The King of Shaves Company Ltd
MIGRATION AND ADD-ONS
Will King created King of Shaves in his kitchen in 1993 when he was fed up of suffering from razor irritation when using shaving foams and gels. He experimented with essential oils and created his first product – King of Shaves Original Shaving Oil – he hand-filled the first 10,000 bottles over his kitchen sink and got the products into Harrods and Boots the Chemist. Since then the company has gone from strength to strength and now exports to the USA, Australia and New Zealand amongst others.
Pain Points before BookCheck X
The King of Shaves Company Ltd reached out to BookCheck X for major assistance in streamlining their accounting system and processes, principally to make major cost savings.
Their accounting and stock management software was too complex and expensive. A need to change to a cloud-based solution was identified and Xero was chosen as their accounting system. At the outset the client was determined to use every available Xero add-on.
• Overly complex accounting and stock management system
• A need for more channelled reporting
• Difficulty getting information from Amazon
• Their current accounting system contract was finishing so they wanted to take the opportunity to swap to a simpler system.
Solutions with BookCheck X
BookCheck X was tasked with handling the transfer to Xero from the old system and setting up processes & controls to ensure the success of the new accounting system. One of the key pressures we had for this project was time. We started working with The King of Shaves Company at the end of October 2018 but their old system expired at the end of November 2018. Therefore, Xero and all the new systems had to be up and running by 1st December 2018.
• Migrating to Xero
• BookCheck Advanced Reporting
• Xero Add-ons to help simplify processes including Manu Online and A2X
The King of Shaves Company identified Manu Online as being suitable as it offered the functionality they required for inventory management.
BookCheck X worked closely with The King of Shave Company's staff to ensure the data from Manu Online was being mapped correctly to Xero. This included numerous tests before going live on 1st December.
BookCheck X also added controls and processes to ensure CoGS calculated correctly each month in Xero. This has been further developed for their new financial year, offering this information in more detail by making full use of Xero tracking.
Gain – Greater control of stock and visibility of Gross Profit Margin per retailer.
It was clear from their old system that reconciling Amazon payments and sales had been a real struggle.
Adding to this, The King of Shaves Company used Amazon Pay for sales made directly on their own website. On the bank feed in Xero, both the receipts from Amazon – relating to Amazon sales – and the receipts from Amazon Pay – relating to direct internet sales – were annotated in the same way, so there was no way to distinguish between the two. We introduced A2X and solved this problem immediately.
Sales information from Amazon is now fed through to A2X directly, where it is consolidated into one invoice to forward to Xero. This invoice represents all sales and relevant deductions for that period and mirrors the payment made by Amazon. It can then be matched instantly to the transaction on the bank feed, identifying all other Amazon receipts as relating to the Amazon Pay account. This has saved six hours every Amazon Pay cycle (typically every 2 weeks) and will split invoices if the two weeks span a month end. Data can be entered into Xero in real time every time Amazon sends a payment.
When King of Shaves said they were then going to change their website and implement Shopify and were looking for a solution to manage this, we automatically thought of utilising A2X’s new Shopify platform. Again we assisted in setting this up, ensuring all payments coming into Xero on the bank feeds could be easily recognised as internet sales and reconciled. Internet sales can now be pulled through daily rather than once a month at month end.
Testimonial
"Working with the fantastic team we have made big gains in streamlining and simplifying the finance side of our business. A great company with great people."
Andy Hill, Director, The King of Shaves Company Ltd
