Harvest Accounting: Cloud Technology to Revolutionize Accounting for Businesses

We aim to be pacesetters, showing the industry how accounting can be done in real time

While traditional firms generally provide annual compliance services, Harvest Accounting’s technology stack (including workflow management software which automates much of the reminders for client deadlines) allows the company to provide monthly reporting ten days after the month end. More timely and relevant numbers means the information can be used for precise decision making. This is more advantageous than annual reporting where the numbers are out of date already and only useful to know how much tax needs to be paid.

Appreciating the services delivered by Harvest, Stephanie Phua, founder of Duo Studio said, “When Matt and Bryan first introduced us to Receipt Bank [now known as Dext], I was amazed. We just need to take a photo of the receipt, and the solution will use Optical Character Recognition alongside machine learning to gather necessary information. It saved us a significant amount of time.” Today, Duo’s finances run like clockwork, where invoices from suppliers go right into Dext. On a monthly basis, the in-house office manager does a final check to see what needs to be paid, and all Stephanie needs to do is to log in to her online banking portal to clear financial dues for the month and disburse payments. “It’s effortless,” says Stephanie, “I don’t have to worry or stress anymore about accounting.”

Through the provision of cloud accounting solutions and virtual Chief Financial Officer advisory services, Harvest strides forward in its mission to nurture the growth of small businesses. Each and every one of its clients is supported by Xero, with many benefiting from the additional functionalities of over 1,000 ecosystem apps. Currently, the company is building out cash flow forecasting services with Futrli Predict, a cloud tool that can plug-in to Xero and will help businesses forecast sales trends looking at previous growth and seasonality, moving from recording historical information to providing a financial roadmap to their small business clients. “Over the next few months, we plan to build more solutions catering to cash flow forecasting and we hope to increase our client base not only in size, but deepen the relationships with our existing ones,” concludes Mr. Phua.