Case Study 3 – The Replacement Service
The Replacement Service is a service provider to the UK insurance industry, providing insurers with replacement household goods as required under home policies. With 10 staff and a turnover of circa £2m, we were introduced to the Managing Director after the company had struggled for many years with an ineffective accounting department due to staff being either too low level or too highly qualified to run it successfully.
The entire accounts function has been outsourced to us with a key dedicated resource which is Nadine Schofield who providing 2 days a week on site as accounts manager with additional offsite support also available.
Our first tasks were:
- Replacing the inappropriate accounting package with software better suited to the business, ensuring integration with the existing CRM product
- Correcting the VAT system which was overpaying by tens of thousands each quarter due to lack of understanding. Obtaining a 6 figure repayment as a result of this work
- Creating the first management accounts produced for a number of years, thus satisfying the bank’s requirement for figures
- Creating a cash flow forecasting system
- Obtaining a significant research and development repayment