A family in business should have real time access to their financial position and financial performance. Clearly understanding where you are at now, through the timely and accurate preparation of clear financial reports, is the only way you can make clear decisions about the future.
At Westcourt we assist a range of family businesses prepare monthly, quarterly, or yearly accounts to give them insight into how they are operating.
Many family businesses employ accountants, office managers and bookkeepers. Supporting and empowering teams within the family business is an important, integral part of the solution we employ to make family owned businesses great.
Quite often a family business will have other people who rely on their reports. It might be the ATO, the banks, outside shareholders, family members, auditors, ASIC, or a raft of specialist government bodies like IATA, REBA, OSR or BRB.
Understanding the needs of the different users of your reports and tailoring those reports so the numbers provide value and cuts red tape should be the cornerstone of the accounting function.
At Westcourt we look beyond the classical users of your financial reports and consider any person who will need to look at your financial reports. Through a strategic understanding of the end users many family businesses can quickly and easily manage the raft of agencies that might be required to analyse your reports.
Cloud Accounting (Xero, QBO, MYOB + more)
Cloud accounting is changing the world. The elimination of routine mechanical tasks is giving business owners accurate and sound data to understand what is happening within your business. And when you understand what is going on now you can confidently make decisions about the future.
Importantly we understand that every business is unique with its own challenges. And that means that one software program can never be the best solution for every family business. That is why we are committed to flexibility in cloud accounting. Yes, we are Xero Gold Champions and a Quickbooks ProAdvisor and we also cross assist with MYOB, AgriMaster, Sage, MYOB Exo and a lot of other accounting platforms.
If you are struggling to get a handle on your business, if the reports don’t make sense, or if your internal accountant needs a hand with the higher end strategic processes, have a chat to us. We help many businesses with a part-time bookkeeper right up to family businesses with a team of qualified internal accountants.
The ability to understand the needs of a family business, together with leading edge software programs and add-on software, allows us to recommend a software program that is the best fit for the family.
And as a practice we are a fully paperless, fully online practice. Every piece of software we use is cloud based.