After many years with a major firm, this highly regarded individual decided to set up his own practice. Following a recommendation, Playfair Partnerships was engaged to provide support in setting up the financial control systems required to manage his new business.
With all start-up businesses, it is important to ensure that financial controls are in place from day one, even if those are on ad-hoc systems rather than a recognised piece of accounting software. In this case, a suite of Excel-based spreadsheets was developed for the client, enabling the recording of all sales, purchase and cash transactions. Playfair Partnerships also efficiently took control of all statutory requirements including applications for VAT and PAYE registration. This allowed the client to concentrate on the development of the business without being concerned whether the business finances were under control.
During the first year, we developed the financial control systems and provided a detailed monthly budget, regular management accounts and profit and cashflow forecasts, as well as producing annual accounts for tax submission.
The client’s systems have progressed from the original spreadsheet system that we introduced in the early days to a cloud-based accounting package which gives all stakeholders any-time and place access to obtain and discuss financial information. This means we can spot problems as they arise or answer queries quickly and efficiently.
Day-to-day support is always available via phone and email, and once a quarter we visit the business to resolve any outstanding processing issues and assist the client with the completion and submission of their VAT return.
One of our partners is acting as quasi FD to the client to help him understand and interpret the financial information through regular quarterly meetings, as well as liaising with external advisors on tax and banking matters.
The client’s business has grown substantially and generated good returns and our start-up advisory and support services have developed into a true partnership generating effective financial control and providing analysis and advice across a range of business issues.