A North East accountancy firm has helped one of its clients to flourish with expansion into Europe and the US and to support its extended range of products thanks to business insight and performance data.
Hub tenant Abacus Jack, has been providing accountancy services to Shida Preserved Flowers, based in Suffolk, since the beginning of last year when many businesses required further support due to the pandemic.
Abacus Jack have provided focused insight and data allowing Matt Whitchurch, the company’s CEO and his team to see which areas are performing well, and which need improvement. This input also allows Abacus Jack to provide tools to run models based on different scenarios, such as how a change in price can affect overall profit.
The team at Shida Preserved Flowers access an online dashboard that shows all historical performance figures, allowing them to pore over financial management reports and receive insight into increasing both profitability and revenue, ultimately leading to their growth.
The partnership between Abacus Jack and Shida Preserved Flowers has blossomed and looks set to continue as the flower company expands into global markets.
Shida Preserved Flowers, which was established in 2018, are also on the verge of launching a new range of bouquets for business and wedding collections. The company, which describes themselves as 'a tech company who sells flowers', incorporates its stock, sales and fulfilment processes all within a tech platform and it is that, which business owner and CEO, Matt Whitchurch says, gives them the edge.
He said: “I wanted data driven reports, forecasts and business strategies to help me make decisions based on fact and insight rather than guesswork.
“In order to work on the business rather than in it, we needed a bespoke accountancy service to help us operate more efficiently and ensuring our costs are rigorously managed to gain better control of our cash flow. Abacus Jack are more than just your traditional accountancy firm – they understand and embrace technology and provide data insight any business owner should utilise to make business decisions and support their growth aspirations. As a result of this, we are now looking forward to exporting into Europe and the US and serving new markets here at home.”
Andy Thomas, owner of Abacus Jack, commented: “Working with Matt at Shida Preserved Flowers has been a great partnership.
“As well as providing all the usual accountancy services a small business expects, we have been able to use the power of data to drive business insight and performance reporting. This highly analytical approach complements the businesses operational performance and efficiency. They can use our analysis to tweak operational processes and remain highly efficient and price competitive.
“I am delighted we have been able to support them with their growth plans and look forward to seeing where the business goes next.