Bookkeeping Case Study 2
The director of Client Y had previously performed the bookkeeping between himself, his wife and another staff member, to reduce costs. It was carried out on an ad-hoc basis and the director had difficulty ‘letting go’ of this duty as he was worried he would lose control of the finances. Eventually it was apparent that he needed to concentrate on his business and not his finances and they were referred to us by his growth advisor.
Firstly we set this client up on Xero and worked via our ‘live accounting model’. So instead of visiting 1 day per week on-site we worked 1-2 hours per day off-site.
We created a secure live dashboard on the directors smartphone and laptop and we automated as much data entry as possible — allowing us to spend our time adding value to the business instead of data entry — and review the reporting which the director used on a daily basis. Reports which were updated daily included:
- Sales mtd & ytd
- Bank balance
- Aged debtors
- Aged creditors
- Overdue debts > 15 days past due date
- Supplier payments over £10k due in less than 15 days
- Directors Loan account live balance
- Overhead spent (5 categories chosen)
- 6 week cash flow forecast
The director was very pleased to have his and his staffs’ time freed up and could concentrate on running his business knowing his finances were available to him on his dashboard for a quick daily update.