Challenge
Colin Little Racing operates within the highly specialized and complex horse racing industry, involving intricate financial arrangements, including the management and billing of multiple horse owners with varying ownership percentages. Their accounting systems initially included Ardex, which required meticulous attention due to the unique legislative requirements, GST complexities, and owner-share billing intricacies.
Our Approach
Figureworks Bookkeeping was engaged to provide complete outsourced bookkeeping and accounts management, encompassing payroll, bill payments, email account management, and financial reporting. Initially tasked with managing Ardex, Ruth Fenby (now Ruth Felmingham) from Figureworks identified key limitations and opportunities for improvement within the existing software.
Key steps in our solution included:
Detailed Software Analysis
Ruth conducted comprehensive research and cost-benefit analyses to evaluate available systems designed specifically for the horse racing industry. Ardex was initially chosen due to its potential for improved compliance, detailed reporting, and financial accuracy.
Effective System Migration to Xero
Understanding the growing needs of Colin Little Racing, Ruth successfully transitioned the financial records from Ardex to Xero. This migration was carefully managed, ensuring no loss of data or operational downtime.
Integration of Prism with Xero
Ruth implemented Prism software alongside Xero, creating a robust system perfectly suited to the complexities of the horse racing industry, including the splitting of expenses, accurate GST handling, and maintaining detailed owner-share records.
Customization and Compliance
Ruth developed tailored spreadsheets and additional reporting mechanisms to automate processes that were not available directly through Ardex. The move to Xero significantly simplified these processes, providing Colin Little Racing with accurate, automated financial and compliance reports.
Full Outsourced Bookkeeping & Financial Management:
Figureworks managed daily financial operations, handling payroll, bill payments, comprehensive BAS preparation, and providing clear, accurate monthly financial statements.
Outcome
Colin Little Racing greatly benefited from the migration from Ardex to Xero, combined with the introduction of Prism. The business gained clear visibility over financial data, improved accuracy in managing the complexities of horse ownership and billing, and streamlined financial processes. Ruth’s extensive knowledge of the industry-specific challenges provided confidence and peace of mind, ensuring consistent compliance and accuracy.
“Ruth provided invaluable support, thoroughly addressing all complexities and intricacies inherent in our industry. Her management of our bookkeeping and successful transition from Ardex to Xero and Prism has significantly enhanced our operational efficiency and reporting accuracy.” – Colin Little, Colin Little Racing.
