Established in 1996, Chase Commercial Ltd is a commercial property development business based in Evesham. Initially part of a larger property group, they now focus solely on commercial property.

They have trusted Grenfell James (GJ) with their accounting needs for over a decade, and we are thrilled with what we have achieved together during this time.

Overview

Partnering with Chase Commercial for over a decade, GJ has provided critical financial support, enabling their growth and stability. Through detailed financial reporting and proactive cash flow management, we have helped Chase Commercial navigate the complexities of the property sector, ensuring their continued success.

Context & Challenge

Key Issues:

• Irregular cash flow due to the nature of property development, with capital tied up in projects.
• • Need for a detailed and comprehensive financial reporting system.

Project goals

• Generate better management information. 
• Forecast and plan effectively to manage cash flow. 
• Real-time accounts and support to aid recruitment. 
• Secure bank financing to support and sustain growth initiatives. 
• Restructure to streamline operations and embrace the change in management. 

Process & Insights

When we first began working with Chase Commercial, we identified the need to overhaul their financial systems to deliver the clarity and precision required to support their operations. Their previous processes lacked the depth and reliability necessary for a business in the property sector. By carefully evaluating their existing workflows, we pinpointed opportunities for improvement, including the implementation of Xero and the design of a management accounts pack tailored to their needs. Regular communication and attendance at quarterly board meetings allowed us to ensure alignment with their goals and provide strategic insights as their trusted financial partner.

Solutions

• Updated Accounting Software: Implemented Xero to provide a real-time, accurate financial overview.
• Invoice Processes: Established systems for invoice approval and payments.
• Management Account Pack: Designed and created a comprehensive quarterly management account pack, including profit and loss statements, balance sheets, and cash flow projections.
• Board Meeting Attendance: Regular participation in quarterly board meetings to present financial figures and provide strategic insights.
• Daily Bookkeeping: Maintained up-to-date financial records for immediate access to financial information.

Chase Commercial results

• Accurate Cash Flow Forecasting: Provided Chase Commercial with reliable cash flow projections, crucial for managing their financial operations effectively.
• Enhanced Financial Reporting: The new management account pack provided detailed financial insights, enabling better decision-making.
• Client Satisfaction: Chase Commercial’s directors expressed their satisfaction with the improved financial reporting and the ongoing support from the GJ team.

Qualitative Benefits

Working with Grenfell James has allowed Chase Commercial to operate with greater confidence and efficiency. By maintaining up-to-date financial records and offering expert insights, we have become a reliable extension of their team. The streamlined processes for invoice approvals and payments have not only improved workflows but also reduced administrative burdens. Additionally, our ability to deliver real-time financial information has provided the directors with the reassurance that they can make informed decisions quickly and effectively, knowing their financial data is accurate and accessible. This reliable partnership has enabled them to focus on running and growing their business without the stress of managing complex financial systems in-house.

Lessons Learned

The key to a successful partnership lies in building strong, trusted relationships. By understanding the client’s needs and providing clear, jargon-free financial insights, GJ has become an integral part of Chase Commercial’s operations.

This is a testament to how we work with our clients and aim to become an accounting partner; we are thrilled to report that this relationship spanning over 10 years is still as strong as ever. To be able to operate alongside the board of directors and fully integrate with their team is an honour and a role we take very seriously. It’s just another way we choose to partner with our clients.

Conclusion

Partnering with Chase Commercial for over a decade, GJ has provided critical financial support, enabling their growth and stability. Through detailed financial reporting and proactive cash flow management, we have helped Chase Commercial navigate the complexities of the property sector, ensuring their continued success.