Compliance
We cross the Ts, dot the Is, proofread and triple check so that you’re fully covered.
CFO Services
Consulting CFO services are available for enterprises wanting to progress.
Accounting oversight, big picture analysis, advice with clear benefits creating tangible progress; that is what you get from our CFO services.
Our Managing Director David Payne has over 10 years experience as a CFO, and has developed expertise in the Medical and Labour Hire industries. For other industries we will put you in touch with a best-fit Consulting CFO, and provide a full support team should they require validated accounting for their task.
We have established relationships with the big four banks and other financiers at a corporate level, and we have the expertise to help you obtain funding. We will guide you through your strategic planning by preparing detailed three-way forecasts, reviewing the business structure and identifying ways to reduce costs.
You will receive a clear plan to improve business profitability and its longer-term security. We review all systems and processes, identify and improve inefficiencies, and implement the improvements.
Additional services include tender assistance, consulting on business opportunities, negotiating with banks for better terms, finance facility reviews, management reports for Board meetings.
Management Reports
Real-time information and custom reporting provide fresh insights.
By using real-time information from everyday accounting functions such as payroll, payables, sales and receivables, you will get a breath-takingly accurate representation of the financial state of your business. This helps owners, directors and managers make better informed choices.
Raising the bar higher still, we can custom make reporting software to draw on other sources of information, like industry benchmarks, and even big data to generate meaningful, practical reports for you.
We will help you identify the most profitable aspects of your business as well as those areas that are not performing so well, which will give you the confidence to make decisions based on reliable data.
We help you plan for growth and sustained success by providing reliable representations of your business’ financial performance so that you can make informed and practical business decisions.
Cash Flow
Our specialists turn awkward into fast-payments with increased loyalty.
Debt Collection often falls to Accounts Receivable, when it actually is the pointy-end of CRM, needing specialist skills to achieve a double-win outcome.
The laws and legislation governing collection of past dues is complex, and without appropriate processes your business is exposed to unnecessary risk. This is why The Accounting Department employs staff accredited with the Australian Institute of Credit Management, and is committed to ongoing training.
By treating invoice collection as part of your CRM, open communication means that we spot trouble signs early, and prevent your customers from becoming debtors in the first place. If they do, we manage the process so that you’ll be the first supplier paid once they have funds at hand. With over a decade’s experience working in receivership - we know how to do this for you.
We generate weekly reports for all invoices, and our real-time system escalates notifications for scheduled, due and post-due. This service is part of The Accounting Department’s total management approach.
Accounts Payable
Accurate processing fosters relationships & builds business intel.
Knowing your bills are paid on time, fuss-free and accurately, keeps your professional relationships on solid ground. Your reputation is your business. Payments are not something you want to get wrong.
With The Accounting Department you can say goodbye to the piles of invoices on your desk. Have them sent directly to us: we’ll scan, code and put them in our system, so they’re paid on time and the record can be accessed online, at any time.
As sector specialists you’ll never need to explain your industry jargon as we know the lingo and can record costs appropriately - immediately. We give every invoice a code so we can track where your money is going and reveal the patterns to you.
Accounts Receivable
Strategic scheduling ensures rapid payments and accurate projections.
Our streamlined receivables service costs less than you managing it internally. Our process is efficient, accurate and scalable, and our system is designed to keep your cash flow optimised.
Because we understand how your clients work, we can create an invoicing schedule to ensure rapid processing, minimising the payment gap. For Medical Practices it’s Medicare and Work Cover, and the major insurers. For Labour Hire it’s the Government agencies, bigger contractors, and resource companies. We know what their payables people need. Our systems are all approved and ready to talk to theirs.
Accurate and up-to-date receivables make our projections reliable, giving management confidence. We always foster strong relationships, so over-dues are minimised.
Scalability also means if you need to cut back it’s easy. You only pay for what you use, without carrying the liability of staff or systems that you would have if you were doing it in-house.
