Cash flow was giving Piers nightmares.
Monitoring cash flow for Piers meant checking the bank balance every morning and hoping that it would be okay. As the business grew, the hoping that there would be the cash to support it, was creating more and more stress. They system was broken, and Piers knew that he had to fix it.
Piers owns Wonder Works, an event managing, co-ordination and implementation company. It’s an ambitious and dynamic company that brings energy and innovation to the industry. Wonder Works deals with large projects so having the cash available to get projects off the ground is vital.
Using the bank account to confirm the cash available was no longer working.
Planning, organising and managing important events is a high-pressure industry. The company needed to invest a lot of its own resources into each project before anything is reimbursed. This means that cash flow is literally King as it is vital to always have enough reserves available to maintain current projects and get new ones rolling.
Piers was frustrated. He knew that he had an amazing business, but he was stuck in a cycle of chasing money to keep the ball rolling. It was exhausting work and it was fast becoming the sole focus of his attention.
It was during a large refurbishment of the company that Piers contacted Fresh Financials.
We knew that accurate and fast information was required to get Piers out of the habit of bank balancing accounting. He needed to know exactly where his business was and what the cash flow would be like for the coming weeks and months, not just an opening balance at the start of the day.
The first step was to streamline systems and we used Xero as the central hub for this. Integrating it with Receipt Bank helped even further with this as we could quickly enter purchase due dates to help with cash flow forecasts and overall clarity.
Now Piers has accurate and up to-date figures, he is no longer checking the bank balance every day as he knows that the cash flow forecasts that we produce create a clearer picture. This knowledge has given Piers the confidence to pitch for more ambitious projects. Wonder Works were proud to do the staging for the London Olympics and they are about to undertake some project work for the latest Star Wars movie; something he wouldn’t have had the confidence to go for without the help of Fresh Financials.