Instant financial visibility is the value of Xero
March 2008
Giscard (Gis) Rutten runs the finances for Somerset based children's food company The Good Food Village.
Until he started using Xero, he was waiting up to 3 months to receive balance sheet information vital to him and his investors from his accountant. Now Gis, his board of directors, existing, and potential investors, can all know exactly what the financial picture of the company is in real-time, at any time.
Describing his pre-Xero situation Gis explains, “Working with our accountant prior to Xero, involved getting spreadsheets with a balance sheet 3 months after the fact. You can't go after investment or keep a board happy with 3 month old numbers".
"Now with Xero, I have instant visibility and awareness of cash flow and payables. This is exactly what I need to show investors."
Gis is also very happy with the amount of time he now personally doesn't have to spend collating financial information. "I am saving myself one day a month not having to consolidate financial information for reports to investors and board members. One day of my time saved per month is certainly worth more than the cost of Xero at only £29!"
Gis is also saving himself more time by not having to answer lots of questions. “Now when there are any queries from other directors about the accounts, they look up the answers straight away by diving in to the numbers in Xero to find out where they came from".
This instant online access to the company's 'live' accounts was, as Gis laughingly recalls, "a bit of a shock" to their accountant! "But in a good way", he adds. "To have online access to the same data as me is fantastic from my point of view. I just email instructions over to our accountant, and I can sit at my desk and see them happening live in the accounts.
This online access is perfect for The Good Food Village, as the company's team is not in one place. As Gis explains “I am based in Somerset near to our suppliers, our accountant is in Salisbury, while the board and investors are in other locations around the UK. Having the company accounts available in real-time, on the internet, means that our team being in different places is irrelevant."
Gis found setting up Xero was easy: “the software is simple and straightforward”. His favourite feature of Xero is the bank reconciliations. “As an ex-MYOB user, this is a feature I really appreciate. Being able to easily and quickly import all of my HSBC bank statements, and then Xero prompt me to tick them off against transactions already in the accounts, is a HUGE time saver".
Gis is really excited about what he plans to achieve with his company, and sees Xero as instrumental in this. "We are currently in the process of raising stock and meeting with potential investors, and it's ideal having up to the minute accounts information at my fingertips. Xero is helping with the future investment for my business."
The Good Food Village is a children's food company with a focus on good quality, fun food. www.thegoodfoodvillage.co.uk
It aims to provide healthy, wholesome and, where possible, local products which children will eat and enjoy, and in doing so arm parents with food that is not only good for their children, but will also develop their palate. It is currently enjoying success with its 'Secret Shapes' cheese slices (with hidden Bob the Builder characters!) www.secretshapes.co.uk
The Good Food Village has also set up a charity - The Good Food Village Trust - which is dedicated to promoting palate training - a way to help parents introduce their children to a wide range of tastes and textures and, over time, get the most into their diet. www.thegoodfoodvillagetrust.org
Dutch born Giscard Rutten (Gis) is the Chief Operating Officer of The Good Food Village. He relocated with his wife Louise (CEO) and their 'chief tasters' Oskar (7) and Hugo (5) from New Zealand to Somerset in 2006 to start The Good Food Village Company and trust.
