In-Accountancy

Client Stories

Woodend Fabrication – £40,000 improvement in cash flow

The Business

Woodend Fabrications Limited is a long-established business, opening its doors in 1976

The company has years of experience in welding and fabrication both in Mild Steel and Stainless Steel (mainly for materials handling and utility industries). 

They have built up a favourable reputation in Oldham, Ashton-U-Lyne and surrounding areas, often supplying local companies with products that are used for national projects.

The fact that they are without a website makes the business even more impressive – their work relies on word-of-mouth recommendations from happy customers. 

The Challenge

Woodend Fabrications Limited have rightly enjoyed over 40 years of long-standing success in the industryHowever, in today’s fast-paceddynamic world of business, change is always necessary in order to adapt and prosper.

Before coming to us, Woodend Fabrications Ltd were not operating at maximum efficiency – the company were using old, outdated processes such as writing out cash books and sending out invoices via post. 

This was costing them a lot of unnecessary time and money; invoices sent out by post often had a 2-week lead time and sometimes even went to the wrong addresses. 

The Solution

IN Accountancy automated Woodend Fabrications Ltd.’s bookkeeping to ensure that the company utilised more current, efficient technology and processes. This was done through close integration with Xero, allowing sales invoices to be sent out directly and immediately.

With more efficient, technological processes, Woodend Fabrications Ltd could enjoy improved cashflow, leading to an increase in both their personal and financial wellbeing. 

The Results & What The Client Says

“Woodend Fabrications have been working with IN Accountancy for several years. After using a manual and paper book-keeping system, it was time to move on.

The benefits were immediately apparent and the overall cashflow situation improved dramatically – this relieved some of the burden from constantly chasing outstanding accounts.

We suddenly had a more positive financial outlook.

IN Accountancy have always been on hand to give us advice on overdue payments and upcoming tax payments and their overall service has been very beneficial to us.

IN were there to guide us through our streamlining process, helping us to operate in a much more efficient way.”

Paul Lomas, Director, Woodend Fabrications

IN Accountancy’s services allowed Woodend Fabrications Limited to reduce their average debtor collection period from 64 days to 43 days in just one year – an improvement in cash flow of more than £40,000 – a huge amount for such a small business!

IN Accountancy’s monthly communication updates on VAT, Corporation Tax, Personal Tax and profit and loss were also useful in guiding the company’s decision-making. 

With an increased cashflow, IN Accountancy wanted to ensure that the right decisions were being made to establish a positive foundation for the future.

Woodend Fabrications are now thriving and enjoying the benefits that have come with efficient processes, good decision-making and favourable cashflow.  

Sectors

Accountancy for Retail and eCommerce

Accountancy for Professional Services

Accountancy for Personal Care

Accountancy for Manufacturing and Engineering

Accountancy for Creative Industries

IN-ACCOUNTANCY