We Helped This Client Save Money and Become Financially Efficient While Operating Internationally.
Who Was the Client?
A creative design agency with offices in Manchester and Berlin. They have a range of international clients based in Mainland Europe, the USA and Asia such as SoundCloud, E.ON and HelloFresh.
What Was the Challenge?
The client approached us as they were unhappy with their current accountant’s responsiveness. Our primary challenge was to help them deal effectively with payments in various currencies from overseas clients.
How Did We Help?
We drew on our experience working with international businesses to support the client in a range of areas, including dealing with cross border transactions, foreign currency and international taxes.
We quickly spotted that the client was losing out on massive savings each year because their previous accountant hadn’t offered them relevant advice about trading internationally. To improve their financial position, we helped them hedge their currency risk, which is essentially ensuring that fluctuating exchange rates don’t reduce an invoice’s value in the time between issue and payment. We also advised them to pursue permanent establishment in Germany to avoid double taxation due to their Berlin office.
What Was the Result?
Our proactive approach meant we spotted an opportunity for the client to hedge their currency risk which saved them thousands of pounds per year.