Case Study: Facepunch Studios
System review transforms accounting process and results in significant time savings
“We have transformed the way we run our day to day accounts and it's so much quicker and easier to keep everything up to date using Xero accounting software, combined with other great time saving Apps.”
Craig Gwilt, Company Director, Facepunch Studios
Background
Facepunch Studios is an independent developer and publisher of video games based in Walsall but with a team scattered around the world and over 28 million games sold.
Facepunch had been with their original accountants since first setting up the company in 2009, and admit that they picked ‘the first one they found’ to assist with book keeping and filing of accounts and tax returns. Whilst this worked well at first, each year they were introduced to new account managers which led to lack of consistency and stability, and also made it difficult to rely on financial information provided. They also found that the firm they were using aggressively pushed what Facepunch deemed as ‘tax avoidance’ which goes against the company’s ethos of wanting to ensure they always pay the correct amount of tax.
Why they sought to work with us?
“We had been recommended Armstrong Watson by a long-time business partner who had used their services himself for management information and year end accounts and tax submissions, and I was immediately impressed with the more professional and knowledgeable team at AW led by Grant Smith and Lauren Cannar. From the first meeting I came away convinced we had made the right decision in switching accountants.”
What did we do?
The first task Armstrong Watson undertook for Facepunch was a complete accounting systems review to allow the company to start again in developing systems that were fit for purpose and allow the directors to have confidence in the final information provided. Working together to ascertain the company’s needs - and what would work best to fulfil these - the review concluded that migrating all accounting to the software Xero would be the most appropriate choice and led to Facepunch outsourcing their accounts function to Armstrong Watson.
How we did it?
After migrating Facepunch across to Xero we were then able to introduce the company to other great time saving Apps including Autoentry for scanning invoices and Soldo for expense management. We also looked at other areas of the business that would benefit from Armstrong Watson’s support including, payroll outsourcing and advice on wealth management, as well as helping to prepare financial projections and utilising our tax consultancy team for corporate structure advice too.
Results
- Confidence and reassurance that financial information is correct and on time
- Embraced time saving technology and processes
- Reduced worry and stress
- Transformation of business systems
“It's a totally different experience now, more professional, knowledgeable and friendly. The process of completing the end of year accounts, and undergoing an audit, is so much smoother and stress free knowing our financial information is correct and that the team at Armstrong Watson are there whenever we need them to provide support. I hope to continue using AW for many years to come and would recommend them to anybody looking for a new accountant (or Business Adviser) or to talk to them if they are unsure of the competence of their current accountants.”
