Making Finance Accessible with BDO

How BDO helped to streamline and simplify financial management for ITSX

About ITSX

ITSX was formed in 2020, as a start-up company with big ambitions. They help clients better understand their IT software assets, particularly when it comes to optimising costs and future-proofing their tech solutions. ITSX’s client base includes both public and private sector companies, operating in many different business models and sizes.

The company’s main aim is to help customers to simplify and demystify the world of IT solutions - showing them how they can be maximising their growth, revenue, and impact through the implementation of smarter tech solutions.

Founder, Chris Morgan, recognised early on that to sustainably scale up his business, he would first need a partner to support ITSX with its finances. While ITSX are certainly experts within their field, the company simply did not have the in-house financial expertise they required to keep up with Chris’s rapid growth ambitions. Chris was also looking for a way to free up his leadership team’s time, so they would be able to dedicate more resources to clients.  

Enter BDO...
 

The challenge

ITSX required a major update to their finance functions - one that the entire team could be completely confident in. They also wanted to regularly receive the information they needed to deliver effective and astute decision-making across the entire business. ITSX acknowledged from the very start that they were asset managers, (not money experts!) and with their team suddenly doubling in size, as they scaled rapidly, the business desperately required some expert guidance when it came to their managing their finical processes. Initially, ITSX was concerned that a company of the scale of BDO would not offer solutions fit for smaller businesses, but they thankfully discovered this was not the case!
 

BDO's approach

After a seamless introduction and onboarding process, BDO were able to implement a cloud-based accounting ecosystem that introduced automated processes and controls. There was a close partnership with ITSX established from the start, with Operations Director, Jac Reed, saying:

 

“We needed someone to hold our hand through the initial process and actually work with us. We’re a company who likes to build partnerships and we consider working with BDO to be a partnership.”

 

Subsequently, BDO were able to guide ITSX through their new fully outsourced finance functions – rolling out a package of services that proved they had fully understood the financial management needs of ITSX, as a small, growing business.

Just some of the services BDO were able to implement for ITSX included the likes of VAT preparation services, tax planning services, bill payment runs, and many more other labour-intensive solutions, that ITSX would not have been able to facilitate without their expertise.

Through regular touchpoints and developing a ‘one-team’ approach, ITSX have also benefitted from the wider expertise that BDO has to offer, including advice on the likes of employment taxes. Not only that, BDO’s Business Services and Outsourcing team continue to support ITSX on their growth journey through:

• Delivering timely financial insights to help with decision making
• Providing a sounding board for ideas followed by proactive specialist advice and guidance
• Providing a fluid service that adapts to changes in the company’s needs

 

As the company continues to evolve, they can be confident that BDO will continue to provide the specialist advice that they need.

“ITSX is a people company that do IT asset management, and we feel that BDO is also a people company, doing financial management. They’ve always wanted us to succeed and have been rooting for us to be successful. We’ve developed a really good working relationship with them. They keep us on our toes and we value that a lot because they’ve got our best interest at heart.”

Operations Director, Jac Reed
 

So why BDO?

When it comes to getting to know clients, BDO’s approach is a fully immersive - allowing for a clear detailed understanding of their customer’s business from the start. Just like with ITSX, these client relationships are built – not only on BDO’s expert knowledge – but on trust, transparency, and integrity. While BDO may be a large firm, a huge part of their unique service offering is focused on the close relationships built between experts and customers – always applying a personal approach, backed up by global expertise and sector specialisms.

Being part of a global firm, means BDO can support clients through every stage of their lifecycle and help them succeed as best they can.