CASE STUDY

NORWEGIAN COMPANY SETTING UP IN THE UK

CLIENT AND STAFF NAMES HAVE BEEN ANONYMISED DUE TO THE CONFIDENTIAL NATURE OF THE COMPANY BUSINESS.

While the firm can now boast a blue chip client list, the company was started some 12 years ago by founder Mike Conner. Mike was the classic start up “one man band” consultancy with a turnover a little over £150k. Yet he had a vision and ambition to become a lot more.

RECOGNISING THE NEED
Appsbroker were built on a foundation of technological know-how. Yet despite this, or possibly because of it, they recognised that when it came to managing the financial side of the business they needed to partner with someone who was Cloud based and had the knowledge and experience to support their ambitions. Acconomy were appointed to the task in 2012.

ESTABLISHING A RELIABLE ACCOUNTING SYSTEM
After assessing their specific requirements and with a view to setting for their future ambitions, we assisted Appsbroker in moving across to cloud based solution Xledger for significantly improved flexibility, extensibility and robustness, and facilitation of real time financial management and control. Xledger has provided a cost effective, scalable platform that has grown with the business.

MAXIMISING R&D TAX ADVANTAGES
With the operational basics sorted, our next major involvement was in helping to prepare Appsbroker to make a claim for the significant amount and therefore cost, of its Research & Development effort. That work resulted in the Company successfully claiming under the Government’s Research & Development Tax Credit initiative.

ATTRACTING AND KEEPING THE BEST PEOPLE
Attracting and retaining key staff remains a core part of Appsbroker’s business success strategy. With our help Appsbroker put in place an HMRC approved Enterprise Management Incentive (EMI) share option scheme, a well established and proven approach to ensuring a business not only attracts the best people for the job, but retains them as well.

PROTECTION FOR THE FUTURE
The Directors wanted find the best balance between setting aside resources to fund further development and providing for their own and their team’s futures. We guided Appsbroker through the setting up of a Small Self Administered pension Scheme (SSAS), a pension solution that allows directors to provide for the future whilst providing a tax efficient vehicle for growing the business.

WELL PLACED FOR THE NEXT STEP
Since 2012 we’ve helped our client build a sound financial management information and reporting structure; benefit from R&D tax credits thereby allowing Appsbroker to reinvest in further research; helped put in place an key staff retention strategy that has meant they are attracting the very brightest and best; and put in place the means to provide for their personal future whilst still being able to invest in the company’s growth.Appsbroker’s relationship with Google is the envy of many Cloud based IT startups. In a few relatively short years they have grown from a home based office to more than 100 staff across two locations. And with Google’s stated intention to “Supersize” Appsbroker as a premium partner, the next step is going to be a big one.

OFFERT FRÅN CFO
Två år senare, vi sökte beslutet att öppna en verksamhet i Storbritannien. DET VAR INTE ATT ANVÄNDA LOKALT EXPERTIS FÖR ATT SÄKER INTE ENDAST ATT DEN NYA ÅTGÄRDEN VARA UPPFYLLANDE MED HELE UK-RAPPORTERING OCH SKATTLAGSTIFTNINGEN, MEN OCH NÅGON SOM KAN HÅLLA GRUNDEN KÖRNA DÅ DET KOMDE ATT ADMINISTERA Räkenskaperna med XLEDGER. SOM RESULTAT BESLUTade DIREKTÖRERNA ATT INNEBJUDA AKKONOMI SOM Hennes UK-RÅDGÖRANDE FÖR DIN STATUS SOM XLEDGER UK-PARTNERS OCH DINA EXTENSIVA Händer på kunskap om XLEDGER. FRÅN UTVECKLINGEN VI FÖRDE FÖR FULLT UTVECKLAD UK-bokföringsverksamhet som tillhandahålls av ACCONOMY INKLUDERANDE BEGRÄNSAD BEGRÄNSAD FÖRETAGSFORMATION OCH REGISTRERAD ADRESS, BOOKKEEPING, LEVERANTÖRFAKTORER OCH ANSTÄLLARE EXPENSERA GODKÄNNANDE SÄLJER, HANDLINGAR lönelistan. I KORT, OCH TURNYCKETJÄNST.I Två år sedan Storbritanniens operation första gången har vår egna affärsverksamhet gått från styrkan till styrkan och akonomi har alltid varit där för att hjälpa och stödja företagets vision."

