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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.

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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!

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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?

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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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End Of Financial Year 2018: Get ahead of the game with Tailored Accounts

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It's nearing end of financial year 2018. And because it’s super busy, Tailored Accounts would like to save your time by sharing some important dates in preparation for FY 17-18.

Super contributions

To be eligible for tax deduction in the current Financial year, your final superannuation guarantee payment for FY 17-18 should be made 7-10 days before 30 June 2018 (allow for delays) to ensure that super funds receive the contributions by 30 June 2018.

Salary Sacrifice Super payment will happen on the same date to ensure that the salary sacrifice super contribution appears in this financial year’s payment summary.

If your Super is being managed by Tailored Accounts, all the deadlines will be met so there won’t be any hassles! Super reports and reminders will be sent out well in advance so that you will have sufficient time to review and make super payments before the deadline.

Make sure you are aware of the following rules:

  • The concessional contribution cap is $25,000 for all the individuals regardless of age for this income year 2017-18.
  • Concessional contributions include employer contributions (including contributions made under a salary sacrifice arrangement) and employee personal contributions claimed as a tax deduction

Payment Summaries

Tailored Accounts will be preparing Payment Summaries on behalf of our clients and submit them to the ATO. By 14 July 2018, your employees should receive their payments summaries from our team. We will send payment summary annual report to the ATO by 14 August 2018.

If you are managing your own payroll, you will also need to have Payment Summaries ready for employees by 14 July 2018 and the ATO by 14 August 2018.

Final Business Activity Statements for FY 17 - 18

April – June 2018 BAS is not due until the 28 July 2018. Tailored Accounts will be asking our clients to send us the quarterly paperwork few days after 1 July 2018. This will help us with End of Year reconciliation and ensure that your BASs are complete before the due date.

Thank you for entrusting Tailored Accounts for your EOFY services – We guarantee 100 percent of your payment summaries are completed before the due date 14 July!

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Can your software replace the role of a financial analyst totally? Think again!

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Whether you're a start-up or experienced business person, you have your call to decide which one is better for your business: a finance staff or an artificial intelligence system.

As we all know, data is everything today. It is why big institutions are paying big amount of investment to collect data in all sorts and forms. For example, Big Data is now the topic going right from local start-ups to multinational corporations.

Being an CFO, who had over 12 years of experience working in financial and accounting industry, I think we are lucky enough to witness the shift from data collection to data analysis.

While many firms out there are still focusing on compliance, I am already gearing my staff toward the future of Big Data.

The future is here!

It is hard to believe that I will not have to conduct bank reconciliation, data verification by checking receipts or even filing a simple Business Activity. I could realise that future is here already! 

Financial and business software are transforming toward digital data analysis. The software functions could communicate to the tax office and banks. There is no extra need for manual data checking and reconciliation to get your data in the right format.

So what finance majored students are going to do after their graduation and years of professional development? It is scary to think about the young generation of finance people who are still being trained about the skills that were already replaced by innovative business software.

Would accounting jobs be no longer relevant? The answer is No! Finance jobs can still survive. Business clients want services that no software could possibly offer.  

Here is a good example, your sales team is about to seal a new contract that requires extra resources. The team requests you to provide extra resources and a quick update on the financial viability of the new job. You can straightaway contact your analyst and request a quick insight on how much the company could earn and spend to make a certain profit. With the information, your sales team and you can go on to tender with a peace of mind!

There is another good example of using Big Data in finance & accounting. One of our clients is doing software development. They are in the process of preparing for the launch of a brand new product to the market. They come back to us and request a set of sales data in the past 5 years to show them sales activities could answer the following queries:

  • What is the new recurring sale per month?
  • What is the churn rate?
  • What is the cost of acquiring new sales? 

I can provide you the answers to within 45 minutes with suggestions to benefits your product launch.

In both of the examples here, we can see the finance role has changed yet it still stays relevant to a client’s need. The only that changed is the role have to move from a data collection into data analysis to produce business intelligence and help clients making important business decision instantly!

We think the future of data mining, business intelligence and business solution will give accountants a future career, growing side by side with technology. At Tailored Accounts, we don’t know the future, we create them!

 

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(Audio) How much attention do you pay to the biggest item in your books?

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Today, we were lucky enough to have a meeting with one of the top HR experts in the country. The discussion centred on how poorly HR has been managed in small and medium enterprises, leaving it a sizeable contributor to business failure.

From an accounting perspective, what could be an explanation? Although there are many self-professed payroll experts, few have the experience and qualifications to consider themselves authorities on the issue. While many have a basic understanding of the relevant software, most fail to grasp the full implications of compliance with payroll systems and the subsequent transactions. Some business owners choose to forget experts altogether and attempt to manage their payroll themselves, usually using outdated and flawed methods. Alternatively, a few accounting and bookkeeping provide payroll services, but these tend to solely give out advice, leaving the actual process to business owners or their contractors.

HR and Payroll are immense problems that have been attracted very little attention from business owners. Believe it or not, we are currently looking after over 300 sets of books from businesses ranging from $50,000 to $20 million per annum and the biggest expense in their books is always salary and wages. Think back - if you spent 40-60% of your budget to salary and wages, how much did you really invest to make sure that it was managed properly? In our opinion, at least 1% of salary and wages should be invested HR, and a further 1% should go to payroll processing and compliance management. So if you have 10 employees receiving a salary package of $100,000 per year, you should put aside $10,000 for HR and $10,000 for payroll management, so as to ensure you are not only legally covered but also getting the best return on your biggest investment!

