Security Company Accounting Case Study

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Introduction to our client

Yellow Hat provides commercial and domestic security solutions including CCTV, Man guarding, Fuel Watch towers, remote monitoring and remote security towers. The client has developed their own ‘K9 Security’ tower which offers protection in areas such as construction sites where no coverage could previously be offered.

As a result of their product development Yellow Hat have a great growth opportunity and needed more support than the VAT returns and Year End accounts their existing accountant was providing.

Our work with them and services supplied

Bookkeeping was outsourced to spotlight so that the directors could concentrate on growing the business. Yellow Hat was migrated onto Xero with Dext and GoCardless connected.

Not only did the directors get full visibility over their financials including outstanding invoices, but it also immediately saved time automating monthly invoices and payment collection for domestic customers and having to manually print out invoices and bank statements for the accountant to process.

Quarterly Management Accounts were prepared with a video overview of the business performance and key points to address.

Taking time to understand the client and what they do identified that some of the solutions that Yellow Hat developed fell under Research and Development Tax Credits. As a result of these conversations Yellow Hat received a tax refund of over £10,000.

A significant growth opportunity was identified within the Construction Industry and as with most growing small businesses cashflow was a key concern. Using our forecasting services, the growth opportunity was modelled out and the funding gap identified. To which lenders were approached and we worked with them to obtain the necessary funding.

As a result of this Yellow Hat now have the funding in place required to deliver the forecasted growth opportunity, a financial forecast mapping out the growth plan and management accounts to identify if they are performing to plan.

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The clients opinion on our work

Spotlight have helped us lay the foundations for the growth of our business. When going through the funding process the bank commented on the level of detail that went into the forecasts enabled them to clearly see the picture of our businesses’ growth.

We have gone from seeing our previous accountant once a year and being blinded by numbers and tax bills to having clear visibility over our finances and future cashflow.

 5/5

The clients review

Carrie and the team are so friendly and forward-thinking as my accountants for my business and my personal tax preparation and with their assistance, we have been able to make a successful claim for research and development tax credits, and would highly recommend working with Spotlight!

How we can help your business

If you have a growing business and need support on how to plan the growth and manage cashflow please get in touch and we would be happy to discuss how we can help you move your business forward.