Kwik Fit – on the growth journey with Azets Technical Accounting Team
ETEL operate multiple retail brands including Kwik Fit with over 800 centres in the UK and Netherlands as well as Stapleton's Tyre Services which sells over 6 million tyres to trade customers in the UK.
In 2021, Kwik Fit (part of the ETEL group) became a public interest entity due to reaching certain size thresholds. As a result of fast growth of the company, their auditors at the time were restricted in terms of assisting the finance team with answers to their audit related questions and general ad-hoc financial support, which is why ETEL began working with Azets.
Our Technical Accounting team have since supported the group through the transition to becoming a public interest entity, and now act as a fundamental extension to the finance team. The support has ranged from helping with day-to-day complex accounting questions, support with writing accounting papers for auditors to justify subjective accounting estimates and judgements and building a comprehensive tax template to accurately calculate monthly tax charges for internal reporting. As well as this, the team has written and presented a full bespoke training programme to the finance team of seventy-five, covering IFRS accounting standards and upcoming changes.