By understanding the business and its goals from the outset, Shaun has been able to bring in the right expert at the right time to help EDEMO Electric Bikes manage their rapid growth.
After opening their showroom in 2018, EDEMO Electric Bikes experienced rapid growth from the outset. It became apparent that they needed specialist business advice to help with their day-to-day operations and compliance liabilities to help them manage the next steps in their growth journey.
EDEMO found us following a Google search as they were looking for an accountant that was able to offer the breadth of services they required and who could help them to drive their business forward.
As a full-service Accountant, we recognise that having a range of experts in one place, we can effectively assist in the development and success of any business plan. Whatever the need, we have the expert with the solution.
Due to the pandemic, Owner, Dan Radford, first spoke to Shaun, Client Director, via MS Teams. Based on the advice given, EDEMO initially engaged us to carry out accounts, corporate and personal tax work.
As lockdown continued so did the increased interest in outdoor activities, particularly cycling, and the business became more successful, which encouraged Dan to consider the way it was structured. As a result, Ollie, Head of Corporate Finance, and James, Corporate Tax Director, were introduced to help with a valuation and to set up share options for their employees. The purpose of the scheme was for the employees to feel a sense of ownership and loyalty. The scheme provided a tax efficient way of the employees having options to acquire shares in the business, building the team ethic further still.
The next hurdle for the business was associated with complex legislative changes following Brexit. Rob, our Tax Partner and VAT expert, worked closely with EDEMO to demystify the rules around VAT and imports, clarifying their position and giving them the confidence in their growth in this area.
EDEMO also benefitted from the experience of our bookkeeping experts to understand how the transactions should be treated and processed. Since they were already using Xero, Alex, one of our Xero experts from our Management Services team, was able to carry out quarterly VAT checks quickly and easily. We helped to streamline the process in which they raised their deposits and invoices, to maximise their cash flow position. We also worked with fellow directors to complete their annual tax returns. Significant savings were identified by our eagle-eyed Accounts team by spotting the annual Employment Allowance had not been claimed. In addition to all this further tax planning opportunities were identified and implemented.
Three years on, we continue to support Dan to achieve his business goals with a breadth of services and he has the reassurance we are with them every step (or pedal) of the way.
Working with a business, even before they choose to become a client, it’s important for me to understand right from the beginning what success looks like to them and understand their vision. We discuss what their goals are and be honest about whether we are the right fit to help them achieve them.
I like to think that my team and I become more than just the accountant but act as a sounding board for ideas, help to find the solutions to problems and offer advice based on our wealth of experience and knowledge. Many clients benefit from our external expert opinion, acting as a fresh pair of eyes for their business to highlight any opportunities which may have been missed previously.
If you are looking for more than just an accountant, we offer a free advice clinic to see if we would be the right fit for you.
Dan Radford:
Working with Randall & Payne has been a breath of fresh air. They have taken care of all the ‘less exciting’ yet immensely important parts of running a business, making sure all the accounting boxes are ticked and highlighting opportunities that may have otherwise been missed. Shaun is great to work with. Whilst incredibly professional and thorough, he still has a sense of humour which makes meetings a pleasure instead of a chore.
The support we have received Shaun and the rest of the team has allowed us to focus on our real strengths… riding bikes, (falling off bikes), making great films and sharing our passion for ebike adventures.”
To find out more check out the EDEMO Electric Bikes YouTube channel https://www.youtube.com/edemoelectricbikes
