From Excel to Xero
This manufacturing client came to BYO Group having only ever used excel spreadsheets to track everything in his business. He entered all purchases and sales manually, which contained some incorrect calculations and formulas in the spreadsheet for GST calculations—therefore his BAS reports were not always right.
He also tracked stock purchases and inventory management by the spreadsheet. Needless to say, a great deal of time was spent manually entering information into Excel!
We set him up with a new Xero file from the start of last financial year. We got access to the spreadsheets and received folders of printed material, including all open invoices at the time of transferring to Xero. We had to manually enter hundreds of invoices and bills into Xero, as there was no software we could export from. We then went on site to the client's premises to continue entering data, and to train the business owner in how to use Xero.
This is a great example of a well-established business using outdated systems and spending way more time on business processes and accounting than should have been spent. The owner was not keen to move to the new technology but finally his accountant said "Enough! You need to get on to proper business accounting software". The accountant recommended BYO Group to look after him.
Initially there was a lot of contact, training, support, on site visits, phone calls, emails and reports to help the owner get set up and confident in the system. The business was assigned a dedicated account manager who was involved in the setup process, training and support.
Receipt Bank is currently used in the business to manage accounts payable, although originally these were entered manually; this has streamlined business processes even further. He uses the app on his phone and forwards supplier bills to Receipt Bank; we process and publish the accounts payable from Receipt Bank to Xero and prepare batch payments.
These days we have little contact with the owner, although we still have the same account manager who was involved initially, who can easily answer any queries that do arise.
Now, the bank is up to date on a daily basis, Receipt Bank is processed on a weekly basis, and stock on hand is updated monthly. BYO Group also provides monthly management reports that are customised to the owner's preferences for reporting detail.
Despite being hesitant to move to the new system, he now loves the peace of mind he with a has a system that he can trust, and regular financial reports that he knows are accurate. He spends a minimum of time each week on his business administration and accounts and has more time available for running his business.