Outsourcing: NeoHealthHub Group (NHH)
Back in 2012 we were approached by our client who was setting up a consultancy business to the pharmaceutical sector and they needed some help with getting their bookkeeping and management accounts prepared along with all the other compliance aspects of running a business. Over the next 10 years the owners added several more companies and finally in early 2021 they created a group of the 5 most successful businesses under the NHH name. The plan was to grow and sell this group of companies which occurred in late 2022 when Pharmalex GMBH acquired the group.
From the outset the business had no physical offices as all employees worked remotely and the business owners had no desire to hire an accounting team and deal with the associated management such a team would require.
It was decided that outsourcing all finance and bookkeeping work to Vanilla Accounting was the right solution. This included all processing of purchase invoices and also all sales invoices to end clients, preparation of monthly payroll and filing of quarterly VAT returns for all the companies. At times along the journey cashflow was difficult and Vanilla Accounting were instrumental in monitoring this on a weekly basis to ensure that there was enough money at the end of the month to ensure wages were paid. In addition, we agreed a service level agreement where by management accounts would be delivered to management within 5 working days of month end and this target was met every month. In the last 2 to 3 years Vanilla Accounting also took on the day to day role of setting up supplier payments and processing payroll payments. This allowed the directors more time to focus on the strategic direction of the business knowing that they had put the expertise in place to monitor and report on the all important numbers.
The Client Said:
“The last 10 years has been really significant for NHH and the previous businesses we ran resulting in the sale of the business to Pharmalex GMBH in 2022. Being able to entrust the day to day finance to the experts and focus on the strategic direction of the business had a hugely positive impact for us and no doubt helped us with our excellent growth and to enable us to sell the business. Vanilla Accounting have been excellent over this period of time and we could not have run the business without their input and support along the way. In addition, the financial side of the business flew through the due diligence process undertaken by Pharmalex GMBH during the acquisition process.
Weblink for client: https://neohealthhub.com/