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Struggling With Hiring A New Accountant? You're Not The Only One

Author: Tailored Accounts

Research from National Australia Bank (NAB) has found that 1 in 5 Aussies changed their jobs last year and 25% are currently considering leaving their workplace. Additionally, the 5% inflation rate is adding more stress to families, forcing staff to look for better paying jobs.

And, with the end of financial year approaching, it is likely that you are one of many businesses struggling to hire the right staff for your Accounting Team. This is the time of the year Government Departments start opening up job vacancies and similarly, many accounting practices will also be gathering their resources for EOFY. 

With pressure coming from all sides, this can be a big headache for SMEs and small not-for-profit organisations, not only will you be forced to find good-quality staff in such a competitive environment but also be forced to account for the associated business disruption and cost!

Businesses may be forced to make do with what they have and do the accounting themselves, leaving themselves vulnerable to at best, delegating long hours to an accounting task that trained accountants could easily complete in a much shorter period, or at worse, making costly mistakes.

As an alternative, businesses could try finding a new accountant through a recruitment agency. But, as a consequence, business owners or managers would be forced 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 not only be time-consuming but extremely costly! Neither option is ideal. Fortunately, there is a much smarter, efficient, and cost-effective way to hire your Accountant.

Our solution: Tailored Accounts will be your fully functioned Account Department, providing you with 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 high numbers of jobs and commitments. Collaboration between different tiers of our services will give you a fully functional Account Department worthy of any large corporation at only a fraction of the cost!
  • 100% qualified accountants, we provide our staff with professional training programs on monthly basis to keep them updated with the latest policies, trends, and technology. 
  • The best Quality Management System, built in alignment with our procedures & processes to maintain the high integrity & reliability of our work. As we deal with high volume & value transactions on a daily basis, quality assurance is our top priority. Currently, we have over 500 business customers, processing over 1000 payrolls per week and transacting over $300 million per year on behalf of our clients.
  • As one of the first to adapt to cloud accounting in 2009, we know that cloud is now the past, and security is the future! Everything that we are doing here is about how to make your secured transactions even more secured!
  • A minimum of 30% cost reduction to your current recruitment model. A well-trained and experienced accountant will cost your business at least $90,000 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 your expenditure on accounting services so your budget can be spent on other key areas. Our service commensurately corresponds to your benefits, including:

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

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

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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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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