Matthew Phua, Founding Partner & Bryan Zhao, Founding Partner
Cloud-based accounting software has simplified financial management for most businesses. The process of accounting, transitioning from desktopbased software to the cloud, has witnessed a huge leap, thus removing many drawbacks of traditional accounting from the equation. Singapore-based Harvest Accounting is an example of one such company that has revolutionized accounting for small and mid-sized businesses. Harvest Accounting is a digital-first accounting firm that is passionate about streamlining operational finance, reimagining workflows, and identifying suitable add-ons and technology from the Xero app ecosystem to help small businesses win. “We aim to be pacesetters, showing the industry how accounting can be done in real time,” says Matthew Phua, Founding Partner at Harvest Accounting. The company strives to help business owners focus on their core activities, make better decisions, transform their businesses and share a common ‘harvest’ together.
By leveraging Harvest’s cloud accounting services, clients can seamlessly view their financial information via web browser or on the Xero app, view key business metrics 24/7 from any location with internet access, and eliminate the need to work from one central office-based computer. Harvest also helps clients achieve real-time reporting by automating bookkeeping and ensuring bank reconciliations are up to date. The company also provides services to utilize Xero’s cash flow forecasting apps, online invoicing apps, industry-specific project management tools and a host of other practical solutions. “With these tools, we enable clients to further save time, reduce resourcing costs, identify problems in advance, and ease the burden of the numerous administrative functions weighing them down,” adds Bryan Zhao, Founding Partner of Harvest Accounting. The company also provides an effortless accounting experience for businesses using Xero in combination with Dext Prepare (formerly Receipt Bank).
We aim to be pacesetters, showing the industry how accounting can be done in real time
Harvest Accounting provides Dext free of charge to all its clients to enable seamless data collection and extraction. With the help of Dext, companies can get rid of shelves of cardboard folders, faded receipts, and other cumbersome storage methods.
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.