The efficient use of best available technology and low overhead structure means Formula Accounting can deliver more. So yes, you do receive regular management reports and strategic input, as well as the usual compliance requirements (tax returns and year end financials) - but it is likely the cost will be less than what you are paying now.
A fixed monthly fee is agreed up front with you. This helps smooth cash flow and there are no surprise bills.
The accounting software used together (Xero) also happens to be best practice bookkeeping software. Automation help save significant internal administrative time and costs.
Real time data and superior accounts payable / receivable functionality means you can improve cash flow.
Plus Xero has a huge ecosystem of partners that provide a variety of beneficial low cost cloud based programs that synchronise seamlessly with the accounting software. From industry specific booking systems, to CRM, invoicing, debt collection, workflow management, time recording, point of sale, inventory - you name it, it probably exists.
The ecosystem of software partners can be very powerful - to dramatically save costs and increase the efficiency and output of business systems.
Being cloud based, you no longer need server space to store software programs. You no longer need to purchase software and be responsible for upgrades. All cloud programs need are an internet browser and internet connection. You already have these!
All updates are processed automatically so you do not have to lift a finger. Plus the cloud programs are generally inexpensive. Say farewell to the server and IT technician costs.
This is important. Now you can be in a position where you have accurate, meaningful financial data, in summarised format, at your fingertips. This allows you to make informed decisions about business operations based on recent facts.
Trends and budget variances will be identified and addressed immediately.
No more guess work, and no more decisions based on the prior year financial accounts - that you receive 11 months after the end of the last financial year and are often difficult to make sense of.
We are a proud Xero gold partner in Adelaide and would love to talk to you.
Review your finance structure and negotiate with banks.
Provision of strategic analysis and advice for your business.
Implement policies and systems to improve your cash flow, straight away.
Make sure you are using the best software possible for all facets of your business
Relevant monthly reporting allows you to make the right decisions, in time.
Build and report a well considered budget and forecast to optimise performance.