Firm saves 60% by outsourcing accounts
Red Box Design Group, which employs 40 staff across its Newcastle and Darlington offices, has also managed to claw back 50% of annual auditing costs after switch to Newcastle-based unw.
unw, which operates out of Citygate on St James’ Boulevard, has taken over Red Box’s monthly accounting in a move which has saved the architectural practice 60% on salary overheads alone.
Alan Smith OBE, managing director of Red Box Design Group, the architect behind Sunderland Aquatics Centre and Quorum Business Park in Newcastle, said: “Cost control is more important than ever in this climate so, to achieve 60% savings on accountancy, such as cashflow, profit and loss and the balance sheet reporting, and another 50% on the auditing, is pretty good going. Ironically, it was a former business adviser who queried whether we had put various supplier contracts out to tender, and that high lighted to us that we hadn’t actually done that with the auditing they were providing!
“There’s an element of risk outsourcing all your accountancy services, but we get a really personal service with unw and always know who we are going to get.
“We also have strategic meetings throughout the year which allows us to talk generally and get fresh eyes on business ideas, or issues surrounding pensions or tax, and that’s been absolutely first class”.
unw partner, Andrew Wilson, said: “An increasing number of businesses are looking at outsourcing part of all of their accounting functions.
“By tailoring our input to their particular needs, we usually find we can generate a saving yet deliver greater value. They also gain access to other areas of expertise like VAT, corporate and personal tax and corporate finance as and when they need it”.
Published in the Newcastle Journal - Wednesday 17 March 2010
Other 2010 news
-
Private equity returns to invest in the region
unw dealmaker Paul Kaiser has completed his first major transaction since returning to the North East having advised recruitment consultant Nigel Wright Group on a substantial multi-million pound investment by a US private equity firm.
-
The future of UK GAAP
On 29 October 2010 the ASB (UK Accounting Standards Board) issued a new standard that will fundamentally change the financial reporting of entities not currently applying the EU adopted IFRS.
-
Childcare vouchers - new update
HMRC recently issued an update regarding operating the proposed new rules for the provision of childcare vouchers which take effect for new joiners to employer childcare voucher schemes from April 2011
-
Dental practice acquisition is a family affair
Alan Suggett makes it a family affair after advising his son, Nigel, on the recent purchase of his dental practice
-
HMRC attack on private use of company vans
HM Revenue and Customs (HMRC) are stepping up their campaign to increase the amount they are collecting in PAYE and NIC and we are seeing an increase in activity, particularly from employer compliance teams looking to target specific areas.
-
Historic Chapmans enjoys new lease of life with unw advice
A fifth generation furniture retailer is creating windows of new business opportunities after undergoing a strategic planning project with business advisors unw.
-
NIC Saving Opportunity - car cash allowance
Following a recent court case in favour of the taxpayer, the opportunity exists to reclaim employers NIC for previous years which has been paid on cash allowances given in lieu of a company car to run their own private cars.
-
Ramsdens strikes gold with unw advice
unw recently assisted Ramsdens Financial to secure a "substantial multi million pound" funding facility
-
unw Raises £5,000 for ill and disabled children
Needy North East children will receive over £5,000 to buy vital equipment after a team from unw peddled almost 150 miles over the bank holiday.
-
unw Saddling up for Sunshine Fund Coast 2 Coast cycle
unw team of 14 due to set off to raise funds for the Evening Chronicle Sunshine Fund
-
Audit Update - iXBRL
From 1 April 2011, all companies and organisations will need to file their Company Tax Returns online.
-
Economic Insight July 2010
Monthly briefing from ICAEW's economic advisers
-
New tax partner for unw
Lee Muter joins as employment taxes partner
-
Top adviser returns to the region after brokering a deal with unw
Paul Kaiser appointed head of unw corporate finance lead advisory team
-
Post Election Budget June 2010
unw's Post Election Budget Summary is available for you to download
-
unw has its fingerprints all over biometrics investment deal
i-Evo receives key funding from Finance for Business NE Fund with the help of unw
-
unw advice was first source for Firstsource
unw helps Firstsource secure £1.9m grant to create up to 500 jobs
-
Jobs boost as aircraft carrier accommodation remains in the North East
unw credited with providing critical advice to Hertel Technical Services to secure naval contract and jobs in the North East
-
International Financial Reporting Standards for SMEs
UK Accounting Standards Board to converge with IFRS
-
unw Helps Chris fulfill Uganda charity trip
Chris Wood made the trip of a lifetime to complete a vital financial health check for a Ugandan charity.
-
unw completes new deal for corporate finance executive
unw Corporate Finance department welcomes a new team member
-
PAYE Penalties
Late payment penalties could be charged on any PAYE amount due if it isn’t paid in full on time
-
Firm gets teeth into more work
unw is getting its teeth into new business across the UK as the firm takes its dental business expertise to the capital and beyond.
-
The Budget 2010
Following Alistair Darling's pre Election Budget delivered yesterday, we offer a concise summary of the main tax issues for you to download.
-
VAT cheque payments by post - Important Changes
HMRC announce important changes to payment of VAT
-
Firm saves 60% by outsourcing accounts
A North East architectural group says it has shaved 60% of its accounting overheads after switching from an in-house financial director to external chartered accountancy firm unw.
-
10 Things you didn't know about unw
A list of 10 things you didn't know about us!
-
Farmers energised by advisers
Sisters Heather Hogarty and Fiona Teasdale are feeling ‘energised’ about their Northumberland visitor’s centre after carrying out a fast-track strategy session with chartered accountants unw.
-
Croft Technology takeover will be a one-stop shop for IT
unw Corporate Finance recently assisted TSG in the successful purchase of Croft Technology
-
Painful Extractions
Over recent years, HMRC have become increasingly interested in the company law elements of dividends.
-
Nearly £60m of grants secured by unw team
unw has increased the value of grants for its clients to nearly £60m in the last year.
-
Temporary first year allowance
To encourage investment in the current economic climate, an extra capital allowance is available on a temporary basis
-
Extra Bank Holiday announced for 2012
The Queen’s Diamond Jubilee will be marked by an extra bank holiday in 2012, it was announced this week.
-
Royal Mail - Possible VAT reclaims
Possible retrospective VAT recovery on postage costs (paid to Royal Mail)
-
Selling your practice - use tactics!
Corporate dental chains have shaken up the dental industry in many ways and one is the valuing, buying and selling of dental practices. When corporate acquisition teams flush with investors’ capital start knocking on dental practice doors, a re-eva
-
unw Commentary on Pre-Budget Report 2009
Chancellor Alistair Darling presented his Pre-Budget Report on Wednesday 9 December 2009.
