Timely advice and financial information to facilitate growth
As a fast growing and seasonal business, Camper King needed reliable monthly financial information. But irregular contact with the previous accountant meant this wasn’t forthcoming. The business owner was therefore unable to plan resources in response to trading trends or keep a track on overheads. In addition, the owners were receiving corporation and personal tax bills just before the deadline. This caused unnecessary stress and cash flow issues – both for the business and the individuals. They had their own objectives too, such as developing a buy-to-let portfolio, but they lacked advice on how to structure this tax efficiently.
Without proactive advice and support, it was proving a challenge to run a profitable business and make informed decisions. Camper King needed monthly reporting and internal systems which would help the owners manage their cash flow and avoid large tax bills, either ongoing or on exit. As the business was growing, it became essential to have absolute control and visibility of the financials of the business so the owners could make sound management decisions based on accurate, timely figures.
Six years on, the management pack has evolved. It now provides accurate, timely monthly information to facilitate decision-making. The business can accurately predict future performance thanks to a half-day planning meeting that produces a ‘plan’ forecast for the 12 months ahead. Through working closely with the business owners and gaining a deep understanding of the business, we provide an ongoing advisory service – while also taking care of the accounts. Camper King is now well established and profitable. The owners enjoy complete peace of mind knowing that the corporation tax, VAT and personal tax are covered month on month. In addition, they’ve been able to plan and fund property purchases after receiving the relevant advice and support.