The team at New Wave have been announced a place on Hubdoc’s Top 50 Cloud Accounting Firms in Australia. Another accolade to place next to New Wave’s win of the Intuit Firm of The Future Award in 2016. See how we can help you improve efficiency and scale your business with the right apps like Quickbooks Online Accountant and Xero Bookkeeping here.
Hubdoc is one of the leading applications to assist accountants in managing their documents (receipts, invoices, bank statements). Officially launched in Australia just over one year ago (originating from Canada), the efficiency driving powerhouse of an app has been making waves throughout the accounting, bookkeeping and small business industry. Its optical recognition technology allows users to save a picture of their documents directly to the cloud storage system, which automatically reads and files the document according to the information extracted. What does this mean for businesses? Huge time savings and efficiencies when it comes to recoding those dreadful invoices and receipts.
This award is presented throughout several countries and focuses on firms that are proactive, innovative and looking to transform small businesses with cloud accounting technology such as Hubdoc, Xero, and Quickbooks Online. Traditional bookkeepers and accountants are still using desktop applications and relying on inaccurate, historical information. Bookkeeping is all about real-time figures which can be used by owners to improve their business.
Reuben Bergola, one of the partners at New Wave says, “As a team, one of our core values to improve efficiencies and communications between ourselves and our clients whenever we can. Epic procedures (e.g. Hubdoc) drives the efficiency and cloud-based accounting software such as Quickbooks Online and Xero improves our ability to paint a picture of how the business is tracking now. Apps like Hubdoc allow us to add huge amounts of value to our clients which in turn means more successful businesses”.
The key to using these apps is not to rid your business of a bookkeeper, but to utilize them less for data entry and more for advisory. Your bookkeeper or accountant can give you key insights into what your figures are actually saying. For example, New Wave had taken on a café’s bookkeeping and accounting, not only could they reduce the bookkeeping cost by 25% but the savings went towards advisory. With the advisory accounting service, it quickly led to show the client that they were spending too much on wages and cost of food and that by monitoring this a little closer each month they would increase their profit by $50,000 in one year.
Many businesses are scared of change because there are so many apps out there to choose from which can be daunting. Ask your advisor and the implementation and change will be worth huge savings in terms of tax and profits.
Our clients are finding big improvements on time savings and efficiency gains. Transition to the cloud today and move forward with your business with the help of our Quickbooks Online Accountant and Xero Accountants Gold Coast today. Book a free consultation here.