Case Study - Hair & Beauty Business
Client Case Study – Hair and Beauty Business – Randle & Randle
Streamlined business support and up to date bookkeeping for better financial visibility.
Summary
Freedom in Numbers began working with Randle & Randle back in early 2020 after one of the directors had been let down by their previous accountant.
Being a service based business, their growth was dependant on their employees being motivated to bring in more work to help the business grow, but the owners didn’t know if their team was even profitable. Today the business has better visibility of its finances to help drive growth and support the end goal of the directors.
The Challenges
Limited knowledge of the finances of the business.
Poor communication with their previous accountant.
Struggling to keep tabs on taxes and other financial obligations.
Strategy for change
✔ Streamlined and timely reporting by bringing their finances into Xero.
✔ Full management of the bookkeeping function to manage financial obligations.
✔ Application of cash flow tools to help plan for future tax bills.
Impact to the business
Better understanding of the business performance allowing the directors to plan for their retirement.
Taxes taken care of, so the directors know what to pay and when.
Better understanding of cash flow for the business, so the directors can plan for slower periods.
Reduced stress levels and a great relationship with their accountant.
How did you feel before you started working with us?
“I was looking forward to working with an accountant who really valued small businesses and would be able to be ahead of the game when it came to self-assessment.
My previous accountant was very behind in preparing the return despite having all relevant information every August. Finding out that you need to pay more tax than you anticipated isn’t a positive feeling!”
What would have been the result if you kept feeling & working the way you were?
“I would have lost all faith in accountants and tried to do everything myself – resulting in stress and overload.”
What specific success have you had from the work we’ve done with you so far?
“I like how streamlined keeping our records is now that we’re using Hubdoc and Xero. The team at Freedom in Numbers are so helpful and we love being able to chat as often as we need about any concerns with our business.”
Would you recommend us to someone else?
Yes! We love the no nonsense approach to accounting and keeping us up to date with new legislation and working practices. The team are very understanding of the individual nature of the business.
There’s a science behind our customer service scores!
We also regularly track our net presenter score (NPS) which scores our business reputation against other businesses to see just how much our customers score us and whether they would refer us to other business owners.
We use this to motivate our team to consistently achieve a high level of customer service with our customers, and drive the business forward.
What does an NPS score mean?
A Net Promoter Score that is below 0 would be an indication that customers have a lot of issues to address with their bookkeeper or accountant.
A score between 0 and 30 is a good range to be in, however, there is still room for improvement. If your NPS is higher than 30 that would indicate that your bookkeeper or accountant is doing great and has far more happy customers than unhappy ones.
An NPS over 70 means that customers love you and your company is generating a lot of positive word-of-mouth from their referrals. This range is known as world class.
To compare, Apple’s most recent score was 47, and Xero’s was 42. The higher your NPS is, the more likely it is that your customers would recommend you to their business contacts and friends.
What does our score mean?
Typically, the accountancy and bookkeeping industry has an average NPS score of -5 (minus 5), which doesn’t mean a lot to most people, but generally a score of 0 or below is bad.
Each customer scores you between 0 and 10, with 10 being the highest. Our latest score was 88 out of 100, which is in the World Class range!
