The new financial year should bring with it a new perspective and outlook for business owners going forward. It is a chance to review the business performance and the team that the owner has around them. We do this with our clients here at HA Accounting. We don’t just do an exit interview we do tax and business planning. All businesses should be planning to ensure they have goals and what they want to do to achieve those goals.
Many business owners are loyal to their family accountant as that’s just the way you do business, right? Wrong! Business has changed this isn’t a knock-on loyalty it’s a reminder to all business owners to know your business and your team don’t just have blind faith. If you don’t know where your business is at and your accountant is just lodging tax returns its time to get some fresh perspective.
Business owners are in some ways all the same they want their accountant to maximise their profit potential, while at the same time minimise their taxes. There is a substantial difference between a tax agent and an accountant/business advisor. A tax agent, is a tax return lodger only ever looks backward, concentrates solely on tax returns and financial statements. Laura & Zac here at HA Accounting we are Business advisors not just tax agents, we like to analyse and make suggestions on how to improve the business and ensure those goals are on their way to being met. Have you had your financial and tax situation assessed lately?
This isn’t just a rant about old school tax preparation its also a good chance to look at procedures and software to reduce time and costs. All clients should have internet banking logins even if only to use this occasionally and we can setup bank feeds to make your accounting bill less. We do encourage the use of technology here at HA Accounting it is the backbone of what we do and the vision the director here Zac Hayes has for the firm.
Many clients used to get their monthly bank statements in a paper format but have been converted. Why pay us to manually enter data at $100 per hour plus when we can import or data feed it for FREE. Accounting has changed and software does the grunt work for us so to have any staff manually punch the transactions into Xero at the clients expense is rorting the client of their hard earned money. This is 2017, not 1999. It is not a good use of our time and your money.
How much time does it actually take to enter a months’ worth of bank transactions manually? The answer is it depends on the statement but for example about 60 entries, would take 30-60 minutes. The quarter means anywhere from $100 to $300 without cross checking any errors or balances. That’s time and money neither of us is getting back. We look at compliance as a necessity not something you as the business owner get benefit from. We prefer to spend time on tax planning and business advisory adding value to you and your business.
We aren’t giving you this advice for nothing so help us help you. With the more you succeed the more you need our help. Let us bring you into the new age of technology and software to save you time and money. With a direct bank feed in your Xero software we can eliminate much of the time-consuming data entry for both you and us. Your accountant not having all the information is the main reason why financials take so long to process. Data feeds mean no waiting around you can have up to date financials. Nobody wants to do accounting on a weekend we even don’t.
Always remember Automation is good it saves you time and money. We would rather spend our time helping business owners than doing data entry. We can help you make better decisions based on real time data than entering your bank statement.
HA Accounting is your true xero practice we help our clients set goals and achieve business efficiencies through use of Xero and other software add ons. If data entry and high priced accounting aren’t your thing and you want help with accounting and xero. Contact the team today for a free initial chat.
We would love to hear from you.