FÖRETAGET CHIEF ACCOUNTING OFFICER bekräftar förmånen som stödet som ACCONOMY har gett, har varit viktigt att kunna odla verksamheten i Storbritannien

”VÅRT TEAM I Storbritannien fick också bra och snabbt stöd från akonomi relaterat till utbetalning och utgifter för återbetalning. MÅNEDLIGA FINANSIELLA RAPPORTERING INOM AVTALAD DEADLINJE FRÅN AKKONOMI HAR FÖR NÖKLIGT FÖR ATT LEVERA KONSOLIDERAD FINANSIELL RAPPORTERING MÅNADSLIGT FÖR HANTERINGSPANET. "

QUOTE FROM CFO

“TWO YEARS AGO, WE TOOK THE DECISION TO OPEN AN OPERATION IN THE UK.  IT WAS KEY TO ENGAGE LOCAL EXPERTISE TO ENSURE NOT ONLY THAT THE NEW OPERATION WOULD BE COMPLIANT WITH ALL THE UK REPORTING AND TAX LEGISLATION BUT ALSO SOMEONE WHO COULD HIT THE GROUND RUNNING WHEN IT CAME TO ADMINISTERING THE ACCOUNTS USING XLEDGER, THE INHOUSE FINANCE SYSTEM.  
AS A RESULT, THE DIRECTORS DECIDED TO ENGAGE ACCONOMY AS THEIR UK ADVISOR BECAUSE OF THEIR STATUS AS XLEDGER UK PARTNERS AND THEIR EXTENSIVE HANDS ON KNOWLEDGE OF XLEDGER. FROM THE OUTSET WE OPTED FOR FULLY OUTSOURCED UK ACCOUNTING OPERATIONS PROVIDED BY ACCONOMY INCLUDING THE INITIAL LIMITED COMPANY FORMATION AND REGISTERED ADDRESS, BOOKKEEPING, SUPPLIER INVOICE AND EMPLOYEE EXPENSE APPROVALS, MANAGEMENT REPORTING, SALES TAX COMPLIANCE (VAT),ANNUAL ACCOUNTS COMPLIANCE, CORPORATION TAX AND PAYROLL. IN SHORT, A TURN KEY SERVICE.IN THE TWO YEARS SINCE THE UK OPERATION FIRST TOOK SHAPE,OUR OWN BUSINESS HAS GONE FROM STRENGTH TO STRENGTH AND ACCONOMY HAVE ALWAYS BEEN THERE TO HELP AND SUPPORT THE COMPANY VISION.”


THE COMPANY CHIEF ACCOUNTING OFFICER CONFIRMS THE BENEFIT THAT THE SUPPORT THAT ACCONOMY HAS GIVEN, HAS BEEN IMPORTANT TO BE ABLE TO GROW THE OPERATIONS IN THE UK STATING…

“OUR TEAM IN THE UK HAVE ALSO RECEIVED GOOD AND FAST SUPPORT FROM ACCONOMY RELATED TO PAYROLL AND EXPENSE REIMBURSEMENT. MONTHLY FINANCIALS REPORTING WITHIN AGREED DEADLINE FROM ACCONOMY HAVE BEEN KEY TO BE ABLE TO DELIVER CONSOLIDATED FINANCIAL REPORTING MONTHLY TO THE MANAGEMENT TEAM.”

Alex Hamilton had experienced chronic back pain as a result of his time in the armed forces but found it extremely difficult to get an immediate appointment with a GP. Research revealed he was far from the only one having trouble.In fact, over a million people in London and across the UK were struggling to access primary care when they needed it. And Hamilton found that it seemed to be only private GPs who could take on those in need immediately – yet felt going private was only really accessible to the wealthy.

Already keen to start his own business, a mutual friend introduced him to Dan Faber – a former accountant and self-taught coder – and DocTap was borne; an affordable same-day private GP service.DocTap allows people to book a same day, face to face appointment with a GP from £29 to £44 depending on the time of day and how far in advance the booking is made. There are no additional charges for writing prescriptions, sick notes or referral letters.

Its 50 subcontracting doctors – who are all highly experienced and UK accredited – are able to see four patients in an hour in 15-minute slots in Central London clinics that are all run from a centralised admin office manned by virtual receptionists. Patients are able to request a female or male doctor when they book an appointment and can choose to see the same doctor again.
Since starting two years ago, DocTap has treated more than 20,000 patients – 97% of whom it claims would recommend the service to their friends and family – with tourists and students accounting for a large proportion of its customer base.
DocTap is on track to hit £1.2m turnover in 2018 and the next 12 months will see the business consolidate its business in the capital before expanding to new cities and, eventually, overseas.

