insurance broker in meeting

Insurance broker’s bookkeeping now a breeze

Powered by Notch Above’s Time Saver bookkeeping package

Client-focused insurance professionals who are busy servicing clients have precious other time to focus on their bookkeeping.

According to our client who is an insurance broker, managing her own bookkeeping before handing it over to Notch Above was a very laborious process!

“I would enter my income and expense items onto a manual spreadsheet, which was time-consuming and not always 100 per cent accurate,” she said.

“Payroll was the same each week so paying my two staff members was relatively easy, but when it came to SuperStream and Single Touch Payroll I wasn’t fully across the requirements of how we needed to comply.”

This opened up to her business to potential Fair Work claims and Tax Office fines for non-compliance.

In frustration, she reached out to Notch Above Bookkeeping Consultant Annie Caulfield who assessed her needs and recommended our Time Saver bookkeeping package.

The first thing we did was get Xero Payroll up and running to take care of the compliance requirements for the business. Not only that, but it suddenly became quick and easy to supply each employee with a compliant payslip every fortnight.

“Holiday calculations are now accurate and always up to date so each employee is aware of how much leave they are entitled to,” said Annie.

“Each month income statements are emailed directly to us so we can code up the income monthly when it hits the bank account. This income does need splitting as costs are deducted directly from this with different GST treatments, so it’s essential to get it right so that the GST claim is maximised.”

Enhancements to capture bills and receipts

We also set up Hubdoc for our insurance client. Hubdoc is like an electronic inbox which sits behind Xero where we as bookkeepers can get the information on how to code her expenses correctly, ensuring the maximum claims are made.

Now, as our client spends money or receives a bill to pay, she can either photograph it with the Hubdoc app on her smartphone or email the bill directly to Hubdoc. (Watch more about this feature on our YouTube Channel here »)

This insurance broker now has peace of mind knowing that Notch Above’s bookkeeping processes produce accurate monthly data which is available to her whenever she needs it. It not only helps her in her business decision-making but it also makes for easy end-of-financial-year processing.

To find out more about how Notch Above Bookkeeping can help your professional business, call us on 1300 015 130 or peruse our bookkeeping service packages at

Copyright 2020. Notch Above Bookkeeping Remote Xero Business Bookkeeping @NotchAboveBAS

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