How We Work
Electra Frost Accounting is synonymous with modern, friendly, technology-savvy accountants. We’re efficient, we’re responsive and we make the virtual feel personal.
We have never been your traditional accountants. Are you ready to try something new?
Electra Frost Accounting primarily cater to small-medium sized businesses in the creative, technology and services industries, from start-ups to scale-ups to well established businesses with up to 20 employees.
We also prepare tax returns for sole traders and special professionals exclusively in the creative industries, where our expertise can add value to their immediate and longer term outcomes.
Since 2008, we’ve been paperless, and using cloud based accounting and business tools since 2012. Since 2013 we’ve been conducting most of meetings over video, as our clients are geographically distributed and busy people.
Communication is key to a great working relationship, so we also use collaboration tools and schedule regular calls and meet-ups with our business clients to make sure they keep on top of the important stuff with us. Needless to say, if you’re used to working this way … or keen to…. then we may be a great fit!
We help business owners get to their desired stage of the business life cycle.
To get there, they need their accountants to become an essential part of their business, to be hands-on and contributing a much broader skill set than traditional once-a-year financials and tax.
We’ll work with your management team and be a second pair of eyes over your internal finances, streamlining your bookkeeping and reporting, assisting you with important decisions, setting performance goals and keeping you accountable to them. We’ll speak with you monthly at a minimum, sometimes weekly, depending on where your business is at and where you would like it to be.
When you engage us, we schedule your milestones into our calendar for the year ahead. That way, Electra Frost Accounting keeps your operation compliant and achieving its objectives, pointing out how to increase profitability at every stage, while letting you focus on specific areas for improvement.
Contact us now for a tailored annual package of solutions for your business.
Fixed monthly fees to assist with cash flow, scheduled calls and open lines of communication to assist your business all year round.
All accounting and advisory engagements are fully scoped and quoted up front before work commences.
Changing accountants – why and how?
A number of reasons may have prompted you to decide it was time for a change.
We often hear the following comments from new clients:
- “My accountant doesn’t understand my business”
- “My accountant doesn’t get back to me for weeks”
- “My accountant is kind of stuck in his ways and wont use cloud accounting“
- “My accountant takes too long to do my accounts”
- “I only hear from my accountant once a year”
- “I can never get advice”
Unfortunately, it’s fairly standard to have this sort of experience with the accounting industry. So we’re always trying to do better and are highly responsive. As specialists for the creative industries and innovative businesses, we’re interested in our clients’ unique business and genuinely enjoy finding ways to help them succeed.
It’s no easy decision to change accountants, whatever the reason. You may have invested years into the relationship, and your existing accountant is very familiar with your financial affairs. But if you delay your decision, it may just drag out and your results may never improve.
What should you expect from your accountant?
Your accountant should take the time to understand your business and be focused on finding ways to improve your financial outcomes. For example, by:
- Setting up the most appropriate structure for commercial, tax and asset protection purposes.
- Reminding you when your lodgments are due, to keep you compliant.
- Showing you how to understand the numbers so you can stay in control of your business and focus on building profits.
- Helping you to monitor your business cash flow and budget variances.
- Recommending and implementing an online accounting system and suggesting apps to save you time.
- Being available to hear your concerns and provide advice when needed, so you know you’re on the right track.
What should you ask a new accountant?
Public accountants greatly vary in their experience, areas of expertise and practice methods.
Some questions you may ask when you’re looking to change accountants are:
- Firstly – Will they recommend an initial consultation to see if your business is a good fit? If so, what information will they need from you?
Note: A free initial consultation with our Principal is only likely to be offered if your accounting needs are fairly substantial. For example, for an established company or trust business structure, or a start-up or established business with structuring needs; not for an individual tax return.
Research their website and ask:
- How will the accountant work with you? In person or virtually, or both as and when required?
- How does the accountant run their own business? Is it well established?
- What technology does the accountant work with?
- What are their qualifications and professional associations?
- Will the accountant only charge you by the hour or will they agree on a fixed fee for the service to be delivered?
- Does the accountant have experience with your industry?
- What kind of services can the accountant recommend and provide to you?
The three steps to changing accountants:
1. Find a new accountant
Do your research when looking for an alternative accountant. It will be a worthy investment into your future time, money and emotional energy.
Be prepared to ask the right questions and trust your instincts.
2. Tell your existing accountant
Before moving, it’s always best to contact your existing accountant to let them know of your decision. It may be an uncomfortable communication but it’s better coming from you rather than the new accountant.
A kindly worded email will usually do. You could just let them know that your needs have changed at this stage in your business, and you’ve found another accountant who offers what you need.
3. Your new accountant will write to your previous accountant
Once you’ve given the go-ahead, it is a professional courtesy in our industry to send an “ethical clearance letter” to your previous accountant. It is usually sent by email nowadays.
Your previous accountant should promptly respond to the letter, and forward any requested documentation (preferably electronically as much as possible) to the new accountant.
Note: You should arrange collection of any of your physical documents (e.g., your paperwork in folders) from the previous accountant’s office.
This reply and forwarding of information is ethically best practice for all members of the accounting professional bodies with business client engagements.