Dan Lane Engineering Ltd – Streamlining Finances for Success

Background

Dan Lane Engineering Ltd is a growing business specialising in precision engineering. Dan Lane, the owner, was struggling with his previous accountant, finding it difficult to get timely responses and the support he needed. Frustrated with the lack of communication, Dan sought a more proactive and reliable financial partner. Through a recommendation from one of our referral partners, he reached out to us for assistance.

Challenges

Dan and his wife, Ana, were manually entering receipts and maintaining business records using accounting software, Xero. This process was time-consuming, and ana felt she needed more support with this. At the end of the financial year, their previous accountant only provided draft annual accounts for signature without any explanations, leaving them unsure about their financial standing. They needed a more efficient system and better financial insights to help them make informed business decisions.

Our Solution

We introduced Dan and Ana to Dext, a receipt-scanning app that integrates with Xero. This eliminated the need for manual data entry, saving time and reducing errors. This made the quarterly VAT processing more simplified and stress free for Ana. We also took the time to explain their accounts in more detail, helping them understand profitability and business performance.

To further streamline their financial management, we established a clear and structured process:

• Ana creates invoices directly in Xero.
• They both take photos of receipts using Dext and leave them ready for processing to Xero.
• Their account manager categorises and review transactions daily ensuring everything is correctly recorded and addressing any queries promptly.
• Their accountant is on hand to deal with any technical questions whenever they need support.

This approach means their accounts are always up to date, and any questions answered allowing them to monitor financial performance on a daily or weekly basis.