As a package you get improved cash flow, relationships and information, plus reduced overheads, and minimal risks.
Payroll
We do the lot, keeping your staff happy and compliance squeaky clean.
Payroll administration devours time: managing multiple awards, agreements, rates, penalties, superannuation and entitlements, is a complicated process. Get it wrong and the consequences range from having to apologise to employees to disciplinary action from Fair Work and the Australian Taxation Office.
If you have The Accounting Department run your pay office for you, you simply provide the timesheets or HR records and we take care of the rest. We use an enterprise level payroll system that can easily accommodate seasonal and contract-based employees. The most complex payrolls can be processed efficiently and accurately.
All your employees get a secure log-in to The Accounting Department’s pay system (branded as your Business). They can instantly download and print their own pay advices, check holiday balances and other entitlements, submit leave applications, and even update their personal details. As a Manager, you have internet based access to all this information 24/7.
Legislation is continually changing so all our team members complete regular training to ensure we’re always fully compliant.
All data is secure, confidential and accessible to you at all times.
Compliance
We cross the Ts, dot the Is, proofread and triple check so that you’re fully covered.
Compliance covers a raft of legal requirements that business owners must ensure correct protocol on, or face legal redress. The majority of compliance requirements fall to the financial administration of your business, and it’s smart to have experts handle it for you.
The key compliance areas include payroll and super, staff entitlements, workers compensation, insurances and of course transparent and accurate accounting for the ATO auditors, should they ever ask to see it. But wait, there’s worse to come! Some compliance laws now mean that Managers are personally responsible, leaving them open to private law suits.
It is difficult for business owners to keep up with changes in legislation and reporting requirements, yet it is almost always the business owner who pays for any breaches.
Let The Accounting Department take care of all the paperwork for you. The diverse areas of expertise and levels of experience of our team members
leave us well placed to review your employment contracts to make sure you are meeting the minimum requirements.
Superannuation payments is one area full of pitfalls. If you don’t meet the payment deadlines, then the payment is not tax deductible for you, and this can be absolutely crippling. Furthermore, there are enforced fines and penalties that apply to directors for errors in superannuation.
When it comes to your tax obligations, we ensure you never miss a deadline. As registered BAS agents, we will conduct a detailed reconciliation and review prior to lodging your BAS returns.
While we are not tax accountants, we collate and compile the fully reconciled and complete data your tax accountants need in order to complete your returns. Your tax accountant will love you for organising that and you will love us for reducing their fee to you!
BAS/GST
Our system preloads to keep you ahead of the game.
The Accounting Department’s all encompassing approach means you’ll never have to even think about BAS and GST again. We guarantee they’ll be completed correctly and submitted for you, on time, every time. Late fees, fines, and paying tax accountants to make adjustments will never happen on our watch.
There is much to know in terms of BAS compliance requirements. Keeping up-to-date on all these issues takes time that you should put towards growing your business.
As highly skilled BAS agents, we give you confidence knowing all your financial data is reconciled, accurate and robust enough to withstand an audit should that ever arise.
Reconciliation
Yes, we’ll sort those pesky receipts and costs for you. Every week.
We know, in the day to day running of a business, accurate recording of your expenses is not your priority. It is much easier to toss everything into the “do it later” basket. But if you have two, or three, or more employees doing this you can imagine the mess it creates.
The Accounting Department is here to help. We handle everything from those pesky shoeboxes of receipts, to credit card and bank account reconciliations, all the way through from the simple to the complex.
We scan, note and file all your receipts. Because we’re experienced in Medical Practices and Labour Hire, we know what you can claim and sort everything ready for tax time.
We also take care of your employee salary sacrifice and workers compensation reconciliations, ensuring you remain fully compliant with your legal obligations.
When we sort and track expenses, management gets a clear picture of where the business is spending its money, making it easier to budget. It also means you’re 100% solid should you ever be audited.