In-Accountancy

Client Stories

SciMed Ltd – Better Service for Lower Fees

The Business

SciMed is a market leading distributor of laboratory equipment to industry and academia. The company provides after sales service and support to clients in wide ranging industries such as petrochemical, pharmaceutical, oil and gas, and waste management, to name a few.

Since acquiring the business in 2012, Directors Adam and Paul have diversified the product range, successfully tripling the turnover from a stable £3.5m, to approximately £10m today. Their employee headcount has also grown from 12 to 26 during this same period – SciMed have managed to maintain a highly profitable position throughout this phase of growth.

The Challenge

Before SciMed came to IN Accountancy, the company was being audited remotely by KPMG’s Inverness office, receiving little or no service or advice. They were charged significant fees but had no point of contact who they could turn to should they have any queries.

The business was growing quickly, and both directors were experienced in their own technical areas, but, they lacked the experience and expertise of running a business.

The Solution

SciMed made massive savings in accountancy fees by working with us. Most notably, large tax savings by reviewing the way they remunerated directors and other key people.

IN Accountancy is so much more than just a provider of accountancy and tax services for SciMed – they have become a true ‘trusted advisor’ for the business and management team. Any queries, big or small, are always answered promptly and in a friendly, direct, and caring manner.

SciMed have their own internal accountant completing the day-to-day bookkeeping and management information packs, but IN Accountancy step in for the year end and act as tax advisors for both the business and the directors.

scimed team inaccountancy partnership

What the Client says:

“I have used IN Accountancy for both my personal tax and company accounts since their inception in 2012. As they have grown we have not seen any reduction in their top class service – if anything the contrary as they have added services to their offering. Prior to using IN Accountancy our business accounts were performed by one of the big 4.
Since moving to IN Accountancy we get a much better quality of advice and service for a fraction of the price. I have recommended Sarah, Andy and the entire team at IN Accountancy to others and will continue to do so.”

Dr Adam Rucklidge , Director, SciMed Ltd

IN Accountancy understand the commercial side of the SciMed business, are proactive with their advice and ideas, and provide a platform for broad, open, and thought-provoking discussions.

The directors appreciate having a relationship which goes beyond the transactional – they know they can trust the team at IN Accountancy to challenge them, and to ‘tell them exactly how it is’, good and bad.

With lots of time and money saved, SciMed don’t have to incur any unnecessary costs to their business – they can dedicate their focus to strategic goals while we ensure that they’re receiving a responsive, top-quality service.

SciMed hope to cement their position as market leaders, and enjoy further tax savings as IN Accountancy continue to provide them with proactive support.

You can find SciMed’s website below:

Scientific & Medical Products | SciMed

Sectors

Accountancy for Retail and eCommerce

Accountancy for Professional Services

Accountancy for Personal Care

Accountancy for Manufacturing and Engineering

Accountancy for Creative Industries

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