Does this sound like a familiar story?
- Bookkeeper / Business Owner provides the accountants with a “backup” of the datafile.
- Nobody knows what the accountant does with this…but it takes ages to produce a booklet (that nobody can understand) and costs a lot of money to do so
- What ACTUALLY happens is this:
- Accountant prints a report (listing each transactions by category)
- Then types this data into their own different software
- Makes changes (in their software, not yours) for tax law and accounting rules
- It takes a long time – AND THEY CHARGE BY THE HOUR!
- It takes so much time in fact, that the accountant is always hard to get hold of, and doesn’t have the time to give proactive advice.
Well, I’m here to tell you that times are a changing, and for once, EVERYBODY benefits.
It is all to do with what has been coined “Single Ledger”, a concept which refers to the ability for accountants/bookkeepers and business owners to all work from one…single source of data, one single program, which needless to say has many benefits.
For our firm, we use Xero to make “Single Ledger” a reality. Unlike most accounting software, Xero was born in the cloud, and designed from the ground up, providing a platform to meet the needs of small business owners, and their advisors. This means, “saavy” accountants can utilise the program not only for the front end needs of the business owner (creating invoices, payroll etc) but also for back end Financial Reports, Fixed Asset Management and even Tax Returns. It’s also allowed us to do some pretty important things, like develop our services to include better support with real time information and access to data, as well as the ability to offer our clients Fixed Fee Accounting Packages. Combine this with the pure benefits that cloud software brings in general, everyone wins.
A Majority of our clients use Xero (Due to the benefits of cloud based software), so it made sense for our firm to make the change. It came with many challenges as you could imagine. Shifting your entire firms reporting platform takes a lot of time, innovation and teamwork. But we knew that if we could cross that chasm, we would ultimately be in a better position to provide better service to our clients.
At Rise, our core purpose is “To help businesses achieve amazing results” and the use of Xero & Single Ledger allows us to do this.