Hystat Systems – Virtual FD

Company Background

First established in 1976, Huddersfield-based Hystat Sytems is an award-winning business specialising in the design, manufacture and repair of heavy-duty hydraulic equipment.

The Problem
Hystat Systems’ previous accounting firm couldn’t match the level of involvement and personal approach offered by Balance. The company switched its accounts and financial management to Balance four years ago wanting more for their money.

The Solution
For the last 18 months Hystat has used Balance’s VirtualFD service to benefit from regular monthly input that has helped improve key financial processes including budgeting, forecasting and planning, performance reviews and everyday cash flow. Balance produce monthly management accounts for Hystat, which has delivered the real peace of mind that comes from knowing the business’ financial affairs are running perfectly smoothly right through the year.

The Journey
In 2009 Hystat won Mid-Yorkshire Chamber of Commerce Business of the Year, an achievement reflecting not only the company’s manufacturing ability but also its sound and successful financial management.

VirtualFD has also freed up precious time for the company’s Managing Director, Ray Wadsworth, and has contributed to the development of a comprehensive 5-year plan designed to help Hystat realise its considerable potential for further growth.

“Our relationship with Balance has been so successful because they’ve given us the level and type of support we needed to improve our everyday financial management and secure the growth we knew we were capable of. Of course offering value is important, but the fact that the Balance team are full of bright ideas and easy to deal with is also a huge plus. Working together has helped to boost our confidence and think bigger – it’s left us very optimistic for the future”.

Ray Wadsworth, Managing Director, Hystat Systems.