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Time for change: Accounts Health Check Tools for Not-For-Profit organisations

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The Not for Profits (NFP) sector in Australia is considered diverse and large (approximately 600,000 NFPs in 2010 per the Productivity Commission report), contributing toannual revenue over $100 Billion and representing 8% of the Australia’s workforce (ABS, 2016). With the chief goal of achieving missions beneficial to the public, NFPs are expected to meeta higher standard of public expectations; balancing this withseeking and managing funding has been identified as the greatest problem.

Following the Government policy changes regarding grants in the NFP sector, organisations started to experiencethe impact of increased competition – diminishing funding and enhanced accountability requirements. Specifically, NFPs are expected to convince funds providers of the value of their mission while ensuring efficiency and stewardship of the organisation. This situation creates opportunities for NFPs to manage financials more strategically by reassessing the efficiency of core operations against their budget and demonstrating measurable effectiveness.

Despite the opportunities, current leaders of NFPs are not ready to capitalise on this ‘financial shock’. Grant Thornton Financial Literacy Survey revealed thatBoard Directors in the Australian NFP sector may need to enhance financial literacy to meet these challenges.It is thus necessary to focus on efficiency, efficacy and sustainability of organisations through considering collaboration with NFP governance experts.

To overcome emerging challenges, it is time for NFPs to examine their current financial health. Focusing on a wide range of financial adaptation abilities, tools developed by our team can help to evaluate the effectiveness of current budgeting and cash flow management. The 20-point system health check has been a perfect tool for NFPs to assess their readiness for change. 

Using our tools, we ensure 1) financial integrity through regular reconciliations; 2)prompt clearance of any outstanding items; 3) close monitoring of liability balances; and 4) review of financial statements.These quality assurance activitiesnot only provide adequate financial management, but alsocreate integral information for CEOs and Boards through charts and graphs. The Tailored Accounts teamis prepared to assess and closely monitor your organisation’s financial health, delivering useful financial information for your decision-making.


Companies dig deep for wildlife rescue and recovery

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Written on the 13 January 2020 by Matt Ogg

With a University of Sydney researcher estimating more than one billion animals have been killed in Australia's devastating 2019-20 bushfire season, businesses have pledged to lend a helping hand.

Woolworths Group (ASX: WOW) yesterday joined the likes of Cadbury and Crown Resorts (ASX: CWN) by pledging to donate at least $250,000 to animal welfare and rescue organisations around Australia to help care for wildlife affected by bushfires.

The retailer has already donated $10,000 to support those working to save Kangaroo Island's wildlife in South Australia, while local teams are contacting shelters in impacted regions to understand what further support is required on the ground.

In addition to financial support, Woolworths stores will provide practical support with donations of surplus food where possible.

As part of its efforts, the supermarket chain has engaged the NSW Wildlife Information, Rescue and Education Service Inc (WIRES) and the World Wildlife Fund (WWF). 

However, Woolworths managing director for supermarkets Claire Peters says its financial commitment will go towards wildlife organisations both large and small.

"The impact of these bushfires on Australian wildlife has been truly shocking," says Peters.

"Our customers have asked us if there is anything more we can do both financially and through the donation of surplus food to help impacted animals.

"While we already have food diversion programs in place at all our stores with hunger relief agencies and farmers, we're looking for opportunities to donate any remaining surplus food to animal shelters after honouring our existing commitments."

After Christmas, Woolworths also extended its paid leave entitlements by four weeks for staff who volunteered for rural fire services.

The company has committed $3.7 million in total to bushfire relief efforts thus far including through its longstanding partnership with the Salvation Army.

Yesterday's announcement followed chocolatier Cadbury's recent guarantee of at least $500,000 to support wildlife rescue, treatment and habitat restoration projects delivered by Zoos Victoria, Taronga Zoo Sydney and Kangaroo Island Wildlife Park. 

Cadbury's Freddo & Friends for bushfire relief initiative will give 100 per cent of proceeds from Cadbury Freddo, Caramello Koala and Furry Friends products sold over a week to help save wildlife impacted by the fires.

