“Previously we had not really worried about the detail, as long as there was sufficient funds available, we thought everything was going ok. It wasn’t until we started eating into our overdraft facility did we notice a problem. We contacted Watsons and they came in and produced accurate, up to date management accounts which immediately highlighted our costing problems. We now use them quarterly to review our figures and provide valuable input.”
— Richard Stacey
Richard Stacey operates a building contracting business in Sussex. The company experienced a period of significant growth and income expansion, but lacked the internal systems to monitor detailed financial performance.
The Challenge
Without accurate and timely management information, the business was unable to keep track of its actual project costing. While they assumed the business was performing well due to growing revenues, they eventually began eating into their overdraft facility before recognizing a problem existed.
The Solution & Outcome
Watson Associates stepped in to produce accurate, up-to-date management accounts. These accounts immediately pinpointed the costing issues. Watsons now visits the client regularly on a quarterly basis to review their figures, provide strategic advice, and project funding requirements. This intervention resolved their cash flow issues, protected their overdraft, improved project margins, and helped secure additional funding for expansion.
“We are delighted we took the leap of faith to move from one of accountancy’s national players to Watsons. We knew exactly what we wanted, but weren’t getting, and from the moment they were appointed we got just what we needed - hands on, innovative help and support across the broad spectrum of management, accounting and taxation services.”