The Background

When starting up his mortgage broking business, Gary was a visionary in how to successfully implement business processes and build the strong foundations in a competitive service industry market.

The business has developed over the 3 years since the start-up and was thriving but Gary felt there was a key ingredient missing in increasing his market share in the industry.

He knew that the business was naturally growing but as for planning for the future did not have clarity on short term and long term goals he wanted to achieve to take his business to the next level.

Gary decided to engage Finite Group to get assistance in helping him analyse past, present & form a strategy for assisting him define his short term and long term goals and help monitor and manage the growth on an ongoing basis.

The Challenges

  • A simple and effective system to provide clarity on business performance on a real time or regular basis to enable him to track and make business decisions on actual performance figures rather than assumptions
  • Defined strategic growth plan to enable the business to grow past organic growth
  • Effective ongoing support

The Solution

  • Migrated record keeping to a cloud based accounting software to maintain the financials on a real time basis
  • Developed a growth strategy and implemented budgeting and cash flow forecasts
  • Effective 90 day short term plan to help breakdown long term objectives to short term achievable goals

Business performance monitored on the go

Migrating to a cloud accounting software has been a game changer for Gary. He says ‘’ it has become a morning ritual to reconcile the bank and feel more confident making decisions knowing where the business stands on a real time basis’.

Clarity where the business is headed

Having a clear growth strategy along with budget and cash flow forecasting coupled with real time meant the decisions now are more accurate and every decision made is taking the business closer towards achieving its defined goals.

Support when you need it

It is important to implement strategies, process and systems to gain efficiencies in the business but of little use without ongoing support from the accountant. Gary says ‘It is like having a proactive accountant on standby’.

The Background

Clare Cotter founder/director of reputed home care service Call on Clare in Hawthorn. When she started the business she picked the closest accountant to her business to look after her tax compliance side of things. Like most traditional accounting practices Clare met with her accountant once a year to finalise her end of financial year tax returns, it was more a form filling exercise for the accountant.

Clare says ‘the non-traditional approach which is value based rather than fee based was what made me feel confident to move to Finite Group’.

The Challenges

  • The entity structure Call on Clare was trading was not appropriate as she was paying too much tax
  • Accounting system was not efficient to manage 40 odd nursing staff which often lead to mistakes
  • Business was in high growth phase and required monitoring more than once a year

The Solution

  • Moved the business to a more appropriate structure saving literally 1,000’s of $ in tax while still paying the right amount of tax
  • Recommended cloud accounting system to efficiently and effectively manage payroll and day to day bookkeeping
  • Quarterly business performance meeting with the client with ongoing support throughout the year

The Impact – Paying right amount of tax = Increased Cash Flow

Restructuring the business has had a massive impact on the business with the tax savings Clare can now utilise the cash flow to support the business growth phase.

Increased Efficiency after moving to Cloud

Moving to cloud based accounting software – Xero, has made the record keeping and payroll process more streamlined and efficient.

Year round advice & support

Clare says “We get the hands-on guidance we need year-round, and Dhash makes sure we understand the performance of the business on a regular basis and that we’re moving forward with the business. It’s such a feeling of relief to have your accountant looking out for us and our business.”

The Background

Providing Transparency for Tech Start-Up and Support for Xero Accounting
As founder of Service Crowd a technology start-up, Daniel Duckworth is a technology enthusiast and wants to focus his creative energy on building great technology and clever online marketing systems rather than focus on everyday accounting tasks.

Having said that, he understands the importance of Technology start-ups being able to monitor expenses with ease and accuracy. When Design Quotes raised private investment capital, Daniel (founder) wanted to work with an accountant who understood tech start-ups to provide regular tax advice, support with Xero accounting software and a transparent fee structure.

The start-up’s first accounting experience began after operating for a long time without doing any formal financial reporting to the ATO. Daniel stated, “We didn’t really know how to do it (BAS and GST Reporting) so I avoided it until we got warnings and said yes to the first accountant that said they could help us.”

Daniel also pointed out that “because we had put off accounting for a long time, there was a lot of work to be done and we didn’t realise we would be charged such a high hourly rate to have the accounts reconciled.”

With a previous accountants high hourly rates for even phone calls and basic bookkeeping tasks, Daniel was frustrated with the lack of transparency provided about the work the accountant intended to do and the fees he would charge.

The Challenges

  • Ongoing Technical Expertise: Accounting for Purchase of Intellectual Property, ongoing technical and Xero software support
  • Reporting: Facility for accounting software to report on recurring subscription billing and tiered plans
  • Transparent Fee Structure: Enable transparent and predictable accounting expenses

The Solution

  • Ongoing effective and efficient advise
  • Recommend and help configure Xero accounting software for automatic feed of bank data for real time expense tracking and automatic reporting of recurring billing for the client’s subscription software service.
  • Provide 100% transparent quotes for services and with fixed fee pricing instead of an hourly rate with no scheduled hours.

Year round advice & support

Daniel recalls his endurance to get accounting support before switching to Finite Group “our previous accountant took ages to get back to us on a simple query’

Daniel now has all the help he needs “It’s awesome,” he says, “Dhash can pull our accounts up on screen while I’m on the phone and fix any problems on the spot. There’s no need to put stuff on a disk or email files around. He is always on hand to answer any little questions that crop up. Nothing’s too stupid or silly. And it’s nice to have an accountant to bounce ideas off who doesn’t charge for every conversation.”

Sense of being in control

We had used Xero’s Accounting software in the past with start-ups and knew how simple it was manage day to day accounting tasks. Once we had Xero up and running Daniel was surprised at how easy it was for him to share the workload and reconcile the accounts.

“The Reporting is now great – we know exactly how we’re doing and can track the results of changes as we make them, not 6 or 12 months later. For the first time I actually understood my role and their role in the accounting process and how we could easily work together to have our bookkeeping and accounting done regularly and accurately”

Easy to use, easy on the budget

At Finite Accounting we knew how important it was for the start-up to be able to understand and predict accounting expenses and share the workload to reduce expenses.

The first thing we did was provide very clearly defined work tasks and fixed prices for those tasks so the client felt comfortable and that our service was 100% transparent.

Daniel finds Finite Group’s fixed monthly fee easy to budget for as part of their regular monthly overheads, with no big surprise bills at the end of the year.

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Accountants Melbourne

 

Real Businesses, Real Success!

Finite Group migrated record keeping to a cloud based accounting software to maintain the financials on a real time basis. Developed a growth strategy and implemented budgeting and cash flow forecasts
Effective 90 day short term plan to help breakdown long term objectives to short term achievable goals.
Gary, Mortgage Broker
Finite Group moved the business to a more appropriate structure saving literally thousands of dollars in tax whilst paying the right amount. Recommended cloud accounting system to efficiently and effectively manage payroll and day to day bookkeeping. Quarterly business performance meeting with ongoing support throughout the year.
Clare Cotter, Call on Clare
Finite group recommended and helped configure Xero accounting software for automatic feed of bank data for real time expense tracking and automatic reporting of recurring billing for the client’s subscription software service.
Provide 100% transparent quotes for services and with fixed fee
pricing instead of an hourly rate with no scheduled hours.
Daniel Duckworth, Service Crowd
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