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Disaster Recovery Case Study - International Funds Recruitment Company

Gary Green
Gary Green
May 2, 2019

As Chartered Accountants in London, we often help companies who are replacing their bookkeeper.

Key first met the director of this international recruitment company seeking a replacement for the current bookkeeper who was leaving suddenly.

Key immediately discovered that there was a lot more reconciliation work on Sage50 than the director was aware of. Somehow two of the four group companies were posting in one bookkeeping data set. Therefore, this was causing a lot of incorrect practices especially in regards to VAT since the second company was in Luxembourg.

Work was being duplicated and VAT was not being reclaimed which had been ongoing for several years.

How We Fixed It

On investigation, Key discovered the VAT had been being charged for services bought within Luxembourg. The company had not claimed it for many years resulting in losses of tens of thousands of pounds. Unfortunately, despite having agents in the UK and Luxembourg, no one picked this up. Therefore, some amounts were outside of the time limit to reclaim them.

Having set up two companies on Xero bookkeeping system, with a view for the other two to follow soon, Key has taken over all of the UK compliance services and provides an outsourced financial director service including international tax consultancy.

Now that the financial records are accessible 24/7 online Key and the directors can communicate seamlessly on the group.

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We have a number of case studies on this blog. We take you through a company we worked with, explaining how we helped them. You'll gain valuable insights as to how an accountant can grow your business. We see ourselves as consultants as much as accountants

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