Wise Accounts Blog

For the accounting profession there must be checks and balances to make sure people can't fudge the books. For the business proprietor the ability to correct mistakes and re-allocate monies to their proper accounts is paramount.

Wise Accounts takes the view that it is your money that you are accounting for and that you should have the freedom to revamp things the way you want them to look.

Sometimes it is not obvious to figure out the perfect chart of accounts to suit your business until you are 3 or 6 months down into the financial year. Does it mean you should make your ledger unintelligible by having rafts of correcting entries just to show a proper audit trail? Hogwash! Let the bean counters muck around with their arcane arts - while you the business owner only want to get things straight.

Besides as history has shown time and time again - if people want to cheat - it's not a bullet-proof accounting package that is going to keep them on the straight and narrow.

So there you have it - two incompatible requirements. The accountant on one hand wants to safeguard his expertise and show things the way the Tax Office wants to see them. You, the business proprietor on the other hand who wants a clear dashboard of where things are going and how fast...

That conflict of interest has many ramifications. The way you account for a business reflects your bias about that business. As a business owner you should not let someone else bully you on the way you want to look at your own figures for goodness sake!

Some tax rulings about depreciation are quite devoid of the reality of market resale value. You end-up carrying two sets of books. One to keep the taxman and the accountant happy and another to reflect to yourself and your trusted shareholders about the real value of the business as it stands.

With Wise Accounts you can do your own thing all year around and let the accountant reload it into MYOB to perform their accounting magic at year end. Everybody is happy!

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