"Our hearts go out to all that have been affected by the devastating bushfires. The impact on families, homes and the environment is truly devastating," the company said in a Facebook post on 10 January.

"Like all that have been affected, our precious and much-loved native wildlife have suffered incredibly."

Meanwhile, Crown Resorts and the Packer Family Foundations have offered $5 million, of which $1 million will go towards WIRES and Zoos Victoria.

"This has been and continues to be a tragic event and we are incredibly thankful for the hard work and sacrifice of our nation's firefighters, emergency services and charitable organisations," the Hon. Helen Coonan said on behalf of the Crown Resorts Foundation.

"We encourage all Australians to give generously to assist those that have lost their homes and livelihoods, and to support our wildlife and firefighters risking their lives in the field.

The Australian branch of Brooks Running has also pledged to donate 100 per cent of online sales today to Wires and the Red Cross.

WIRES CEO Leanne Taylor thanked people for their support on Friday including contributions from "businesses, organisations, high profile celebrities and the overwhelming support of the international and local community".

"While NSW has been hit the hardest with an estimated 800 million of the 1 billion animals affected to date and approximately 5 million hectares of land burnt, a National Emergency requires a national response and WIRES will act to provide assistance to all wildlife in line with our mission," Taylor said.

"The allocation of donations received by WIRES will be used to assist as many animals as possible across our nation - we can and will allocate funding and support to all states and territories where needed to assist animals affected by this crisis. 

"We will soon be announcing some new initiatives that have been made possible through these generous contributions."

Taylor spoke about an immediate need to locate, rescue and care for injured animals, as well as a much needed longer term focus on supporting animals affected by the loss of habitat, the shortage of food and depletion of their populations in the wild.

"With the imminent risk to threatened species on the pathway to extinction as a result of the mass elimination of habitat,  urgent action is needed," she said.

"Right now, our staff, qualified experts and volunteers are working around the clock to ensure that as many native animals as possible receive the ongoing care, supplementary food and recovery they need. This includes koalas, kangaroos, wallabies, wombats, possums, echidnas, birds, reptiles and more.

"During this difficult time we would also like to make a very special mention and pass on our sincere thanks to the thousands of volunteers across Australia who rescue and care for native animals every day."

Click here for a list of DGR-endorsed animal welfare charities, and here are some quick links if you would like to donate towards helping Australia's wildlife:


Port Macquarie Koala Hospital


Wildlife Victoria


Gofund me for Kangaroo Island's koalas and wildlife

Wild 2 Free Kangaroo Sanctuary 

Adelaide Koala & Wildlife Hospital

Impact estimates for animal populations

The estimated figure of more than one billion animals killed in the bushfire season since September, including 800 million in NSW alone, came from University of Sydney Professor Chris Dickman.

"I think there's nothing quite to compare with the devastation that's going on over such a large area so quickly. It's a monstrous event in terms of geography and the number of individual animals affected," Dickman told National Public Radio (NPR) in the US.

"We know that Australian biodiversity has been going down over the last several decades, and it's probably fairly well known that Australia's got the world's highest rate of extinction for mammals," said Dickman, a past president of the Australian Mammal Society and of the Royal Zoological Society of NSW.

"It's events like this that may well hasten the extinction process for a range of other species. So, it's a very sad time."

The figures are based on a 2007 report for the World Wide Fund for Nature (WWF) on the impacts of land clearing on Australian wildlife in New South Wales.

The authors of that report had deliberately used very conservative density estimates for mammal, bird and reptile populations.

Dickman said what we were seeing with these bushfires were the effects of climate change.

"Sometimes, it's said that Australia is the canary in the coal mine with the effects of climate change being seen here most severely and earliest We're probably looking at what climate change may look like for other parts of the world in the first stages in Australia at the moment," he said.

"I think there is a feeling among environmental scientists and ecologists in Australia that we've been frozen out of the debate, certainly out of policymaking.

