Obsidian Advisory | Businesses

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Obsidian Advisory

Phone: +61 422 697 739

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18.01.2022 How to know if you are with the right accountant. Times like these accentuate if you are in the right place. I have seen a couple of posts from people in our industry complaining about ‘all the extra work jobkeeper forced onto them’. ‘We never asked for this’ they proclaim!... We are the lucky ones. We are lucky this situation created work for us rather than taking it away. We have a great scenario where we are able to help all our clients through tough times! Here are some classic signs to show you if you are with the right accountant 1. What was your accountant’s vibe to helping you with job keeper applications? Did it feel like a burden? Or were they happy to help you in a tough time? 2. Is your accountant calling you each June for Tax Planning? 3. Is the information sent to you useless or tailored to your needs? 4. Do they outsource complex advice? (they aren’t the best at everything, they should outsource certain work to make sure you come first and get the best deal) 5. General attitude of the accountant are they happy to hear from you or are you a problem? If you feel like you’re in the wrong spot, give me a call - 0422 697 739. I would be happy to help you find a new accountant, and surprisingly, depending on what your needs are it might not be me.

16.01.2022 Accounting Software - What should you be using? In regards to the main Ledger System everything feeds off. Xero is hands down the best accounting software for small business. Its reporting functionality, simplicity to use and consistent upgrades far exceeds any other players in the market. When comparing it to MYOB - It is chalk and cheese.... A lot of people still use MYOB because their bookkeeper isn't trained on Xero... what a ridiculous reason. You are allowing someone who doesn't want to learn something new rob you of using the best available software to run your business. What is worse, you are paying them for the pleasure to do so. Xero is better at: 1. Payroll 2. Fixed Asset register 3. Bank feeds & reconciliations 4. Reporting There really isn’t much MYOB is better at, if anything at all. Outside of that some software add on's to look at would be: 1. Hubdoc for accounts payable automation (comes free with Xero) 2. Expensify - for credit card receipts & processing (for offices with multiple card holders) If you’re struggling with how to run accounting software’s in your business. Give me a call on 0422 697 739, I would be happy to help push you in the right direction. #Xero #Smallbusiness #SME

16.01.2022 https://fishburners.org//meet-obsidian-advisory-the-chart/

13.01.2022 When it comes to accounting and professional services, you get what you pay for 'generally speaking'. Cheapest is not always best. I will give you an example. I sat down with a client recently who was struggling with their cashflow due to Covid. I realised that they qualified for jobkeeper & four other cash grants back in March.... Their accountant hadn’t even contacted them to let them know, let alone apply for any on their behalf. (they had missed the boat as some were closed & we couldn’t backdate jobkeeper, it had to start from that date) They were with a low-cost, low service accounting provider. Is this their accountants’ fault for not telling them? Maybe, but not necessarily! When you sign up with your service provider, if you negotiate on price hard, you might end up missing out. You’re essentially saving on price whilst also making yourself less important as a customer. If you want it really cheap, the business can’t afford to offer you the same service. You get a worse service for a cheaper price. The next time you talk to someone in professional services & you are trying to figure out who is better, measure it on their service & advice quality. The cost comparison can only be used if the services & advice quality is exactly the same.

13.01.2022 What skills should your bookkeeper bring to your business? Our Partner Luke Moylan recently shared advice to consider when appointing a book keeper. #accounting #bookkeepers #sydney

07.01.2022 Investor reporting The main thing I see businesses struggle with is stakeholder management. Investor reporting is a big problem for the owners. Often the owner knows the business like the back of their hand & they assume everyone else knows it in the same detail.... News flash. they don’t. Communicating with Investors is a unique skill. Joe and I are well trained in this and have helped many clients communicate the right message to their audience through numbers. What your business does / its goals will influence exactly what you report. For some people EBIT & ROI is important, for others it is cost control, other just revenue. For some investors they couldn’t care less about EBIT, they want to know user/client numbers or something they use to judge performance. Part of our CFO services is to identify this straight away for our client. Then continually improve the reporting, to add value to the owner and their communication with external stakeholders.

06.01.2022 We're back! After a refreshing break the Obsidian Advisory team is back in the office and raring to go! Got a question for an accountant? We're here to help - no question is too big or too small. Get in touch: www.obsidianadvisory.com.au... #accountants #sydney #backtowork #firstweekback

02.01.2022 When considering if you should hire someone in-house (employee) vs outhouse/outsourced (external provider) I think outsourced wins by a country mile. Let's look at it in the context of accounting (assuming most of the role is non-core to the business and not client facing). There are many reasons but here are my top two:... Experience When looking at a specialist outsourced provider they are learning new skills at a faster rate than an employee. If they have 25 clients they do a similar service for, that’s 25 times the problems, 25 times the learnings each month. After 12 months they have seen 300 times the month ends of the employee. They can then share this knowledge with your business to add value and solve problems. Motivation Employees have ups and downs - we all do. When outsourcing, they have to deliver month in month out no matter how they're feeling. If they don’t, they can be dropped on the spot. Employment laws do very little for a drop in performance of employees. They are hard to manage. Outsourced providers need you to survive. It is a competitive world; I believe this keeps them more on their toes. When looking at a role to fill in your business. Ask yourself, would an outsourced provider do a better job? #accountants #accounting #sydney #payroll

Obsidian Advisory | Businesses