Core DNA

How S&B Private Pty Ltd Transformed Core DNA’s Accounting Operations

The challenge

Core dna is a modern all-in-one hybrid CMS and eCommerce platform designed to help businesses build websites and applications in a single environment. The company is a leader in the space with a strong technological focus. After their in-house accountant moved on, the business owner was seeking a replacement resource for their finance team which lead them to get in touch with us.

He identified that their key requirements were:

Data Reliability

As part of the transition, they were seeking a full review of the accounting software to ensure the reliability of their financial data, which was crucial for making informed business decisions. Whilst there had been no issues coming to the service, an iniƟal audit would provide the owner with confidence in their systems and reports.

Cashflow and Reporting Needs

The company requires continuous cashflow management and comprehensive reporting to maintain full visibility over their operations. Additionally, they prioritise key performance indicators (KPIs) to track and achieve their projected growth targets effectively.

Compliance

Core dna has always had a strong focus on timely compliance lodgements and tax reporting. The owners emphasised to us the importance of maintaining this high standard by the person taking over the management of these responsibilities.

Cost Savings

in Finance Department: With their internal accountant stepping out, they sought a cost-effective solution to manage their financial operations without compromising on quality or efficiency.

Recognising these challenges, the owner of Core dna decided to explore outsourcing options to maintain and enhance their financial operations rather than going down the inhouse path again. This lead them to get in touch with S&B Private.

Solution

S&B Private implemented a full-time finance resource for Core dna, providing a reliable, long-term solution they could depend on without concerns about having to manage staff turnover themselves along with the other burdens that come with running an internal finance department. Beginning with a comprehensive review and feedback about their existing templates, chart of accounts in Xero and previous processing methods, our dedicated offshore accountant plays a crucial role in managing Core dna’s accounting system, ensuring it remains current and accurate in real-Ɵme.

By partnering with S&B Private, Core dna gained access to a highly skilled offshore accountant capable of efficiently handling transactional tasks such as accounts receivable, accounts payable, payroll processing and management and general bookkeeping, as well as collaborating directly on KPI reporting as needed. Our collaboration ensured timely ongoing compliance and reporting requirements are met, enabling Core dna’s owners to reduce finance costs and concentrate on strategic business makers. In addition to this, Core dna has also benefited from the extensive tax and accounting expertise of the S&B team, all at a significantly lower cost compared to hiring an inhouse accountant in Australia.

Ongoing Impact

The partnership with our offshore accounting team has delivered continuing ongoing benefits to Core dna. They now have access to ongoing accurate and reliable financial data, enabling them to make strategic business decisions with confidence