FAQ

Do I need to change Accountants?

No. Accountable makes it easy for your current Accountant to do your end of year work because all of your information is correct. In fact it will be so easy we think it should be free!

Is it easy to change Accountants?

Yes. There is an accepted process between accountants and we will handle this for you. You don’t even need to contact your current accountant unless you want to.

How does the free tax offer work?

Free tax is available for a financial year where we have conducted a monthly review for every month from July to June and the starting balance sheet at 30 June is correct.  You can choose to either stay with your current accountant and significantly reduce your end of year tax fee or take advantage of our free end of year tax.

We are not currently using Xero, does that matter?

Accountable is only available to businesses currently using Xero. If you are not using Xero it is probably because you aren’t aware of just how good Xero is. 

Contact us to organise a demonstration – we can set you up correctly and provide training and support. 

What much does Accountable cost?

Everything we do is priced up front so that there are no surprises.  We do not charge by the hour because we believe it is not ethical for you to pay more if your accountant is slower.  Accountable is priced at 5 times your Xero subscription and is payable monthly in advance by credit card or direct debit – this is typically much less than end of year accounting costs offered by other accountants. 

Additional add on options are also available here.

Am I bound to a contract?

No. You are free to cancel this service at any time with 7 days notice.

How can you provide the service at such a low cost?

We use modern technology and proven systems based on years of experience to deliver our service as efficiently as possible.  But, the real cost savings come from a comprehensive review each month rather than reviewing 12 months after the end of the year.  Ensuring that everything is correct each month when you can easily remember transactions and doing this to an end of year standard each month, results in each transaction only needing to be reviewed once. There is no need to go back over old ground to review GST allocations, to do your BAS, or check income tax treatment when doing tax planning or end of year tax.

We approach the issue from a different direction. Similar to Henry Ford mass producing the Model T Ford when most people were focussed on faster horses.

Is Accountable for me?

Accountable is suitable for any small to medium sized business owner wanting to build a business that works for them rather than the other way around.
We work with businesses located throughout Australia.

If you want increased control and certainty Accountable is for you.

Do you charge extra if it takes longer to complete?
No.  Everything we do is priced up front so that there are no surprises. We do not charge by the hour – we believe it is not ethical for you to pay more if your accountant is slower.

What if my Xero file is a mess?

Most files we start working with have allocation errors and many items on the balance sheet are incorrect. Some files haven’t even been corrected to make them the same as year end financial statements completed by your accountant.

Our job is to help you to correct the current and future months. Our preference is to also help you fix earlier months in the current financial year and correct your balance sheet at the start of the year if this hasn’t already been done. These services are available for an extra fee and are a requirement for the free end of year financial statements and tax return option. They will only be required in the first year.

What makes Accountable so important?

“Measure what can be measured and make measurable what cannot be measured” – Galilio

If you can’t measure it, you can’t manage it. This is our experience as Chartered Accountants working with small business owners for over 30 years. We have consistently seen the benefits from helping small business owners improve their administration systems and produce accurate management reports every month. We have seen the correlation between business success and the quality of financial information and understanding of that information.

We have also seen the frustration and financial impact when Business Activity Statements are incorrect and/or late; when Tax Audits are failed; the extra tax paid when tax planning isn’t done effectively or at all; the inability to plan for tax payments and other expenditure and all manner of other failings due to poor administrative and accounting practices. 

Our mission is to change this for as many small to medium sized businesses as possible and help them build a business that works for them rather than the other way around. 

What are the benefits of Accountable?

Benefits of accurate and timely financial information each month include:

  • Free end of year tax and accounting work (or reduced fees if you retain your existing accountant)

  • Quality management information to make better management decisions

  • Business Activity Statements correct and lodged on time

  • Early knowledge of Business Activity Statement liability

  • Education and training of your bookkeeper to improve their skills and efficiency

  • End of year made easy – no more questions from your accountant about transactions that happened months 

  • Education in relation to understanding your financial reports

  • Peace of mind knowing that accounting and  Tax Office obligations are in hand

  • Telephone support with a guaranteed maximum response time of one business day

  • Annual efficiency review of your accounting and administrative processes 

Are extra services available?

Yes, we offer a range of additional services to compliment Accountable including tax planning, budgeting, tax returns for non business entities, analysis of your monthly numbers and business coaching. 

We have packages for Tax Essentials, Business Advisory and the option to build your own package.

Why would I consider the bookkeeping option?

Because we can help you do things more efficiently with more automation and less risk. Because paying someone full time capable of doing this work to a high standard is very expensive, and a serious problem when they are sick or away on holidays. 

We have also seen too many unfortunate circumstances where a bookkeeper has abused the trust placed in them by time poor small business owners and misappropriated funds.

We have systems and resources to ensure things happen when they need to. For peace of mind we never have the final authority to make payments and you are covered by our professional indemnity insurance.

We can undertake this work for clients located anywhere in Australia.

Could I have an example of how Accountable could benefit a business?

Yes!

Below is an example of how Accountable  works for a business, including optional extras: 

Barry and Janene own a successful house building business in Ballarat. They employ 5 people and use several regular subcontractors. 

Their 2014 company tax return was completed by their accountant in March 2015 and at that time they were advised they had $90,000 tax to pay in May. This was a shock and a major problem as they had recently invested in a building a spec house for resale and were not able to pay the tax. They also received a bill from their accountant for $7,250 for preparation of
financial statements and company tax return.

They are on a $60 Xero plan and were able to sign up for accountable Advanatge for $300 per month in July 2015. 

They elected to use the free tax return service for their 2016 tax return. 

They also decided to take the following optional extras:


•    Budget for $620 plus $87 per month
•    Tax planning for $390 plus $75 per month
•    Business Activity Statements for $108 per month

Resulting in a total cost of $7,850 and giving them complete financial control and understanding of their business.  They have advance notice of all tax payments and were able to best utilise their personal marginal tax rates to save more than $10,000 income tax. Structuring their income also resulted in eligibility for an additional $5,000 Family Tax Benefit.  

They have now received a quote of $1,270 per month from Unicorn Business Solutions to do all of their data processing,  wages and creditor payments.  This will mean that they don’t need to replace their administrative assistant, Jane, who has left to start a family, or pay wages and subcontractors each night after their kids go to bed.  Their administration assistant, Jane, was on an annual wage of $40,000 and she didn’t really know what she was doing! 

Contact


Unicorn Business Solutions are based in Devonport Tasmania, with clients around Australia.

Devonport: (03) 6423 2695
Devonport : 188-190 Tarleton Street East Devonport Mail : PO Box 511 Devonport TAS 7310 Australia