Improving efficiencies to support growth
Guildford-based MR SOLUTIONS (MRS) is an independent world leader in MRI technology, developing and manufacturing the world’s first range of commercial, superconducting, cryogen-free (dry magnet), preclinical benchtop MRI systems.
Their Finance Director was brought in a few years earlier to help manage ongoing expansion into other imaging modalities and he decided to initiate an audit of the 2015 financial statements, in spite of not requiring an audit by law. This was to allow MRS to demonstrate a robust financial position and enhance corporate credibility, in the light of its forecast growth and international customer base.
They were keen to appoint an auditor who would work well with the teams and would fit in with their ethos and values. Our team understood the entrepreneurial nature of the business and the need for proactive advice and knowledge-sharing across management and accounting functions. We worked both on and off-site with MRS, providing a full service audit, including advice on their accounting policies, accounts production and internal systems.
Without a previous year stock take, we needed to work closely with MRS to carry out an in-depth review of stock movements over a 12 month period, so that we could be comfortable with the opening balance sheet position and give an unmodified audit opinion.
At the time, MRS was applying for the Queens Award for Innovation and we were able to provide bespoke assurance regarding their turnover and employee numbers, which formed part of the award process. MRS won the Queens Award for Innovation in 2016. In 2017, they won the Queens Award for Enterprise for International Trade.
As a result, the company could confidently send a clean audit report to existing and potential customers and stakeholders. They now have clear working schedules to use throughout the year to prepare their management accounts, which had the benefit of considerably shortening the 2016 audit process. This was signed-off within three months of the year end, leaving the management and accounts teams to pursue other business management activities in plenty of time.