Business: Laser Red
Based: Grimsby
Website: www.laserred.co
For many years we have used a bookkeeper and an accountant to look after the finances of the business. However we were always around £14,000 outstanding with no real idea of what financial position we were in. We always had funds to pay to suppliers and for wages, and at times were very near going into the overdraft.
At the end of 2013 we decided to change to the online bookkeeping software FreeAgent, something that has really transformed our finances.
Our bookkeeper was phased out and the accountant was informed about the new software.
We moved all our banking details and client details to this software, which also enabled us to look at the other options – timesheets for staff, more control of what we do and how this was recorded.
Since June, when the changes started to make a difference, we are now cash rich in our terms. As we have no debts we have been able to give the staff a wage increase, and we are due to do this again this year.
There are no more struggles – we have control, and any invoices not paid on time are chased as soon as possible after the due date. However the biggest benefit is peace of mind.
Peter O’Leary is the managing director of Laser Red.