"think it's now time to bring the scientists back into the tent to look at what is likely to be happening over the next few decades and to think about how we can maintain both the human community in good health and as much biodiversity as can be retained under this evolving situation."


Software for Healthcare and Special Care Start-ups: Choose XERO

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With only a few accounting software options on the market, it seems healthcare and special care industry start-ups under NDIS have only two options to choose between MYOB or XERO. However, NDIS-related services can be complicated, and the two systems are not necessarily equal in terms of their benefit to users. Given your limited budget as a start-up business, you might want to learn more about these two software options before making your choice.

Here is Tailored Accounts’ take in the issue.

Comparing MYOB with XERO is like ranking Taxi Services against Uber. XERO creates a community of accountants, bookkeepers, application developers, and business owners, where ideas are exchangeable. It acts as a platform that can facilitate communication between those in the industry. MYOB is trying to follow in their footsteps; however, XERO is still the market leader for three reasons.

1. Data Security - You will never lose or use the wrong data in Xero as your data is completely on your cloud. No more data corruption due to the failed backup process. XERO will be your secured system, with 2-step authentication to protect your confidential business and customers data.

2. Xero's Auto-Updates - Xero constantly updates a lot of functions including tax tables by itself. You would not be able to enjoy that feature in MYOB. Imagine how much important information you might have missed.

3. Integrated marketplace for ideas and innovation - This is partly because, similarly to Uber drivers, the accountants at XERO are actually working at their own initiative. It might be due to XERO’s willingness to embrace innovation and new technologies such as artificial intelligence (AI).

In a nutshell, XERO is taking all the right steps considering the direction of many businesses. The future of the automobile industry, for instance, may well be in the development of self-driving vehicles. XERO a good fit for your NDIS start-up. It requires far less cost to run at maximised capacity, as the app is inexpensive to integrate into your business model. It also does not require much training to master, as you could easily manage your own books after only an estimated 6 to 8 hours of training.
If you are searching for a system to use, think carefully before deciding which option best suits your business design. Or, if you are still uncertain, pop into Tailored Accounts and one of our specialist accountants will advise you on what the right choice of software could bring to your start-ups.


Tailored Accounts Training Calendar 2019

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We are pleased to introduce our Training Calendar for 2019. Our training program includes an innovative online training portal, quarterly in-person training, and monthly online Power Hour.

Online Training Portal

Tailored Accounts is the proud provider of cutting-edge training platforms for Australian Small and Medium-sized Enterprises (SMEs). The platform contains a variety of online learning topics, ranging from technical industry knowledge to workplace skill development. Our training content can be accessed by our users at any time at http://accountantchange.com.au.

In-person Training

Tailored Accounts offers a top-quality in-person training program, which has been delivered every quarter since 2017. Our whole-day workshop is intended to transmit some of the latest information in financial management and teach relevant skills that are important to your business. The 2019 Training Calendar offers sessions in March, June, September and December. The training topics are
primarily focused on building Xero accounting software skills for SMEs and independent sole traders.

Monthly Online Power Hour

As a business owner, you will already be aware of the importance of leadership and communication skills when forging long-term client relations. Our monthly online Power Hours is going to commence in February 2019. The Tailored Accounts Power Hour Program introduces a range of business skills you will need to achieve higher sales and long term client relationships.

Tailored Accounts Power Hours are delivered once a month via online mode. You will need an electronic device with good Internet connection to interact with our trainer. Our training topics in 2019 are as below:

  • February: Resilience
  • April: Communication Strategies
  • May: Change Management
  • July: Strategic Thinking
  • August: Emotional Intelligence
  • October: Business Writing
  • November: Team Work

We welcome all Tailored Accounts clients, SMEs, independent sole traders to join our Tailored Accounts Power Hours 2019.

The first topic of Tailored Accounts Power Hours 2019 is Resilience. Living and working in our busy climate we tend to put more on our plate than we can handle. It is important to develop a mindset that allows resilience to help us bounce back from adversity especially in time of stress, overwhelm and conflict. Learn some practical tools for becoming more resilient and learn to BOUNCE.

