AccountKit Case Study: Optimised Accounting

By: Paul Murray, Posted on: March 10, 2021

Optimised Accounting specialises in managed business accounting services – supporting, encouraging and guiding clients on their growth journey. Being a cloud-based practice, the team was in search of a solution that could take care of tedious tasks while seamlessly working with Xero. Tegan Graham, New Client Customer Experience, says AccountKit’s offering had unique appeal.

“There’s nothing else on the market that offers what AccountKit does,” Tegan explains. “And because we’re 100% Xero-based, it was really important to us to find something that integrates well.”

Apart from its integration capabilities, what drew the team to AccountKit was that it’s developed by accountants, for accountants.

“Because the AccountKit team has an accounting practice of their own, they really understand the need. They’re not trying to sell us stuff they don’t understand. They get it.”

The right tools to streamline and simplify processes

Since signing up, the Optimised team now relies on AccountKit’s features to streamline many EOFY processes, which enables more accurate forecasting and tax planning.

“Firstly, we use AccountKit to auto amortise every client's chattel mortgages each month, which makes end of year a breeze,” says Accountant David Markovski. “I can take a quick look at AccountKit’s Equipment Finance summary page for a particular client and see whether the CMs are in balance or not.”

David says AccountKit’s Div 7A Tool also makes one of the most challenging aspects of tax planning easy.

“We also use AccountKit to build a summary of clients’ Div 7A loans, so if a client's Xero file is reconciled on 1st July we will already know the minimum required dividend to be declared by 30th June. AccountKit will even post the journal for you to take up the dividend, loan reductions and Div 7A interest income.”

And when it comes to calculating fuel tax credit claims for clients’ BAS, AccountKit is a go-to.

“If the number of litres of fuel purchased in a transaction is entered when reconciling, AccountKit will pull the Fuel Account(s) for the period and calculate the Fuel Tax Credit Claim for you. We export this report as our workpaper too.”


Automation features that “just work”

For David, what stands out about AccountKit is its efficient functionality backed by reliable support.

“All of the automation features just work. It’s effective and efficient. Paul, Matt and the team release consistent updates, new features, and are prompt on support requests.”

With a growing team and client base, Tegan sees AccountKit as a key partner in Optimised Accounting’s journey.  

“We’re on a path of continuous improvement. AccountKit will help us to keep automating our processes – so we’re excited to grow together.”

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