Terry Chiu approached us from Venture Motion as he was looking for a new accountant to propel his businesses finance function into the 21st century. Venture Motion has two main business models, one side of the business is a Digital Business Automation Agency that helps businesses optimise their digital marketing and operations, the other is a custom SAAS product that help businesses automate their due diligence and onboarding. When Terry approached us, one of his goals was to spend more time with his children, something which struck a chord with our team. So inspired to improve Terry’s life and help his business in the process, we got to work.
How we helped
Previously Terry had an accountant who’d been using Xero, but using it incorrectly. Rather than taking advantage of Xero’s ability to show real time data, they’d been using it similar to desktop software from yester-year, manually importing bank statements and typing up 100’s of purchase and sales invoices manually. The numbers were never fully up to date, so we decided to change that. Bringing in daily bookkeeping, we managed to get Venture Motion on top of the numbers to show them how the business was really performing. We also identified that they’d been overpaying VAT, so after some wizardry on Dext Precision, we were able to reclaim enough VAT to cover 6 months of our accountancy fees for Terry and the gang. With some expert tax planning we also managed to make use of Research and Development Tax credits to help improve the firms’ cashflow. More than anything, we helped Terry get on top of the numbers, cut through the accounting jargon and put a plan in place that’d allow him to eventually step away and spend more time with his children.