Andy, Joe and Charlie were successful recruiters in London working for a large recruitment firm when they decided to ‘go it alone’ and set up their own business. They had all the skills for recruitment but they did not have the back office support. Placing candidates was something they were very good at, but they openly admit they didn’t have experience of running the finance function.
They were also aware that growing their business would require a strategic review into the numbers and understanding cashflow and profitability was pivotal to this.
3Search was introduced to Joe David of DS Accountancy in order to establish the support they needed to help grow their business and keep on top of the financial side of operations.
Joe used his expertise in management accounting and commercial knowledge to guide the team through the financial structure they would require to expand.
The directors at 3Search decided to outsource the company’s accounting function to DS Accountancy and on the advice of DS set up the business on Xero accounting software. DS Accountancy assisted with raising sales invoices, posting purchase invoices and bank reconciliations along with monthly management accounts, which were introduced from the outset with budgeting and forecasting at the heart.
DS Accountancy also took control of the business’s bank accounts in order to make payments and monitor client receipts, providing 3Search with an effective credit control system.
3Search is now a highly profitable and successful company which became the first investment venture as part of a wider plan to grow a number of boutique recruitment companies. London-based recruitment investment business 11 Investments has helped establish four subsidiary companies as the group continues to expand.
DS Accountancy continues to support the group from an outsourced finance department function and each subsidiary benefits from the systems and procedures put in place. 11 Investments now has internal finance function who work alongside DS Accountancy and complement the offering.
DS Accountancy can help transform and develop your recruitment business too, just like it helped 3Search. Start a conversation with us today!
Director at 3Search Limited says:
“Joe and his team have been integral to our growth and success over the past four years. The support has been absolutely fantastic and we couldn’t have grown at the rate we have without the support of an honest and trustworthy accountancy business behind us. Joe effectively acts as an FD for us and his attitude and approach has been brilliant. The advice given has been extremely valuable and we are looking forward to working with DS Accountancy for many years to come.”