the benefits of outsourced bookkeeping & payroll
The Client
Chartered Accountant Andrew Blunden is Founder and Director of Balanced Accounting Solutions, based in Sydney. He has acted as Chief Financial Officer of multiple companies, providing financial leadership and strategic financial advice.
The Project
As Chief Financial Officer of two private companies, Andrew Blunden reached out to us when searching for a reliable, cost-effective bookkeeping and payroll service for both entities.
“I was looking for a reliable, cost-effective bookkeeping and payroll service that could provide seamless service continuity. That’s exactly what I got, and more.”
Andrew Blunden
The Challenge
Both companies faced the challenge of a small accounts team where staff absence, due to sickness and other reasons, was impacting directly on the day-to-day bookkeeping. As a result, other staff members had to jump in to try and maintain financial continuity, which was time-consuming as they had to be brought up to speed with the accounts. They needed a built-in redundancy solution to ensure continuity of service.
One company faced the added challenge of having most of the financial knowledge in the hands of one staff member, creating a significant business vulnerability.
For both companies, their main focus was on back office issues, instead of business growth.
Our problem solving approach was threefold:
1. Service continuity
We assigned a dedicated team member to each company, with additional support from at least one other team member to ensure service continuity.
Moving the account responsibility to Viridity meant removing the vulnerability of having all knowledge in the hands of one person in the company.
2. Recommend & implement Xero
One company was running MYOB, which wasn’t delivering the efficiency they needed. We made the recommendation to switch to Xero and handled the data migration.
The other company was already running Xero so we focused on optimising the software.
3. Handle the day-to-day financial needs
For both companies, we acted as their accounts department, handling the day-to-day accounting function.
“Outsourcing our bookkeeping function reduced the burden on our staff and resulted in more robust financials.”
Andrew Blunden
The Result
The day-to-day bookkeeping became more streamlined and efficient, as a result of service continuity, improvement of procedures and the change to Xero for one company.
Less time was spent dealing with staff handovers, which also removed the vulnerability of losing all knowledge with the departure of one staff member. As a result, there was more time available to focus on growing the business.
As Xero experts, we know the ins and outs of this accounting software to create more meaningful data enabling smarter management decision making.
“Viridity has always provided timely and relevant advice, and has proven to be a flexible and stress-free solution for all our AP and Payroll requirements.”
Andrew Blunden
Our Expertise
Our staff include payroll specialists, accountants and bookkeepers who understand the unique needs of Australian SMEs. Find out the 10 reasons why Australian SMEs choose to partner with us or read client testimonials.
We can help with bookkeeping, carbon accounting, management accounting, payroll and accounting software selection & implementation.
We work with Ecommerce & Retail, Import & Distribution, Manufacturing, Not-for-Profits, Professional Services and Software Developers.
Interested in working together? Contact us to tell us about the financial and operational challenges your business is currently facing.
