Challenge
Melbourne Joinery Services, specialists in custom joinery and cabinet solutions, initially engaged Figureworks Bookkeeping as a sole trader with an existing but problematic Xero file. The file contained multiple inaccuracies, incorrectly coded transactions, and imbalanced ATO accounts, causing confusion, compliance issues, and unnecessary expenses.
Our Approach
Figureworks Bookkeeping swiftly implemented a detailed action plan to rectify these issues and established robust financial management systems tailored specifically for Melbourne Joinery Services.
Key steps included:
Xero File Correction & Cleanup
We undertook an extensive audit and correction of their existing Xero file, recoding transactions accurately, reconciling and balancing all ATO accounts, and rectifying payroll discrepancies.
Full Payroll and BAS Management
Figureworks Bookkeeping streamlined payroll processing, ensuring accurate, timely payroll and superannuation payments. We also took over the preparation and lodgment of Business Activity Statements (BAS), ensuring complete compliance.
Establishing a Family Trust Structure
As Melbourne Joinery grew, transitioning to a Family Trust structure, Figureworks Bookkeeping set up a completely new Xero file with a tailored Chart of Accounts designed specifically for a Trust within the joinery industry.
Email and Bill Management with Hubdoc
We set up a dedicated accounts email, managing all incoming bills and implementing Hubdoc for effortless bill capture, automatic bill entry into Xero, and seamless expense tracking.
Comprehensive Outsourced Bookkeeping
Melbourne Joinery Services fully outsourced their bookkeeping to Figureworks, including weekly payroll payments, bill payments, cash flow management, and budgeting. Our integrated systems significantly reduced administration time and costs.
Custom Software Integrations
In addition to Hubdoc, we utilized software solutions such as Dext, Stripe, and integrated payment services within Xero. These solutions streamlined invoicing, payment processing, and cash flow forecasting, resulting in substantial cost and time savings for the business.
Outcome
Melbourne Joinery Services now enjoys accurate, compliant, and efficient financial management tailored precisely to their needs. Figureworks’ cash flow management system enables proactive financial planning and budgeting, ensuring optimal business performance and profitability.
“Figureworks Bookkeeping completely transformed our bookkeeping, saving us considerable money and countless hours. Their expertise with Xero and tailored cash flow management systems have allowed us to confidently focus on growing our joinery business. We highly recommend their exceptional service!” – Melbourne Joinery Services
