Start-up Business Starts with the Best
This partnership started with a simple wholesale goods business. They kept all receipts and records of business transactions, but for the first few months they did not actually use any software at all, although they did have a dedicated business bank account. They had intended to get onto software as soon as possible but business took off and they had better things to do!
Happily, although they had no accounting system in place, but because they had kept all records, we got them onto Receipt Bank and asked them to upload all receipts and records of personal funds spent in setting up the business. By checking who had uploaded what documents, we could easily track which partner had spent personal funds on what business expense.
We also imported all bank transactions from the business account and could match published receipts to bank transactions.
Once they had engaged BYO Group, they had a business deadline they wanted to meet. We had already set up the new file; we then arranged a certain day with the partners to be available for queries while we had two bookkeepers working together on different parts of the file, to get it up to date and functional in minimum time. The partners received training in how to use Xero for their sales and purchases needs, while BYO looks after reconciliations, BAS and reporting.
As we have been looking after the accounts from day one of business, we know everything that has gone on, we know the records are accurate and the level of data integrity makes reviewing and preparing the BAS very quick and easy.
We have a great relationship and communication with the partners, who provide us with information when required. We also work closely with the tax agent for the business.
The partners are able to travel overseas and continue to manage their business online as their operations expand.