We first got in touch with Sibbalds Chartered Accountants late 2011 through their marketing literature after we opened a dormant company. We felt that this was an opportunistic time to talk to another accountant as we felt that we had outgrown our current accountant for our existing business at the time and were not receiving proactive and honest advice.
We had an initial meeting with Hari and found the meeting very useful and informative and gained a lot out of this initial meeting than we ever did with the accountants at the time. We took the plunge and moved over to Sibbalds and to be frank we have not looked back.
Back in 2011, our turnover was just over £500k and we started to experience considerable growth in 2012. After taking over our accounting affairs, it was apparent that things were not so straight forward with the business and accounting function but Hari and his team guided us through a busy 2012.
Our last financial statements showed the turnover increase to just short of £4m. Hari’s concern was that the rapid growth in the company needed more closer and careful monitoring of the finances, numbers and business as a whole. It was therefore decided that quarterly management accounts are required to keep pace with the growth in the company.
By having this in place, this has forced us to look more closely at our own accounting function, ensuring that the accounts staff and software is up to date with the pace of the business as well as getting our internal software updated with invoices knowing that the quarterly management accounts are to be prepared.
Each quarter we sit down with Hari to go through the management accounts that have been prepared by Sibbalds. By having an independent view of the business as opposed to an internal finance director in the company, the process has enabled us, as the board, to make strategic, informed and executive decisions such as expansion plans and when to invest in the business as well as keeping or tax bill down.
Planning for the future
The process has also helped us exploit areas of weaknesses to make the business more profitable and efficient. Sibbalds approach has been one of looking after the director’s and the company’s best interest and ensuring that the growth is supplemented by the correct advice and support.
The company has now a turnover in excess of £6m and have opened two branches outside of our headquarters and we are looking to open another towards the end of the year. With Sibbalds assistance which is only an email or phone call away, we have been able to account for stock correctly and have identified that the company may breach the audit threshold next year. Sibbalds are working with us to ensure that the audit process goes smoothly leading up to the year in question and avoid any nasty audit surprises.
So much are we convinced that the current approach between us and Sibbalds has assisting our growth, we have decided to expand this service to incorporate monthly management accounts because of the rate of growth and expansion plans we have in place. This is a valuable service that Sibbalds provides and we cannot recommend their service, attitude and attention to detail enough!
We will …
- Provide you with FREE telephone and email support whenever you need it
- Communicate with you in plain English – jargon is banned in our client communications
- Listen to what you are saying at all times
- Help you find the advice and support you need from our large network of professional connections through our SignPosting service – one call to us is all it takes and we do the rest
- Never surprise you with unexpected bills
- Constantly review the services we can provide so we grow and prosper together
- Do everything we say we are going to do on or ahead of schedule
- Guarantee all of our work – we’ll never treat a piece of work as completed until you’ve confirmed you are happy with what we have done
The role of the accountant is far broader these days than simply “doing the accounts” on an annual basis, and more of our clients maintain that regular relationship – to ensure that throughout the year, they have the clarity of understanding and assistance they require. This doesn’t mean effectively working the business, but more an understanding of opportunities and helping in some cases with hands on solutions.