“Over the last six years we’ve enjoyed working with all BookCheck staff who have always been highly professional. Matthew and David have felt like a key part of our team.”
George Evans, Managing Director, Soilfix Ltd
Soilfix has developed an outstanding track record for delivering complete remedial solutions for contaminated sites.
Soilfix had an onsite accountant who handled all their bookkeeping.
Management accounts were being produced only quarterly.
Sage functionality was not utilised effectively. The way that it was set up to cope with projects was non-standard. Both pointed towards upgrade opportunities in the areas of financial processes and reporting.
The pressing need for a different finance solution
The client’s accountant went on maternity leave.
Soilfix wanted to make sure that everything stayed ticking over whilst their accountant was away and were looking for a single person who could work flexibly to handle the work onsite in Bristol.
At that time a new subsidiary company was set up which added to the finance workload. This generated more internal control issues around inter-company trading.
Their accountant subsequently decided not to return to work so a different solution was required. Soilfix asked for the same person throughout as their bookkeeper.
Due to the growth of the business, the quarterly management accounts were upgraded to monthly and guaranteed always to be thoroughly checked by a qualified accountant.
Project accounting evolved via the use of departments, close care and attention was given to the area of inter-company trading.
Reporting has been tweaked to deal with changes in requirements – this keeps the information useful and valuable. Budgets were introduced to the reporting pack.
Towards the end of 2017 the client’s needs evolved again. As annual accounts do not report effectively on projects which straddle financial year ends, better management information was required. An Excel model was implemented. It reports on performance from the start of each project, and not just from the start of any given financial year. This information is provided monthly.
The monthly accounts report comprises:
• BAR - BookCheck Advanced Reporting pack
• Project reporting in Excel
• Additional Sage reports
With BookCheck - the Solutions
We deployed a local team comprising a bookkeeper and a qualified accountant. At the same time the local team had the support of their Head Office team. This facilitated the deployment of different skills sets as required.
This delivered a high-quality service to the client, avoiding resource issues and providing profit improving management information.
It also assisted their external accountants for financial year-end purposes, at the same time reducing their fees.