Behind the Numbers

By Judith Cambridge

The 21st century accounting software versus the 20th! Sound brutal, well it's time we admitted it to our clients.

Bank link gets imported from the bank via the Banklink portal (who count the number of transaction lines for billing purposes), imported to the Accountants office servers and then forwarded to the client for further coding. Client codes that cash data and or has accountant code it, normally every two months when GST is due, sends back to accountant, accountant checks and recodes/ codes as required and mails/ emails back year to date cash trading reports to client. The reports are typically three weeks out of date at best and have no reporting of the Balance Sheet, Accounts Payable or Accounts Receiveable. They are a poor proxy for solid profitability and tax planning. And how does the client see what their business is doing after work any night of the week or weekend? OK, they go to online banking and look at their balances!
Apparently this keeps the accountant in control of the data and the client can relax on the beach!

That solution was the best we could do for SME clients 15 years ago! And it was great for awhile, but then we realized we couldn't see the whole business picture. Where was the net profit before tax line? Where was the Balance Sheet?
Banklink with its out of date cash reporting is NOT a 21st century solution where social media can bring down a government and business moves even faster.

Welcome to a simple accounting solution that actually provides access to a businesses financials 24/7 from any Internet portal. Welcome to the cloud!
Low cost subscription software XERO automatically sucks your bank transactions from your bank or credit cards into the back of your web based Xero accounting programme, daily as the banks release the data! Invite your accountant, administrator and business advisor team into your Xero for 'virtual support'!
Now you have Cash Repots, Profit and Loss, Balance Sheet, Asset Schedule, Accounts Recieveable, Accounts Payables up to last night! Go see your banker and ask to login into their internet, they will love you for it!

The game has changed! Our client business deserve better from their accountants and I for one am not afraid to take this 'real time challenge'!

Game On!

Talk to us today if you are serious about your business! Join our cloud scrum to bring your business processes together in the cloud.

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Xero vs. Banklink

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