Sector: Transport and Logistics
Support: Business Expansion into the UK
An existing client had witnessed the benefits of outsourcing their entire finance function to us and so when they heard of a business in their network needing to do the same as part of a business expansion phase, they made a recommendation to get in touch.
The Directors of this global freight and logistics business were keen to continue the expansion of their business and had identified the UK as the next location to operate in. However, they were hesitant about opening a physical office and incurring the overheads associated with doing so. They knew that a compliant way to operate in the UK existed, but they were unsure of the process and the legalities associated with it.
Our first point of call was to hold a discover meeting with the key stakeholders within the business. This meeting allowed us to understand the entire business and map out the scope of work. It was uncovered that the client would need a whole finance function including sales, accounts receivable and payable, cash and treasury management, and management accounts preparation. Given the size of their business and the projected UK growth, the client also required statutory accounts and an audit to be undertaken.
Understanding the immediate desire to get started in the UK we took the necessary steps to ensure the business was fully compliant with HMRC, which included the set up of a UK Bank Account and submission of the various legal and finance documents required to operate in the UK. From here, the finance function was mapped out and the structure agreed with the client. We allocated a dedicated Finance Manager to the client to ensure smooth running of the finance function and provided monthly finance reports so that the financial performance of the business was always clear.
Expansion into the UK without the added overheads of an office and an efficient virtual finance function provided by expert Accountants and Business Advisors.
The client has been successfully operating in the UK now for 10 years.