Impetus for change
These days, small companies can use new cloud technologies to create their BAS and income tax returns and lodge them direct with the ATO using the process known as Standard Business Reporting (SBR). Further simplification of the personal tax system has been raised by the Henry Tax Review.
It was clear to Solomons, as to most accounting firm CEOs, that compliance revenue streams would soon disappear and that it was time to re-evaluate what a ‘modern accounting practice’ would look like in the future.
EFS Strategic knew that change needed to come from within and rapidly adopted a range of cloud software to manage its own practice. The software included WorkflowMax, Xero, Spotlight Workpapers and Reporting, and Office 365.
The missing piece was a tool that would help them meet their employment obligations. Says Solomons: “It’s important for any true business adviser to discuss how clients are covering their HR and WHS [workplace health and safety] obligations and to be able to offer an online HR solution – preferably one that interfaces with accounting and payroll.”
Online and accessible
Having addressed financial and operational risk, Solomons knew he had found his HR solution when Interactive Accounting CFO Lisa Callaghan tweeted that enableHR was her firm’s preferred online HR tool.
enableHR provides an HR compliance framework across the span of the employee lifecycle. Step-by-step checklists attach to each employee file, and all employee information is stored securely in the cloud. Importantly, the software can interface with accounting and payroll systems, such as Xero and MYOB, and provides WHS compliance and dashboard reporting systems.
“Previously, we relied on Word templates for contracts, paper forms and files to complete all our HR-related transactions,” says Solomons. “Now, I can engage a new accountant, access the annual performance review of an existing one and store all my employees’ files in one accessible place – 24 hours a day, seven days a week.”
Cloud solutions for clients
After successfully completing the enableHR Partner certification program, EFS Strategic has since recommended and implemented enableHR for its clients. Clients can give permission so that both EFS Strategic and the client can access their HR system online in real time.
Says Solomons: “As a virtual CFO, you can’t just focus on numbers. You need to be able to discuss business-wide issues and provide solutions.”
enableHR for IPA members
For more information on enableHR, see enablehr.com.au/ipamembers
With your membership ID, you can access the IPA entry version of enableHR or upgrade to enableHR IPA Premium. If you are interested in becoming an enableHR partner in order to recommend enableHR to your clients, see enablehr.com.au/partners
