Accounts Lab Ltd.

BACKGROUND

Introduce your business and what you do there.

I’m the founder of Lambert Labs. We’re a London-based software development agency that produces custom solutions for customers across different industries.

OPPORTUNITY / CHALLENGE

What challenge were you trying to address with Accounts Lab Ltd.?

We rely on Accounts Lab Ltd. to handle our accounting needs. 

SOLUTION

What was the scope of their involvement? 

Accounts Lab Ltd. handles our bookkeeping on a monthly basis. Their team keeps track of all of our receipts, expenses, and expenditures and makes sure that they all get inputted into our QuickBooks account.

At the end of each financial year, they’re responsible for compiling our official account, which we then submit to Companies House. We don’t have the capabilities in-house to do that, so it’s a big help.

What is the team composition? 

They’ve allocated one accountant for us, though I can always ring up Ed (Founder) if I need high-level advice.

How did you come to work with Accounts Lab Ltd.?

It was through a referral. We were working in a co-working space at the time, and another company within that space had already used Accounts Lab Ltd. So, they recommended them to us.

How much have you invested with them?

They’re on a monthly retainer, which is about £150 (approximately $200 USD). It’s a good value for our money.

What is the status of this engagement?

We started working with them in April 2017, and the partnership is ongoing.

RESULTS & FEEDBACK

What evidence can you share that demonstrates the impact of the engagement?

As a business operator, I like that I don’t have to spend as much of my time on the financial side of things because I know that Accounts Lab Ltd. will keep our accounts up-to-date. That allows me to focus on other areas of my business such as client delivery.

How did Accounts Lab Ltd. perform from a project management standpoint?

It’s generally what we’re looking for. They’re responsive and always happy to help with our queries—that’s why we’ve been working with them for over three years.

What did you find most impressive about them?

Everything has been done reliably and in a helpful way.

Are there any areas they could improve?

The only thing that I can think of is that they assign one accountant per company. So, if that individual leaves, then we have to switch over to a new resource. I’m sure they already know about this, but it can be a challenge.