We wanted to move the business forward and realised that we needed more than an accountant. AFP offers a complete finance department service from invoice processing to strategic advice. This has freed up so much of my time that I can really focus on growing the business rather than the time consuming financial operational details that AFP deals with on my behalf. It is a great comfort to me to have a trusted and respected finance team working with us.
TIM COTTAGE - FOUNDER AND DIRECTOR, PROFESSIONAL CHOICE HAIR AND BEAUTY
Professional Choice Hair and Beauty is a leading independent wholesaler of products and training courses to the hair and beauty industry. It started operating as a partnership, founded by a husband and wife team with three shops, and following specialised tax advice and support from AFP Services, decided to form a limited Company in 2003.
The founders wanted to move the business away from being a lifestyle business to a more professional and robust corporate entity. In order to achieve this, they realised that their existing finance systems & processes would not be sufficient and so they looked for a level of support that would not only provide the day to day transactional processing capability but would also provide them with proactive advice on growing their business.
We have implemented more robust systems and processes to deal with the Company’s day to day financial transactions, which has included processing in excess of 40,000 transactions since they became involved.
- Provided advice on all aspects of finance and accounting, from expense policies to marketing project impacts and the provision of budgets to support expansion plans.
- Managed the acquisition of another similar business and ensuring business continuity over both businesses. This also involved managing the sale and purchase process, including share splits and determining the correct tax treatment of goodwill.
- Managed the doubling of the number of stores, including the establishment of an e-commerce website.
- Assisted with the development of employee contracts.
- Set targets and budgets for each area of the business and establishing proactive measuring of actual performance against these targets.
We're very pleased to report that Pro Choice Hair and Beauty has continued to grow and now operates a total of eight stores, including the e-commerce shop. Turnover has also increased by a huge 342% since it changed into a Limited Company, and this is a great example of a business with big ambition, which we've been able to turn into big growth.
Purchase Invoice Management and payment of suppliers
Close management of balance sheet transactions such as accruals, prepayments and reconciliation of bank accounts and tills
Management of the transition of information from their 6 remote stores to our offices in Kettering
Monthly management accounts with comparisons to previous periods and budgets split by outlet
Advice on all aspects of finance and accounting, from expense policies to marketing project impacts to advice and budgets on expansion plans
Preparation of all statutory accounts and tax computations at year end. AFP also provides a self-assessment tax service for the shareholders and directors of Professional Choice.