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Family Office conversion from Excel to Xero

Family Office conversion from Excel to Xero

Our Bookkeeping Manager has worked with a Family Business to convert their financial data from excel spreadsheets to Xero cloud based software.

The Family Office management was taken over by siblings after the passing of a senior family member. The accounting was done by a loyal bookkeeper for the past 25 years who was ready for retirement now that the next generation was taking over.

There were many entities in the group – Property Trusts, Primary Production farms and Investment portfolios – all run via excel cashbooks, including the Payroll, and a legacy Farm software. The base financial data was accurate to the cent.

The new Family managers realised that in order to take over the business they needed more than excel spreadsheets – they needed to manage Payables in a cashflow effective way, raise recurring charges within the Group, easily calculate Payroll, automate BAS and IAS, run financial reports and compare to budget, create consolidated reports to report back to the Family stakeholders and make key decisions.

Our manager worked sensitively with the retiring bookkeeper, who had a wealth of knowledge to impart, and converted prior year data from Excel into Xero and then worked with the various staff of the Family Office entities to change processes for payables and invoicing and managed the weekly bookkeeping for those entities