Case Studies


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Case studies 

 

The case studies below describe the work undertaken by Forecast Flow on behalf of clients.

 

 

Cognidox Limited

“Lynn provides more for us than simply “doing our accounts”. Using her experience from working with other technical start ups, she has shown an active interest and capability in helping us grow the business and preparing us for the next stage.”
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Paul Walsh CEO Cognidox Ltd
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Cognidox provides document management systems to companies, either under perpetual licence or by recurring subscriptions.
Initially Cognidox only had accounts once a year when the statutory accounts were prepared at the year end; and the records were maintained in a spreadsheet.

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As the company is growing management needed more up to date information and so to achieve this, the accounting records were transferred onto the cloud version of QuickBooks. Now we produce monthly management accounts which consist of a profit and loss account, balance sheet and cash flow which show how we are doing from a financial view point.
In order to produce the monthly management accounts the tasks which need to be completed are:

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  • Raising customer invoices and sending them to customers, posting invoices to QuickBooks and calculating deferred income and each invoice covers a time period
  • Posting of all supplier invoices to QuickBooks
  • Posting receipts and payments, completing the bank reconciliations
  • Running the monthly payroll including submission of RTI (Real Time Information) returns
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Other tasks include:

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  • Preparing quarterly VAT returns
  • Streamlining our Accounts Receivable processes to improve cash flow
  • Draft year end statutory accounts and R&D tax credit calculations for the external accountants
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Cognidox CEO Paul Walsh had this to say: “Forecast Flow provides more for us than simply “doing the books”. Using her experience from working with other technical start ups, Lynn has shown an active interest in helping us grow the business and preparing us for the next stage.”
For more information on Cognidox please visit their website at www.cognidox.com

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Handy Elephant Limited T/A Unifyo

“Lynn has been a great asset to our company. She always went the extra mile, put efficient processes in place that allowed us to focus on innovating and is very knowledgeable about every aspect of start up finances and taxes. I very much enjoyed her pro-activeness and do wholeheartedly recommend her. Needless to say, I would hire Lynn again in the future.”
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Ben Wirtz CEO at Handy Elephant Ltd / Unifyo
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Handy Elephant started in 2010 and has been developing enterprise software to sell to companies under the name Unifyo.
We took on the accounting and payroll of Handy Elephant just before the first year end. The first task was to set up the accounting records on FreeAgent which is a cloud based accounting package and complete the first year’s accounts.
As Handy Elephant has grown over time advice has given on:

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  • VAT registration, obtaining a PAYE/NIC reference and expenses dispensation
  • Providing financial information to the lawyers to set up the EMI share scheme
  • Detailing the information which needed to be provided for the SEIS (Seed Enterprise Initiative Scheme) and EIS (Enterprise Initiative Scheme) applications
  • Completion of the form 1120F for the IRS
  • Answering the director’s questions as they arise
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In addition the following are completed / prepared as required:

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  • Monthly management accounts
  • Monthly payroll
  • Quarterly VAT returns
  • Draft statutory accounts for the external accountant
  • R&D tax credit calculation
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The accounting records have now been moved to the cloud version of QuickBooks as the company has out grown FreeAgent.

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TyrePal Limited

“Lynn has an excellent understanding of small business requirements, and quickly implements solutions that we can manage for ourselves. This is crucial for a growing business and I can wholeheartedly recommend Lynn to assist small and medium businesses in improving financial reporting and control.”
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John Pye Director at TyrePal Ltd, BoatSheen Ltd
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TyrePal is an internet retailer which sells tyre pressure monitors for vehicles.
Customers pay for their purchases using credit cards, cash or cheque. There was some uncertainty about how the credit card receipts should be treated in the accounting records and as a result management were unsure about the accuracy of the accounting records.

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TyrePal uses QuickBooks as their accounting package and so the starting point was to set up a separate account for merchant services for the credit cards. Initially the bank was reconciled and all bank receipts from the sales were posted to the merchant services account. Once the bank had been reconciled the merchant services account had to be reconciled by matching the sales receipts against the customers’ payment and resolving any differences.

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All reconciliations are now completed monthly and any discrepancies are followed up and resolved immediately. In addition Amazon has been added as another payment method and from an accounting point of view this went smoothly as monthly reconciliations have been completed from its introduction.

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TyrePal imports all its stock from the Far East and as a result of this:

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  • We have set up foreign currency accounts for the relevant suppliers and foreign currency bank accounts in QuickBooks and reconcile these
  • Ensured the stock is brought into the books correctly and that the VAT treatment is correct
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In addition TyrePal have been provided with a budget model and monthly management accounts are produced which give management a much better overview of the financial situation of the company.

