Furniture Manufacturing Group
2018 books reconstructed from scratch, 20+ subsidiaries brought audit-ready in a single quarter.
Accountables became associated with this prominent UK group in early 2020, at a critical juncture. The client faced a significant operational and compliance hurdle: an extensive backlog of financial books from 2018 that needed urgent attention. This challenge was exacerbated by the absence of a proper handover from previous accountants and a lack of structured financial data from the management. With the company's first-year audit approaching, there was an immediate and pressing need for rapid financial reconstruction and the establishment of robust, auditable processes from the ground up.
Accountables was engaged not just to resolve the immediate crisis but to establish a sustainable financial infrastructure. We quickly transitioned into the role of their Financial Controller, taking full ownership of financial execution and strategic oversight across their 20+ subsidiary companies.
Accountables successfully prepared the entire overdue backlog of books from 2018 in a record turnaround time of just three months, ensuring the client was audit-ready.
In the absence of any proper handover or structured data, Accountables meticulously established fresh financial processes from the bottom up, creating a robust and compliant accounting framework.
We implemented sophisticated reconciliation processes for revenue generated through various online portals, including Amazon, eBay, and Wowcher, and across diverse payment gateways such as Klarna, PayPal, Stripe, and ClearPay. This ensured accurate and timely revenue recognition.
Our team took over all aspects of bookkeeping, payroll, and period-end accounting. This included meticulous reconciliation of local and imported purchases, providing the client with periodical, insightful finance and accounts reports essential for strategic decision-making.
Accountables assumed responsibility for all statutory compliances for the group's 20+ subsidiary companies, covering:
- —Preparation and filing of VAT returns.
- —Preparation and filing of Annual Corporate Tax returns.
- —Filing of Annual Accounts with Companies House.
- —Proactive dealing with notices or enquiries from Tax Authorities or Companies House.
- —Strategic Tax Planning advisory to optimise the group's tax position.
- —Company setup and all related incorporation compliances for new or acquired businesses.
- ✓Timely Compliance & Audit Readiness: The extensive backlog was cleared, and robust processes were established, ensuring the group was fully compliant for its first audit and all subsequent statutory requirements.
- ✓Streamlined Financial Operations: Complex multi-portal revenue streams and purchase reconciliations are now efficiently managed, providing clear, real-time financial oversight across all entities.
- ✓Strategic Growth Enablement: By offloading the financial burden, the group's management can now fully concentrate on their core business expansion, including vertical and horizontal integration strategies.
- ✓Reduced Administrative Burden: The client experienced a substantial reduction in the administrative load associated with financial management, freeing up internal resources for higher-value activities.
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