Time to give your business some financial first aid?

                                                                                         

The mark of a successful business lies partly in its ability to plan ahead. Having a clear vision supported by a robust strategy is one thing, but how many businesses really manage to adapt to the challenging economic times we are experiencing right now while keeping their eye firmly on the long term business plan?

Perhaps the secret lies in preparation. Only those businesses that can anticipate potential difficulties, and take a proactive stance before it becomes too late, will weather the storm. Sometimes tough decisions made now can prove to be vital for the future health of the business.

Whilst the Government may appear to be introducing more flexible arrangements to help small to medium sized businesses, at the end of the day payments still need to be made to your staff, your suppliers and the Inland Revenue. Many businesses are waking up to the opportunities of outsourcing and bringing in specialist expertise that can make a real difference to the financial health of a business.

One such specialist provider of outsourced business services is Cheltenham-based Oriel, which can help clients with a number of first aid accounting remedies and tailor their services to suit clients’ differing growth stages. Services can range from setting up and reviewing accounting systems and processes, through to providing a BACS payroll bureau facility and business advice on a range of financing and insurance services.

One client to take advantage of this approach is commercial recruitment agency, Bolter and Woodward where Oriel Accounting has worked on their accounts from scratch.

Boulter and Woodward
Boulter and Woodward, a London-based recruitment agency specialising in the construction sector, was set up by Rob Boulter in 2007. Like many new start businesses, Rob quickly realised that the reality of setting up and running your own business can be more complex than originally envisaged. He found himself spending much time chasing late payments, struggling to pay staff and set up accounting systems. As a result, a state of financial disarray dominated the business and Rob was distracted from winning new clients and building his new business.

Keen to ensure the future success of the business, he made the decision to contact Oriel and since then Rob claims it has been smooth sailing. Rob handed over all his accounts to Oriel who now chase all payments over 90 days and pay all of his staff weekly based on the time sheets he provides. Since Oriel took over Boulter and Woodward’s accounts, Rob is relieved to know that he can trust the accounting experts at Oriel to manage his accounts and give him the profit, making it very easy for him.

Rob comments: “Before I was losing lots of sleep but now Oriel has saved me and the business. My focus has shifted from chasing money to chasing new business. They really have made the difference between business failure and success for me and I can’t emphasise how good they are. My account manager, Neil, is straightforward and honest and totally understands the financial help needed by small businesses. In addition, Oriel’s online system is one of the simplest to use, access is free and allows me to file all the paperwork on time. Oriel really does deliver services that take the hassle away and their support frees up my time, helping to ensure my business flourishes. ”

About the author:

James Luxton manages the Accounting Division at Oriel Group and has helped many businesses get into better shape: “We work closely with many clients to put their accounting affairs into better order and create a solid platform for the business to move forward. In some cases there is limited knowledge in-house to undertake the necessary remedial work, and these situations need to be well managed by people who have the expertise and understand the implications – both from a financial and legal perspective.”

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