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2014/15 Financial Year: Business Performance Review

“Amazing”, “great”, “proud to be a client of Tailored Accounts”, “satisfied” and “successful” were the most heard feedback from our customers in the 2015 financial year (FY2015). From a one-person business six years ago, Tailored Accounts has morphed into a reputable business known for its high quality bookkeeping and management accounting services today.

Performance review for Canberra bookkeeping firm, Tailored Accounts.

With clients across Canberra and regional states, nobody knows Canberra’s businesses as well as Tailored Accounts does. Nominated as a finalist for the Telstra Business Awards 2014 and 2015, Canberra BusinessPoint Awards 2014, and Australian Small Business Champion Awards 2015, the FY2015 is, in some ways, a year for Tailored Accounts to enjoy the fruits of our labour. 

Clientele Base and Sales Growth

Customers are at the heart of our business, and we always prioritise them in all aspects of our business dealings. As a rule of thumb, we always make sure that we tailor our services to meet the generic and specific demands of our clients. Such dedication has indeed paid off for our business. In FY2015, we managed to increase the number of clients by nearly 50 per cent. Currently, we serve over 140 clients in Canberra and regional states. We have been successful in reaching out to more inter-state customers from New South Wales (NSW) and Victoria (VIC) as well. Along with the growth of our clientele, our sales have also shown impressive growth. Our annual growth rate is estimated to reach 60 per cent this year, and we are well on track to achieve our 10 years target . 

Business Expansion

In November 2014, Tailored Accounts relocated to a bigger and better-equipped office in Canberra city. The relocation not only reflects our business growth, but our new position as a management accounting and consulting firm. The new office also accommodates the increase in the number of staff within Tailored Accounts. From humble beginnings of a one-person business, Tailored Accounts is now a boutique accounting firm with 12 highly qualified accountants and bookkeepers, all of whom are either current students or alumni of the prestigious Australian National University and members of recognised professional bodies such as CPA Australia. In addition to these qualifications, Tailored Accounts is proud of our team’s cultural diversity as we are home to members hailing from five different cultures, which allows us to reach out to a wide range of clients. 

Technological Innovation

As the first company in Canberra to implement and use Xero, a cloud-based accounting software, we have since enhanced our services especially for small and medium-sized businesses. We are also capable of providing accounting services using other softwares including but not limited to MYOB, Quickbooks Intuit, and Saasu. Based on our advice and guidance, all of our clients have now switched to cloud-based accounting, which has proven to be more cost-effective and time efficient when it comes to managing their finances. Tailored Accounts also regularly ensures that our staff are up-to-date with the latest technology through weekly trainings and discussions. We are proud to say that all our staff members are now Xero certified advisors. 

Social and Community Involvement

Besides being a regular speaker at ANU–CPA Australia joint events, Mr. Harry Hoang, Executive Director of Tailored Accounts, is also a mentor in the Griffin Accelerator program. In both roles, Harry shares his personal experiences and business acumen to accounting and finance students, and provides much needed capital and assistance to start-ups in Canberra. Harry’s involvement in both initiatives has contributed to building a stronger and more dynamic business community in the Australian Capital Territory. 

Public Recognition

Last but not least, FY2015 is also the first year Tailored Accounts has been recognised publicly through a number of prominent national business awards. In 2014, Tailored Accounts was one of five finalists in the Telstra Business Awards and one of three finalists for the Canberra BusinessPoint Awards. In early 2015, we were announced as a finalist in the Australian Small Business Champion Awards in both the Accounting Service and Business Growth categories. Another piece of good news has arrived in the last days of FY2015—Tailored Accounts is once again shortlisted as a finalist for the 2015 Telstra Business Awards.

As we aspire to become one of Australia’s leading specialists in back office accounting and bookkeeping services within the next five years, Tailored Accounts is well aware of the obstacles we will face. Nevertheless, we are highly confident of overcoming these challenges along the way to achieve our goal. Bring it on, FY2016!