8th Oct – Retail, Midlands, £2m turnover
He employs a part-time financial director who is on the cusp of retiring, and he sees this as a good time to explore the idea of outsourcing that role rather than employing somebody directly. The business once turned over closer to £10m but they have not been immune to the changes in retail over the last 20 years, and they’ve now downsized to £2M turnover across four outlets, although he is generally happy with the position they’re in. When the company was bigger, they required a financial director but now he’s keen to explore outsourcing that function to someone who can help with management accounts and strategic advice. His present accountants don’t offer that service and the partner he deals with is also due to retire, so now is a very sensible time to take stock and have a full review of everything.
Given the previous size of the company, they required an audit. They don’t any more but they still have one as he likes the level of financial information it provides, although he’s open to the idea of an assurance report if you feel that would be a better/cheaper option.