Member Article

Tyneside business creates five new jobs thanks to Investment for Growth

A Tyneside business has created five new jobs while also improving its environmentally friendly credentials thanks to Investment for Growth.

Choudry Associates is an accountancy practice offering its clients services in accounts, taxation, forensics and tax planning.

As a growing business, the accountants’ storage of data and paperwork was no longer fit for purpose, with a significant amount of paper-based records housed at an external location.

Due to the inefficient storage system, which resulted in multiple trips to and from the external storage location, coupled with the cost of the facility, the company took the decision to review its filing systems, bringing them up-to-date and fit for purpose.

The company made the application to Investment to Growth in October 2013, and soon after Choudry Associates’ application had been approved, the funds were made available only a few weeks later.

Since receiving the grant, Choudry Associates has introduced a digital scanning and filing system, eliminating all paper-based records, which has relieved the company of the cost of the external storage facility and the cumbersome task of travelling to collect files.

In addition, due to the physical space taken up by the paper-based records in the office, the business was unable to take on additional clients as it did not have the space to recruit staff to deal with the growing number of new clients.

Now, the electronic document facility has enabled the business to grow; the project was estimated to generate two new jobs and in actuality has created five new roles at Choudry Associates. Six months following the completion of the project, turnover has also increased by £45k and this figure is expected to keep growing.

Furthermore, the business has halved its usage, and therefore spend on paper. It has also reduced mileage by 21 miles per week in travel to and from the external storage facility, as well as enjoying a cost saving in no longer paying for the use of the storage facility.

Managing director of Choudry Associates, Umar Khawaja, said: “We were aware that our old filing system was so unproductive that is was actually costing the business money, rather than helping us to meet our strategic plan of a being a crisp and clean office with information and data always being readily available at our fingertips.

“The walls and floor space of our office were filled with files upon files, and we were losing money through the cost of the external storage facility fee, plus the man hours and transportation costs, physically going to and retrieving folders from outside of the office.

“Frankly, the old piles of paperwork were an eyesore making the office look untidy and unprofessional. Thanks to the funding from Investment for Growth, we’ve turned it around with our new digital scanning and filing system, as well cutting costs and creating new jobs.

“Our business advisor at Investment for Growth was very approachable, helpful and available to answer any queries that we had. I’d have no hesitation in recommending the scheme to any other business owner.”

Business adviser at Investment for Growth, Kate Ward, said: “Umar and his team at Choudry Associates are great evidence of how the Investment for Growth fund helps businesses overcome real barriers that are preventing them from growing.

“Not only has the project impacted significantly on the business, it has also benefitted the environment by reducing the company’s carbon footprint in terms of business miles and electricity usage in printing client records.”