When a Staffordshire company specialising in outsourced IT services progressed from start-up to multi-million pound business in just nine years, tapping into financial advice and business consultancy was key to managing its rapid growth.
Uttoxeter-based Infinity IT Solutions, which supports 130 clients in five countries, posted a £1million turnover in its first year. The directors are convinced that drawing on the wide commercial experience available from Howards Chartered Certified Accountants of Stafford has made a vital contribution to the company’s success.
Infinity operations director Lee Hayes says: “Howards has our best interests at heart, providing us with sound financial and business advice, and we know from experience how making the right decisions at any given time can make a world of difference to what you can achieve.”
At its inception, Infinity looked to Howards for assistance with business registration, payroll, VAT and general accountancy services. As the business developed, Howards stepped in to provide additional support, including corporation tax planning and pensions, ensuring that the outsourcing of auto enrolment for all staff was a seamless process from start to finish.
Given the progressive nature of the IT industry, keeping up with the pace of technology can be expensive and it is one of the biggest challenges Infinity has faced. The company was an early adopter of best-in-class monitoring and process automation, so cash flow forecasting for investment in this system was crucial.
The ability to tap into Howards’ expertise gave the directors confidence to invest profits to buy assets, expand the company’s services or recruit staff. Meanwhile, quarterly proactive planning sessions and six-monthly trading reviews deliver a clear picture, enabling Infinity to make informed decisions about its future direction.
Matt Bailey, managing director at Howards, says: “Often, the directors of a business are so heavily involved in the day-to-day running of the operation, which is essential during the early years, that they don’t have the time to draw up strategic plans.
“We help them take a longer term view, set goals and draw up business plans that enable them to refocus on why they set up their business and what they want to achieve.”
In a reciprocal partnership arrangement, Infinity IT Solutions has set up a fully outsourced IT system for Howards. Incorporating an anti-ageing security platform, it supports the accountancy practice’s complex business needs, including cyber security to ensure data compliance with the new data protection legislation (GDPR).