For Alex Hamilton, co-founder of DocTap, video interactions can never replace face-to-face consultations. DocTap will launch their app in early 2019 allowing them to offer GP consultations in various clinics across London, later nationwide, which are booked and paid for easily through a webengine. “Face to face is better,” says the former officer in the Irish Guards. “Internet-based GP consultations just don’t cut it.”We’ve been at DocTap’s side since inception, helping them with their accounting and tax, as well as guidance in their financial decision making. Along the way we’ve helped implement a cloud accounting solution using Xero, as well as assisting in the claiming of Research & Development Tax Credits, and EIS funding compliance.

When Coherence Design opened for business in 2002, the World Wide Web was still (almost) hot off the press, and “Software as a Service” was a term touted by a few tech pundits without any real idea of where Tim Berners-Lee’s progeny was headed.

Even so, Coherence Design’s founder Graham Robson was already developing web content management systems and building advanced web applications. The potential was there, but the technology to make it easy was still very rudimentary.

By 2009 a lot had changed. Indeed, so much so, that with the right partner, even the most technical aspects of managing an SaaS web application solution was within the grasp of any savvy business person. This meant that Graham and his team were finally in a position to drive the Coherence Design in the direction they had foreseen 7 years earlier.

By 2010, they were looking for a partner to the provide the sort of experienced financial management and business guidance they knew they needed, and appointed Acconomy. This very much aligned with Robson’s guiding principle, “somewhere, someone already has a great solution - it's just a question of finding, assessing, and blending together the right components into a solution. Outsourcing as much as you can and concentrate on what you do or should do best - adding genuine value.”

For eight years now we’ve been able to facilitate this vision for adding value by carefully managing the business’s accounting requirements, including implementing our cloud-based delivery, and by providing insightful proactive management guidance year-on-year.

All this goes hand-in-glove with another of Graham’s guiding principles: “You don’t want to be worrying about the nuts and bolts - but rather the whole customer experience of your business… as an asynchronous extension of your relationship.”

Sitat fra finansdirektør:
“To år igjen, vi tok beslutningen om å åpne en operasjon i Storbritannia. DET VAR IKKE Å ENGASJERE LOKAL KOMPETANSE FOR Å FORSIKRE IKKE BARE AT DEN NYE OPERASJONEN VIL OPPFYLLES MED HELE UK-RAPPORTERING OG SKATTLOVGIVNING, MEN OGSÅ NOEN SOM KAN HAR GRUNNEN KJØRT NÅR DET KOM Å ADMINISTRERE REGNSKAPENE MED XLEDGANCE.SOM ET RESULTAT, bestemte direktørene seg for å engasjere ACCONOMY SOM Hennes britiske rådgiver fordi deres status som XLEDGER britiske partnere og deres omfattende hender på kunnskap om XLEDGER. Fra outset vi valgte for fullstendig outsourced britisk regnskapsoperasjoner levert av ACCONOMY inkludert den opprinnelige begrenset selskap FORMASJON og registrert adresse, bokhandler, leverandør faktura og ansatt utgifter godkjenning salg, administrerende salg lønn. I KORT, OG TUR NØKKETJENESTEN.I løpet av de to årene siden Storbritannias operasjon først tok form, har vår egen virksomhet gått fra styrke til styrke og akkonomi har alltid vært der for å hjelpe og støtte selskapets visjon."

SELSKAPETS HOVEDREGNSKAPSKONTOR TILLATER FORDELET AT STØTTET TIL AT AKKONOMI HAR gitt, har vært viktig å være i stand til å vokse driften i Storbritannia som uttaler ...

“VÅRT TEAM I UK HAR OGSÅ MAKT GOD OG RASK STØTTELSE FRA AKKONOMI TILBETALT TIL BETALING OG GJENNOMGANGSBIDRAG. MÅNEDLIGE FINANSIERINGSRAPPORTERING INNEN ENIGE DEADLINJE FRA AKKONOMI HAR VÆRT NØKKEL TIL Å LEVERE KONSOLIDERT FINANSIELL RAPPORTERING MÅNEDLIG TIL LEDELSESPANET. "

CLIENT AND STAFF NAMES HAVE BEEN ANONYMISED DUE TO THE CONFIDENTIAL NATURE OF THE COMPANY BUSINESS.

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