Envoy Digital is privately owned e-commerce specialist based in London, and one of the most trusted UK agencies in the e-commerce marketplace.
As a company, they were meeting all their accounting and compliance goals, but what they weren’t getting from their incumbent advisers was any kind of detailed or insightful management information. Our solution was to move the business over to Xero online accounting, to showcase the underlying advantages of cloud accounting and real-time management reporting.
Before: the original issue faced by the client
Envoy Digital’s previous accountant used Sage50 to run their books for them, and that helped the company to tick all the right boxes when it came to their basic accounting requirements. But we could see that there was a huge opportunity to improve their management reporting, by switching the business from a traditional desktop system over to a modern cloud platform.
The key limitations of their existing financial system were:
- An old-school approach to accounting
which was limiting their potential to get full control of the company’s financial management and profitability.
- A lack of meaningful management information
so the company’s directors had a very narrow view of their important financial and business numbers.
- Limited understanding over their business performance
with no opportunity to track key numbers over time, or measure how well they were performing against targets.
- No information on their tax position
so the business had only a basic idea of what tax would be owed and could do only minimal tax-efficient structuring.
After: how FLB provided a workable solution
We knew Envoy Digital would benefit from having access to clear, up-to-date management information. So once we had taken them on as a client, we quickly moved their accounts over to Xero and made real-time management reporting a reality for the business.
The key benefits of their new Xero system were:
- Full integration of Xero with the Receipt Bank app
bringing them automated bookkeeping and a flexible cloud accounting platform to manage their finances.
- A clear reporting dashboard
using the Spotlight Reporting solution to pull their Xero data through into our one-pager My Dashboard view with all their key numbers.
- Real-time reporting of business performance
with the company now able to track costs, monitor cashflow and see exactly how the business is working day-to-day.
- The ability to run accurate cash-flow forecasts
allowing us to work with Envoy to project their cash numbers forward and make better decisions about spending.
Talk to us about how My Dashboard transforms your reporting
By helping Envoy move to the cloud, we’ve given their management board a better view of their own business – and helped the owners to start identifying the key areas for change and improvement within their existing business model.
If you’d like to have a real-time view of your key business information with My Dashboard, contact us to get the lowdown.