Empowering Business Growth through Streamlined Accounting.
Our client, Bianca faced considerable challenges due to rapid business growth, particularly with complex VAT and cash flow management. In search of a more proactive accounting solution, they partnered with us to streamline their processes and gain proactive advice.
Objectives
- To understand and address the complexities of VAT and cash flow due to rapid business growth.
- Transition from a transactional accounting service to a proactive advisory relationship.
- Simplify accounting processes, enabling the client to focus more on strategic business management.
Solution
- Transitioned accounting records from FreeAgent to Xero, incorporating Hubdoc for efficient receipt capture.
- Implemented weekly bookkeeping for real-time financial data access.
- Identified cash flow challenges and secured a revolving credit facility for financial flexibility.
- Established monthly performance reports to highlight potential cash flow issues proactively.
Result
- Significant reduction in time spent on understanding business performance and cash flow.
- Enhanced confidence in financial standing, leading to improved overall well-being.
- Development of streamlined processes and stronger team collaboration.
- A supportive partnership with BW that fosters growth and strategic planning.
Conclusion
The collaboration with BW has transformed their accounting processes, fostering a greater sense of control over finances. By prioritising proactive support and efficient systems. Bianca now feels empowered to focus on business growth without the constant burden of financial uncertainty, ensuring long-term success.
Words from Bianca at B. Unleashed:
What were the business challenges that you were facing prior to working with BW?
“The challenge I had before working with BW was that my business was growing rapidly and as a result the VAT and cashflow implications were quite complex. I required more support than my previous accountant could offer me. I felt like my previous accountant would give transactional, rather than proactive, advice so I was looking for more support not only in relation to cash flow but also in terms of running my business to help me make the right decisions and run my business in a smart way.”
What was the specific problem or challenge that you wanted us to help you overcome?
“Before working with BW, the biggest business challenge for me was the complexity and timing of my cash flow and wanting a better grip and understanding of that. Alongside better business awareness, and a streamlined accounting process, so that I could focus on running my business and have less time worrying about the accounting. Overall, it was about bridging that gap for me and giving me confidence on where my cash position is at any one time.”
What steps did we take to support you to overcome the problem and help you reach your goals?
“The first step was BW transitioned my business’ accounting records from FreeAgent to Xero and got us set up on Hubdoc for capturing our business receipts. This streamlined our existing process, by removing several steps, and freed up mine and the team’s time. BW then supported us to move to regular weekly bookkeeping, so that I could see real time financial information about my business’ performance and cashflow position.
As part of this transition, it quickly become apparent that there were cashflow pinch points throughout the year due to the way that we invoice our biggest client and the time it takes them to pay us. BW supported us, via one of their trusted advisers, to obtain additional finance for the business. This included a revolving credit facility, that will help us to navigate any short term cashflow problems in future.
I now receive monthly reports from BW that give me a snapshot of the business’ performance and help to identify any potential cashflow issues well in advance.
Compared to the support that I’ve received in the past, the support that I got from BW was more of a human connection. It’s allowed me to feel like I have somebody in my corner, helping me to better understand my business. I feel like they’ve really invested in the growth of my business, giving me support not only from the perspective of where I’m at, but also where I’m going. Specifically helping me to put better processes in place with my team and to have a clearer picture of what’s happening in my business. As well as genuine advice and understanding on how the complexities of the accounting process works, to allow me to understand better where I am in my business every month.”
What was the benefit to you of us supporting you to overcome the problem? What impact has this had on you and your business?
“Having better accounting processes in place has allowed me to spend less time trying to work out how my business is performing, and what my cashflow position is, so that has freed up a lot of my time and brain space. Not only that, but it has also benefitted my overall well-being because I now feel confident about where I am in the business every month. I no longer have that feeling of not understanding, which is a weight off my mind, as I’m no longer spending time worrying about it. I now can feel comfortable knowing that I have the right team around me, that is going to advise me and give me the support I need as my business keeps growing.”