Restaurant business: breaching VAT threshold
Having just broken the VAT threshold, a client in the restaurant business was finding managing their records increasingly stressful. The client:
–had a large volume of purchase invoices to process;
–required significant time and resources to summarise financial information to establish VAT payable; and
–was experiencing sleepless nights as a result of the administrative financial burden.
Using cloud based software, UHY removed the pain and hassle at an affordable price. Our software allows us to snap pictures of the invoices, completely removing the need for someone to sit and manually type them up into an accounts package, resulting in huge time savings.
We processed over 1,700 invoices in 12 hours for our client.
Care company: minimum wage increase
A company delivering care to the elderly had seen its profit eradicated by the increase and changes to minimum wages.
–The long-term viability of the company was at stake; and
–a review of pricing structure and impact on profit was required.
Using cloud based software, we reviewed real time data in Crunchboards (an add-on application) to create various ‘what if’ scenarios . This allowed our team to manipulate changes in pricing and demand, and then analyse the results. The forecasting gave the owners piece of mind that their decisions were based on business intelligence. The results could be monitored against our forecasts, so further action could be taken if necessary.
The client performed ahead of budget and returned to profit as a result of more informed decisions.