Canoe
Start-up Canoe is a business coaching and consultancy firm based in Cheltenham. As a new business, it had no determined accountancy process, so it was crucial to introduce good habits from the start to ensure improved growth further down the line.
Services used
Digital diagnostic
Management accounts
This was the perfect opportunity for our digital diagnostic service to come into play, so we got Xero – our cloud accounting service of choice – set up and integrated with the correct bank feeds.
From there, we introduced Go Cardless, a direct debit payment system, from the outset to make it easier for payments to be collected. We then recommended a Pleo card to make business expenses simpler to manage, and set up Receipt Bank to manage business invoices and credit card receipts.
Although Canoe did not need full management accounts, we produce monthly profit and loss reports with commentary for Richard, the business owner, to help him understand where the company is headed.
This streamlined approach to running the business requires minimal input from Richard, so he’s free to go out and build up his client base. By using Go Cardless and Receipt Bank, we were also able to ensure a more consistent cashflow at this early stage of the business growth.
Most importantly, by getting set up on the right tools from the start, we’ve been able to remove worry and uncertainty for Richard in this critical stage, meaning that he can concentrate on growth, rather than sorting the accounts out.