The purpose of the project/service:
- Reduce tax bills for business and owners to increase the cash in their bank
- Identify ways to improve profitability and cash-flow due to downturn in industry
- Undertake audit compliance work and identify areas of financial system improvement
Within the first 9 months of being a client we achieved the following;
- Through the tax planning and group restructure project we achieved an annual tax saving for the group and individuals of £76,000 per annum. Over the next 5 years this will equated to a saving of £380,000.
- The financial forecasts prepared and facilitated by us enabled the client to identify savings and plan for profit and cash flow improvements for the year ahead. Within 6 months of preparing the budget both businesses within the group were showing considerable improvements and the group went from a loss making to a profit making position
- The annual audit identified potentially serious issues within the finance operation which could have lead to significant levels of fraud and error. Within our project we identified these weaknesses and set out the actions required to resolve them. This enabled the client to put the appropriate safeguards in place to prevent any future problems in this area.
- Also during our review of management information we identified significant improvements to the accounting and reporting policies which, under the previous accountant, had adversely distorted the trading position to the extent that the poor results were causing problems in their relationship with the bank. We recommended and helped to implement a change in policy which not only improved the accuracy of the financial information but also helped them obtain a better standing with the bank.
Client Feedback and Testimonial:
“We are all really happy with the support we have received from Harlands and we look forward to working with you all in 2013. You have no idea how good it is to be able to contact you all with our queries, you are all so approachable.”
“If you had been our accountant 15 years ago we would have been retired by now with enough money in the bank never to have to work again.”
“This is the first meeting with an accountant I have actually enjoyed in the last 20 years!”