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(Audio) Cloud accounting is the past, so what will be the future?

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In 2009, we were first introduced to cloud accounting, which was web browser accounting software like Xero. We really like it and strongly believe that it will be the future! 10 years into this technology and changes, we think Cloud accounting might not be the future anymore, even though there are still businesses and accountants who are still scare away from the Clouds.

So what should be the next?

We predict the future of accounting software in general to be more decentralised. Each business, each user will be using very different software. Accounting functions also will be varied in different area of business.

We think that cloud accounting will actually disappear in SMEs. The SMEs would be able to employ simpler business applications to manage some parts of their accounting function. The applications would be able to process financial data for management and compliance purposes.

Let’s pick an example of a coffee shop business:

Jane is a coffee shop owner. She is using multiple business applications to auto-feed her financial data into accounting software. It could be Xero or Intuit QuickBooks.

In the future, Jane might not need a cloud accounting software to manage all complicated accounting transactions since her business applications could be able to do just what Xero or Intuit QuickBooks is capable for.

Point of Sales (POS) application should be good enough to produce a comprehensive sale reports for Jane to keep track of her financial sale performance. POS could also be able to integrate to the ATO database so ATO could collect GST and tax information instantly.

HR application could be able to handle all core payroll function from on boarding, timesheet, rostering, leave, payroll, payment summaries, and superannuation to reporting to the ATO.  There might not be a need for Jane to integrate from HR to any accounting system. The list then goes on to all other areas of their business: Bill management; Inventory; Asset management…

What about bigger guys in town?

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(Audio) Improving Xero performance to utilize all current and new functions

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Congratulations to Xero and their team for reaching the 1M subscriber milestone just a few months ago!

From day one, we have been a big supporter of Xero, even back when MYOB and QuickBooks were the flavour of the months. Xero is a markedly successful New-Zealand start-up currently going global. Already, it has offices located around the world and over 1,800 staff members. The product has been reported as a highly effective financial planning tool, providing an innovative accounting service that will not only change the way accountants work but also how businesses perform.

Every year, our team has attended XEROCON, the annual Xero conference in Australia. There were over 2,000 accountants and bookkeepers at the last annual gathering, all eager to witness how much Xero can offer to accountants and business owners to facilitate their professional structure.

The changes Xero has undergone, with its rapid level of improvement and innovation, mean that the product is truly unique from other available services. Nonetheless, there are still business owners believing that there are only limited differences in subscribing to Xero over other accounting software.

In the past few months, we have seen many business owners either DIY their Xero setup or getting experienced bookkeepers to do the setup for them, with problematic results. Some attempt to use Xero as they were previously using MYOB or Excel.  Bills, hours worked and invoices were entered manually one by one to Xero after they got paid, simply for the purpose of record keeping and tax. Reports were done in Excel manually; Xero was only used to get data collected during the quarter. Super was still getting paid manually by using Super Clearing House, even though Xero can almost automate this process. These are only a few examples of how Xero was being used at a below optimal level.

It is sad to see what these business owners were doing- essentially, they were fuelling their electric cars with petrol! Hence, the efficiency of Xero usage was only at about 20%! Our role is to explain the benefits and services of Xero (not just with accounting) and demonstrate how to get Xero to collaborate with other software to ensure all information is synched together. These improvements can transform business structure and maximise both efficiency and profitability.

Here are few tips of utilising Xero:

Media

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New Feature Review - Exploring Xero Projects (Part 1)

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If you are part of a business that still manually tracks hours and costs or manages professional projects using as spreadsheet, thenyou should most definitely read on. Currently, many companies continue to coordinate projects usingpaper or spreadsheet tools, whichcan cause problems. These can include:

  • Limited Access and Lack of Visibility: Limitations of data visibility can inhibit your overall perspective of the projects. It is also very difficult to see the status of projects, meaning external communication with employees are constantly needed to coordinate the work.
  • Duplication: Sometimes, information must be re-submitted multiple times in traditional spreadsheets if auto-filling is not possible. This can be time consuming and lead to mistakes.
  • Loss of Data: Since the software does not interact with employees in real time, it may result in loss of data.Some inputs or outputs may not be included in the record, which can lead to worryingly inaccurate data being collected.

Luckily, there is a solution. Xero recently introduced a new feature called ‘Xero Projects’ which is fully integrated with Xero to provide an interactive project management tool. It works with new, on-going or archived projects to solve all the issues detailed above, whilst maximising profitability and efficiency. It is essential for business owners and managers to easily identify the projects that deliver the best return on investments, as well as those that may need restructuring. Xero Projects provides a simple platform to assist in meeting these goals.

For businesses undertaking complex projects, good project management software is undeniably essential. Smaller businesses, however, may be more reluctant to invest in a formal accounting software program. In an effort to reduce costs, businesses owners continue to waste hours of their precious time on managing these projects manually. It is important to understand that having a simple way to capture, track and report the time and money spent on each job allows owners to proactively invoice, make informed decisions and manage the projects more efficiently. This will ultimately lead to higher profitability and increase understanding of your finances. Further, it helps to streamline the workflow and be a great asset to the business without adding unnecessary complexity.

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