Company Overview
Paul Money is an accounting firm with two offices in Collingwood and Greensborough, led by Sarah Molinaro, a senior manager overseeing business services and SMSF clients.
Sarah and her team at Paul Money have embraced Tax Sorted as a vital tool for managing work papers in a consistent and efficient manner. Tax Sorted has streamlined their document management processes, improved collaboration between offices, and provided a user-friendly platform that the entire team can easily adopt.
Challenges Before Implementing Tax Sorted
Before adopting Tax Sorted, Paul Money relied heavily on Excel for preparing workpapers. While functional, Excel had several limitations:
- Manual Processes: The firm had to double-handle tasks, creating inefficiencies and inconsistencies across the two offices.
- Clunky Alternatives: Previous attempts to adopt web-based solutions were unsuccessful due to difficult setup, poor user experience, and lack of automation.
- Document Overload: Files were scattered between Excel and FYI Docs, making document retrieval cumbersome, especially for review processes.
Why Tax Sorted?
The team sought a cloud-based, automated solution to streamline their processes and eliminate the inefficiencies of Excel. Having already used Cloudoffis for SMSF workpapers, they were excited by the prospect of a Cloudoffis solution for their tax team and wanted to bring similar benefits to their business services.
Key Benefits of Implementing Tax Sorted
- Consistency and Efficiency: With Tax Sorted, all workpapers are now cloud-based, improving accessibility and collaboration across both offices. This has allowed the firm to create consistent templates and workflows, which reduces the time spent on preparing and reviewing documents.
- Streamlined Document Management: Rather than clogging up FYI Docs with numerous files, Tax Sorted allows Paul Money to keep everything in one system, making it easier to retrieve, review, and store documents.
- User-Friendly Interface: Sarah highlighted how easy it is for her team, especially new graduates, to use Tax Sorted. Unlike other work paper systems her team had trialed, Tax Sorted was intuitive and quick to set up, allowing the firm to create templates and start using the software immediately.
- Automation and Integration: Tax Sorted imports the trial balance, profit and loss, and balance sheet data directly into the work papers. This integration with Xero saves time and reduces errors, as all relevant documents are automatically linked and available in one place.
- Potential for Time and Headache Savings: Although still in the early stages of adoption, Sarah believes that Tax Sorted will save significant time and reduce the headaches of managing work papers across two offices. The system’s ability to carry forward documents year-to-year, particularly for permanent files like capital gains schedules, will streamline future work.
