The technology sector requires large amounts of up front investment into research and development before the product becomes available to the market.
That's where good accounting practices, expense tracking, project based reporting and cash flow management become crucial to growing a business in this industry.
A fast growing mobile apps technology company based in Adelaide.
Accounty has addressed four key concerns:
Implementing good accounting practices for a scaling business
Qualified Industry expert to help create custom financial reports & grant applications
Time deficient, needed an expert to take charge of everything accounting
Minimising forex currency fluctuations
Accounty has been assisting this client with end to end bookkeeping and CFO services from day one of their operation. We started by implementing the right processes and accounting practices, set up the Xero file including payroll and ensured all necessary registrations were complete including workcover, ABN and GST. As the business grew quickly to 24 employees in the last 4 years, we have been able to scale our services for this client to meet their increased needs and continue to be their trusted business partners to date.
Creating technology products requires large amounts of up front investment, and continuous maintenance. In consultation with the client, we set up custom reports which apportion staff costs across the various projects and assess the cumulative profitability per project. By using the insights from these reports, management is able to determine if development of a specific project should be discontinued.
With the recent announcement of Video Game Development (VGD) Grants in South Australia, we have also been assisting the client in preparing grant applications and collating supporting information.
One of the other key concerns of the director was that he was unable to divert his attention to accounting aspects as the business was experiencing immense growth. Accounty was able to take full ownership of the accounting aspect for the business and continues to be the outsourced CFO for the business.
Operating on the global market, another key concern for the client was the fluctuating foreign currency exchange rates. We provided the client with a range of recommendations including opening a USD account and holding funds in foreign currency until the exchange rate becomes more favourable, giving the client more control over the exchange rates.
Director gained 5 hours per week by not needing to be involved in accounting tasks
10% increase in retained profits due to improved FX strategy
All compliance requirements met on time
New reporting framework implemented