E-commerce and manufacturing business Candle Shack now make decisions based on accurate and timely accounting information
Candle Shack Limited was founded in 2010 by husband and wife team Duncan and Cheryl MacLean, selling candle making supplies online and manufacturing candles for some of Europe's leading luxury brands.
Having grown the company considerably in a relatively short space of time, things were going well, however the owners felt they lacked financial visibility to enable them to make the right decisions in a period of exponential growth. They also needed better integration across the key departments in the business, to improve stock management and cost allocation.
What we did
When French Duncan first met Candle Shack it became apparent that the firm needed a partner to work with them who understood their business, and help them update their accounting systems and procedures.
French Duncan completed a Financial Readiness Project, reviewed the whole process on the firm's ERP and updated the management information systems. Initially there was a period of reconciliation, correcting mispostings and checking all historic data. Cost centres, nominal codes and allocations were updated so that the client could have much more meaningful management information with relevant KPI indicators on the results.
Impact we had
Candle Shack’s entire accounting system is now up-to-date and the company receives regular quarterly accounts, with relevant KPIs, shortly after month end to discuss at their board meetings. Furthermore, French Duncan now also complete more of the book-keeping work which allows Duncan to concentrate on the operations and running of the business. Previously he would spend considerable time updating systems and reconciling bank accounts, whereas his time can now be spent on improving operations and profitability, using the financial insights French Duncan deliver to inform these decisions.
In addition, our Partner Greg Callan regularly attends the quarterly board meeting and provides proactive advice on all aspects of the business.
"French Duncan have been very proactive in their approach to assisting us with our business operations and accounts. We can now operate our business more effectively, confident in the accuracy and timeliness of our management and financial information."
Duncan MacLean, Candle Shack Limited.