Our client, a consultancy company, found their business growth was restricted due to outdated accounting processes. They undertook a project to radically digitise these processes, thus qualifying for Research and Development (R&D) Tax Credits.
Project
Our client provides a range of services to the waste and resources sector. Their services include:
- Providing training (either on or off site);
- Vocational qualification assessments;
- Management cover at site;
- Consultancy services; and
- On site services e.g. environmental monitoring/waste composition analysis
Their research identified the way they were managing their accounting information and data was outdated. Therefore, it was not providing management with the data to grow the business. Data was previously gathered through desktop software and spreadsheet which was time consuming to pull together. The company put together a strategy for the business based on where they felt they could improve:
- Pricing and profitability mechanisms by product range;
- Profitability and efficiency improvements; and
- Employee performance, measurement and improvement.
The company drove technological advancements in a number of areas to achieve these targets. The client developed a custom-designed Customer Relationship Manager to record staff time and remove the need for multiple excel sheets in this regard.
In addition, our client employed a contractor to implement Management Accounts through the use of live data and a specific piece of cloud software. This allowed the client to compare actual monthly performance data with budget data – also created by the contractor. This updated and improved process gives real time data which is accurate and useful to the client.
The dramatic shift in the way the client handles and utilises its accounting data ensured it qualified for R&D Tax Credits. The changes made have taken the client from almost no relevant information to having a five year plan, one year budget and real time data available every day of the year.