Open book accounting

[Hayles]

Hi

Anyone have any experience of 'open book accounting' whereby a company you do work for has access to the accounts relating to 'their' part of your business?

I understand it's quite common when working for larger companies and/or government bodies.

We're wondering how this can be done on a practical level. Spread sheets??

We're looking at up to 100 separate invoices each month that would also need all the costings, gross and net profit shown on.

Gary (Creospace) may be our answer (he's built our website and invoicing system) but just wondered if anyone had any other ideas or hints we should consider for this kind of set up.

Many thanks
Hayles

 

[Astaroth]

I cant help you with the practicalities but it is certainly something that does happen. With ourselves, we have now started following our Group approach with suppliers of building much closer ties - where we have no interest in owning a supplier for a particular product/ service (ie dont want to get further up the food chain) we not only look over their books but will also lend them (if they want) our own supplier negotiators so they get better deals from their own suppliers/ lawyers to ensure they are getting favourable contracts/ business improvement managers to help gain efficiencies etc etc