Essex-based accountancy firm Khan Thornton are revolutionising the business consultancy services available to the motor trade by offering motor dealers and specialists the kind of business advice and management account support that, historically, has only been available to the car industry’s big players.
Specialised motor trade accountancy and business advice services, once the privilege of big automotive firms and dealer groups, are provided by Khan Thornton to small and mid-sized companies in the new, used and classic car sectors, encouraging healthy business practice and promoting growth among independent companies.
In an industry which boasts more than £53billion annual turnover (Motor Industry Facts 2014, SMMT) and employs over three quarters of a million individuals, specialised business advice and accountancy services are of paramount importance to steer companies towards greater profitability.
Those who are not under the umbrella of big brands and multinationals (with their own business/financial systems) rely on unspecialised, generic services, missing the opportunity to take advantage of dedicated motor trade specialist accountancy and financial advice/reporting. Dino Khan, principal of Khan Thornton, explains: “motor trade is a very unusual industry because it encompasses a range of elements: Sales, Service, Warranty, Finance and Parts. Our consultants have over 20 years’ experience in this field and we put our expertise at the disposal of businesses who either don’t have access to this kind of information and service, or do not know how best to use available information and data.”
With consultants’ personal attention, monthly accounting reviews and meetings to discuss and explain progress, budget, order books and resources, Khan Thornton’s bespoke services turn traditional accountancy into a business advisory practice for all levels of activity.
“Directors, business owners and managers alike may not be acquainted with the latest law and regulations; a general, standard accountancy service allows companies to tick over. We take it several steps further, providing support and guidance on matters which will be obscure to the business, but important for its development: R&D tax relief, for example, or auto-enrolment for Pensions (workplace pensions are now a legal requirement for all UK employers); there is a lot of confusion over exactly what is necessary and, crucially, how to do it.”
Khan Thornton also offers specialised, targeted business advice and accountancy services to the medical profession.