Fast and furious at Fiscale!
It has certainly been a high octane, action filled 18 months for Research and Development Tax Credit Consultants Fiscale. The company, which is based in Haverhill, opened for business in February 2014 and has not looked back since. The highlights so far include smashing their initial business plan forecasts in just eight months, trebling their team and securing Corporation Tax Gains of £1.7 million for their clients.
After such an impressive start founders John Mayhew and Stephen Bunting will certainly not be changing down a gear. As part of their year-end review they analysed their business procedures and processes to assess how and where they could be streamlined and improved to enhance the client experience. They identified the requirement for a bespoke software solution and explored the funding options available.
Fiscale were granted £10,800 as match funding for a £54,000 software development project. This project was supported by the New Anglia Local Enterprise Partnership through The Growing Business Fund.
The investment will enable them to fulfil two software development projects. The first is to map their business process to their CRM software providing notifications to staff to keep everyone on track. The second project will enable Fiscale to provide software to clients to improve the way their clients harvest financial data for R&D Tax Credit Claims once their initial claim has been processed. The submission of a successful claim is not the end of Fiscale's involvement with their clients. They continue to work alongside the business to provide help and guidance to ensure future claims are even simpler to process.
Understanding which elements of a project qualify for R&D Tax Credit and keeping meticulous records is critical if the benefits of the scheme are to be maximised. These are the areas where the application of the new software will make a real difference to the time input required from the client in assimilating the financial information.
Executive Chairman John Mayhew explains,
"We are delighted with how Fiscale has performed over the 18 months. We have an excellent team with a strong skillset and, most importantly, we have helped secure funds for our clients which have made a significant impact on their businesses. It is a very rewarding experience to phone a client and let them know much their claim is going to be worth.
The business process mapping exercise that we undertook to identify the activities that could be made more efficient highlighted two specific areas. Internally it was evident that we needed a CRM system to help manage the sales process, customer contact and the many different stages involved in the actual processing of an R&D Tax Credit claim. From an external perspective our clients would benefit from being able to systemise the identification and collection of financial information required for their future claims.
We are very grateful for the support provided by Business Growth Adviser, Richard Glinn. Richard gave us excellent advice in the first place on the availability of the scheme."
For further information on the New Anglia Growth Hub or the funding opportunities available please visit www.newangliagrowthhub.co.uk or call 0300 333 6536.
Fiscale offer a 'no-win-no-fee' service, removing any risk for the client. The initial telephone interview to assess eligibility takes no longer than 20 minutes.
Not sure if your business is eligible for R&D Tax Credits?Call 01440 708333 to find out.