“The Cruncher doesn’t lie”
The Cruncher just does
The Cruncher will take a bank account and complete accounts to trial balance – without the time of setting up an accounting program, setting accrual accounts or the laborious task of preparing an online or other accounting package.
How Magic Happened
The Accidental Fintech Business
Introducing Fast Rabbit’s
CEO
Gavin Waring
We have built a great Fintech product, but that was an accident.
Jared Diamond the American historian, geographer and author pointed out that necessity is not the mother Of invention. Many products started Out life as one thing and find an application for something else. My favourite is the phonogram, which Thomas Edison designed to record speeches Of famous men, and their dying words – then someone had the idea Of record music, the rest as they say is history.
We have built a great Fintech product, but that was an accident.
Jared Diamond the American historian, geographer and author pointed out that necessity is not the mother Of invention. Many products started Out life as one thing and find an application for something else. My favourite is the phonogram, which Thomas Edison designed to record speeches of famous men, and their dying words – then someone had the idea Of record music, the rest as they say is history.
I had a problem to solve
Our accounting firm has grown fast and we were early adaptors Of cloud accounting packages. But it was a struggle.
The Australian landscape Of businesses has changed. Over 60% Of all enterprises are one person running their business. Over 27% are businesses employing less than 5 people. That’s nearly Of the market. But to let an accounting client loose on an accounting package when they were busy trying to run a business, well that’s the Old “monkeys tearing up newspapers”.
A client would move a mouse across an accounting package — then a new round Of reconciliation would Start again. We had no time to really care about clients. We were spending a fortune on accountants just keeping files clean — and we were churning clients and staff.
So, in frustration, we started a journey that lead to building ‘The Cruncher” which we adopt for our accounting firm to complete a constant cash flow, financials and compliance for Our clients. Our accounting business now spends little time on the technical side Of work and lots Of time On helping clients with their business, plan tax etc — the real stuff not the technical stuff.
It was in building “The Cruncher” that we were asked to help an insolvency firm With a big job that needed a quick turnaround on an administration — 14 bank accounts. We adapted the cruncher and in 4 days we completed accounts, so that any voidable preferences, and non-commercial transactions were very clear.
It was then we realised we had a Fintech product that can be used in finance, insurance, assessment of businesses and analysis — as well of course accounting and insolvency. We had by solving our own problem created a solution for other finance businesses. It’s easy for me, I come up with “what?” and my partner Anne Park then has to work with our IT team to build what I want.
We now have a business that provides Fintech solutions. An overnight analysis that could have taken weeks through a traditional accountant.
We are well priced and can provide solutions overnight.
Hope to hear from you.
How it works
You simply contact us and we ask you to connect the bank account so we can process the accounts – that’s it really.
That’s it really
We have access to the bank information and nothing else. We complete the Trial Balance from the bank statements and we can also complete draft Profit and Loss and Balance Sheet from these transactions.
Nothing else.
The Cruncher will take a bank account and complete accounts to trial balance – without the time of setting up an accounting program, setting accrual accounts or the laborious task of preparing an online or other accounting package.
Contact UsWelcome to the 21st Century Machine Age
Bank Statements
Are the beginning of understanding a business, but until you take a highlighter, a pencil and start loading information into a spreadsheet, you are just looking at the data reporting money in and out of the bank statement.
“The Cruncher” will take the bank statement and give you the cash story of this business and how it has performed.
Balance Sheet
You can see the money in the bank, and maybe adjusted assets and some of the debts, but what is really going on in the Balance Sheet?
“The Cruncher” shows the cash movement through the Balance Sheet. Are assets being paid for? Are funds staying in the business or being dragged out by the stakeholders?
Profit and Loss
Is this really an accurate income statement? Or is it influenced by accrual accounting that may not tell the true story – too many debtors who may not pay. Are all the creditors entered and is the WIP and stock figures accurate?
“The Cruncher” gives you the Profit and Loss on a cash basis overnight and shows you if the business is cash profitable.
For many analysing a business means that you are using software that has a “fuzzy logic” to it. It feels the pulse of the business and gives statements to the performance of that business. Or maybe you are looking at the Profit and Loss or Balance Sheet prepared by an accountant, and you are unsure of the impact an inflated debtors ledger, or reduced creditors ledger or a dreamed up WIP may have on the accounts you are viewing.
The Cruncher solves many of these issues by completing the accounts from the bank statements showing you if the business is profitable on a cash basis. It tells you whether the business has a surplus and a great cash flow to pay its bills. In other works can the business “cut its own lunch?”
The Cruncher works from the bank account (or number of bank accounts), and as these transactions have actually happened – “The Cruncher doesn’t lie”. You can see the business as it stands and assess if the accounts you are shown are accurate, or the assessment you are making, is true.
It can help you make a decision about an Enterprise without even having the accounts. In some circumstances you want to see the cash through the business.
For Accountants, you may just want to have a Trial Balance to efficiently complete your client’s accounts.
Services To
You have a number of clients who fit into that 90% of small businesses in Australia. You report on cash and you want fast data (bank statements) processed at a highly competitive rate so that you can complete the accounts and compliance for the client and package it for them.
Once-a-year heart aches – want a solution?
Those once a year clients who aren’t registered for GST and start coming in when lodgements are due and you are really busy
That time of year. All those little businesses coming in to have their annual accounts completed. Those businesses that aren’t registered for GST but need some sort of attention. Oh…here they come with their bank statements and expectations.
And as an accounting firm you are completing their work, because their whole family comes to you, or perhaps they will grow into something more, but it does burn resources and put you behind with you main clients.
Want a solution?
