There are several benefits for the EIS, or Enterprise Investment Scheme, to make this an interesting...
Today we'll explain how we helped Spartan Race UK with their accounting.
We provided a complete, outsourced financial function covering the financial accountant role, as management accountant, processing the purchase ledger, customer credit control for non-racer receivables, and on-site asset and cash management during races and international reporting for this investor backed group.
How We Helped
We offer a one stop shop for all their needs dealing with VAT including equipment imports, payroll and contractor HR issues, resolving insurance and other stakeholder paperwork requirements and certifications, whilst working with licence holders and other professionals and consultants.
We set up their UK financial operations and outsourced financial function with online solutions allowing senior management to monitor all required systems remotely from the USA in real time. This included:
- Xero bookkeeping system
- a purchase order system for contractors to arrange for the race equipment hires and approvals
- google document management
- on site purchase payment solutions linked to the bookkeeping system
We also advised on international taxation compliance and registrations while they were looking to expand operations into Europe. This included transfer pricing, VAT, import and export, corporate group management systems and fiduciary complications due to investor ownership structures.
An Enduring Partnership
We are proud to have been chosen by Spartan Race UK as their partner and we sometimes take part in their races as well. Spartan Race is one of the largest obstacle course races (OCR) in the world. It originated in the US, but now has races across the world.
The OCR community competes in these races too. They culminate in international competitions for athletes to test themselves against each other. Other race formats can extend for many hours, overnight, and over large distances for the more competitive racers.
Joe De Sena is the founder and CEO of Spartan and you can find his many anecdotes on how to motivate yourself through his podcasts on his website.