Leading UK-based specialty coffee chain
Whether your multisite business or a single site business in the professional services sector, you could benefit by outsourcing your finances to Virgate
Leading UK-based specialty coffee chain
THE CLIENTS
This specialty coffee company is engaged in production, processing, roasting and retailing coffee and associated beverages, operating from ten locations in the United Kingdom.
THE PROBLEM
The client was accustomed to managing business data on a collection of spreadsheets. Changes made in the data on each file had to be manually updated on all related files, and this exposed business data to significant risk of human error and process inadequacies. Data had to be exported outside the system for further analytics or if the client desired to generate any customized reports. There was no unified system/platform safeguarding the integrity of business data and enable end to end processing and management.
Large discrepancies were noted in trial balance to distributed analytical reports prepared for monthly, quarterly & statutory purposes. Significant manpower had to be spent on frequent audits to discover mismatched data, identifying appropriate adjustment methods and for updating all sheets. At any given time, the company was likely to be working with incorrect data and business decisions were negatively impacted.
THE IMPACT
The credibility of the company’s financial records were affected, and stakeholders expressed a lack of trust in the company’s business data.
OUR SOLUTION
We started by cleaning up the books and implementing a comprehensive digitization of the client’s finances. A reference period of 8 months was chosen to assess the effectiveness of the solution and quality of data.
Virgate’s Balance Sheet Reconciliation tool was deployed at the client’s various locations. All their ePOS (point of sale) machines were linked via APIs to the accounting module to enable direct and unobstructed data flow, eliminating the need for manual data entry and processing. All data is securely stored within the system, and PowerBI generates customized reports in accordance with the client’s requirements. and prepare accounting statements. Authorized stakeholders have secure access to relevant dashboards through the Xero platform, and can pull PDF reports in just a few clicks.
RESULTS DELIVERED
Within 10 weeks from the launch of the project, the client regained control of their accounting and financial reporting functions. Cashflow movements (captured though the ePOS and other systems) were reconciled on a daily basis and the data was accurately synchronized across the entire business. Timely reports generated on various aspects of the financial positions enabled total compliance as well as intelligent decision making. The new system restored the stakeholders’ trust in the integrity and accuracy of business data from the client.
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What our clients say...
Very fast response times, flexible, easy to work with. They helped us sort out our financial management and take it forward to the level we need as we grow.
Phillip Oppenheim, Managing Director at Cubana Bar & Restaurants
The team is friendly, dynamic, efficient and works with you for the benefit of your business and a fraction of the cost of having full time in house finance staff.
Jamie Robb, Managing Director at Marlborough Tiles Ltd
I am highly satisfied with the professionalism and expertise demonstrated by VIRGATE. Their streamlined systems and proactive communication ensure efficient and accurate financial management. The team’s dedication to client-centricity is commendable, providing personalized attention and valuable insights. I confidently recommend their services to anyone seeking reliable accounting solutions.
Olivier Mention, Finance Operation Support Manager
Barworks is a London focused bar group with 18 sites. We decided to out-source our accounts function in order to reduce our central costs, improve the efficiency of our management accounts process.
Scott Chillery, Barworks FD
Now more than ever we must rely on a financial partner that we can both trust in and who will ultimately save us money with Sarah and her team exceeding all expectations.
Adam Taylor, Founder, The Feathered Nest Country Inn
They have gone above and beyond, using the latest technology to combine various elements of the business, and providing expert advice on our finances.
Moe Hashimi, Managing Director at 42 Acres Ltd
As a business that has previously received quite basic bookkeeping and accountancy services, Virgate are in a different league. It’s a ‘proper’ bookkeeping and accounts service aligned to my needs.
Louise Palmer-Masterton, Founder at Stem + Glory
Their communication is excellent, and this is really important to us. They’re always there if we need them. They’re happy to explain things to us with patience and clarity.
Sidonie Warren, Founder at Papersmiths
In just a short time we have already seen a 10% increase in our gross profit. As well as other efficiencies such switching to National more cost effective suppliers.
Angelee Sidar, Founder at Soul Deli
Working with Virgate has been an exceptional experience. Their professionalism and personalised approach to our financial needs have truly streamlined our accounting processes, making day-to-day operations much smoother. What stands out is their dedication to client service—Virgate ensures that we always feel supported, even through complex financial scenarios. Their ability to tailor their services to the unique needs of our property has made a significant difference in how we manage and plan our finances. Virgate’s proactive and hands-on approach has allowed us to navigate challenges more efficiently, making them an invaluable partner. I would highly recommend Virgate for any organisation seeking reliable, client-focused financial management solutions.
Saira CIELOSZYK, General Manager Ibis & Adagio London Sutton Point
Virgate
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