Gold Coast-based Lucas & Co. Chartered Accountants was founded in 2010 by ex-Financial Controller and KPMG employee Jean-Marc Li. Today, the firm has grown to a team of ten based in three locations across the Gold Coast.

Lucas & Co. provides tax compliance advice in the SME market, specialising in the medical and property industries, while also handling a small quantity of financial reporting for ASX entities.

However, despite the team's specialist knowledge, there was a problem. Lucas & Co. was using HandiSoft for tax form preparation and lodgement-but in Jean-Marc's words, found it "expensive, restrictive, and resulted in too much data duplication".

After looking at alternatives, Jean-Marc was impressed by QuickBooks' efficiencies and knowledgeable client-facing team. The firm decided to make the switch over to QuickBooks Tax, powered by LodgeiT.

The results speak for themselves.

With its new, streamlined workflow, Lucas & Co. is now saving up to 30 hours each week and $100k per year.

Impressed by QuickBooks Tax, the firm also moved its payroll operations from MYOB over to OuickBooks Payroll powered by Employment Hero. Now, payroll is more seamless than ever.

Here's Lucas & Co.'s story.

‍Grappling With a Restrictive and Expensive Software

Jean-Marc is proud of his hotshot team of chartered accountants, so he's always focused on keeping his people happy.

But alarm bells started to ring when the team repeatedly complained about their admin burden while using HandiSoft.

"Accountants hate admin. They don't like engagement letters, invoices, and duplicating work", Jean­ Marc explained. Few firms want to see billable hours chewed up with admin work. Lucas & Co were no different, so they hired a team member to take care of the team's admin. While this kept the team focused on serving their clients and increasing revenue, it was also an additional cost for the business to carry.

The Lucas & Co team found HandiSoft was restrictive, with limited functionality-especially considering how expensive it was. Worst of all, they felt there was too much duplication when importing client data from other tax software programs.

Jean-Marc knew there must be a better alternative. So, he decided to look for alternatives to replace HandiSoft.

“We wanted a tax solution that was affordable, customisable, and that would actually help us, rather than just being a cost-burden."

— Jean-Marc Li

QuickBooks: The Complete Suite

Lucas & Co. was tired of switching between different tools-the team just wanted to streamline everything in one place.

They researched several different options. QuickBooks, which Lucas & Co. was already using for its practice management, soon stood out.

“We were looking for a default software. One that would be a complete suite, from administration to payroll."

"The first thing that really appealed to us was the people at QuickBooks. We could easily speak to a member of the support team whenever we had a question."

— Jean-Marc Li

"That hasn't changed now that we're paying customers. We can always count on QuickBooks to be there if we need help."

Plus, QuickBooks was also felt to offer better value for money than the other options the team considered. It was a no-brainer. So, Lucas & Co decided to make the switch.

‍Unlocking 20 - 30 Hours per Week, and $100K Annually

"The migration was quick and easy", according to Jean-Marc-and with the new platform up and running, the team started noting efficiencies right away.

They no longer needed to waste hours each week exporting and converting files between different software, or reconciling mixed-format data. They could also use the automated email templates to send important communications to clients in one click, rather than drafting them from scratch each time.

As tax advisors, calculating and limiting risk is hugely important for Lucas & Co. It's what their clients pay them for. And since implementing QuickBooks Tax, the firm has significantly improved its risk reduction.

“Data automatically populates from QuickBooks to QuickBooks Tax, meaning there are no transposition errors. The platforms seamlessly talk to one another."

— Jean-Marc Li

A huge chunk of the team's admin suddenly disappeared into thin air.

"These time-savings, plus the fact we don't have to hire a dedicated admin employee, means it's added around $100k annually to our bottom line".

Powering High-Value Advisory Services

QuickBooks Tax's dashboard reporting allows the Lucas & Co. team to see all data in one place, helping them untangle intricate returns for high-level clients. What's more, it also allows them to easily keep clients in the loop and offer valuable advisory services.

"When clients come in, we show them the dashboards to give them an easy-to-understand overview of how their business is performing", Jean-Marc explains.

"We also use the dashboard reporting to conduct scenario modelling, giving them a glimpse into their business's future. These insights form the backbone of our advisory services".

It's now easier than ever for Lucas & Co. to help clients grow their businesses.

More Than Just Tax-Savings

QuickBooks Tax transformed Lucas & Co.'s bottom line, but that's not all.

The firm has also unlocked significant efficiency benefits by switching over to QuickBooks Payroll powered by Employment Hero.

Lucas & Co. used to use MYOB for payroll. Their problem? MYOB lacked a user interface for employees. This had a hugely negative impact on the team's workflow.

"QuickBooks Payroll powered by Employment Hero's user interface is exactly what we lacked from MYOB. It's designed with employees in mind, with features like Beam, SuperPayments, and the Swag app that integrate neatly together. These integrations make vital processes like payroll incredibly straightforward."

Plus, since time and billing is integrated into the QuickBooks suite, the firm's workflows are simplified even further.

An All-Encompassing Solution

Since moving to QuickBooks, Lucas & Co. has unlocked an extra 20 - 30 hours per week, saved approximately $100k per year, and made payroll easier than ever before. But implementing QuickBooks hasn't only been about time and money savings.

Lucas & Co. gained another invaluable benefit: peace of mind.

"It's an all-encompassing solution. We no longer need to bounce around from one tool to another. Instead, everything's in QuickBooks. Always. Without question.''

Now, they can focus on what they do best: providing the best possible level of client service.