Frequently Asked Questions
My books are a total mess ! How can I work with Cofficient ?
Easy! Cofficient staff will work with you to help you clean up the mess. Once the issues have been resolved, working with Cofficient on a daily basis will mean that the "mess" does not re-appear. Working with Cofficient clears items off your desk on a daily basis.
How do I work with Cofficient on a day-to-day basis ?
You will have a personal account manager who understands your business needs and executes your transactions as per your instructions. Transactions may be initiated via the secure website, fax, phone or in a meeting with your account manager.
All transactions appear in the Cofficient database and you can view the status of your transactions via our secure web site. You will receive email confirmation on initiation and completion of all transactions.
If you have access to my bank accounts, what security is in place ?
Bank account transaction limits are set by you to your level of comfort. Cofficient does not hold your assets and will only act on your instructions to make payments on your behalf. These terms are clearly setout in our "plain english" contract.
Additionally, you have 24 x 7 access to your bank account transaction history enabling you to monitor all movements any time, anywhere.
Does Cofficient provide regular financial reporting on my business ?
Cofficient provides a monthly Balance Sheet, Profit & Loss Statement and Aged Receivables to each of its clients. Additional reports can be provided on request.
Full financial reports and references for banks etc can also be provided immediately on your instruction.
Why use Cofficient over more conventional book-keeping methods ?
Cofficient has been designed specifically to allow operators to focus on, and grow, their core business activities, leaving the day-to-day business administration to a highly resourced dedicated team of professionals.
Cofficient combines Internet technology with efficient internal processes and is able to achieve an economy of scale which is transferred to its clients directly, and with less expense than more traditional methods. Cofficient is an outsource partner that provides extensive knowledge, resources and advice.
Why use Cofficient to provide a management company structure ?
The transactional functionality of the Cofficient website is unique in the Australian marketplace. Amongst other services, Cofficient combines online timesheets, automatic invoicing, automatic payment of expenses, contract management and many other relevant and useful tools for your business.
The Cofficient focus is on building long term relationships with Australian entities to help them grow and achieve their goals. The Cofficient business model provides a much broader service offering whilst being more price competitive than many other management companies.
Can I speak with a real person or is my only interaction with the web site ?
Each Cofficient client is assigned a dedicated Account Manager who understands their client's business needs and is responsible for the execution of all transactions on behalf of the client.
The Account Manager effectively operates as your personalised "Chief Financial Officer". You can communicate with your personal account manager via the web interface or any other method you choose such as phone, fax, meeting etc.
How does Cofficient affect my relationship with my Accountant ?
It is important to recognise that Cofficient, in fact, enhances your relationship with your Accountant who is as happy as you are to graduate from a "shoebox" full of receipts to a fully automated, real time electronic administration system that accurately creates accurate and timely information on BAS, cashflow, P&L, etc.
Cofficient allows your Accountant to spend more time on their higher margin business and interact with you on a "higher" level. Your Accountant can still administer your tax returns, etc, it's just that their job is now easier given that Cofficient supplies them with perfectly prepared accounts at the appropriate times throughout any financial year.
If Cofficient sends my invoices, do you also collect monies owing?
Yes! Part of the core Cofficient service is the collection of receivables on your behalf and the subsequent deposit into your business bank account.
My wife/husband does the book-keeping and it only takes an hour a day. Is Cofficient of benefit to me if?
Cofficient is as much about lifestyle as smart, efficient financial management, and five hours per week is a significant opening for you and/or you wife/husband to improve your lifestyle. And don't forget the peace of mind attached to knowing that someone is taking care of all of your compliance and other statutory responsibilities.