Independent coffee chain SOHO Coffee Co. may have opened its first store in Cheltenham, but it has now grown to become an internationally recognised brand with outlets found worldwide. To support their continued growth, they turned to our audit team to help them implement robust financial systems.
We began working with SOHO in 2014, following significant international investment in the chain and expansion into markets around the globe. Due to its unprecedented growth, we were tasked with providing a review of the financial systems and controls in place, in anticipation of the increased size and number of transactions.
Through our audit process, we identified several areas within the company’s financial systems that had come under significant strain as a result of its fast growth. We completed a full investigation, providing advice on how to rectify and improve the controls moving forward. Our efficient reports allowed SOHO to act quickly, and our audit team worked alongside an external contractor to ensure robust systems were put into place – not only meeting the immediate requirements of the company, but also taking future growth and change into consideration.
We also discovered a need for improving payroll processes through the audit, and our outsourcing team focused on implementing systems that made payroll more efficient and easier to manage.
Following the audit, SOHO’s management team sought more accurate and prompt management accounts on a monthly basis. Our accountancy team liaised with staff from the head office and various branches to analyse the information and provide the accounts that SOHO needed to plan the company’s future development.
We are in regular communication with the financial director of SOHO, keeping up to date with their strategic plans and discussing growth. Having just completed the statutory audit of the consolidated accounts for the ‘first tier’ of the group, we are now looking to work alongside a Big Four firm that act for the company’s international investors on a global basis.