We were introduced to DRONESTREAM by an existing technology-based client.
DRONESTREAM is a tech-based software platform. Working alongside British Telecoms (BT), DRONESTREAM are revolutionising Britain’s airspace and have been selected by UK Research and Innovation to deliver Project XCelerate.
What Dronestream needed?
Here at Venn Accounts, we have many clients at present seeking Innovation Grants from the likes of Innovate UK. Much like the requirements of gaining Bounceback loans, there are a number of hoops and tick boxes businesses have to fulfill to get this type of funding.
This is where DRONESTREAM needed some assistance as their initial application for funding was being held up on account of a criteria-related matter.
What did Venn Accounts do to help?
After a long conversation with DRONESTREAM a few things become clear. Like most tech startups, the company had invested heavily in research and development, receiving funding, and having a great business on their hands.
But did their financial accounts paint the same picture?
To an impartial observer reviewing the company’s accounts, the answer was, no. This is why a companies annual accounts are so important. These are the types of documents not only available to anyone at Companies House, but also the type of documentation requested by investors and funding bodies.
Post our discussion we took an in-depth look at the company’s accounts and asked for some more information on the business. Following our analysis, it became very clear that the accounting treatment and agreements in place were the fundamental reason why grant funding was being rejected.
Our commercially minded chartered accountants realised that with different accountancy treatments and explaining the accounts to the provider, the business was worthy of funding.
What other businesses can learn from this?
There are some big takeaways for all startups and SME business owners from this case study:
- Work with an accounting firm that understands your business and what you are trying to achieve.
- Understand your annual accounts and make sure the paint is as good a picture as possible about your business.
- Use consultations to your advantage there are good accountants out there willing to help your business.
Submit company annual accounts with Venn Accounts
Venn Accounts work together with countless businesses within the UK’s techology, startup and SME sectors just like DRONESTREAM, by helping them get the most out of their accounting.
Our team of senior chartered accountants deliver an accountancy service that is tailor-made to the individual requirements of your business and designed to help maximise the financial gains which are available to you.
To find out how Venn Accounts can help your business, book a free consultation with one of our senior chartered accountants online or speak to us directly about our company annual accounts service on 02080882590 or email enquiries@vennaccounts.com.
