Customer Story: Paula Apparel 2020 Limited – How outsourcing bookkeeping has helped their business
Paula Apparel 2020 Limited manufacture, wholesale and retail the iconic PAULA RYAN Brand, which was established 25 years ago. PAULA RYAN is known in Australasia for its high-end womenswear and luxury fabrics. They have a strong and highly respected reputation in the New Zealand fashion industry for their premium, classic contemporary styling with a European flavour. The PAULA RYAN Products are sold direct to the public throughout New Zealand and Australia through online, independent retail stockists such as Smith & Caughey’s, Ballantynes, and their own Northwest flagship store.
Outsourcing made sense
In 2020, then General Manager Ben MacMillan bought the business and became Managing Director. Ben saw a need for an external contractor to offer the in-house team additional support as required. He wanted on-call access to expert accountancy knowledge and support to the day-to-day bookkeeping of the business, without the commitment of adding another permanent employee.
Ben also saw this as an opportunity to strengthen and streamline their financial processes, by focusing on accounts payable/receivable in-house and outsourcing the tax obligations, quarterly financials and end or year accounts. He also wanted the peace of mind which comes from an expert, independent financial oversight ensuring that all financial records are kept up to date and accurate. Outsourcing was the logical decision.
Enter Spectrum Accounting
Spectrum Accounting became involved with Paula Apparel 2020 Limited in 2020 after being referred by their previous accountancy company.
Since then, Diane and her team have
- Managed tax obligations and GST
- Prepared the annual accounts
- Provided quarterly reports
- Overseen the accuracy of records with regular auditing
- Offered recommendations and assistance streamlining current processes and implementing new processes
- Provided support and assistance for any queries that the in-house team might have.
- Assisted with transaction processing in Xero to alleviate pressure on the in-house team
Looking to the future
Ben describes the relationship of Paula Apparel 2020 Limited and Spectrum Accounting as “a very productive working relationship” and one that he knows will continue long term.
In his words, “Diane is an asset to the business, she works in very well with our needs and timelines, we find her trustworthy, reliable and accurate.”
If you think that outsourcing could be the right fit for your business, talk to Spectrum Accounting today.