Ebit Business Solutions based in Poundbury, Dorset, is one of the fastest growing procurement consultancy companies in the UK and CB Reid have been alongside the team for many years of what has proven to be a remarkable success story.

Formed in May 2012 after recognising a “gap” in the procurement and purchasing market, Ebit’s aim was to offer a true “one stop shop” procurement and purchasing solution that really delivers. Ebit helps, advises, identifies and delivers sustainable savings to their clients with added value, such as project management and implementation. They have a dynamic, flexible and growing team with a wealth of procurement consultancy and purchasing experience throughout many sectors gained in a variety of blue chip organisations.

Ebit offers unique procurement and contract management products and services. 2016 saw the launch of ‘Aderes’, their own Contract Database Software. Primarily aimed at small and medium sized businesses, it makes the management of contracts straightforward and provides significant benefit to businesses whilst also improving governance.

As with any piece of software, functionality, user experience, adoption rates and ultimately ROI are key; ‘Aderes’ covers all these bases and an awful lot more.

In the first few years, when Ebit were concentrating on the growth and development of their core business, we provided a full outsource function. This included bookkeeping, management accounts, and VAT return preparation. In addition, we prepared annual accounts, corporation tax returns, company secretarial, payroll and directors’ personal tax returns services. We also implemented Xero cloud accounting software to make the whole process as seamless as possible.

As the company has grown and become more successful, they have added experienced finance staff and we have worked closely with the team to ensure the smooth transition of some of these services back in-house.

We work flexibly with our clients and pride ourselves on our ability to work closely with them to get the exact mix of support absolutely right.

Jo McCourt, Ebit’s Head of Finance and Operations, has been the person tasked with working with us to achieve this. Jo says, “CB Reid have been nothing but helpful and supportive since I joined the team at Ebit. I’ve always felt that they are totally focused on doing what’s right for us as a client, even if that means that some of the services they have traditionally provided moving back to us. It’s a real partnership”.

“It’s clear that the team at CB Reid really understand our business and that’s brilliant for me as I always feel that I can use them as a sounding board and lean on them for help with any technical issues.”

In addition, Jo has been impressed with the handover and training that she has received. “The team provided me with full training on the accounting systems and on Xero. I never worry about asking questions or dropping in to check something as the team are always helpful. You never get the feeling that every word is on the clock! They just make my job easier”

The implementation of Xero has been important to our ability to provide accurate support when it’s needed because it’s cloud based we can both discuss the same set of live data. It really supports decision-making.

Alongside the day-to-day work, we have also been able to add value in more specialist areas that were essential to the smooth operation of the business and in enabling it to continue to grow. These included:

  • Reorganising share capital for tax efficiency between director/shareholders
  • Assisting with advice and implementation of a share buyback to facilitate the exit of two shareholders
  • Dealing with Ebit’s EIS application including advance assurance and ultimate issue of share capital as the company received new investment
  • Managing the preparation of the company’s annual Research & Development Relief claim – this allowed the company to receive additional tax relief on its expenditure relating to the development of the ‘Aderes’ contract management software.

We continue to regularly meet with the directors to discuss tax planning and other strategic elements for the business. We feel that the closer we work together, the greater value you can provide.

Currently, CB Reid is involved in a valuation exercise to assist with the tax efficient granting of share options to key staff under the Enterprise Management Incentive (EMI) scheme. This has involved introducing Ebit to a local solicitor contact for help with the drafting of EMI contracts.

We’ll leave the last word to Jo, “They’re always thinking of the next step. I think that CB Reid are perfect for small and growing businesses as they are always there when you need them but they are never pushy or sales orientated. They’re just great to work with”