Our client is a furniture importer, who was referred to us had been previously receiving minimum accounting services from his provider. Let’s call this client Steve.
Steve’s lawyer, a client of ours, recognised that Steve was struggling with some of the financial aspects within his business and recommended he make contact with us. Steve was looking for an accountant who would get actively involved in his business, understand his business and the challenges it faced.
We visited Steve’s premises a number of times in the initial period, so that we could fully understand his business and the systems that were used to operate it. This included reviewing stock systems, stock pricing, stock control and valuations, as well as the IT system and the way Steve’s firm dealt with foreign currency issues.
Our review identified that Steve’s company’s systems and processes needed significant improvement. We also identified a number of potential shareholding issues, and several limitations in the way Steve’s business was structured.
We provided Steve with a full report on the problems that existed within the business and recommendations on how to solve them. This report also detailed the steps that would need to be taken, and a timeline for completion.
By taking the time to make multiple visits to Steve’s premises, we were able to fully grasp the situation, and the obstacles and opportunities that existed. This meant that we could quickly identify solutions that would overcome several pressing problems, and provide advice that was specifically tailored to address Steve’s needs.
By proactively dealing with problem areas, such as business structuring and the class of shares held by shareholders, Steve will be able to avoid significant financial and organisational difficulties down the track.
Now, a number of years later, the business is going from strength to strength, and Steve does not have to worry about anything except running the business.