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Case study: What can be described as a once proud, friendly hands-on family-owned hardware store which grew in turnover and size, due to its never say never service culture, came a cropper!  Healthy growth in sales and an increase in committed sales and service staff became the business’ nemesis. Due to lack of expertise in its accounts department, when it came to financial reporting, controls, and tax compliance, the business was at sea. They outgrew their capability …

A neighbouring businessman suggested they call on the professional services and advice of the accounting firm he’s been working with for more than a decade. He could vouch for them.

The accountants were tasked to find solutions for the quagmire the company found itself in, to meet its reporting obligations while reducing costs and restoring its previous healthy financial position.

Taking the pragmatic approach as to which decisions make the most financial sense to deliver optimum commercial results, they started by implementing a cloud-based accounting system. No more piles of printouts and getting lost in paper translation. This allowed the business to automate many of its manual processes, reducing the risk of errors and freeing up management to focus on other important tasks.

The accountants assisted in implementing better internal controls and regular reviews of its financial statements and improved reporting processes. All of which helped the business to improve the accuracy of its financial information and provide meaningful insights into its performance in real time!

Finally, they supported the business in identifying relevant tax-opportunities, and taking advantage of allowable deductions and credits, which helped in minimizing the business’ tax liability.

The net result: professional financial systems and reporting, reduced costs, and restored the business’ overall financial performance. Most importantly? Happy people. Happy company. Happy customers.

The accountants, on their part, demonstrated by thinking inside the box, and using their expertise and experience to find creative solutions can have a significant impact on a business’ success.

PS: If your accounts department is treading water on paper and still investing in printouts that end in the recycle bin why not talk to us? There’s always a better way!