Rainmaker Partners moved this business from a manual, MYOB-based model to a cloud-based solution that gave the business owner instant access to key information with which to make better decisions.
“I never thought accounting and bookkeeping could be so effortless. The technology is surprisingly easy to use for a 70 year old and I only need to spend one hour a week to stay on top of my business. The level of business insight I have through the cloud accounting solution is pure magic!”
Phil purchased Lakeview Childcare Centre in 2012 as a passive investment, appointing a Childcare Centre Director to manage the business day to day.
At the end of each month, the business’ records were packed up and sent to the bookkeeper for processing. Once the data was input into MYOB, the updated MYOB file was forwarded to Phil for review.
Phil knew the business was profitable but had to wait for at least 2 weeks after the end of month before he could go through even basic financial statements. It was difficult to identify issues early and act accordingly. Phil, a retired financial planner, understood the benefits of having real-time insights into his business and since implementing our cloud solution he hasn’t looked back. Even though he has had more time to do so.
By understanding Phil’s business operations and needs, Rainmaker Partners proposed a seamless cloud accounting solution, consisting of Xero and Receipt Bank. The process was as follows:
- Implementation of Xero (quickly and with no impact on Phil’s operations, including data integration)
- Creation of a “line of sight” through some of Phil’s key areas of interest and risk
- Automatic bank feeds were set up in Xero and various ‘bank rules’ were applied to streamline the reconciliation process.
- Implementation of a payroll system to comply with all regulations but also enabling all employees access to their own pay slips online using their own secure Payroll login.
- All business receipts were scanned into Receipt Bank then automatically processed and pushed into Xero to match the bank transactions. All scanned receipts are now kept in the secure cloud storage environment and available for easy search at any time.
As a result of the implementation of the Cloud Accounting System:
- With no need for a bookkeeper, Phil has reduced his accounting fees
- To aid better decisions, Phil can monitor the financial health of his business, such as income and key expenses whenever he needs from anywhere in the world
- Payroll processes have been streamlined and the employees love the new system
- Record keeping has never been this good; original invoices are attached to transactions that Phil or his accountant can drill into if required, saving time and money