AccountKit case study: Precision Taxation Accounting & Management

3 min read
Jun 11, 2019 11:28:00 AM

Precision Taxation Accounting & Management (Precision) is a cloud-based accounting firm in Lake Macquarie. Precision provides accounting, tax, compliance and business advisory services to small-to-medium-sized businesses primarily in the building and construction industry.

For Peter McCarthy, Principal at Precision, utilising cloud-based technology is key to providing the best service to clients while meeting the firm’s targets. That’s why, when he first came across AccountKit at Xerocon in 2017, he knew it was right for the business.

“Whenever we go to conferences, we come back with a whole load of apps we want to try,” says Peter. “With AccountKit, we realised straight away that we really needed it.”

Peter and Chief Operations Officer, Kelly Eke, had relied on MYOB Document Manager while working at another firm before Precision, and were looking for a more modern, cloud-based solution that would enable business-wide transparency.

“Coming from a firm that was very traditional and old school, at Precision we wanted to make sure that every time there was a cloud-based option, we’d utilise it,” says Peter.

“AccountKit definitely fits in with that thinking and that model. It’s a cloud application, so anybody can access it any time and see exactly where the firm’s up to across multiple functions.”

AccountKit = time saved & complete transparency

One of Precision’s major goals is to achieve a six-hour workday, something Peter says AccountKit is helping achieve by enabling the team to complete key tasks, like lodgements, faster.

“What we love about AccountKit is that it’s accessible by every member of the team. The lodgement status function is something that we use daily. We’re lodging faster, we’re able to handle a greater volume, and we can see that we’re going to achieve our goals well ahead of time. It’s been absolutely sensational.”

Peter also says AccountKit gives the team full transparency over client service and communication.

“The Mail Register is fantastic. There’s transparency across the entire team and it’s easy to see who’s received mail and what it’s for.

“The Client Map tool is also sensational. We find it’s really useful when you’re sitting down with clients, being able to easily explain how a business is structured to partners who aren’t directly involved in the business. That’s usually their first chance to see, in a visual form, how the business is actually set up.”

When it comes to professional development, AccountKit’s Professional Development Register helps Peter and the team see how they’re tracking against their targets.

“We have an internal professional development program and one of the things we use to monitor it is AccountKit’s Professional Development Register,” says Peter. “That’s where we record all our hours. I’m a member of CPA Australia and they have a similar online tool but we prefer to use AccountKit because of the team transparency.”

“As soon as a new team member comes on board, they get training on AccountKit and have that immediate buy-in. It’s been a really great tool for us to move forward as a team and aim for our targets.”

Utilising the right tools at the right price

Since AccountKit’s recent pricing update, Peter says he actually pays less than before.

“I said to Matt [AccountKit’s Customer Success Manager], ‘This has to be the first time that a software company has contacted a customer to say they’re reducing their fee!’

“Now we only pay for the tools we actually use. I think it’s great that you can pick and choose what you want in your package. It’s a bit like the customised burgers at McDonald’s. It’s fantastic.”

Peter and the team now have access to all the tools they need, with the option to add additional features in the future.

“It’s not to say we won’t add other features in the future, but what we have now is perfectly tailored to what we need, at what I think is a very affordable price,” says Peter. “We’re very happy to be on board and I’d recommend AccountKit to anyone.”

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