How Leask Advisory Solutions helped a client take control of their finances

How Julia Leask helped a client in the power industry take control of their finances.

Around the end of 2021, Power Co* (a company in the power industry) realised there was a gap in the services they needed.  They worked with a small in-house finance team and an external accounting firm.  Julia Leask at Leask Advisory Solutions was recommended to Tom*, director at Power Co, by a mutual connection.  Initially finding Julia capable, Power Co decided to work with her.

During their initial meeting, Tom indicated to Julia that he wanted to regain control of his company’s financials to be empowered to make timely decisions and plan his business more accurately based on data rather than on his gut feeling.

Initially, Julia set out to help Tom by developing solid and realistic business goals, including defined strategies for achievement.  This strategy was detailed in a one-page business plan, providing a roadmap ensuring the business remains on course and enabling a better understanding of the numbers.

As Julia realised, there were issues with the company’s historical records; she could tailor her services to help Power Co rectify past errors and move forward.  This was necessary, as having precise information is vital to making good business decisions.  To address inaccuracies with Power Co’s records, Julia’s services shifted to:

• Making historic adjustments in the Sage ledger to ensure it agreed with what has been reported to Companies House and HMRC
• Simplifying the Chart of Accounts to make reporting more meaningful and valid
• Providing monthly Profit and Loss Accounts reports via Syft and Excel
• Reconciling the revenue customer relationship management software (Syrinx) to the financial ledger (Sage)

“She mainly does reports for us,” Tom says.  “They are useful and help us make informed decisions, so we stay on the right side of it all.  That clear reporting has been the biggest benefit because it gives us an accurate position of where we are.”

Additionally, Julia provides services such as reviewing the Accounts Receivable and Accounts Payable processes to recommend any suitable changes that would make those processes more efficient.  A review of the stock records is planned to ensure data is accurately moved from the balance sheet so the gross margin is correct.  This will enable her to highlight key trends in Power Co’s finances.

In the future, Julia will also perform cashflow forecasting, product profitability analysis, and budgets.

“It’s all been positive, working with her,” Tom says.

*names changed for the case study