Background

We were approached by a company which had reported losses in the previous year but was growing very quickly. Its bank manager was becoming worried as its financial systems needed improving and its current accountant was doing nothing to help the company sort out its problems. The bank manager recommended that the company’s management speak to three mid-Cheshire based accountants.

The solution

After a tendering process Murray Smith were appointed on a fixed monthly fee to help the company implement a new accounting system, develop financial procedures and begin production of monthly management accounts. The company was assigned a Murray Smith Partner to provide advisory support and a Murray Smith Manager to look after the day to day accounting support and produce the monthly management accounts. The Murray Smith Partner or Manager now attend each of the company’s monthly Board meetings to help drive continuous improvement.

Results

The company now has robust financial systems with monthly management accounts and advisory input all of which has helped to drive turnover and profitability. The company has now expanded into a group of companies making significant profits.

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