The best of both worlds: accounting and technology
As a Certified Practising Accountant (CPA) and self-confessed IT ‘geek’ – with an entrepreneurial mindset – it’s no surprise that Brad Golchin is always at the forefront of accounting and business tech.
Over 15 years ago, he started Wise Advice, an accounting practice that today specialises in enabling ecommerce growth. With extensive experience in accounting, business, training and IT, Brad and his team are experts in technology integration – and it’s saving their clients time, money and stress.
Meeting demand for ecommerce accountants
When Wise Advice started in 2005, ecommerce was in its infancy. Fast-forward ten years and the world of online shopping had flung its doors wide open. That’s when the firm saw an influx of eCommerce businesses, so it pivoted.
It’s one of the only accounting practices in New Zealand that works with Amazon sellers and is also a specialist in Shopify.
“Compared to other countries, the ecommerce market in New Zealand is still relatively small, so we work with start-ups who want to fast-track their growth right through to established ecommerce sellers with million-dollar turnovers.
Before: mistakes take time and money to fix
Transferring sales data from ecommerce platforms to bank accounts is a universal problem, Brad says, and an issue that often leaves online businesses at risk of non-compliance.
Take Shopify for example:
“You sell a $100 necklace and receive $95 in your bank account from Shopify. You put that $95 as sales and pay your GST. What you should have done is pay GST on $100. If you’ve been doing this on a big scale, it’s a huge non-compliance issue,” Brad explains. Then, when people attempt to fix the mistake, it requires a lot of manual intervention. In the early days of Wise Advice taking on ecommerce, it was a problem the firm grappled with – and manual reconciliation was just a no-no.
“Some people try to sort this out by bringing individual invoices over to Xero, but that, depending on how many sales per day you make, can take hours and hours.”
After: better compliance, conquering new markets
A trip across the ditch to a Xero conference in Australia introduced Brad to A2X – and they’ve been working together ever since. Wise Advice is currently the only A2X Expert Partner in New Zealand.
Not only does A2X solve the problem of ambiguous sales data, “it saves time, helps with compliance and gives businesses the data they need to make better decisions,” Brad says.
He adds that A2X has enabled many of his clients to expand into different marketplaces.
“Most sellers start with Amazon, then they add Shopify or vice versa. Then they go to eBay and Walmart. A2X becomes a toolbox that you can use across marketplaces, and that helps business owners a lot.”
Time is worth far more than a monthly subscription
Brad and his team are known as “geeky accountants” – and proud of it. Not only do they keep pace with new apps and tech in the market but they also practise what they preach – with a well-rounded and integrated digital setup.
Alongside Xero (including Xero Practice Manager), they use Microsoft 365, Zoom, HubSpot (CRM and marketing automation) and Vidyard for video content creation – making it easy for them to work alongside Shopify Partners.
While it can sometimes feel like there’s a new app to wrap your head around every week, eliminating manual processes isn’t just about saving time. In Brad’s experience, it can save business owners thousands of dollars in tax too.
“We have a client who had paid $3000 more in tax because their income was off by $12,000. If they’d not come to us at the time that they did, they would have continued to overpay their tax going forward, suffering unnecessary losses to their business".
“I think a lot of business owners forget the time they spend when it comes to cost. Most of the time, the cost to fix those sorts of problems is far greater than a monthly subscription.”
And, if you ever want to sell your business, Brad says A2X is worth its weight in gold.
“What sounds more attractive, a business with an $800k turnover, or one with a million-dollar turnover? A2X helps you uncover the real value of your business.”
For more information about Wise Advice or to enquire about their accounting advisory services, please visit wiseadvice.co.nz
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