Mixed Business

SAVVY WAS APPROACHED BY AN ACCOUNTANT TO TAKE OVER FROM A PREVIOUS BOOKKEEPER OF MANY YEARS TO MANAGE ALL OF THE BOOKKEEPING AND PAYROLL CITING MANY DISCREPANCIES AND LACK OF HISTORY IN RECORDS.

Savvy started with:

• Inaccurate QuickBooks with no history of Payables or Receivables

• All manual cheque payments

• No online banking or login

• Cheques cashed for wages weekly and bookkeeper paying their own fees

• Contractors paid in cash/no paperwork

• In arrears with Superannuation and BAS requirements

• Inconsistent Supplier payments resulting in overpayments and overdues.

• No seasonal or meaningful comparisons

• Excessive TIL and staffing

• Double handling of paperwork for e.g., Clients doing their own manual records to try and get a more accurate feel for their operation.

• Client’s read emails but did not respond, fax only. They don’t own mobile phones or have internet banking. Altogether, not fussed at all with technology

Actions: We undertook the new work progression gradually as the Client are in their 60’s and are working amazing hours, 7 days a week.

• Immediate switch from QuickBooks to Xero

• First week completed payroll in Xero by Internet banking. Winter payroll is 7 staff, summer payroll estimated to be 20 staff

• Completed EOD’s spreadsheet for cash out’s etc.

• Established Supplier records, accurate GST

• Superannuation is now being accurately recorded and payments will be on a quarterly basis with money being put aside every week to account for this

• Debtor control is now monthly, not 6-7 months.

• Working hand in hand with the accountant to get the best for the client