Services provided

Two initial projects:

1. identify how Stripe can be integrated with Xero in order to maintain a debtors ledger in Xero.
2. bring the accounting records and balance sheet reconciliations up to date for the UK entity & from the incomplete records for the BV entity.

Ongoing:

• Bookkeeping (UK & BV)
• Management Accounts (UK & BV)
• Payroll (UK)
• VAT (UK)
• Annual compliance (UK)

The background

NAQ UK is a subsidiary of NAQ BV. Our existing client, Automate Health Limited, acquired both entities.

Prior to our involvement, Stripe had already been implemented to raise invoices and collect payments for both companies. However, sales were being recorded on a cash basis within the accounting records.

The client was keen to move to an accruals basis of accounting, ensuring that revenue was recognised correctly and that a debtors ledger was visible within Xero.

They were also aware that the accounting records were not fully up to date, particularly for the BV entity, and wanted this addressed as part of the wider clean-up and transition.

The challenge

Although the team had previous experience working with Stripe, this had primarily been from a collections perspective. We had not previously been involved in managing the sales invoicing side of Stripe.

As we began reviewing the records for the UK entity, we identified that a number of sales transactions relating to the 2024 financial year were missing. This was particularly significant as the 2024 accounts had already been filed.

For the BV entity, we transferred the trial balance data from their existing accounting system, Twinfield into Xero, with the intention of updating the records from the last trial balance entry. However, it quickly became clear that the BV records were considerably less up to date than originally understood. There were significant gaps in the underlying data, which needed to be addressed before any meaningful reporting could take place.

The solution

We identified a tool called Synder, that would integrate with Stripe and Xero pulling through the invoices and payments from Stripe into Xero automatically.

We also explored Stripe’s deferred revenue functionality to support the correct posting of deferred revenue movements. In doing so, we highlighted the associated restrictions and any potential discrepancies that could arise, ensuring the client understood the limitations of the tool.

Alongside the systems work, we collaborated closely with the client to obtain the missing documentation. This included sourcing outstanding 2024 invoices for the BV entity and identifying missing 2025 invoices for both entities. We then updated the accounting records accordingly. Throughout the process, we remained in constant communication, proactively following up to ensure that all gaps were identified and resolved.

The outcome

Both entities are now operating on Xero, with more accurate and up-to-date financial information for the 2024 and 2025 year ends.

The client is now receiving consolidated monthly management accounts, providing improved visibility across the group. With timely and more reliable reporting in place, the client is better equipped to understand performance and make informed decisions.

What the client has to say

“After investing in NAQ, we needed to gain full confidence in the consolidated financial statements. Wilson Partners leveraged their extensive expertise to disentangle years of complexity, giving us clarity on the historical figures and seamlessly aligning NAQ’s financial processes with those of our other portfolio companies. This has allowed us to integrate NAQ smoothly into our existing operations.”

Tyrell Ellis, Chief Financial Officer