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The “love story" between accountants and bookkeepers

Most people assume that bookkeepers and accountants get along very well―both share common goals and contribute to the long-term financial success of businesses and clients. The reality, however, is they tend not to share a lot of information with one another. Few weeks ago, a new customer asked us if we do tax preparation and lodging as he didn’t want to deal with too many parties (i.e. bookkeeper and accountant). I explained to him that bookkeepers and accountants work together as a team because they each have different skill sets and make up different stages of the financial cycle.

Before engaging us as their bookkeepers, some of my customers have previously requested for their accountants to perform both bookkeeping and accounting for them. While many hope that their accountants can be “one-stop shops” for their financial needs, many realise that their accountants don’t offer bookkeeping services. So, should bookkeepers and accountants compete with one another, or should they cooperate with one another? Based on my past experiences dealing with business owners, clients, and accounting firms, I think that bookkeepers and accountants should dance around with each other to realise the best possible outcomes for their clients.

But why are such harmonious and effective relationship shard to achieve most of the time? In my opinion, the problem lies with both accountants and bookkeepers.

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Tailored Accounts becomes 2016 Telstra Business Awards finalist

The judges of 2016 Telstra Business Awards have shortlisted Tailored Accounts to be the finalist for Small Business Award Category. Once again, we have an honour to become a Telstra Business Award finalist together with many other inspiring Australian companies.

The 2016 Telstra Business Awards has encouraged us to reach for higher achievements in serving our clients and being committed to innovation in bookkeeping practice. The news comes to us when we are working hard to improve our service bundle.  July is the beginning of an exciting yet challenging financial year for many of us. Being the finalist of this prestigious award gives us a great inspiration to pursue our goal in the year 2016/2017.

The achievement that we have today comes from the endless contribution and support from our staffs and clients. We are grateful to have amazing team members who never fail to deliver the best quality of work. Our clients have always been supportive of us. The clients’ queries and concerns give us many ideas to design business solutions that answer their needs. Seeing our clients become successful businesses in town is a source of joy.

 

Let us together celebrate this exciting moment as it is another milestone to mark our growth and success.  

Tailored Accounts is proudly listed on Telstra Business Awards website

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Our Talks at CPA Australia

On June 28th, our team members delivered two presentations on cloud-based integration tools and techniques. We raised the awareness of CPA accountant community on the new generation of financial management.

Presentation at CPA

Key takeaways of our talks at CPA are SMEs need not to purchase expensive business accounting software programs or spend hours and hours in complicated financial reports. Cloud-based accounting services—with the features of having data stored and accessed online—is an ideal option for SMEs.

Presentation at CPA

When applying cloud-based accounting services, time-consuming tasks such as version upgrades and data backup are managed by the application provider. It gives your business a freedom to allocate more of your resources on your expertise. 

At Tailored Accounts, we understand the need of your business and thus our services are customised to meet your demand in an innovative approach and maximise your business sustainability. 

 

Photo Credit: Fuzuki Nishimura

 

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End of Financial Year Note

Most business owners do not know that the SME sector in Australia has wasted millions of dollars due to inefficient cost, most of which can be attributed to the complex bookkeeping process. As the financial year is coming to an end, here is a guide to help business owners save the unnecessary cost and improve the company performance in a period when financial management is very much needed.

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To improve the existing financial management process, you will first have to evaluate the system. Take a minute and think about how you control your financial process right now. Most SMEs have the same mistakes listed below:

  • They fail to realise how important financial management is. Businesses with poor financial management tend to suffer from poor cash flow and profit margins, ineffective debtor control, and an inability to meet their business’ commitments;

  • They are unaware of alternative solutions such as hiring an accountant or implementing an accounting system. If crunching the numbers is not your strength, either hire or outsource to an accountant or bookkeeper who will deliver regular and reliable information and advice that you can use to manage your financial position;

  • While many businesses are in the field of IT, it is surprising how backward their accounting systems are. Stacks of receipts, manual ledger books, simple Excel sheets, messy financial transactions and reports, and overdue BAS and tax returns are common among start-ups with bad financial management;

  • Businesses owners tend to focus on their products, ideas, and clients, often neglecting the fundamentals of their business. I have never seen a successful business that does not have strong financial management.


