Established in Newcastle in 1901, Ryecroft Glenton, a Xero Platinum Champion Partner, offers expert financial and strategic advice. In 2018, partner Dan Cooper founded the Outsourced | FD service, providing SMEs with complete outsourced finance functions and board-level advisory support. Using Xero and apps, their Outsourced team acts as the finance department for each client. Integration of Xero ecosystem apps has enhanced real-time data and decision-making, fueling service growth.

‍

Pains:

• The Outsourced team’s longstanding client underwent a restructuring, which led to the creation of an additional three entities.
• The client is one of many businesses that have grown up using Xero, enjoying its simplicity before developing into a more complex organisation.
• The shift to multi-entity opened up a world of challenges for the Outsourced team, in particular, the client’s intercompany recharges.
• They have lots of costs which need to be recharged from one entity to another. For example, advertising costs incurred by one entity for the benefit of another.

‍

‍

Implications:

• The sheer scale of the costs which needed to be reallocated to other entities and the manual process for recharging those costs meant this would be an incredibly time-consuming task.
• Without an app to automate the recharge process, this was going to take at least four hours every month end and could negatively impact Ryecroft Glenton’s efficient service delivery to larger clients.
• It was looking like the scale of this task could jeopardise the viability and profitability of this client relationship.

‍

Solution:

• When Dan learned about Mayday, he knew it would enable the team to deliver an enhanced solution for their larger clients, taking their Outsourced service to the next level.
• Lauren swiftly implemented Recharger – she used the tool to automate the client’s very next month end.
• With the quick turnaround between implementing the product and reporting month end, the Mayday team’s immediate responses to their questions helped them to tailor the product to the client’s needs and start running calculations.

‍

‍

• Xero’s bank rules influenced the creation of recharge rules, where users define how they want their intercompany recharges to be calculated.
• With almost 70 recharge rules to create, having a system that reflects Xero’s design paradigms proved to maximise efficiency.
• The client frequently moves employees between different teams; it now takes Lauren just seconds to edit a rule to push it to a different entity or department.

‍

‍

Benefits:

• Previously, the recharge process would’ve taken four hours each month end. With Mayday, it takes under an hour – a 75% time saving
• Xero enables Ryecroft Glenton’s Outsourced service line, Mayday turbocharges it and sustains its viability for larger clients.

‍