How ATB accountants and a Virtual CFO package helped T360 turn a 2million turnover into 7.5million in just 5 years

It became clear to Geoff Olds from T360 that he needed a new accounting team a little over 5 years ago. It wasn’t that he didn’t like his accountant. He did, and still does. It wasn’t that his old accountant wasn’t doing a good job. He was. It was that the speed in which T360 was growing, and the increasingly complicated requirements for compliance and technology meant that Geoff had a tough decision to make.

‘It’s the speed of service…and real time numbers. We were ‘dragging the chain on compliance, and our old firm of accountants were unable to deliver at the speed in which we needed them to.

‘Mike and ATB had the right advice, and the right team to deliver the results’.

Confidence from the start

Geoff knew ATB were the right choice, right from the start.

‘We were confident for traditional reasons…ATB communicated well, presented well and had good references. They were the right size firm for T360. But the key reason for our confidence was their understanding of technology. Old school accountants don’t have it. They’re not evolving and working with technology themselves, so it’s impossible for them to grasp what we’re trying to achieve.

‘Technology means that things are operating in real time… and ATB’s approach overall was on the ball.

Your best friend… the Virtual CFO

‘Five years ago we moved everything over to ATB. Invoicing, recording, bookkeeping, accounting, compliance, payroll, pretty much all our accounting needs. They became our accounts department, our Virtual CFO.

‘We have five offices, and over 60 staff. It’s a massive load off your shoulders with someone running the accounting for your group of companies.’

What Geoff says has worked for T360 is the ownership and partnership lead ATB took from the start.

ATB gave us so much confidence. It was quite literally ‘don’t worry, we’ve got it, we’ll work through it together’. Total accountability on their side. Many accountants don’t have that accountability, and it’s part of the reason ATB do their job so well.’

‘The best way to describe ATB is that they aren’t pretentious at all. You’re in partnership with business people on your level.

‘You can lean on them, and they can lean on you.’ Geoff says.

A great understanding of our business needs

Amidst the successes of the past five years, there have been a few roadblocks.

‘We had some issues around streamlining payroll for our business as it was growing so quickly. Mike and the team were able to look at the whole situation, pick it up and run with it. Come up with a solution that saved us all time and money.’

‘And the before and after shots are telling. Before ATB, we had no transparency. We literally had no understanding of our figures. After ATB we had total transparency. Understanding the reports was the key ingrediant in the growth of our business’.

That, and real time reporting.

Adopting real time cloud technology...

When a company specialises in technology solutions for business, you’d imagine they would have adopted a winning cloud strategy. Wouldn’t you? They had…in a way.

‘We had a similar set-up to Xero before we moved our accounting needs over to ATB, but it wasn’t in the clouds. Migrating our data over to Xero was a simple, yet ground breaking decision.’

When a business like T360 adopts a real-time accountancy solution, it puts them in a powerful position. They know about cash flow problems before they become a problem. They anticipate change and progression.

‘You need real time. Accounting and finance is the lifeblood of a business. It’s the health of your business and if you’re only getting a snapshot every few days, how do you know if you’re going to be around next month? Next year?’

It’s like a bike...if you stop pedalling, you’ll tip over

‘The hardest thing in business is cash flow… our intention is not to be stagnant. It’s like riding a bicycle. You can’t stop pedalling otherwise you’ll fall over. Unless you grow, you will have cash flow problems, which is what kills most businesses.

‘ATB have helped us get more visibility of the future and the right advice to help make difficult decisions.

‘Working with ATB has meant we have a handle on things before they hit us.’

Forward thinking, proactive advice

For Geoff Olds, an hour a day across their group is what he dedicates to maintaining the successes with ATB. After an initial 3 month lead in to get all the leg work done, and a period of extended meetings, Geoff feels they’ve hit the sweet spot and have the mix just right.

‘They key is consistency and ATB deliver consistency of service every single time. You don’t want genius. Genius and brilliance cost money and are inconsistent. You want consistency, clarity and confidence’.

The proof is in the pudding

Numbers don’t lie. In a little over 5 years the turnover for the T360 group has soared from 2million to over 7.5million.

And that speaks far more loudly than anything else could.

 

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