As a matter of fact, most people fails to realize their mistakes until it’s too late. If you are a small business, it is highly likely that you need to do everything to manage your business, from administration, marketing to bookkeeping. It is seemingly running well and you believe you are able to manage it until the end of financial year approaches. One client shared with us that EOFY used to be her nightmare and she was always lost with massive paperwork. Only until the end of financial year does your disorganized bookkeeping system come back to bite you. To avoid this scenario, though, here is the EOFY to-do list from our executive director.

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Tailored Accounts - A Xero Expert

Xero is beautiful online accounting software for small business. With Xero, business owners will have real time online financial updates anywhere, anytime on your Mac, PC, table or mobile. Tailored Accounts is proud to be a Xero expert. We are Xero Gold Partner, Certified Advisor and recently become the sole Xero Cloud Integrator in Canberra.

Xero Authorised Integrator in Canberra

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Imagine a future empowered by the cloud business ecosystem

By Gary Wang*

It is a great time for small businesses here in Australia. With further tax deduction from the federal budget and booming cloud business solutions, small business owners can better align with and achieve their entrepreneurial goals. In this article, I would like to share a few useful cloud business applications and services for small businesses and discuss how business owners can best benefit from using them.

Cloud business eco system

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Ten Characteristics of the Ideal Bookkeeping Customer

Since starting out in 2009, my staff and I have dealt with a wide range of customers from different industries and it got me thinking about what makes a customer great or ideal. Among our pool of customers, there are some who we thoroughly enjoy working with, and I’m confident to say that we’ll be working partners for the long-term.

bookkeeping for business clients

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4 reasons why outsourcing is the best option for associations and NPOs

With close to 10 years of working experience in the Australian Third Sector, I have come to learn that the sector is a dynamic, vibrant, and meaningful place to work, where people share the common vision—that is, to make a difference.Because the Third Sector exists for the welfare of the general public, it is important that associations and non-profit organisations have precise and timely accounting procedures in place. In reality, however, most of them struggle with basic administration tasks like documentation, bookkeeping and/or accounting. 

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Essential Tasks at End of Financial Year (EOFY)

End of the financial year is an important and busy time for small business owners, completing bookkeeping, tax returns and begin planning for the new financial year. Putting the hard work in each financial year can help you get your business organised and work smarter in the year ahead.

 End of financial year 2016

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What bookkeeping will look like in 2025!

Digital disruption in bookkeeping industry

I attended a conference the day before and listened to a series of speeches on digital disruption. For those unacquainted with digital disruption, the term basically refers to the change brought about by new digital technologies and business models that are affecting the current value proposition of existing goods and services. 

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Five Bookkeeping Tips for Business Owners

Entrepreneurs keep a lot of the financial details of their business in their heads. Doing so has its advantages: No new software to learn, no danger of a system crash that loses all your data, and you can tweak your budget as often as you need without sitting down at a desk.

bookkeeping tips for small and medium business

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Who knows bookkeeping and management accounting could be fun?

By Harry Hoang

Reprinted from B2B Magazine

Harry Hoang of Tailored Accounts

Bookkeeping can be a challenge for many business owners, and even if they don’t mind bookkeeping, they might not enjoy doing it. One of my clients recently remarked to me, “I don’t like doing the books for my business because it is so easy to make mistakes, and the tasks are so tedious! And because I avoided bookkeeping altogether, I was faced with years of overdue bills, tax returns, and so on.” While keeping on top of your accounts can be a real hassle, keeping track of the incomings and outgoings of your business is crucial to its survival.

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Why outsourced bookkeeping is a good return on investment!

Outsourced bookkeeping and back-office accounting have become our primary means of engagement with small-and-medium businesses. While there are advantages and disadvantages to outsourced bookkeeping, this article solely considers the financial benefits for firms which have shifted from hiring part-time bookkeepers to outsourcing their bookkeeping and accounting functions. After all, a firm’s bottom line is all about cost savings.

outsourced bookkeeping in Canberra

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