Media Identity Ltd
As a small business owner, Tim was always worried about the expense of using an Accountant and had worked through a number of friends, family and ‘cheap’ bookkeepers to try and keep on top of his business accounts. As a sole trader Tim was happy, no monthly accountancy fees, no annual accounts to file with company’s house, just a small bill each year from a qualified accountant to submit his tax return.
Having said that, keeping on top of the accounts each month was a problem, especially when he hit the VAT threshold. For years, the bookkeeping had involved many meetings (often quarterly at the last moment before the VAT return was due) to try and figure out what was going on, what belonged where, how to reconcile the bank and work out what VAT they owed HMRC.
The company was not managing cash flow effectively, in fact, Tim freely admits that the business was running him, not the other way around. HMRC were applying pressure over tax bills that were overdue for submission and late filing charges were building up at an alarming rate.
Then Tim was introduced to Northants Accounting with a set of accounts for the previous three and a half years in a heck of a state. Tim worked with the Northants Accounting Bookkeeper to migrate his Accounting software to Xero on the advice of Nishi.
From this point onwards, all new transactions were filed in Xero in the correct way and Tim worked with the Bookkeeper to sort out the previous accounting records. This took time to achieve but is now completely up to date, the books are managed and kept on top of, the accounts are up to date within a week or so of any given day meaning it’s very simple to work out who owes what, where and when.
Media Identity then became incorporated to take better advantage of tax allowances and the company continues to grow. As well as Bookkeeping and Accountancy services, they now take advantage of Northants Accounting monthly cashflow and management accounts support meeting. An hour, once a month with Nishi Patel running through the previous month’s figures, identifying possible issues and planning the months and years ahead.
Not only does Tim now feel far more in control of the business finances, Northants Accounting also picked up on a few things along the way which is helping the business to grow. For example, they realised that Tim was not costing his outgoing projects efficiently. Nishi suggested a new costing model which subsequently has resulted in Media Identity converting more enquiries into sales.
Having Xero up-to-date means that automated late payment emails are sent out and once a month the Bookkeeper sends out statements, these two actions have resulted in bills being paid more quickly.
Here is what Tim has to say about the service:
“Northants Accounting have been instrumental in helping me to take control of my business finances. Before Northants Accounting I felt like the business was running me and that cashflow was literally out of control. Nishi has worked tirelessly in helping me take control and often teaching me techniques that have helped enormously. I’d have no hesitation in recommending Nishi and the team at Northants Accounting to anyone in a similar situation”.