There are many reasons why businesses may want to change accountants – your needs may have changed, or you require more specialist support. While there are many good accountants around, finding the right accountant for your business can make a huge difference to its growth and success.
The team at Alan Johnstone Studios, an independently run kitchen & bathroom specialist with 30 years of design experience, decided to look for an accountant who could fully understand the needs of the business. The company take pride in their work, ensuring an attentive, personalised service for their customers, and wanted the same when it came to a business advisor and accountant.
Since joining EQ in January 2021, Alan has been working closely with Steven Todd, Partner & Head of EQ Property & Construction. With his expertise and knowledge of the construction sector, Steven was able to provide tailored advice, identifying areas that could be improved to increase the company’s cashflow. Whilst reviewing the company’s Quickbooks accounts, he quickly recognised that the recording of the company’s job costing was not correct, resulting in a potential over recording of profits. This was corrected, resulting in a more accurate profit figure and therefore corporation tax liability.
With regular meetings to fully appreciate the business, Steven was able to advise the company on what COVID support they were entitled to, helping them to successfully apply and receive the funds for the business. He also explained the benefits of Capital Allowances and the newly introduced super-deduction which allowed Alan to make decisions about the company’s capital expenditure for the year. Having a more accurate profit figure and a clearer picture of their finances allowed the business to purchase new vans to support his expanding business and take advantage of the additional tax relief available.
Director Alan Johnstone commented,
“We have had great communication with EQ from the start. They are always available to take my call, regularly provide me with tax updates and make sure I’m aware of my tax liabilities, when they are due and how to pay them. It makes the administration of paying taxes much easier. My Accounts and Tax returns are turned around quickly, with all being signed off within 10 weeks of my year end. I really value the specialist advice that Steven and the team provide and have already seen improvements in cashflow and have a better handle on our finances.”
Steven added,
“It has been a joy working with Alan and getting to know his business over the last 12 months. Having regular discussions with him has allowed us to identify areas of the business which could benefit from access to our network of other professional advisers, and we’ve put him in touch with the right people to support him. We were also able to introduce Alan to another of our construction clients who provide a service that compliments Alan’s, which will hopefully bring additional sales for both parties. I look forward to continuing to support Alan and the team, watching his business go from strength to strength.”
If you are looking for a new kitchen, bathroom, or bedroom, visit the Alan Johnstone Studios showroom located in Dunfermline or visit their website: www.alanjohnstonestudios.co.uk.
For more information on how we are supporting our clients, or how we can help you or your clients, please get in touch with your usual EQ contact or call one of our offices.