Sunstone IP Systems Ltd, a pioneering tech company specialising in solar-powered wireless surveillance networks, found themselves facing significant financial hurdles as they set out to expand their operations and develop new technology. Following a successful crowdfunding campaign, they needed expert guidance to optimise their financial plans, maximise cash flow, and navigate the maze of tax obligations. Aaron David, their CFO, was on the lookout for professional advice to streamline their budget reporting, share structure, and tax planning for their funding pitch.
As the owner of Price & Accountants, a leading accountancy practice in London, I, Rahamut Bhuiyan, stepped in to serve as Sunstone IP Systems’ trusted financial advisor. My team and I took a comprehensive approach to understand the business and its goals. Our focus was on unlocking government subsidies and utilising business tax planning to optimise cash flow for Sunstone IP Systems.
We guided Sunstone IP Systems through their tax obligations and entitlements, ensuring they maximised their cash flow. By leveraging cloud technology, we optimised Sunstone IP Systems’ bookkeeping, payroll, and compliance services, including VAT. We also provided seamless payment processing and company secretarial services to enhance efficiency.
Our partnership with Sunstone IP Systems yielded remarkable results, enabling the company to thrive financially and achieve its growth objectives:
Substantial R&D Grant Income: We successfully secured substantial R&D grant income for Sunstone IP Systems in excess of £490k the past few years. This injection of funds provided immediate financial support, fuelling the company’s innovation and development.
Cost Savings and Optimised Bookkeeping and Management Accounts: Through our expertise and optimised bookkeeping and management accounts preparation processes, we achieved a 20% cost savings for Sunstone IP Systems. By streamlining the accounting system and leveraging cloud technology, we enhanced efficiency, accuracy, and overall cost-effectiveness.
Zero Tax Penalties: We ensured that Sunstone IP Systems maintained compliance with tax obligations, resulting in zero tax penalties from HMRC. By diligently navigating complex tax regulations, we provided Sunstone IP Systems with peace of mind and financial stability.
At Price & Accountants, we played a pivotal role in empowering the growth and financial success of Sunstone IP Systems. By offering comprehensive financial guidance, optimising bookkeeping processes, and maximising tax benefits, we enabled Sunstone IP Systems to focus on their core business and achieve their ambitious goals.
Our partnership facilitated successful submissions of EIS filings and connected Sunstone IP Systems with potential investors during funding rounds. Our new accounting system provided monthly management accounts, allowing for better budget reporting, more accurate forecasts, and streamlined R&D claims. Our timely and up-to-date financial reports and analysis empowered Aaron David and his team to make informed decisions for the company’s growth.
Our dedication to financial expertise and focus on supporting clients’ financial needs have made us an invaluable partner for Sunstone IP Systems. Our personalised approach and commitment to excellence continue to drive the success of small to medium-sized businesses and tech start-ups.
At Price & Accountants, we take pride in empowering businesses like Sunstone IP Systems with our expertise and commitment to financial management. Contact us today to see how we can help you achieve your financial goals and drive your business forward.