Did you know that the majority of Australian small business owners are lagging well behind their Asia-Pacific competitors when it comes to innovation and automation, according to research recently published by CPA Australia?
Strangely though, Australia is also renowned for being at the forefront and one of the most advanced countries in online accounting technology which clearly highlights that small business owners are not taking advantage or sourcing the right talent pool.
Are you one of those businesses who would like to explore the world of online applications, also known as apps? Would you like to know what some of the benefits are by introducing online apps that could potentially increase your productivity?
One of Australia’s leading small business online accounting specialists and Intuit ProAdvisor, All That Counts, believes that Australian business owners are just unaware and not informed of the tools that are available to them to help build, grow and automate their business. Many business owners still believe that growth equals increased headcount, and are reluctant to grow.
All That Counts uses its expertise to clearly identify the pain points that small business owners experience and go about to address those pain points by matching the right applications (apps) that will improve their client’s business operations. It’s not just about the numbers and the accounting system. People drive the numbers and people require the right tools to keep the heart and soul of a business pumping.
All That Counts Director, Lielette Calleja, stated, “I understand that online technology is an opportunity for SMB’s to embrace, and an opportunity for bookkeepers and accountants to take the client relationship to the next level. It’s about providing value and not just have them look at us as the person that tells them how much BAS or Tax they need to pay. We want them to look at us as a trusted source who understands the big picture of their business and that we are in a position to influence, guide and educate them on the world of apps that will improve their business operations – automation must become the rule rather than the exception”
Online technology may replace data entry and some compliance related activities, but it’s no replacement for the relationship a client builds with a trusted business advisor.
Let’s say a business is experiencing difficulty in their collections process, an automated collections app like AR Collect, Debtor Daddy or IODM would be ideal to address their cash flow problem. In the old world you would need to hire a collections person to email statements, copy invoices and make phone calls. In the new world with apps you can set your statements to be automatically emailed, reminder letter, legal action and SMS reminders – some of the systems can be customised to suit your needs.
Now, what if you had a business that billed out time and required staff to submit timesheets? Hello TSheets!! This is an app that allows staff and contractors to submit timesheets via their smartphone which automatically populates the payroll hours in QuickBooks Online as well as creating an unbilled activity for sales. This app works great for professional services who bill by time.
Let’s look at some real time case studies that All That Counts have undergone with their clients using QuickBooks Online:
Case Study 1
We work with a number of Printing Franchisees doing their bookkeeping using traditional desktop accounting applications. As part of our roll out to move their accounting to QuickBooks Online we saw an opportunity to automate the data entry for the high volume of supplier invoices. We implemented Receipt Bank which is an app that extracts the key information from their bills and receipts, removing the need for manual data entry. Receipt Bank then publishes the data to QuickBooks Online. Receipt Bank has saved us approx. 8 hours per month for these particular franchisees. The added benefit is when the invoice is published from Receipt Bank to QuickBooks Online it attaches the invoice to the transaction. Accountants don’t have to ask us for copies of invoices as they can access them directly from the accounting file.
Case Study 2
A few months ago we were approached by the owner of a 30 Childcare Centre location. They were frustrated with how long it took them to do rostering and payroll for their 200 employees. They had spoken to many other consultants who provided them with industry solutions but none of the systems actually linked to their accounting system. After conducting our own due diligence on the systems they were trailing we were confident in recommending KeyPays Soft Clock app. We worked closely with the team from KeyPay as we transferred all 200 employees into the new payroll system that also came with an inbuilt award interpreter for the Childcare Industry.
Within 3 months we had all 30 sites up and running and trained with the Soft Clock app. Our client has managed to save 2 days per week with the implementation of this app. This equates to an annual saving of $50K. We have now been asked to roll it out for any other new centres moving forward. An app like this means that a business can grow rapidly without having to resource it within. The integration with QuickBooks Online also enables the client to report profit & loss statements by locations for each centre with very little effort.
Case Study 3
This case study is more about our approach and validates when we say the people drive the numbers and what a true trusted advisor is.
We were recently contacted by an Engineering company who was in desperate need for a bookkeeper 2 days per week. Part of the scope was to move them away from Desktop to QuickBooks Online. They had approx. 13 accounting data files which were all saved in different locations and different versions. It was an absolute nightmare!
The client had recently put together a new bonus scheme for his team and we soon realised that there was no way he could honor those bonuses as he didn’t have the reporting tools in place to measure their performance.
Upon further review we found out that they were also using an outdated desktop project management system. They had no way of identifying if they were making or losing money on jobs and what resources were being utilized.
We quickly put the brakes on the accounting system and suggested we get the operations in order first. The company is expecting major growth and we believed the priority was to do our research and source a new online workflow management app that would integrate with QuickBooks Online.
Needless to say client was thrilled with our approach. The bookkeeper role is now 1 day per week and we have since placed an experienced systems accountant to re-engineer the processes around the new technology. This will also eliminate the data entry a typical bookkeeper would do in the old world.
Switching to QuickBooks Online and Apps Is Seriously Easy
If you would like to explore the wonderful world of apps why not take advantage of our free online offer by calling us on 1300 884 722 so we can arrange a free download for you.