Workshop Date and Time:

Date: Monday, 25th Feb 19

Time: 4 PM 

1-hour online workshop 

Learning outcomes:

  • Understanding Resilience;
  • Develop useful tools for resilience in life and work;
  • Learning to BOUNCE.

Your benefits:

  • Refresh and develop business skills;
  • Fixed subscription fee of maximum $15/month with unlimited number of attendees;
  • Effective team leadership.

Registration guideline: Please contact Katie (e: This email address is being protected from spambots. You need JavaScript enabled to view it.) for subscription and registration of your training.


Protect your company from cyber scams

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Have you heard about the latest, devastating email scam befalling Sage and Clare Homewares Business?

You may be at risk of similar scams.  You are especially vulnerable this time of the year, when you are offered tax refunds and are subsequently asked to provide your credit card details and passwords. We wanted to share this important update with you so you can inform your team as soon as possible.

What do cyber scams look like?

  • You will generally receive an email with a subject line similar to “Important notice” along with a familiar looking logo. Often it will be identical to the logo of a supplier or client you know well. This could trick you into believing the email you received is authentic.
  • Scam emails often ask you to update bank account or credit card details of your clients or suppliers. To some, this might seem sufficiently suspicious but many of us are still taken in by the fake request.
  • By this time, the scammers have already successfully established a channel to steal money from your clients. When you realise what has occurred, it is often too late to recover from the consequences of money lost and your damaged relationship with clients.

What you should do in such situation?

  • If you have us as a bookkeeper, you will have nothing to worry about. We are constantly in contact with your clients and suppliers, and we go through extensive banking detail checks to ensure all correspondence is legitimate. We recommend joining with a secure agency such as ourselves to protect your business.
  • For the time being, inform your team of this new scam, and remind them to immediately report any suspicious emails or calls.
  • Implement latest anti-spam security software to detect suspicious content and senders.
  • Consider implementing regular e-mail system security audits, and upgrade your email system if necessary.
  • Talk to us anytime you are doubtful of any transaction or request. We are capable of engaging with cyber security professionals to help you resolve any potential problems.


Beginning Your Financial Year with a new way to develop your accounting team

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As we are now in the first few days of new financial year, we see more businesses that are struggling in hiring the right staff for their Accounting Team. If you are running a small business or non profit organisation in Canberra, you might be struggling to retain good accountant in your team!

Also, nature of accounting industry is with high turnover of staff...On average, permanent role is turning within 12 to 18 months while casual and part time is just 4 to 8 months. One of the reasons could be that the level of stress is so high that encouraging staff to find new environment to try new thing. The other reason is that most accountants would require professional qualification and training while SMEs might not have budget for that. That is such a big headache for SMEs and small non profit organisation to have to batter with finding a new staff, not taking into the account of business disruption and cost!

How business is currently sourcing their accountant? Is this time for them to change?

Currently, most business either internalise their accounting team or going through a recruitment agent. Both way are long, stressful & costly! Business owners or managers have to go through the whole process from selecting the candidate, interviewing, on-boarding, training, retaining, termination & handover. This traditional way of recruiting your Accounting Team seems to be out of dated. We think that there is a much smarter way to hire your Accountant!

Our solutions: Tailored Accounts will be your fully functioned Account Department that provide you with a full solutions ranging from: Data entries, bookkeeping, payroll, AR, AP, Reporting, and Reconciliation to CFO. The benefits of this innovative model are:

  • Continuity of services is our strength. As we have a big team to handle an increased amount of jobs and commitments. Collaboration between different tiers of our services will give you a fully functioned Account Department like any corporation!
  • 100% qualified accountant, many CPAs that provide staff with a professional training program on monthly basis. 
  • The best Quality Management System was built within our procedure & process to maintain high integrity & reliability of the work that we are doing. We are dealing with high volume & value transactions so this is our top priority. Currently we have over 200 business customers, processing over 1500 payroll per week and transacting over $300 million per year on behalf of our client

One of the first adapting to cloud accounting since 2009, we know that cloud is now the past, security is the future. Everything that we are doing here is about how to make secured transaction is even more secured!

