How we helped AWW move from an old desktop system to an efficient remote finance system

The Problem

When we first met with AWW seven years ago, they were using an old desktop with the MYOB system and their paperwork was stored in shoe boxes lined up against the wall. There were paper receipts everywhere.

The computer system was slow and never ran adequately, resulting in AWW missing supplier invoices, making late payments, and suffering from unstable cash flow. The unstable cash flow had a knock-on effect on their tax compliance – which ended up being delayed and overdue, resulting in constant fines and demand letters.

On top of that, AWW’s payroll system was not transparent or flexible. It wasn’t easy to reconcile payroll at the end of the year, which meant enormous accountancy bills.

IPR Accounting’s Solution

Within only a few months of our first meeting, we were able to address their challenges, including:

• Integrating all their accounting data into Xero from their eCommerce platform
• Setting up a system to efficiently process the weekly payroll for 30 employees
• Implementing a cash flow system that ensures there is enough money to cover monthly expenses and make sure they don’t spend money reserved for tax or BAS
• Providing quarterly management reports that we regularly review to identify which business areas are profitable and which need improving
• Systemizing their HR payroll system under the direction of Fair Work by implementing payroll payment tech, ensuring the legality of contracts, and updating staff forms to be compliant.

The Results

The client can log into Xero at any time and see accurate financial information enabling them to make real-time decisions.