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TyrePal was sold to Wheel Solutions Limited in June 2014.

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Extra Large Clothing

“Lynn helped me to take control of my accounts and understand the numbers in my business and what they mean! Now all the accounts reconcile, all the costs are in the right place and I have monthly reporting that tells me what is going on and which costs are too high. She also recommended an easy payroll package. She continues to come in and help on a quarterly basis and does all my year end filing – perfect thanks Lynn!”
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Katy Brown Director at Katy Brown Ltd
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Extra Large Clothing is an internet retailer which sells extra large clothing for men.

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Customers can choose to pay for their purchases using credit cards, PayPal, cash or cheque or via Ebay. As different payment methods were used there was some confusion about how these should be treated in the accounting records and as a result management were unsure about the accuracy of the accounting records.

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Extra Large Clothing uses QuickBooks as their accounting package and so the starting point was to set up a separate account for each payment method i.e. merchant services for credit cards and PayPal. Initially the bank was reconciled and all bank receipts from the sales were posted to the correct payment method account. When the bank had been reconciled each of the payment method accounts had to be reconciled. The sales receipts for the clothing sales were posted according to how the customer paid for the purchases, so it was a case of matching these sales receipts against the customers’ payments and resolving any differences.

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These reconciliations are all now completed monthly and any discrepancies are followed up and resolved immediately. In addition Amazon has been added as another payment method and from an accounting point of view this went smoothly, as monthly reconciliations have been completed from its introduction.

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Monthly management accounts are now produced and management have a much better overview of the financial situation of the company.

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For more information on Extra Large Clothing please visit their website at www.extralargeclothing.co.uk.

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Veebeam Limited

“I can strongly recommend Lynn as a finance manager for small and medium sized companies. Lynn joined Veebeam to help me streamline the business, reduce costs and ensure systems and controls were put in place.

On a part time basis for over 2 years, Lynn reported directly to me, covering both the UK and US entities of Veebeam. She completed all the day-to-day accounting activities, all necessary forms/returns (such as PAYE/NIC and VAT), weekly cash flows and accurate projections were generated. Lynn also produced the monthly management accounts (including group consolidation), reporting to the EU in respect of grant funding (every three months), R&D tax credit calculation and production of draft statutory accounts.”

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Jerry Loraine CEO Veebeam Ltd
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Veebeam provided device to device video delivery, wireless protocol software and wireless product development as design services and as a wireless PC to TV solution consumer product.

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The company had previously been a much larger entity and had been downsized over the years and had cut costs. As a result the financial systems had to be modified for the changes and the cash had to be monitored carefully, therefore weekly cash flow forecasts had to be prepared.

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The accounting records were maintained on Sage and the tasks which needed to be completed on a regular basis were as follows:

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  • Raising sales invoices for design services
  • Posting all transactions to Sage to ensure the records were up to date
  • Reconciliation of the Amazon receipts and invoices as the consumer product was sold through Amazon
  • Sending the payroll to the payroll bureau each month, checking the reports and posting
  • Preparation of monthly management accounts
  • Preparation of quarterly VAT returns
  • Completing the quarterly reporting to the EU for the grant funding in respect of the EU project the company was involved in
    Completion of the group consolidation each quarter
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Other tasks which were completed on a less frequent basis:

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  • Preparation of the statutory accounts for the auditors
  • Preparation of the R&D tax credit calculation and tax computation
  • Completion of P11Ds and P11Db
  • Company secretarial work – annual returns
  • Sending financial information to the US accountant and reviewing the US tax returns
  • Compiling information for the Directors and Officers Insurance application
  • Liaison with outside advisor including auditors and insurance brokers
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The role was that of a part time Finance Manager so all areas of the Finance Department were covered.

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Cambridge Rugby Union Football Club (CRUFC)

“Lynn is a diligent and skilful practitioner who never loses sight of the business objective. I’d strongly recommend her.”
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Martin Davies CFO CRUFC and Operations Director at Viridian Solar
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Martin Davies took over the position of Treasurer at CRUFC in late 2010. It had been discovered that the accounting records had not been kept up to date and that statutory accounts had not been filed with the relevant governing bodies for three years.

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For the 2010/11 season Sage was installed and the accounting records were brought up to date for the season by posting:

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  • All the sales invoices issued to date for the 2010/11
  • All the purchase invoices for 2010/11
  • All bank transactions (payments and receipts) to date and identifying the nature of the payment where there was no backing documentation
  • Reconciling the bar and match day cash receipts and identifying where cash had been used to settle purchase invoices
  • Reconciling the various bank accounts, PAYE/NIC and VAT records
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We were then able to produce monthly management accounts and a bookkeeper was taken on to keep the accounting records up to date and she subsequently took on the role of preparing the management accounts.
After this a weekly cash flow forecast model was set up and updated each week together with a budget model for the 2011/12 season. Both of these were needed to monitor the cash requirements of the club.

