ABC:
@AccountAspects
Accountants & Bookkeepers Collaborating
Leigh Cummings, Director and Owner, Account Aspects Leigh is a registered BAS agent and the owner of Account Aspects based in Newcastle. Established for 15 years, Leigh has been passionate about empowering business owners with their numbers to making strategic business decisions for growth. Working collaboratively with accountants and other business professionals, her clients’ results are improved and the overall goals achievable.
On the surface, it could appear that accountants and bookkeepers should be in competition. The reality is that to support the success of small business, collaboration between accountants and bookkeepers is vital...
P
eople go into business because they have an idea they passionately believe in, be that a product or a service, that solves a problem or fills a gap in the market. It doesn’t take long for them to realise that following a business plan and sticking to a budget while simultaneously working to fulfil their vision is hard work. There just aren’t enough hours in the day. When help is needed to market a business or to develop a new product, help is sought and often the tasks outsourced to experts. Similarly, when business owners are overwhelmed by the setup structure and the ongoing financial requirements budgeted for their business, they seek advice from professionals. Those professionals are the accountants and the bookkeepers. Or is it the bookkeepers and the accountants? Accountants and bookkeepers are often mistaken for having the same skillsets and serving the same purpose. Those in the industry know they each play very different, yet key roles in supporting the success of small business. Bookkeepers work with business owners to manage their day56 / Issue 12
to-day transactions including GST obligations. They start by supporting business owners to improve their knowledge through training, accurately process data, complete payroll including superannuation, and do BAS preparation. It is true that no matter what software you use, bookkeepers can perform the same core financial functions using any software. The bookkeeper’s role has evolved and is challenged by the client’s need for instant results. The smart software to complete the financial tasks, advise clients and meet deadlines is Xero. Accountants work with business owners to oversee business results and tax requirements. This may start with setting up business structures, strategically planning to minimise tax liabilities, auditing data to comply with regulations and completing tax return lodgements. Accountants important functions rely on accurate data and consistent coding that is assessed instantly producing reports analysing data and providing insights to their clients. The most efficient way to obtain this information is from Xero where data has been entered by an experienced bookkeeper. Account Aspects client Christina
Gerakiteys from @ideationatwork tells them, her clients and anyone willing to listen (she’s a consultant): “Account Aspects take the stress out of my paperwork. They help me understand the importance of my budgets and meeting my obligations which improves my business and therefore my life.” Christina talks with the same passion about her accountant. Christina is passionate about helping her clients develop growth strategies through change and creative thinking and is a natural at it. Speak about payroll obligations, GST requirements or taxation matters and it is like speaking a foreign language to her. Having Xero professionals as part of her management team breaking down her requirements allows her to concentrate on building her business. The appreciation Christina resonates results from regular communication between Christina, Account Aspects and her accountant. Xero sits at the core of the business owner, bookkeeper and accountant relationship. Xero has been built in the cloud as a user-friendly platform, always evolving to meet the needs of the business owner and their advisors. Having
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