Last but not least, a minimum of 30 percent cost reduction to your current recruitment model. A well-trained and experienced accountant will cost your business at least $80,000 per year plus superannuation, training, travel expense and other entitled benefits according to the latest labour market rate.

Here at Tailored Accounts, we offer you the chance to reduce expenditure of their accounting service so your budget can be spent on other areas. Our service commensurately corresponds to your benefits, including:

  • At least 20 percent less spending on annual accounting cost;
  • Time ownership of a team of accountants and CFO with our flat fee for at least 20 hour per week;
  • Free of charge for End Of Financial Year work; including Payment Summaries, Tax return and audit preparation.

Tailored Accounts CEO is the winner of CEO Of The Year Category in the prestigious Australian Accounting Awards 2018.

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Tailored Accounts is pleased to announce that the company CEO Harry Hoang was named the best CEO Of The Year in the fifth Annual Australian Accounting Awards, hosted by Accountants Daily. The Awards Ceremony was organised at 7:00 PM on Friday, 1 June 2018 at The Hyatt Regency Sydney.

The Australian Accounting Awards is the large awards program in Australia dedicated to honouring the year’s best CEOs, Accountants, and Financial Experts. The Australian Accounting Awards are judged by a panel of prestigious members of the Australian finance and accounting industries.

In collaboration with its official partners, Thompson Reuters, the Australian Accounting Awards recognises the exceptional contribution of individuals and accounting firms across 31 categories.

“On behalf of the team at Accountants Daily, sincere congratulations to Tailored Accounts in this year’s Australian Accounting Awards,” said Accountants Daily managing editor Katarina Taurian.

The recipient of the CEO Of The Year 2018, Harry Hoang, has humbly accepted the award. Harry Hoang is an accomplished accountant and a proud member of many accounting and industry associations in Australia. 

“There is no greater honour for me and Tailored Accounts than to receive this Award from the Australian Accounting Awards.” said Harry Hoang.

Tailored Accounts, which currently boasts a 100% client satisfaction rate, has expanded out from Canberra to Sydney, Brisbane, Goulburn and regional NSW to deliver top-quality accounting advice.

To date, Tailored Accounts has grown to represent over 500 clients with no signs of slowing down, and is continually striving to remain at the forefront of the industry to bring the best financial expertise to businesses Australia-wide.  

“Tailored Accounts is aiming to become our clients’ right hand advisors - who could transform financial data into valuable information and contribute insightful suggestions to creative wealth and prosperity to the clients." he added.

Not limited to mere business success, Harry Hoang has also focused on giving back to the community through mentorship and training programs for university students and start-up community. 

The full list of winners is available here.


Winners will be announced tonight: Accountants Daily Australian Accounting Awards 2018

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Tailored Accounts has been shortlisted for the Accountants Daily Australian Accounting Awards in April 2018. Tonight Tailored Accounts will attend the winner announcement event at Hyatt Regency Sydney.

Harry Hoang has been chosen as a finalist of CEO Of The Year and Tailored Accounts has become a finalist of Innovator Of The Year. This is the third time Tailored Accounts is shortlisted for these prestigious awards.

“On behalf of the team at Accountants Daily, sincere congratulations to all the deserving finalists in this year’s Australian Accounting Awards,” said Accountants Daily managing editor Katarina Taurian.

“It’s great to see such a diverse mix of firms, from micro-businesses right up to nationwide networks.

“We are also pleased to be recognising the broader role accountants play in their locales and in the lives of their clients. Accountants are the backbone of small business in Australia, and the community flow-on effect is enormous.”

Tailored Accounts team and Harry Hoang are humbled by the nomination and wishing other finalists all the best!


New Financial Year: It might be time to change to Xero - But how much will I save?

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The end of financial year is approaching rapidly. Here at Tailored Accounts, we are already planning our payment summaries for the end of year reconciliation! However, we also know that April through to July is the period when we are generally flooded with enquiries concerning moving from existing accounting system to new system like Xero, so we are ready for this surge of interest too!

