Thrifted is a leading online seller of vintage and second-hand clothing in the UK and EU. The business has grown to become one of the top online retailers of vintage clothing in the UK and Europe with 40% of its sales now international to a predominantly 16–30-year-old customer base. Thrifted has built a strong following across the world and the market for pre-loved clothes continues to grow exponentially as consumers become more concerned with sustainability in fashion.
Thrifted’s previous accountants had outsourced overseas a lot of their standard accountancy requirements and tasks. More importantly they had not spent any quality time with the client and took the time to gain a true understanding of the day to day working of the businesses, its challenges and what its aims and objectives were. This approach to outsourcing work without a strong understanding of what was required, led to their accounts being incorrect with little insight and usable information.
Thrifted wanted to grow the business and exploit new opportunities but did not have the correct structure in place for their accounts to truly achieve this going forward. They realised to grow, they needed an accountancy firm who not only could ensure correct and structured accounts, but who would take the time to truly understand them, their business, and its aims and objectives.
Right from the start we spent time with Thrifted to discuss business plans and really understand what the company was aiming for, where they currently sat, and what challenges presently faced them. We quickly saw exactly the growth mindset and goals Thrifted were aiming for and how they planned to get there.
From this real understanding we were in a much better place to help the business set up the correct structure for their accounts going forward. To start with we had to make good the original accounts which we backdated all the way to the launch of the business. This gave a true and correct financial history to help inform future growth and ensure full compliance with no hidden skeletons.
The business now using our bookkeeping, accounts management, tax return, VAT and virtual finance director services and using the latest cloud-based accountancy packages. Our virtual finance director service worked with the business on forecasting and planning to help them make better and more informed business decisions going forward.
One key aspect of our work with Thifted after the initial discussions about the business, was to make sure we maintained regular meetings with them. These are critical to understand the business as it evolved, and that any changes could then be based on strong financial insight and advice.
As Thrifted have continued to showcase impressive success and growth, even during the stresses and turbulent times of the pandemic, Farnell Clarke has been a constant presence alongside them offering on-going financial support and expertise as they grow.
Thanks to this support, Thrifted has been able to save a large amount of time that would have otherwise been spent on sorting out finances. As a result of this they have been able to open a new location and have a solid foundation to ensure that their goals and growth strategy is well on track for years end.
By providing regular personal support and email correspondence to sort any issues, backed by strong compliant and detailed financial records, the owners could concentrate on growing their e-commerce business without worrying about the integrity of their financial data.