Krishan Sharma is a registered tax agent, Advanced QuickBooks ProAdvisor and a Director at KNS Accountants & Business Advisors in Rooty Hill, New South Wales. When the previous owner wanted to exit the firm (CY Liew & Co), Sharma, an employee at the time, jumped at the chance to establish his own firm and take over the clients of CY Liew & Co,. He saw a huge opportunity to not only take the then-paper-based practice and digitise it, but also introduce additional services such as management reporting and tax planning to their clients.
Prior to Sharma establishing KNS Accountants & Business Advisors, payroll was one of the services that was paper based, inefficient, and not widely offered to clients.
“When we acquired the clients of CY Liew & Co, it made sense to install a new, cloud-based accounting platform. QuickBooks Online and QuickBooks Payroll were the obvious choices,” Sharma says. Payroll was one of the services that was both paper based and inefficient, and not widely offered to clients.
Ever since the firm switched to QuickBooks Payroll, they have seen a 25 per cent lift in revenue in the last three years. QuickBooks Payroll has also improved compliance, led to impressive productivity gains and helped to generate new business.
“I recently took a call from a potential new client who wanted to know how to comply with phase two of the Australian Taxation Office’s Single Touch Payroll (STP) initiative. His existing accountant wasn’t set up for it and he wanted to explore how we could assist his business. We’re getting more and more calls like this and I’m sure we’ll win this work, including the bookkeeping and tax,” Sharma says.
