Show your support for this innovation. Tweet it. Like it on Facebook. Leave a comment.
The following SMART 100 profile and the information it contains is a duplication of content submitted by the applicant during the entry process. As a function of entry, applicants were required to declare that all details are factually correct, do not infringe on another’s intellectual property and are not unlawful, threatening, defamatory, invasive of privacy, obscene, or otherwise objectionable. Some profiles have been edited for reasons of space and clarity. More about the SMART 100.
Befree Bookkeeping & Accounting Service (NSW)
This innovation initially came to life when…
Being accountants, we got sick of having high staff turnover in Australia, regularly fixing accounts that were not completed correctly by bookkeepers who were supposedly qualified to maintain business accounts. We got sick of having to charge our clients for fixing work that was already paid for and having to justify our fees to our clients for this work. The majority of bookkeepers weren’t qualified and hence did not understand accounting and yet charged high rates based on experience. We realised we could offer the same services with better qualified staff at lower rates by moving accounting functions offshore.
WHAT & HOW
The purpose of this innovation is to…
Provide a permanent, reliable solution for bookkeeping/accounts/tax requirements of SMEs. To look after the whole accounts function meeting ATO deadlines and providing up-to-date reliable reporting so SME owners can be free to concentrate on running and growing their businesses.
It does this by…
Offering complete and comprehensive accounting, bookkeeping and tax services at very reasonable rates. We set up systems with a long-term view but with the flexibility to change as the business changes. We have qualified accountants completing all accounting work which ensures we provide a reliable and high-quality service.
PURPOSE & BENEFITS
This innovation improves on what came before because…
It uses qualified accountants who understand accounting concepts. They know how to maintain tax and management accounts and they know what the ATO and business owners need to see and when and how — and this means high-quality and hence reliable and timely reporting. Normal bookkeepers are not trained accountants. They rely on experience and software training to get work.
Its various benefits to the customer/end-user include…
Ability to outsource the whole accounting function to qualified accountants at less than 50% of current costs. To free up time for owners to focus on running and growing the business. Provides a one-stop shop for all accounting-related requirements.
COMPETITIVE LANDSCAPE
In the past, this problem was solved by…
Using unqualified bookkeepers who relied on software knowledge and experience only while charging triple the amount we charge to maintain accounts. The accounts and tax work were then completed by a separate accounting firm, leaving SMEs with 2-4 different people to deal with regarding their accounts — thus causing communication issues and increased costs.
Its predecessors/competitors include…
Traditional onsite bookkeepers and bookkeeping firms and offsite services that were ineffective and slow.
TARGET MARKET
It is made for…
- Small-to-medium-sized businesses who want to maintain minimal cost for their accounting function but understand the importance of reliable and timely figures as well as meeting ATO deadlines. We work offsite electronically and have the flexibility to work with all types of businesses from all industries.
- Owners of superfunds who need help with maintaining their accounts and tax work.
- Large businesses who want an efficient solution to their accounting function or part thereof.
DISTRIBUTION STRATEGY
It is available for sale through…
Contacting our offices for an obligation-free meeting to discuss how we can tailor our services to suit the individual requirements of the business. Online enquiry form can also be submitted.
Our marketing strategy is to…
Make our presence known everywhere, so that when the question arises of replacing a bookkeeper we are instantly remembered.
SHARE THE LOVE
You can show your support for this outstanding Australian innovation in three ways:
- Tweet it: Top left of each page
- Trigger a Reaction: Facebook ‘Like’, etc.
- Leave a Comment: Anonymous comments excluded.
More about the READERS’ CHOICE INDEX.