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In addition:

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  • The club took over the running of the payroll and all the employees were set up on the new system
  • P9Ds and P11Ds were prepared at the end of the tax year along with the summary P11Db
  • Statutory accounts were drafted for the auditors for 2010/11
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However before the draft statutory accounts could be completed there was the problem of trying to reconstruct the opening balances for the 2010/11 season, as the accounting records of the previous years had not been kept up to date.

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The last confirmed closing balances were on the balance sheet of the 2007/08 season. Therefore accounts had to be drafted for 2008/09 and 2009/10 before we had opening balances for 2010/11. This was done by drafting an extended trial balance for each year and putting in the transactions we had from the records we had including bank statements, sales invoices, payroll records, VAT records and a spreadsheet which contained the cashbook.
Working with the limited resources we had it was possible to reconstruct 2009/10 and subsequently 2008/09 and produce draft statutory accounts for the auditors which they audited and then signed off.

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Financial systems and controls are now in place at the club and these are in place to ensure the financial records are kept up to date and that past history will not be repeated.

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For more information on CRUFC please visit their website at www.crufc.co.uk.

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The Applied Knowledge Network Limited

“Lynn was a great help when we were setting up our new accounting system providing simple but effective insight and with an acute ability to predict and manage the sort of issues we were likely to encounter as we developed the business. She is very calm and also very happy to explain concepts even if they are not understood first time around. If you are looking for someone to help set up and run a future-proofed system then I would highly recommend Lynn.”
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Andrew Hatcher Managing Director at The Applied Knowledge Network Limited
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A desktop version of QuickBooks was installed at the client’s premises for The Applied Knowledge Network Limited and Stored Knowledge Limited. The general ledgers were constructed from scratch so that they reflected the structure which management wanted in the monthly management accounts for the two companies. After QuickBooks had been installed the bookkeeper then took on the running of the accounting system.

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Natural Talents

“Lynn provided a prompt and focused solution to my need for a simple integrated cash flow, profit and loss and balance sheet module to help me manage the business. Her solution was user friendly and tailored exactly to my needs. I would definitely recommend her services.”
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Sue Prytherch Real Estate Head hunter, Director at Natural Talents
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Sue required a budget for her start up business. She was provided with an excel spreadsheet where the profit and loss account, balance sheet and cash flow had been integrated. She could then run different scenarios for her business as required.

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Forbo Adhesives Limited

“Lynn provided immediate and effective financial directorship for my client at a critical time. There was an element of crisis management to the role and Lynn’s calm and collected style provided the necessary reassurance to the MD.
I wouldn’t hesitate to recommend Lynn as a highly competent finance professional with a rare ability to blend into any environment and quickly become a valued team.”
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David Culley Associate Director at Pure Resourcing Solutions
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Forbo Adhesives Limited was a UK subsidiary of a Swiss Group. The company manufactured adhesives for resale. I acted as the part time Finance Manager for a short period of time after the untimely departure of two key finance employees.

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Screen Technologies Limited

“Lynn was quick to understand the needs of the business and took a weight off my shoulders, allowing me to concentrate on the business.
Lynn is very reliable, and produces timely and accurate financial information in a very responsive and efficient manner. She relates well to other people in the business which ensures that not only does she produce good information in a timely manner, but it is communicated easily throughout the business.
This was all the more impressive because the business was always under severe cash flow pressure – Lynn remained calm and unflustered in her approach throughout.
I would recommend Lynn unconditionally and would have no hesitation in working with her again.”
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Chris Hanson CEO of an AIM listed technology business
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Part time Finance Manager with the responsibility for running the finance function of the company.

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Splashpower Limited

“Lynn acted as my finance manager during the two years I worked with her at Splashpower. She provided financial information in clear, concise and timely reports for both the Board and the Management Team. If at any time I was unclear about any of the financial reports or needed additional information she was able to explain the reports to me and provided the information I required.
By understanding the business Lynn developed the financial systems of the company which meant we could have up to date financial information relevant for business decisions at any time. In addition, as a pre revenue company, the reports produced meant we could control and justify our expenditure and plan our cash flow.”
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Bill Campbell Former Chief Executive Officer Splashpower Limited
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Part time Finance Manager with the responsibility for running the finance function of the company with the help of a bookkeeper.


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