“Making the change to digital accounting and the use of Xero and Receipt Bank has been a great move for my business.” David Edward, Managing Director, MAD Fashions Limited.
As digital accounting specialists, the team at Kirkwood Wilson is always encouraging our clients to embrace cloud accounting. The introduction of Making Tax Digital means that digitalisation is more important than ever. In this Kirkwood Wilson case study, we spoke to David Edward, MAD Fashions’ Managing Director about his journey into digital accounting.
A start-up online retailer switches to Xero
MAD Fashions Limited came to Kirkwood Wilson as a new start-up online retailer. At this point, David was still keeping manual records. “We had always kept manual records and had stacks of receipts and invoices hanging around,” says David.
“With Making Tax Digital coming in, and with some gentle pestering from Paul at Kirkwood Wilson, we decided to move across to the accounting software Xero. We haven’t looked back and it makes our bookkeeping incredibly quick now.”
Xero is a market leading cloud accounting software. Kirkwood Wilson is proud to be a Xero Gold Partner, so we were delighted when David decided to embrace digital accounting with us and Xero. It was important for us to show him what Xero can offer and how it could benefit his business accounts.
Ultimately, this software was a great fit for David and MAD Fashions because of its peerless efficiency and versatility in the shape of add-on apps that support every aspect of running a business.
What can Xero do?
The first step was connecting MAD Fashions’ cloud-based stock control system, Store Feeder, to Xero. It was vital to keep track of all forms of income. Xero tracks and manages the income that comes from Paypal and Amazon for MAD Fashions. This gives David full visibility of where his income is coming from.
Another element of control that comes with using Xero is the add-on apps, such as Receipt Bank. “We also use Receipt Bank, which means we don’t have to keep a single invoice or receipt and Kirkwood Wilson do all our bookkeeping on Xero,” says David.
The Xero management accounts give David an overview of how his business is performing. These reports allow him to forecast for his business and make informed decisions for the future. The Xero management accounts are easy to access and essential for a small business to keep track of their financial performance.
MAD Fashions’ Kirkwood Wilson review
As well as introducing David to Xero, another step we took was to arrange specialist stock financing through Bibby Financial Services. This funding was essential in MAD Fashions’ growth ambitions. “In October, Paul helped us to secure commercial finance to help with our cash flow. As Xero is kept up to date by Kirkwood Wilson, we were able to use this to help with our projections,” says David.
Get in touch today to see what Kirkwood Wilson can do for you and your business. Call the team on 01704 546000 or email us on enquiries@kirkwoodwilson.co.uk.