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Beginning FY 21/22 Financial Year with a new way to develop your accounting team

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!

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

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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