lucent’s Xero Accountant is a total outsourced financial management solution including
Business Activity Statement
Tax and Compliance
System & Process powered by Xero
Xero Accounting is at our core…
Although 10 years old, at lucent advisory we consider ourselves part of a new generation of tech-smart, cloud savvy accountants. Born to help businesses move into computer-based cloud accounting, we have evolved into an end-to-end financial management solution. However data integrity and doing the ‘fundamentals’ well, remain at our core.
At lucent we specialise in providing businesses with an outsourced finance department they can rely on. We know that business owners and managers are time poor, you seek a back-office solution that ‘just works’, numbers you can trust and proactive support that is both considered and empowering. Every aspect of your financial administration is handled by dedicated practitioners with extensive experience and unrivalled technical competence. With a large, committed team, stringent quality controls and a superior workflow management system, we guarantee consistency and continuity in all our work – so even in busiest of periods we have the capacity to handle the unexpected and meet every deadline.
Every aspect of your financial administration is handled by dedicated practitioners with extensive experience and unrivalled technical competence. With a large, committed team, stringent quality controls and a superior workflow management system, we guarantee consistency and continuity in all our work – so even in busiest of periods we have the capacity to handle the unexpected and meet every deadline.
lucent advisory is a Xero Accounting Gold Partner. This means we have up to 500 clients using Xero, so it’s safe to say we know our way around their software.
With lucent’s Xero Accountant your business can enjoy
an outsourced financial solution
that brings efficiency and improvement to your process
and integrity to your numbers.
A familiar story…
Constance the CEO runs a successful medical practice. With 10 doctors to keep happy and half a dozen support staff to manage, Constance wears many hats. One of her more stressful jobs is to provide the board with regular financial reports, the accuracy of these reports is incredibly important – after all they rely on this data for informed decision making. Constance has an internal resource responsible for ‘keeping the books’ and an external accountant at tax time.
Lately, Constance has felt uneasy about the quality of the financial data, she feels the book keeping systems are too manual, in some instances bills have been paid twice (or not at all), overdue accounts are ignored and the resource seems to be up to her eyeballs in paperwork. To make matters worse compliance deadlines are only just met and last quarter they received a late lodgement fee.
She has discussed the issue with her accountant but as their involvement is only at tax time, they are unable to offer a suitable solution (or unwilling to get involved).
Constance knows a better way must exist.
The solution – enter lucent Xero Accountant.
Constance came across the lucent website and decided to give them a call. After a few meetings, obligation free audit and report proposal, Constance decided to outsourced her entire finance department to lucent advisory. It is never nice to lose an employee or end a long-term business relationship, but in the end Constance had no choice, it was compromising the business and her job.
By outsourcing to lucent Xero Accountant, Constance has reduced overall costs, enjoys the benefits of a reliable and process driven system, has access to real-time support, feels confident in her data and has the management reports she needs. Tax is now not an end of year (retrospective) function, it is budgeted and considered on an ongoing basis.
STEP 1: Audit and Report
We will conduct an audit of your existing financial processing to identify areas for process improvement, technology enhancement and where efficiencies can be realised.
We will provide a report outlining our findings, proposed recommendations and interpretation of what it all means for your business. We will consider your business structure, industry and take into account your existing resources, technology and other requirements specific to your individual business needs.
STEP 2: Implementation and Training
We will work with you and your team to integrate the recommended systems and processes into your business including:
» the conversion of your existing files into a Xero Accounting system
» customise chart of accounts and departmental/cost centre tracking to facilitate more effective reporting
» customise your financial reporting templates
» set-up any additional system recommendations including Receipt Bank for accounts payable processing
» supply your internal staff with the appropriate training for both change management and to ensure systems value is maximised
STEP 3: Ongoing Management
Operating as an extension of your business, you will be assigned a dedicated relationship manager and will have access to a team of book keeping and tax professionals with accounting qualifications. Our ongoing management services include:
» debtor management including invoicing services and following up outstanding accounts
» creditor management including processing supplier invoices and paying bills
» bank reconciliations
» end of month reconciliations and reports
» BAS and tax lodgements
Please note: Payroll processing services are available, please click here for more information
STEP 4: Integrated Advice
Business compliance and the Australian tax system is complex and changes regularly, but as specialist finance professionals we know our stuff. As part of our outsourced finance solution you will also have access to real-time support including:
» advice and guidance to ensure your transactions are recorded accurately to avoid costly re-work at years end
» proactive and timely advice regarding changing legislations and/or accounting standards
» keeping you informed of new technologies and system enhancements
» general system support
Higher-level strategic advice including cash-flow managment, growth and profitability strategy is available via our Virtual CFO service.
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