We are exciting to announce that over the next three months, we are going to transition one of our largest-staffed client companies from their existing system to Xero. We will use this client as an example, to show you how much customers can save by moving from a large corporate accounting method to a more de-centralized system like Xero and its add-ons.

The client in question was previously using Attaché, for which they were paying around $40,000 per year plus around $5,000 extra for upgrades and general support. However, the highest costs were felt in the inefficiency of recording transactions using this clumsy software. Large investments of time from the payroll and accounting team meant serious losses to the company!

By moving this client to Xero, here are the straight savings in dollars that were collected:

  • Software subscription cost: From $40,000 down to $8,020 per year ($720 for Xero + $4,500 for Keypay + $1,800 for Receipt bank + $1,000 for Power BI). A straight saving of 80%;
  • Paperwork handling and warehouse storage (turning hard copies to soft copies) cost: From $9,600 per year down to $0 as XERO + Receipt Bank will enable clients to be 100% paperless. Savings of 100%;
  • Time saving for payroll handling (staff) & processing (payroll team) is around 15 minutes per staff + 3 hours per payroll clerk per week. Annual savings of around 1,456 hours or $36,400;
  • Time savings for account payable handling (staff & manager) & processing (AP team) is around 30 minutes per staff & manager + 3 hours per AP clerk per week. Annual saving of around 208 hours or $6,240;
  • Time savings for senior accountant & CFO in producing report is around 2 hours per week per person. Annual savings of around 208 hours or $8,320;
  • Improvements in financial data that help Managers & the Board to make right decision at the right time including: Identifying waste or overspending budget cost items (including salary); Pressuring sale team to meet KPI; Retaining recurring income and customer. The estimated annual saving will be a minimum of $100,000 per year for a business of this size.

Overall, that's a saving of almost $200,000 per year for a business turning over around $10 millions. Over 10 years, our client will end up saving over $2 millions!

If you want us to review your system and produce a business plan to show you how much your business would save, we can get it done for NO upfront cost! So what are you waiting for?


How can accountants help you build Wealth?

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Most clients only use their accountants to source advice on corporate structure, tax and other financial details. This sorely limits the potential benefits of their expertise. A start-up ourselves, we built Tailored Accounts from scratch and have now created one of the biggest accounting firms in Canberra. How, you ask? Our strategy is the same one we recommend to all our clients. It all comes down to cash management.

There are indicators of wealth in business, including, assets and turnover, size of business and number of clients. Personally, I prefer to monitor wealth based on a company's net cash flow, since the only way to build wealth is to re-invest positive net cash flow back into your business. This allows a company, and the community surrounding it, to grow.

Start-ups, for instance, are considered a great means of boosting wealth in many sectors. Yet many people are confused at how relatively new start-ups facing significant losses are still considered widely successful. Uber and AirBnB both operate at a loss, but are still giants in their respective fields. The simple explanation is that the companies are building wealth through alternate means.

As mentioned above, a prime indicator business of wealth is a businesses' net cash flow over time. Uber and AirBnB are definitely cash flow positive- otherwise they would be facing liquidation! Moreover, job creation is another essential aspect of wealth building. Thousands of jobs have been created by Uber and AirBnB, injecting cash into the community.  Further cash injections from investors are another reason for these businesses' net positive cash flow, even though they trade at a loss. Finally, these companies' intellectual property is a sustainable ongoing source of wealth, since it does not depreciate in value.

So how can Accountants help your business create wealth. We can help you to monitor your cash flow to ensure that you are always cash positive. Accountants have insight into your financial situation, and can thus keep track of your past, current and future cash movements. Furthermore, we also provide analysis to ensure your cash moves according to business plan and offer advice accordingly. Effective planning is the key to successful wealth accumulation!

It’s undeniable- investing in your accounting team is vital to maximise your return and build overall wealth. Consider the potential for your business and invest in your own future wisely!


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