When leading cyber security specialists Osirium wanted to be listed on the Alternative Investment Market (AIM), they needed to ensure that their accounts were accurate, timely and reliable.
We have been working with Osirium since 2012, providing accountancy and advice on corporation tax. As the company prepared to apply for AIM listing, the company’s in-house accounting and finance resource left the business, so to ensure continuity of service and cover for holidays, Osirium approached our outsourcing team to take on the bookkeeping responsibility, allowing the Chief Financial Officer to meet and fully comply with AIM’s quality control checks.
As part of the requirements, Osirium needed to ensure that their bookkeeping was completely accurate and wanted real-time reporting so that they were able to access the management accounts they needed at any time. We switched their desktop bookkeeping package to Xero, a cloud-based package, which gave the company access to their accounts at any time, any place.
Osirium was successfully floated on the AIM in April at a price of 156 pence per share, and raised £6 million of new funding to finance the business’s continued growth and expansion.
Now that Osirium has easy access to their management information when they need it, and more up-to-date records, we have been able to expand what they can do with Xero, and have implemented a system that links to Xero and allows employees to submit their expense claims online.
We were delighted to be such an instrumental part of Osirium’s journey to the AIM market, and we continue to prepare the company’s monthly management reports, bookkeeping and payroll to ensure that the business continues to make sound financial decisions. We are also working with the company to move other manual systems to the cloud, such as their purchase order tracking, and are helping them to meet their obligations by preparing quarterly VAT returns, R&D tax credit claims and corporation tax returns.