Ace Marquetry Ltd
ACE’s work can be found on many decorative pieces of fine furniture all over the world.
Find out more at www.acemarquetry.co.uk
The Problems & Frustrations
Ace Marquetry was founded in 1986 by the Englefields. The business is now owned and managed by the ‘millennial generation’ of the family. Having grown up in the new technical savvy world, the business owners required up to date live financial information to be available for them at anytime.
Whilst the business is very niche and traditional it faces the same issues may small businesses face. The directors felt it was crucial to get a grasp of the financial picture to grow the business in the 21st century. Not being financially trained themselves they wanted the confidence of knowing their financial picture was accurate and up to date at all times. Furthermore, they wanted to look forward and project how the business would develop over the next trading year.
Oli Thomas and Angela Ashworth of Purple Lime first met with Bethan Englefield, the managing director, to discuss the current set up. Ace were in the position many businesses are, in that they had a part time bookkeeper and an accountant they met with after each financial year end. Bethan was interested in how Purple Lime collaborate with their clients regularly and get to understand the business as well as the owners do! By using Xero and associated cloud applications Oli showed Bethan how she would be able to see live data whenever she needed to and how they would work together on a five-year business plan.
Ace had worked with their current providers for many years and Bethan spoke with other clients of Purple Lime to hear of their experiences and satisfaction with the service provided. Purple Lime then met with the shareholders and directors of Ace to answer any questions they had.
Angela set up cloud app Receipt Bank to integrate with Xero. Receipt bank captures bills and expenses digitally so no more paper taking up office space! Angela then trained the end users for both systems, so they had access to the correct functionality as required.
The business now has a tailored monthly management report with an executive summary. This, coupled with Purple Lime having designed and implemented dashboards to show various financial KPI’s via their online portal, means the directors now have live data. They can now focus on moving the business forwards. An online forecast with ‘what if’ scenarios was prepared and will be reported against regularly. Payroll, VAT and other compliance takes place alongside this.