Business Oxygen

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Offer to accountant

Problem:

  • Client’s bookkeeping is often deficient in terms of supporting documentation and standard of preparation.
  • Client bookkeeping is often only partly reconciled sometimes only the trading account.
  • Each client has unique processes that cause an Accountant to maintain and impart a knowledge base in relation to each client to staff engaged on preparing accounts.
  • Many potential clients are not attractive to a high level firm as the time cost of preparing tax returns exceeds the perceived value to the client when compared with the clients peers.
  • Firms with predominately highly skilled and experienced staff often absorb significant time write offs to attend to lower level tasks.
  • Client bookkeeping software is rarely sufficiently compatible with professional client accounting packages to be routinely imported.
  • Time cost of data manipulation is rarely recoverable at acceptable rates.
  • Considerable time cost is expended in the query phase of account preparation due to deficiencies in client bookkeeping practices, uniqueness of processes or lack of available supporting documentation.
  • The client often perceives the bookkeeping work is already done and that the accountant is unnecessarily compounding costs.
  • The clients bookkeeper has the potential to influence the selection or retention of an accountant.
  • Retrospective preparation of work papers for compliance increase costs resulting in lower margins for highly compliant accountants.

Solution:

Business Oxygen

  • Client Books are prepared to a compliant standard with full supporting documentation online.
  • All accounts are fully reconciled.
  • Clients are trained to adopt the Business Oxygen Standard process,
  • simplifying their business, reducing administrative costs and provided a predictable outcome for their accountant.
  • SME’s of all sizes become a profitable tax client and present other opportunities for servicing.
  • No write offs in relation to account preparation and full consulting rates can be substantiated.
  • One online accounting package “Xero” which avoids the costs associated with a client accounting software package.
  • No Manipulation of incompatible or versions of data.
  • Nil or minimal queries, usually only related to tax planning initiatives.
  • The clients perception that bookkeping work is done is correct.
  • You are the service provider so clients are unlikely to be referred away.
  • Workpapers for all items except tax adjustments are prepared.

 

Problem:

When an Accountant or specialist Business Adviser requires to provide business performance, business development, business restructuring or financial restructuring advice it almost never coincides with a time when the clients accounts are final. Resulting in work/cost pressure or lost opportunity.

Solution:

When an Accountant or specialist Business Adviser requires to provide business performance, business development, business restructuring or financial restructuring advice, final accounts save for current year tax adjustments are available immediately.

© 2020 Business Oxygen, Pty. Ltd.