly competent in using the cloud bookkeeping software.
Once the system was fully established, we were able to start making use of the information available. The owner wanted more details on how the business was performing, both as a whole, and across it’s two functions of the workshop and used vehicle sales.
We introduced a system of quarterly reporting, giving the owner the information he needs in order to analyse how the business is performing. When the management accounts have been prepared we also meet with the leader of each department to analyse the performance of their part of the business and discuss how things can be improved going forward.
Our client says
“Before I approached Sheards I knew that my accounting should be done differently, quicker, and better, I just couldn’t imagine what was possible. We have moved from a position where everything was done retrospectively and too late to make good decisions, to a point now where I now know exactly how my business is performing, allowing me to make decisions much quicker. Sheards have helped me hugely in transforming my business”.