At Fast Rabbit, we can complete the accounts from the bank statements simply overnight. Just add adjustments for finances (separate principal and interest), home office, car and phone usage (percentages) and there you are, annual accounts ready to use for finance….oh and there are a few cash receipts to sort through, but even we could complete that for you if there are too many.
You receive a trial balance and journals in PDF and excel spreadsheet all completed.
How does this work?
- Contact us…..you must have some questions. Want to see what format this comes in?
- We, (or you) send an invite to your client to log your client into our system (Note that we use a tool called Yodlee which scrapes information) https://www.yodlee.com/australia-new-zealand
- We then run our Cruncher – that will complete a trial balance from the bank statement as well as the journals that are sent to you in PDF and excel format.
- A monthly service allows you to have accounts completed for much less than the cloud accounting subscription in many case
- Then you complete the profit and loss and balance sheet, and tax returns for the client or our system will complete these at no extra charge
- You review and we can amend any queries and its completed. Annually you can make your adjustments for tax returns.
- Monthly, quarterly or annual services available.No spread sheets,
No expensive cloud based subscription costs for you or your small clients – quick – easy
The small and somewhat difficult client “solution”
Here they come lead by Davo in his UTE!
Most accountants have them. Clients who know how to steal too much oxygen and time. It’s not that they are bad people they are just hell as clients. When you have tried to give them an accounting package, they have played like a bunch of monkeys tearing up newspapers and the file needs cleaning – AGAIN!
If you could find a way to make doing business with them profitable. You don’t want to dump them.
So use our Fintech product “The Cruncher”.
The Cruncher will complete monthly, quarterly or annual accounts from a bank feed. Just add adjustments for finances (separate principal and interest), home office, car and phone usage (percentages) and there you are, annual accounts ready to use for finance….oh and there are a few cash receipts to sort through, but even we could complete that for you if there are too many.gavin
So you have a liquidation or administration and you want to make sense of that pile of bank statements – we take the bank statements and convert that PDF into a chart of accounts with all money in and out in account headings.
Its so easy to race where the funds went, who was paid in preference before the appointment and how much money was really dragged out of the company.
Instead of picking up the highlighter and spending hours and hours loading a spread sheet we can complete the job quickly and efficiently.
How does this work?
- Contact us…..you must have some questions. Want to see what format this comes in?
- We, (or you) send an invite to your client to log your client into our system (Note that we use a tool called Yodlee which scrapes information) https://www.yodlee.com/australia-new-zealand
- We then run our Cruncher – that will complete a trial balance from the bank statement as well as the journals that are sent to you in PDF and excel format.
- Then you complete the profit and loss and balance sheet, BAS and tax returns for the client.
- Then you mark up our fee between 100 and 400 plus % and add the hour or two for accounts, BAS and tax returns. We make using our system for accounts very profitable.
As a Financier you need information fast – and The Cruncher can deliver a Trial Balance, as well as draft accounts, on a cash basis for you to assess a business and make a decision.
The great benefit of having The Cruncher complete the accounts, is that you don’t face any fog from accrual accounts. You see on a cash basis how the business is also performing.
In many cases our cruncher report will give you all the information you need to assess a business. You will see the transactions in trading, as well as the totals and the journal entries of all the payments to other financiers (which then allows you to assess further lending).
The Cruncher could also help you keep tabs on a client. When you lend funds, you might want an update of that businesses performance. Instead of waiting for their accountant or bookkeeper and having to waste enormous amounts of time pestering for information, The Cruncher will let you know how the business is performing as well as showing the financial behaviour of your client.
In our fast world where there are an ever growing number of financial products and specialists in finance, being able to act quickly and make an assessment of a client will help you stay with the market and make quick and astute decisions because “The Cruncher doesn’t lie”.
We are discovering that Insurance needs analysis of business accounts for risk assessment in the same way a financier may need.
There may be a claim and you need to know that you aren’t being fogged by accounts that have been worked, with the changes in debtors of reduction of creditors, or some sneaky journal entry that makes the business income highly inflated.
By using The Cruncher, you can see the business in “the raw” and see whether it is making money on a cash basis. As most small businesses report on a cash basis you can see if the income declared is true. Through The Cruncher you can also see the GST, and compare it to the ATO agents portal.
And all this can be done quickly so that if there is a genuine claim, you know if you are being fogged and therefore need to consider further investigation.
If you are going to insure a business, large or small, you can get a great view of the business through The Cruncher report. It doesn’t matter if the business runs a number of bank accounts. We can assess and complete a Trial Balance and cash reporting for you, so that you can be more comfortable in your decision – especially if you are in an industry where you should be risk averse.
We are continuing to see great opportunity for the Insurance Industry to have information quickly and accurately. The Cruncher doesn’t lie.
Many businesses get in a tangle, and then stop believing their own accounts.
Large companies turning up to $10 million dollars may be paying far too much in advanced GST.
The rules have changed and a business can (and with some restructuring) report GST on a cash basis.
Take those in the building industry that are contractors and supply larger companies.
Firstly the building industry pays in fits and starts.
There is also retention.
Think how many hundreds of thousands of dollars your business may be paying in advanced GST.
Or maybe with an estimate of WIP, accounts filled with debtors, retentions and creditors, you may have lost control of how your business is really performing.
What you are being presented looks like a fantasy. The accruals may have inflated the financial position of the business so that you no longer even have any idea how the business is tracking.
“The Cruncher doesn’t lie” and we can give you a clean review of your business faster than you can by fiddling with your accounting package.
- You will know how good or bad business really is
- You can change from accrual to cash reporting and simply save a fortune in prepaid GST
- You can have the business “finance ready” because lenders can really see how the business is performing
