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ACCOUNTANT CASE STUDY | INTUIT QUICKBOOKS | SINGAPORE

Accounting Practice uses data to find hidden potential

Bee Lian Ong, Founder
Abundant Accounting Pte Ltd

bee-lian-ong

Overview

Abundant Accounting Pte Ltd is a Singapore based IT, accountancy and consultancy firm. They focus on helping their clients to automate their accounting processes through digitalisation. They recognise the importance of providing clients with a forward looking accounting solution which provides access to real time data.

Key to their approach is their clever use of QuickBooks Online which helps them to deliver improved efficiencies and help their clients to reduce costs. Within their practice they have harnessed QuickBooks Online Accountant to achieve impressive productivity savings.

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We are really pleased with the efficiency savings we have achieved with QuickBooks Online Accountant, eliminating so much manual work has allowed us to build increased capacity within the practice which positively impacts our profitability

Results at a glance

Increased Capacity
Increased Capacity

Automation has provided enormous time savings which has freed up capacity within the team and impacted profitability.

Financial Performance
Financial Performance

They can now effortlessly analyse practice financial performance and identify high performing service lines and staff.

Improved Cashflow
Improved Cash Flow

Harnessing the power of automated reminders and detailed aging reporting has reduced late payments and improved cash flow.

Introduction

Abundant Accounting Pte Ltd is a Singapore based IT, accountancy and consultancy firm. While they offer a range of compliance services they also focus on helping organisations reach their potential through digitalization, corporate advisory and management consulting. 

The problem

Key to the services that Abundant Accounting deliver is the forward looking insight into a client’s financial data. This meant they needed to find a flexible financial system to provide advanced reporting capabilities with the ability to slice and dice data as well as the capacity to customize in order to meet individual client needs.

For their practice, they were eager to drive efficiency and data accessibility so Abundant Accounting knew the solution they selected would need to be cloud based. They started a market review and were immediately impressed with QuickBooks Online.

Bee Lian Ong, Abundant Accounting Founder and Accountant says “We wanted to be more productive and access client data anywhere and at any time, so we explored a number of solutions, QuickBooks Online was one of our favourites.”

The solution

Abundant Accounting chose QuickBooks Online as the system for their clients to use and QuickBooks Online Accountant to manage practice financials. They selected the solution for its ease of use and ability to customize the solution for each client.

Their approach means that Abundant Accounting is able to use financial data to help their clients to reduce costs, drive profitability and maximize business potential. In order to deliver these services, they need a powerful and agile solution like QuickBooks Online.

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A lot of business owners think you just buy a license and install the system, but in order to leverage the power of QuickBooks Online we perform a needs analysis and custom setup to ensure they have access to the data they need to make informed business decisions.

A scalable solution

The plethora of available apps that integrate with QuickBooks Online provide scalability and the ability to further build on the solution to match the needs of each individual client. 

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Each business is different and so are their goals and business requirements, QuickBooks Online provides a flexible platform for us to tailor a solution for each business’s needs.

The Benefits

The team at Abundant Accounting was impressed by the efficiency savings achieved with QuickBooks Online Accountant right from the start. It sped up their work and eliminated many manual tedious tasks which provided more time to focus on high value work.

The powerful reporting capabilities and ability to slice and dice data helped Abundant Accounting to craft strategic reports that drive business decision making.

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They are able to harness the data and detailed reporting to deliver cost control projects for their clients. In fact, they were able to help one client transform its business by using reporting to highlight profitable product lines and excessive costs.

The vast array of built-in templates has proven to be popular with clients. They have been empowered by the ability to customize invoices, reports and forms. “The customisable templates are massive time-savers for our clients, as they no longer need to repetitively create business documents from scratch,” said Ms. Ong.

Practice Management

QuickBooks Online Accountant helps Abundant Accounting to run the practice more efficiently too. They are now able to issue quotes and invoices on the go, using the phone app. The automated reminders help to ensure that clients pay on time, and the aging reports show at a glance, those invoices that are long overdue.

Having the ability to perform a deep analysis of the practice financial performance helps Abundant Accounting control their costs and monitor the performance of their various services. They can immediately see which business lines are performing well and decide which ones they will go forward with.

The sales reports help the management team to monitor performance by sales person and region. They use the data to motivate top performers which drives results. 

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We are able to quickly see which staff are our high achievers and reward the right behaviour based on real-time data.

Summary

It’s no surprise that QuickBooks Online has been a valuable addition to Abundant Accounting. The flexibility it provides, and ease of use ensures their clients are able to harness the value it delivers.

Abundant Accounting has been able to harness the power QuickBooks delivers to not only grow their practice but also to help clients to reduce costs, drive profitability and maximise business potential.

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