AUTOMATION IS THE KEY
Our bookkeepers utilise technology to make our service as cost effective for the client as possible. Below is a brief snapshot of the software and add-ons we use to bring our clients a bookkeeping service that is at a tax level standard. Another question to ask yourself is your bookkeeping being done at a tax level standard? The rise in non-qualified bookkeepers can be quite costly to small business owners as you are paying your accountant to rectify the issue which is far more expensive than what a qualified bookkeeper charges.
Our number 1 preferred bookkeeping platform.
A few years ago the question we had to ask clients was always; “Have you heard of Xero?”. Not anymore! Over 500,000 small businesses in Australia use Xero, and just over 1.2 million worldwide.
We are a Xero Silver Partner and Xero Champions (meaning all our staff are Xero certified and know this software like the back of our hands!).
This platform has always lead the way in the online accounting space, unlike other software’s, Xero has always been cloud based, resulting in a seamless, easy to understand interface. Our clients absolutely love it! They even have an Apple Watch app now – who would have thought!
Gone are the days where you used to drop a box of invoices and receipts off to your accountant! Paperless payables (and soon to be receivables) – is music to all our ears!
Receipt Bank has an app for your smart phone, which utilises the camera feature to perform optical recognition on all images uploaded.
1. Clients take photos of their invoices and receipts, and upon submission, they seamlessly feed through to us. Receipt Bank uses world class data extraction, which means that it pulls through from the image: the date, supplier, amount, due date, GST, etc..
Alternatively – you will be provided with a unique email address to forward any invoices you receive electronically to your Receipt Bank.
2. We then confirm the details and push the invoice through to your Cloud Bookkeeping Software.
3. Our clients can log into Xero, check their Aged Payables and all invoices will be there, with an image attachment of the invoice they sent through at the beginning.
Easy as 1, 2, 3!
I’ll let you in on a little secret... The one thing all my clients didn’t like me asking them was – “Can you please send me through a copy of your bank statement?”. Here are the usual responses:
- Sure, I will send that through when I get back to the office
- No worries! I will get my wife to scan it through later tonight
- I think I have lost it, let me try and extract one for you tomorrow
- Do you really need a copy? I will have to hunt one down.
Hubdoc eliminates all of these!
Hudoc is linked in the background to your internet banking PURELY for when your E-statements become available. When they are, they are sent directly to the Hubdoc portal, and are viewable in PDF and excel. We run through the setup process with our clients, and have no access whatsoever to our clients banking – just the statements!
Our Automated Bookkeeping service utilises technology to not only cut the client costs down, but also eliminate the possibility of human error. We all know the old process of writing down your expenses in a cash book, hand this to the accountant who then enters all data into a spreadsheet. Manual data entry can be very expensive – imagine paying your accountant $150 PLUS an hour, to replicate your manual cashbook. It seems insane – right? With our process above, all your bookkeeping can be done in an hour a week (depending on business size of course).
Technology is the way of the future!