Morison & Smith Limited

Morison & Smith Limited is a legal firm led by directors Leona Murphy and Lisa Hendry.

The firm has worked with Benson Wood & Co for many years and is now supported through our Stay on Track service.

Leona Murphy had spent years building her reputation as a solicitor in a partnership.

When she first set up on her own, she retained her client base from the partnership and acquired John R Muir & Co, a local practice whose owner was retiring. A couple of years later, she acquired Morison & Smith from its retiring partners, rebranded the business, and incorporated as Morison & Smith Limited.

She had been with Benson Wood through her previous practice and already knew John, Chris and the team. Her previous partnership had good internal budgeting support, but going out on her own meant Leona needed greater accuracy and more certainty about what was coming, for the business and for her personally.

That included tax, cash flow, capital outlays and the financial impact of decisions before they were made. Working tirelessly to establish and grow the practice, the last thing she needed was uncertainty adding to the pressure.

Since then, Leona has acquired further practices and built the firm to a team of 20. Benson Wood have been alongside the business through that growth, advising on each acquisition and supporting the directors as the firm developed.

We started with pre year-end reviews for the business and directors.

Over time, the support evolved too. We moved from 6 monthly accounts to quarterly Growth Reports and review meetings, with a further pre year-end review after Quarter 3.

At each quarterly meeting, we go through revenue, profit, the balance sheet and cash flow with Leona and Lisa, so the directors have a clear picture of the business position and what that means for them personally.

The meetings also cover tax provision, business performance, income extraction and director remuneration, including lump sum pension contributions, company car decisions, and how to take money from the business without putting unnecessary pressure on it.

The year-end accounts are completed and reviewed within 3 months of the year-end, so they do not drag on long after the period has closed.

And when something urgent comes up, such as a financial application, a renewal, or a decision that needs up-to-date figures, the Benson Wood team respond quickly with the information and input needed.

With regular reviews in place, Leona and Lisa could make decisions with a clearer understanding of the financial impact.

They could see what needed to be set aside for company and personal tax. Pension contributions could be planned before the year-end, and decisions around recruitment, staff utilisation and company vehicles were made with better information behind them.

As the firm continued to grow, the quarterly reviews helped the directors keep sight of the numbers behind that growth, including how margins were holding up and where something needed attention before it became a bigger issue.

The business cash position has also improved, and the firm no longer needs to rely on an overdraft.

The biggest change has been certainty. Leona has greater peace of mind around future tax liabilities and provisions, with a clearer view of how business decisions affect both the firm and the directors personally.

Pre year-end planning has also helped identify tax savings around pensions, capital spend and revenue spend.