Challenge
Established in 2001, ID Online imports a range of products from international suppliers, supplying major national companies and fulfilling bulk and smaller-scale orders throughout Australia. By 2003, the rapid growth and expansion of overseas operations created significant challenges in managing day-to-day operations, especially given complexities like inventory management, foreign exchange fluctuations, and regulatory compliance.
Our Approach
Figureworks Bookkeeping, led by Ruth Felmingham, was engaged to manage the full spectrum of ID Online’s operations, with a strong emphasis on comprehensive financial management, inventory control, and strategic business growth.
Key actions included:
Complete Operational & Financial Management
Ruth took full responsibility for all sales, marketing, pricing strategies, cost management, and continuous monitoring of currency exchange fluctuations affecting profitability.
Robust Inventory & Stock Control
Figureworks implemented effective inventory management processes, ensuring accurate stock-level monitoring, reducing unnecessary holding costs, and improving the cash flow cycle.
Supplier Relationship Management
Ruth successfully maintained strong relationships with existing suppliers and actively sourced new suppliers, optimizing ID Online’s procurement strategy.
Migration to Xero and Improved Systems Integration
Transitioning ID Online’s financial management from manual processes to Xero software, Figureworks streamlined financial operations, integrating inventory management, currency conversion tracking, and providing detailed profitability reports.
Compliance and Reporting Excellence
Ruth ensured compliance with all Australian regulatory reporting obligations, Claiming of correct GST on imports, while generating insightful performance analysis reports, guiding strategic business decisions.
Outcome
ID Online benefitted significantly from Ruth’s meticulous approach, financial acumen, and management expertise. Migrating to Xero allowed for streamlined inventory controls, improved currency fluctuation management, and better-informed decision-making. Figureworks Bookkeeping’s dedicated management enabled ID Online to scale effectively, maintain compliance, and achieve sustained growth.
“Since Ruth and Figureworks Bookkeeping took over full management of ID Online, we’ve seen enhanced operational efficiency, improved financial clarity, and consistent growth. Ruth’s proactive approach and detailed reporting have been invaluable to our ongoing success.” – ID Online (Aust.)
