15th March, 2016
Here at TAEL Solutions we do things a little differently from the crowd at year-end, and each year we refine these processes even more to create as many efficiencies as possible.
After all, who doesn’t want to make EOFY easier?
Every client currently uses an online accounting solution for their accounts, as this is more efficient than actually coding and entering bank statements or spreadsheets.
For the majority of our clients, we provide monthly, bi-monthly, quarterly or six-monthly management accounts. So if we complete their GST returns, we provide them management accounts – and we fully reconcile all the items we would need to reconcile at year end. Therefore in most cases the Annual Accounts become another set of bi-monthly accounts with end-of-year adjustments and tax returns.
The three tricks we use are:
This is critical for our business. We determine how many hours that we can dedicate to annual jobs every month of the year and then advise all our clients what month we are completing their work.
This way our clients know by what date we need their information and we can work towards our target of 10 working days for turnaround of annual jobs.
These are less than one page, and only ask questions relevant to their business.
This ensures that our clients actually complete the questionnaire (as it’s not 30 pages of irrelevant questions) and provide us with the information we have requested.
This is to ensure we are not missing information. Once the accountant is given the job they can complete it from start to finish in one go.
There are times when something may come up, however we have taken steps prior to allocating the job to the accountant to try and minimise this.
The most expensive part of any annual compliance job is the picking up and putting down. It’s starting the job, emailing queries, putting the job down till you get a response from the client, picking the job up working out where you are up to, working on the job and then emailing more queries etc. This can be eliminated by incorporating and managing the three points above.