Cloud accounting and Xero

Formula Accounting has completely embraced the efficiencies and automation available through “cloud accounting”. Cloud based programs are accessed from a web browser from anywhere that you have internet or mobile phone coverage. 

Through the use of Xero software, access is shared to your online accounting file and therefore advice can be provided from anywhere, anytime. Xero provides high levels of automation (such as automated bank transaction feeds) and efficiencies through an easy to use and collaborative program – in real time. 

For more information on Xero, visit:

Modern business model – A partnership

The Formula Accounting business model is to keep quality and service high, with overheads low - hence very high value.  By operating strictly on the cloud, costs are kept to a minimum. No need for a city office. No need for a receptionist. No need for a computer server, photocopier or coffee machine. No need to pass these costs on to you.

Why pay more?

Your business will use Xero bookkeeping software and Formula Accounting can assist with a seamless migration  to Xero if required– of course only if it is the most suitable bookkeeping software for your business!

It is imperative to properly understand each business, its drivers, its challenges and to provide the highest quality personalised service possible. 

With a technology and systems focus, Formula Accounting's service extends to ensuring your operational and financial systems are frequently reviewed and that they operate as efficiently and cost effectively as possible. Meaning in the long run your business runs better. Smarter.

The Formula Accounting business model does not involve large scale and the resultant dilution of service and additional costs. Once the relatively low capacity of clients is reached,  no more appointments can be accepted - the focus is on servicing clients properlyIt is first in, first served.

Case study – accountants and fees

Struggling to change the way they do things:

You visit the accountants office to provide your MYOB data file on a CD. The accountants transfer data from your accounting software into their own accounting software.  Some time later you receive a set of financial statements that relates to the previous financial year.  (This is now very out of date information). You get a large invoice that requires payment in 7 days. 

Formula Accounting – The new way of doing things

Formula Accounting reviews your data online and provides monthly management financial reports within 2 weeks of the end of each month, being 12 sets of reports (as well as advice, summaries and commentary based on recent data). Shortly after the end of the financial year, you receive year end financial statements from your own accounting software and the tax return is lodged, as a by product. A low agreed fixed monthly fee was charged, so there are no more costs. No surprises.

No risk

If you  partner with Formula Accounting, it is very much possible you that you will pay no more than you are now and receive much more. No lengthy contracts – easy to join, if it doesn’t suit you – easy to leave!

The director has been everywhere

Based in the inner South of Adelaide, Ed Bernard, the founder of Formula Accounting has been a

retail employee, a senior professional accountant and business manager for the same firm, 

finance and operations manager for a medium business, and Self Managed Superannuation

Fund consultant (regularly quoted in the Australian Financial Review), with in excess of 10 years'

experience in professional accounting roles. He has an array of degrees and other qualifications, 

is a Certified Practising Accountant and a Registered Tax Agent.

This operational and professional experience provides Ed with the perfect blend to understand accounting and taxation concepts, as well understand the broader issues facing business, to provide advice and services properly.

More importantly,  Ed is the point of contact and is approachable, strategically minded, fair, is passionate about technology and helping business by addressing challenges and promoting efficiencies.

What do clients think?

"When we decided that our finance and administration systems were in need of a major overhaul, Ed Bernard from Formula Accounting was recommended. With a minimum of fuss a review of our systems was undertaken and a new accounting package in Xero was introduced. New and much more efficient systems for financial management and reporting were developed and introduced. We are delighted with the results and Ed continues to work with us to drive further improvements. We wanted a more efficient and cost effecitve system and thats exactly what Formula Accounting delivered"  - Paul Madden - CEO, Wyatt Benevolent Institution Inc

"Ed Bernard is a fantastic accountant. He has helped us understand what a small business needs to be successful. He supports our work in so many ways. Highly recommend his expertise, integrity, professionalism and regular advice. Thanks Ed and team!"  - My Therapy House

“I have really enjoyed working with you. You completely simplified the ATO side of our affairs. We liked your great knowledge, memory, attention to detail, accuracy and organisation which instilled our great confidence in you. And you are a nice person as well."

Some Traditional Accountants

  • Fees charged by the hour.
  • Fees charged need to cover overhead costs, such as employees and payroll costs, computer services, and software licences.
  • Tax return and compliance focus.
  • Accounts and tax returns prepared up to 11 months after the end of the year.
  • Reluctance to change methods and systems.

Formula Accounting

  • Fixed monthly fee agreed up front - no additional charge for meetings and phone calls.
  • No need for high overheads due to operating 100% on the cloud.
  • Strategic, real time reporting and value add focus.
  • Management reports provided regularly.
  • Year end reports and tax return are a by-product of the whole process.
  • Embrace technology and pass on efficiency costs.

Formula Accounting is a new professional accounting business in Adelaide with a fresh outlook - modern, technologically savvy, fast, affordable, simple, smart - with no compromise on quality, service or compliance. 100% online delivery. 

The business is incredibly efficient with low overheads and best practice systems, to enable the delivery of an ongoing real time service - in the form of regular management reporting and systems advice, in addition to end of year reporting and tax returns. Service, quality and price that is second to none - SERIOUS VALUE FOR MONEY.

The New Way of Accounting