Working with a London-based events company, we’ve helped them to streamline their accounting processes. By helping ISG Live switch to Xero cloud accounting and Soldo, we’ve saved them time and money. They can manage petty cash spend using Soldo, and see information in real-time with Xero.
ISG Live are an events marketing company based in London. They work with large organisations to improve customer engagement. The company work to generate positive media exposure around sporting events and festivals. Their client list includes the likes of Glastonbury Festival, Co-op Food, and Hugo Boss!
ISG Live employs a number of staff who are based in London. These employees travel up and down the country to the events they’re involved in on a regular basis.
Director Aiden Day got in touch with My Management Accountant. He wanted to standardise the company’s financial reporting system. He was also concerned about the way that they managed staff expenses and petty cash.
We recommended that ISG Live switch to Xero. Their accounts were not cloud-based and the software required a specific operating system. Most cloud accounting systems run in an app or browser, so don’t have any system requirements. You can also access Xero from any device, rather than installing software on a single machine.
In terms of reporting, ISG Live were generating monthly reports in Excel. They had to do this on a project-by-project basis, which meant producing a significant number of spreadsheets. Staff were doing this manually, which meant a lot of time inputting data into Excel and then formatting it. We knew that Xero could produce standardised reports in just a few clicks.
We set up and rolled out Xero across the company. Firstly, we liaised with the company’s accountants to get the correct opening figures for Xero. Our team extracted the current year data and input it into Xero. We cross-checked with the legacy system and their company bank accounts before completing the set up.
The company’s bank account is now linked to Xero. They can see their balance and transactions in real-time and reconcile their bank account.
We also set up ReceiptBank, which integrates seamlessly with Xero. This allows them to automatically input supplier invoices, saving time compared to manually entering the data.
Soldo is designed to help you manage company spending and expenses. It’s essentially a pre-paid Mastercard to replace petty cash.
You can have a card for each employee, where you can manage their spending by topping-up a set amount each month. Each cardholder then downloads the mobile app and management can access the admin dashboard from any browser. You can set limits for each card and capture receipts at the point of purchase. No more bits of paper to lose!
Soldo also integrates with Xero. So ISG Live can now see all of their expenditure in one place, and manage how much their employees are spending while they’re out on the road.
We have set up custom reports to replace the month by month and project by project reports that staff were creating in Excel. This has saved time and money, as well as guaranteeing the accuracy of the financial data.
ISG Live are really pleased with how easily they’ve transitioned to cloud accounting. Both Xero and Soldo are intuitive and easy to use. Staff are happy that they don’t need to spend their own cash to be reclaimed on expenses. Management can see real-time financial information and monitor project expenses.
We continue to support the team at ISG Live with their cloud accounting. We provide ongoing support and training on how to use the software.
If you’re thinking about switching to cloud accounting, speak to our team today. We are Xero Gold Partners and we’re happy to help you with the transition. Our staff are friendly and approachable. We don’t believe in “stupid” questions. Get in touch with Martin and the team today!