Kent Vapours Group

… But accounting in the retail sector can be a minefield

Payroll and bookkeeping were difficult to administer across multiple sites for Retail Vape. The administrative headache was distracting them from the important issues of increasing sales and revenue, so they appointed Dominic Hill to manage the processes and deploy an efficient accounting system. Having an efficient administrative process and support, along with a robust and intuitive accounts software package, helped tremendously.

The right support and the right advice

Initially, Dominic Hill were approached by the owner of a retail vape company some years back, to provide accounting, bookkeeping and payroll services to his business. This was swiftly followed by recommendations to allied companies and now Dominic Hill provide services to more than a dozen loosely linked companies in the sector.

Dominic Hill installed Xero accounting software which provides monthly payroll support, annual accounts and tax compliance advice. They also provide support and training for the company’s in-house team, and detailed reports to help with the financial control of the businesses.

In addition to accounting support and tax advice, Dominic Hill have also helped create group structures for the companies, enabling movement of money between the individual companies, whilst ensuring tax efficiency. Whilst the individual Directors are also supported with personal tax, wealth and pension advice, to help them achieve their personal goals.

Key results:

• Weekly cloud bookkeeping services for 14 companies
• Monthly payroll – Annual accounts and tax compliance
• Creating group structures for effective tax planning