Unlocking Business Potential Through Better Accounting.
Effective financial management is crucial for growth and strategic decision-making. Our partnership with Nick addressed challenges in cash flow and forecasting during their expansion. By streamlining processes and providing real-time insights, we helped them gain confidence in their financial direction. This case study highlights how targeted support can turn financial complexities into opportunities for sustainable growth.
Objectives
- To understand and address the complexities of the business’ cashflow amid ongoing business growth.
- Transition from a transactional accounting service to a proactive advisory relationship.
- Simplify and streamline accounting processes, enabling the client to have real time financial information to be able to make strategic decisions quickly.
Solution
- Implemented Hubdoc for efficient receipt capture and record keeping.
- Transitioned to regular monthly bookkeeping being completed by us, rather than the client.
- Identified potential cash flow challenges and undertook remuneration planning for the director.
- Worked alongside the director’s existing financial advisor to provide a joined up service that supported the client to achieve their short-, medium- and long-term financial goals.
- Established monthly performance reports to highlight potential cash flow issues proactively and provided training and guidance to the client on how to interpret the data we provide.
Result
- Client now has the ability to view the business’ financial health at speed and with ease.
- Client is empowered to make decisions about the business’ strategy by placing reliance on the numbers we regularly provide.
- Enhanced confidence in financial position, which enables the client to achieve their personal and professional goals.
- A supportive partnership with BW that fosters growth and strategic planning.
Conclusion
Thanks to improved tools and closer collaboration,Nick now has quick access to his financial information. Feeling more confident making decisions and better prepared for future growth. This partnership shows how proactive accounting can turn financial challenges into new opportunities.
Words from Nick at The Glue Between:
What were the business challenges that you were facing prior to working with BW?
“I was looking for an accountant who could work closer with me and the business; building forecasts and bringing numbers to life off-screen. As a new business owner, I needed to have an accountant that could help my knowledge grow as the business did—there to answer finance-related questions at speed, with clarity and accuracy.”
What was the specific problem or challenge that you wanted us to help you overcome?
“It was two-fold: to be able to manage the accounts and business finance proactively (which wasn’t the case previously) and be there to help me forecast cash flow and general financial business health.”
What steps did we take to support you to overcome the problem and help you reach your goals?
“First of all, aligning my Xero accounts with my own cash P&L was a huge win in reducing the number of reports I was looking at. Spending time with Natalie educating me on what I’m looking at, why, and when was a game-changer for how I viewed the business through a financial lens. From there, setting up monthly reporting to ensure what I thought to be true actually was, allowed me to build more confidence as a business owner in making the right decisions, quicker. Today, I have absolute confidence in making the right decisions for the business — and myself — without second-guessing anything.”
What was the benefit to you of us supporting you to overcome the problem? What impact has this had on you and your business?
“I’m able to view the business’s financial health at speed and with ease, knowing there’s a team behind me that’s always on hand to answer any specific questions or respond to anomalies. As I work with a number of international Fortune 1000 clients, having BW on side to help me navigate new supplier set up and position the business positively during procurement takes a LOT of pressure off onboarding new clients. Above all, my decision-making is empowered as I can spend more time looking at the business strategically, knowing there’s an expert pair of hands supporting me on accounts and finance.”