A busy creative agency who focus on photography and film, Still Moving Media were struggling to keep their books up to date and keep control over their cashflow. We introduced processes that would make it easier to update their records, ensure they got paid on time, and had a clearer picture of where the business stood each month.
In the first instance, we focused on getting Still Moving’s Xero ledger up to date, so we had an accurate picture of which clients had paid, what was outstanding, and what expenses Still Moving had accrued in recent months. Once everything had been reconciled, we put a weekly system in place for processing the bookkeeping and introduced Receipt Bank so the team could submit and document expenses more easily.
To ensure that clients were paying invoices on time, we introduced Fluidly to support with credit control. The automation we put in place now sends chasing emails to clients prior to the due date of their invoice, as well as at various intervals after the deadline has passed. We also followed these up with phone calls to encourage timely payments.
We also introduced management accounts to the business, creating a monthly report that gives the company partners a true insight into the figures. Finally, we also took control of a bank account to guarantee that cash was being put aside for VAT.
Since we started reconciling the accounts on a weekly basis, Still Moving know exactly what creditors and debtors they have, giving them a much better handle on cashflow. This has allowed them to build up funds for a property purchase. We’ve also made sure that taxes are saved for on a regular basis, so there are no last-minute surprises!
Fluidly has markedly reduced the amount owed to Still Moving and also improved the time in which invoices are paid with minimal human interaction. Our management reports have also provided the board members with a much better insight into their revenue and cost base, which has had a direct impact on how they run the company. As a result, the business has grown significantly since we introduced the reports.