Challenge
Austrom Constructions Pty Ltd operates within the highly competitive and complex building and property development industry. Initially, their accounting processes relied heavily on manual systems, making financial tracking and project profitability reporting extremely difficult. Flory Curesula, the internal accountant originally trained in Romania, faced challenges with Australian tax compliance and bookkeeping standards, requiring professional training and support.
Our Approach
Figureworks Bookkeeping, represented by Ruth Fenby (now Ruth Felmingham), was initially engaged to address immediate challenges and provide training for the in-house bookkeeper.
Key steps included:
Initial Training and Software Implementation
Ruth identified Austrom’s specific requirements, recommending QuickBooks Pro (Reckon) to streamline financial management and project reporting. She implemented the system, entered historical balances, and provided structured training to ensure Flory gained comprehensive knowledge and confidence.
Ongoing Support and Compliance
Regular onsite visits and quarterly BAS reviews ensured accurate data entry, compliance with ATO regulations, and timely financial reporting. Ruth further assisted Austrom Constructions in establishing an organized office environment and efficient filing systems for easy access to financial documentation. The tax issues are often quite complex with many property purchases and sales and calculations involving the property margin scheme. Ruth liaises with my accountant, solicitor, conveyancer and my bank regarding the different purchases, sales and corresponding bank loans. Ruth always ensures she sources the correct documentation, contracts and rulings on the tax issues and implications on all my property dealings.
Complete Outsourced Bookkeeping Transition
As the business grew and financial management demands increased, Austrom Constructions entrusted Figureworks Bookkeeping to manage their entire bookkeeping function. This transition allowed them to fully concentrate on their construction and property projects without being burdened by financial management tasks.
Successful Migration to Xero and Enhanced Project Management
Recognizing further opportunities to streamline processes, Ruth successfully migrated Austrom’s financial data from QuickBooks (Reckon) to Xero, significantly improving financial management efficiency. Ruth also established tailored systems within Xero, enabling detailed tracking of income and expenses at an individual project level, greatly enhancing project profitability reporting.
Outcome
Today, Austrom Constructions enjoys robust and accurate financial management tailored specifically for the property development industry. With precise profitability reporting on individual projects via Xero, the business now makes informed strategic decisions confidently. The complete outsourcing of bookkeeping to Figureworks Bookkeeping has empowered Austrom to focus entirely on their construction projects, growth, and client satisfaction.
“Ruth provides an excellent service, ensuring accurate financial management and detailed project profitability reports. Her expertise in Australian tax laws, combined with her commitment and meticulous nature, has significantly contributed to our success.” – Leon Curesula, Austrom Constructions Pty Ltd.
