Cost Reduction & Spend Management
Helping organisations reduce costs on over 40 different categories
Working in Partnership with our Clients.
Saving them time and money on essential business costs
We listen to what you need, creating bespoke solutions to meet your purchasing requirement
R&D Tax Credits & Business Cost Reduction Specialists
Saving Businesses Time and Increasing their Profitability
Who We Are
We are a team of experienced consultants that want to help our clients either achieve more through their R&D Tax Credit claims or through better purchasing. We are an outsourced resource for our broad range of clients working in partnership with them to ensure they are in control of their expenditure and supply chain. We aim to develop long term beneficial client partnerships.
What We Do
We work closely with our clients, and partners, to assist them in maximising their R&D Tax Credit claims and to manage, and where there is scope to do so, reduce costs on over 40 different categories of business expenditure including Business Energy, Telecoms, Water, Business Consumables, Business Insurance, Waste, Premises Costs, Finance & Fleet.
Why We Do It
Our passion is to help organisations save time and improve their profitability. We enjoy finding effective solutions for our clients be that meeting their everyday business spending and cost saving needs or assisting them in finding eligible projects for R&D Tax Credit claims. We want to free up their time and resources, so they can concentrate on growing their business.
Who We Do It For
We work with organisations at all stages of their development and from a variety of sectors including: Agriculture, Care Homes, Charities, Education, Engineering, Healthcare, Manufacturing, Retail, Property Management, Leisure & Hotels, Professional Services, Food & Drink, IT and Software. In fact, we haven’t come across an industry yet where we haven’t been able to help them reduce their expenditure.
R&D Tax Credits
Research and Development tax credits are the Governments way of rewarding innovative limited companies for developing new products, services or processes, or materially improving existing ones.
The scheme can be used to either lower a company’s corporation tax bill or be claimed as cash lump sum, paid back by HMRC. In 2016 the average claim under the SME scheme was just over £61,000.
Recent figures from HMRC show that only 0.5% of potentially eligible companies are making claims for R&D Tax relief. A significant number of companies aren’t exploring R&D Tax credits due to a lack of awareness, a perceived lack of eligibility, a lack of expertise or poor historic professional advice. This is where TEQ Group can help.
Since 2012 TEQ Group have been helping SME’s and large companies from all sectors and across all the UK to recover significant sums in Research and Development tax relief.
Although the R&D Tax Credit is a financial benefit, the basis of any claim is understanding what your business is doing from a technical perspective. This is why our team of consultants come from technical backgrounds, not accountancy backgrounds. They understand your businesses products and processes and how you are developing them and can relate this to the legislation. This results in more robust, and more often higher, claims. It is also something Accountants often struggle with!
Business Cost Reduction
It’s not practical for small businesses, charities or schools to employ procurement specialists for every category they purchase goods or services in. That’s where our outsourced procurement service comes in.
As leading Cost Management Specialists, we work in partnership with our clients assisting them in optimising their procurement across the full spectrum of business costs. Not only saving them money, but also freeing up valuable time and resources that they can use on growing their own business.
The most important thing we do is listen. We don’t come with predefined solutions. We get to understand your organisation and what you need from us. From this we can develop a bespoke solution. We apply the same cost management process to all our clients, no matter how large or small, enabling them to optimise their business costs.
Our service isn’t just cost reduction. It’s about cost management, a far more in-depth service. Yes, cost reduction is an element of it, but we also assist our clients with:
- Analysis & Cost reduction
- Ongoing Monitoring of Consumption
- Invoice Validation
- Benchmarking Expenditure
- In-depth bespoke management reporting
Don't Be Shy
Drop us a line anytime, and one of our customer service team members will respond to you as soon as possible
“We have a purchasing team, but recognised they were fully occupied managing our large cost areas. Suspecting that there could be some cost leakage we engaged with TEQ Group to conduct a cost audit. Through their analysis and knowledge of these markets to date we have realised savings in excess of £135,000. This is far in excess of anything we envisaged”
– AP, Executive Director, Multi-Site Professional Services Company
“We have been working closely with TEQ Group to review and re-procure our existing waste, energy and telecommunications contracts. In addition to the contract savings and increased service levels, working with Teq Group has significantly reduced the management time involved from ourselves. This has not only saved us money, but their pro-active support has saved us a lot of time and resource, enabling us to focus on managing the school”
– CB, Estates Manager Yorkshire Independent School
“TEQ Group have consistently provided a professional, reliable and friendly service. Their standard of work is extremely high and they have remained flexible to ensure that response times are prompt. It is rare to find talented people who can consistently demonstrate and deliver excellent customer service whilst achieving genuine cost savings across a wide range of services”
– LS, Managing Director, Care Home Group
“To date TEQ Group have reviewed our IT Support, Stationery, Utilities, Janitorial Supplies and Waste and Recycling. We are very pleased with the outcomes. We have made signifcant savings to our business, not only financially but also in time saved. We receive monthly monitoring and management reports and ongoing support and feel very confident that additional expenditure savings will be achievable in the future.
The management team at TEQ Group are very capable and we would have no hesitation in recommending a ver capable team to other companies.”
GL, Operations Director, Large Yorkshire Charity
TEQ Group is a trading name of Davrae Ltd, Registered in England: 08003906