Foxtons Estate Agents
Foxtons is a leading estate agent in London and Surrey with over thirty branches and growing. Annual turnover is circa £100 million.
Two birds with one stone
From Foxtons’ Chiswick office, Group Financial Controller Gerard Nieslony explains how implementing IRIS Accounts Production in September 2010 helped to resolve more than one business challenge: “Our auditors have often said that they would prefer us to produce the statutory accounts in-house for them to audit. However, with a small accounts team supporting a business with a £100 million turnover, this had never been a high priority for us.” With the advent of iXBRL, bringing with it the additional work and cost of tagging accounts, Gerard considered his options: “We did think about outsourcing the tagging exercise, but as long-term users of the IRIS Exchequer accounting software – we’ve had the system since 1999 – we wondered what IRIS could offer us. The IRIS Accounts Production software seemed to have great merit as the way to kill two birds with one stone: prepare our statutory accounts for auditing and comply with HMRC requirements on tagging in an efficient and cost-effective way.”