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Difficult scenarios: Bookkeeping day-to-day

19th Jul 2023
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Last week we caught up with Paul Clarke, co-founder of bookkeeping firm Ookkee, to discuss how cash flow administration has empowered clients to make the best business decisions and makes more money for the firm. One story stood out to us at Futrli that we wanted to share. (You can catch the full conversation here.)

Difficult scenarios: Bookkeeping day-to-day | Futrli by Sage | Image of flowers and a care home
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Based in Bournemouth and Southampton Ookkee provide bookkeeping management services and cash flow administration services to small business clients.

Ookkee has a client who is a care home. They had gone into special measures with the CQC (Care Quality Commission) and needed a business plan and financial forecast. A national company charged them £25,000 to do the forecast.

 

The bank was worried about the situation, and we were brought in by their accountant, who asked us to give it a once over. We looked at it, and I could just see… instantly… what was wrong with it because of my knowledge of the sector. I said, look, we can put something together far better than this.

Paul Clarke, Co-Founder, Ookkee

 

The forecast this company provided was of a very poor quality. It didn’t look at any of the important sector ratios such as occupancy levels.

Ookkee stepped in and used cash flow forecasting and reports made in Futrli. They needed to put together information on a monthly basis as the bank were scrutinising their position carefully.

Using the right ratios and correct formulas, they were able to build out forecasts that demonstrated that the care home was turning a corner. It was beginning to make a profit. The forecasts made it obvious what the home needed to do to improve its position and to continue to build on its bottom line.

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Ookkee could have conversations with the client where they demonstrated what simple changes needed to be made to improve the cash position of the business.

People are in the day-to-day. They don’t look ahead… That’s what we’re empowering people to do.

Ookkee are now in their second year of working with this client, and the relationship is stronger than ever. The bank are off the client’s back and the team perform a standard quarterly review of the company… and they got the £25,000 back for the client!

 

There was a lot on the line. It's an 80-bed care home with 80 residents with over 100 staff… It's people's jobs and people's homes at the end of the day. Now the business is stable, and they’re making more money than before.

If you want to secure your clients’ futures and roll out lucrative advisory services with lessons from business-minded leaders in the field, we recommend you watch our webinar recording “Saving money while making money: Ookkee puts £25,000 back in client’s pocket while scaling advisory

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Find out how Ookkee:

  • Saved a client from being charged a jaw-dropping £25,000 bill for an inadequate forecast.
  • Help clients break out of the day-to-day mindset and empower them to look to the future.
  • Use an entrepreneurial mindset to grow and scale their bookkeeping firm.
  • Manage their tech stack, the software they use, how they use it, and what ambitions they have for their digital future.
  • Use their specialist knowledge of the care home sector to hone their advisory offerings to clients in this space.

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