Obsolete Desktop Accounting Transformed into Modern Technology
When they first contacted BYO Group, this company was using an old version of desktop software and limping along; they decided to take the plunge and move to online accounting when the computer they used for accounting eventually failed. The software was so old that we had to find an old computer to open it, then update the old file to a newer version that could be recognised by JetConvert. JetConvert then took care of the actual conversion from old software to Xero.
Originally the business had an employed bookkeeper and the plan was that we would convert the accounts to Xero, then train the bookkeeper and hand over the accounts, for him to maintain. However, after lodging the first BAS with the existing bookkeeper, the client realised that the bookkeeper did not understand how to use Xero and it turned out he was not keen to learn all aspects of it. We reviewed and revised the Xero BAS and provided our integrity reports to substantiate our figures.
The client observed that BYO Group had systems and processes to check the integrity of the data, validate the numbers and that we had expertise in using Xero, so they decided to engage our services permanently to look after the bookkeeping and BAS.
We set them up with tracking categories to manage job costing and location. We work with the owner to make sure that all purchases and sales are allocated a tracking category option. Purchase orders also are given a tracking option and POs must be matched to relevant supplier bills when they come through Receipt Bank. The owners now run reports to accurately see costs against each job, invoice accordingly, and then run detailed job profitability reports for each period.
Our initial engagement has expanded so that we now manage accounts payable in conjunction with auto-published items in Receipt Bank; we perform all bank reconciliations for multiple banks and credit cards; we prepare, review and complete the BAS and IAS; and we manage a large payroll.
The company directors are excited to be in the modern accounting world and value the breadth of information available from Xero. Having accurate online accounts means they can run reports at any time to inform their business decisions in a vibrant industry where they must act quickly. The combination of Xero and BYO Group team has allowed them to expand business and increase profits by streamlining business processes for better effectiveness, efficiency and productivity.