Cash flow is a critical factor for the smooth running of a business. A few days late payment by customers may not seem like much but multiply that by several invoices and it can have a serious impact on the business owner's capacity to pay staff, meet tax obligations, purchase stock and supplies, service machinery, advertise products and services or even keep up with their own household expenses.
According to Xero Small Business Insights, Australian Businesses waited on average 35.23 days to be paid on a 30-day invoice in July 2018. There's clearly room for improvement and a need for a reliable total bookkeeping solution.
Rowe Partners Accountants & Business Advisors understand the needs of busy business owners to manage accounts and maintain cash flow. Through a dedicated business division, Rowe Partners Business Support Services, they are helping local businesses in Port Augusta who have previously struggled to keep up with day-to-day business finance and administration with an ideal and reliable outsourced solution. Now, instead of struggling with cash flow, payroll and bank reconciliations, getting stuck with BAS, invoicing and accounts payable or staff super, Port Augusta businesses are turning to the professionals. Trained staff use Xero, Receipt Bank and other integrated tech solutions to simplify bookkeeping work saving Port Augusta businesses time and money. They make sure it’s all done and kept up to date freeing you up to work on the bigger picture aspects of running the business - growing it, managing staff and caring for your customers.
With the help of Chad and the team at Rowe Partners, Darren McNamee from Fire Equipment Maintenance Group (FEMG) Port Augusta is now way more in control of the business finances. Darren admits to being old school. He’s a partner in a successful Port Augusta business for 19 years helping people stay prepared with fire emergency and safety equipment. He had developed a pretty good financial management system over the years so, it took a bit of convincing to get him away from the trusted paper trail but Chad’s persistent when he believes in the value of something like integrating business and accounting systems. Now FEMG has moved to Xero and is using other cloud-based apps such as Receipt Bank and Aroflo, he can’t believe the difference.
Moving to the Cloud offers huge benefits. With Xero, I’m saving at least half a day a fortnight on payroll. Bank recs are easy. Especially payments and invoices. Xero speeds up the process by searching and pairing invoice numbers with payments. We’re getting invoices paid faster too with the benefit of Xero automatic invoice reminders. Once a week we look at debtors. If a debtor falls into the long overdue period, we can quickly apply a “stop work” which gets bills paid. Previously things like this might have gone unnoticed for a while and the amounts owed in debtors were much higher.
Aroflo has really helped us streamline our job management and allocations. It’s a work in progress but we’re happy with the fact that we can send jobs to the team when they’re out in the field. Our staff cover a lot of territory. We have a fleet of 16 service vehicles and our people are doing valuable work in the field. Aroflo reduces time wasted through miscommunication and doubling up on jobs. We still prefer to run a centralised invoicing system and keep our people busy helping customers, but the option is there to invoice on the spot.
Receipt Bank is saving time entering invoices and keeping track of receipts for our techs out on the road. Using Receipt Bank can save time in entering invoices and receipts into Xero as it can do a lot of the work for you automatically. Also it saves every invoice against each transaction, meaning you don't need to keep receipts.
All these time savings across various day to day tasks really add up. Chad’s accounting and business advice, means we’re now running way more efficiently, have a lot more control and have the transparency we need.
Darren McNamee, Fire Equipment Maintenance Group 2018
See yourself more as a DIY but prefer the idea of a cloud-based accounting software solution? Rowe Partners Business Support Services have the know to set you up with your books fully integrated and ready to go. We can even provide staff training.
No matter what type of business you’re in, our Rowe Partners Business Support Services team will give you back the time you need.
Click here for more information about our Client Business Support Services or call 1800 04 7693 for more information.