Stitch & Story primarily sells craft products through their online platform within the UK and US markets. In this fast-paced, online world, they required an accounting firm that could stay up-to-date on the latest trends, and provide financial advice to ensure they remain agile within the industry.
They needed more than just an accountant. They needed a CFO and financial department, but without the high cost of hiring their own.
So they reached out to iFinance Department.
How iFinance Department Support Stitch & Story
This client is an example where we provide their full finance department. iFinance Department provides all of Stitch & Story’s CFO, accounting and bookkeeping services.
We started small with just the bookkeeping. It was in a very poor state and needed to be cleaned up and made correct. Once the books were sorted, we were able to add other services including annual accounts and corporation tax, monthly management accounts, payroll, budgeting and forecasting, and advisory services.
Our Accounting services have helped Stitch & Story Achieve 180% Revenue growth in one year
We achieved this by:
- Sorting out the messy books on Xero that were left by their previous bookkeepers, and setting up a properly reconciled set of accounts.
- Preparing the annual budget including guidance on cost & working capital controls to show Stitch & Story how to achieve their ambitious growth strategy while managing over-trading.
- Preparing and updating financial and cash forecasts monthly to monitor actual results and identify any areas that need to be addressed or corrected.
- Providing actionable advice and strategy for board meetings.
- Ensuring payroll, accounting , tax submissions are all filed on time.
- Providing proactive financial analysis.
What The Client Said
“We originally hired iFinance Department to do our bookkeeping, but within a year we saw the transformative work they’d done in not only cleaning up our messy books, but also implementing easy-to-use processes and systems that provided us with real-time accounting needs.
Anthony is now our virtual CFO and looks after our pay-roll, accounts, as well as providing all-important financial advice and strategies – particularly useful for our monthly board meetings.
Anthony gives exceptional care to understanding our needs and he is especially good at communicating this to a non-finance person!
He has a real passion for integrating into our business which I am grateful for, as he is not only hands-on but he is highly reliable and feels just like an extension to our team.”
Jennifer Lam, CEO, Stitch & Story