The traditional growth model for a business’ in-house finance team has been:
Employ an in-house bookkeeper
They become overloaded, so the business employs another bookkeeper
They become overloaded, so another bookkeeper is recruited.
End of month processing becomes too much, so more people are employed.
This usually leads to some common problems for business:
Shortcuts – As the in-house bookkeepers become too busy, key tasks are skipped resulting in missed rebates, missed deadlines, reduced accuracy of financial information
Wasted time – The systems and processes your team used 5 years ago may now be out dated, but perhaps there has been a reluctance to ‘change’? An outdated process increases your teams processing time and requires additional staffing and working hours.
Flying blind – As a business becomes larger and more complex, your time becomes restricted and blind-spots can develop. A standard solution is to hire an expensive business manager or CFO to manage this on your behalf.
Segregation of duties – The reliance on a small team often leads to a single person handling a process from end to end, increasing the risk of mistakes and fraud.
Unscaleable – A business reliant on a small team of bookkeepers is unable to scale and grow. They may be unable to handle that busy time of year or they drain valuable time and resources to hire and train additional staff when required.
Lift Accounts is today’s smart option.
Set you up with a cloud based accounting system (Xero), if you do not have already have one.
Enter your bills and once approved we will pay them for you (up to 150 or 300 per month).
Reconcile your bank account every week.
Produce monthly financial reports including your Profit & Loss statement.
Prepare your BAS statements and lodge them.
Provide ongoing email support for any questions you may have.
Collaborate with your Accountant to ensure the end of year compliance processes are smooth and accurate
Follow up your debtors will timely reminders
Standard Xero Subscription
Accounts Payable & Expense Processing (max. per mth)