Leveraging Technology

In today’s fast-paced business environment, staying ahead of the competition requires more than just traditional accounting knowledge – it takes innovation, efficiency, and an unwavering commitment to delivering value. At Lockwood Partners, we understand the importance of technology in transforming the way we serve our clients. By harnessing the power of leading-edge platforms such as Xero, Class, FYI Docs, Now Infinity, and Okta, we’ve redefined our approach to accounting, tax, and advisory services.

1. Xero: Simplifying Business Operations and Financial Management

As one of the most widely used cloud-based accounting platforms in the world, Xero is an integral part of our day-to-day operations. Xero’s seamless integration with other business tools allows us to offer a real-time view of our clients’ financial position, helping them make informed decisions when it matters most.

At Lockwood Partners, we utilise Xero not only for bookkeeping and payroll management, but also for driving operational efficiencies. Xero’s intuitive interface and automated features reduce manual entry, enhance data accuracy, and allow us to focus on strategic advice rather than just the basics of accounting.

How it benefits our clients:

  • Real-time financial data: Clients have 24/7 access to their financial records, enabling quick decisions.
  • Collaboration made easy: With cloud access, clients and accountants can work together in real-time, ensuring timely insights and proactive management.
  • Automation of repetitive tasks: Features like bank feeds and recurring invoice allow clients to save time, reducing their administrative workload.

 
2. Class: Streamlined SMSF Management

Self-Managed Superannuation Funds (SMSFs) are a growing focus for many of our clients, and we use Class to simplify the complex administration involved in managing these funds. Class is the leading cloud-based SMSF administration platform in Australia, providing an integrated approach to portfolio management, compliance and reporting.

Through Class, we can efficiently manage fund investments, track transactions, and generate compliant financial statements with ease. This robust software ensures the SMSF clients stay on top of regulatory requirements while also receiving personalised advice that aligns with their retirement goals.

How it benefits our clients:

  • Simplified SMSF administration: Class helps streamline complex processes, reducing the time spent on manual data entry and improving accuracy.
  • Regulatory compliance: Class automatically updates its compliance rules based on current legislation, ensuring that all SMSF-related reporting meets ATO standards.
  • Comprehensive reporting: Clients receive clear, concise reports that provide a snapshot of their SMSFs financial health, making it easier to track progress towards retirement.

 
3. FYI Docs: Organising and Managing Documents Efficiently

In the accounting world, efficient document management is key to maintaining accuracy, compliance and strong client relationships. That’s why we rely on FYI Docs – an intelligent document management system designed to centralise, organise and streamline document workflows.

FYI Docs allows us to digitise and categorise all client documents in one secure, cloud-based repository, making it easier for both our team and clients to access important files when needed. The platform’s automation tools allow for document processing, approval workflows and notifications to ensure that nothing is overlooked.

How it benefits our clients:

  • Easy document access: Clients can easily access all relevant financial documents in one place, reducing the need to search through emails and file storage.
  • Improved collaboration: With FYI Docs, we can share documents securely, allowing for faster collaboration and fewer delays in document approvals.
  • Reduced paperwork: By digitising documents and automating workflows, we reduce the amount of physical paperwork, enhancing both efficiency and security.

 
4. Now Infinity: Simplifying Trust and Company Administration

Now Infinity is a cloud-based platform that simplifies trust, company and SMSF administration. It allows us to streamline the creation and maintenance of trusts and companies, ensuring that all legal documents and compliance requirements are met efficiently. From trust deeds to company resolutions, Now Infinity automates these critical processes, freeing up time for more valuable client advisory work.

We use Now Infinity to ensure that clients receive timely and accurate legal documentation, with no risk of falling behind on compliance deadlines. The platform’s seamless integration with Xero and other accounting tools allows for a truly unified approach to managing our clients’ financial and legal obligations.

How it benefits our clients:

  • Faster company and trust setup: Now Infinity’s automation speeds up the creation of trusts and companies, meaning clients can start managing their structures more quickly.
  • Real-time compliance: With automatic updates on legal and regulatory changes, clients’ structures remain fully compliant without the need for manual intervention.
  • Simplified document management: Trust and company documents are securely stored, easily accessible, and consistently organised for fast retrieval.

 
5. Okta: Ensuring Secure, Seamless Access to Client Data

In today’s digital-first world, security is paramount – especially when dealing with sensitive financial information. Lockwood Partners uses Okta, an industry-leading identity and access management platform, to ensure that all client data remains secure, while also providing seamless access for our team and clients.

Okta’s robust authentication and single sign-on (SSO) technology allows us to securely manage user identities across various platforms (like Xero, FYI Docs, and Now Infinity) with one centralised login. By using Okta, we eliminate the need for multiple passwords and improve both the security and convenience of accessing our systems.

How it benefits our clients:

  • Enhanced security: Okta’s multi-factor authentication and encryption ensures that all client data is protected from unauthorised access.
  • Easy access: Clients and our team can quickly access the tools and documents they need, without the hassle of remembering multiple passwords or navigating complex security protocols.
  • Peace of mind: With Okta’s robust security measures, clients can trust that their data is always kept safe, giving them peace of mind.

 
Why Technology Matters for Lockwood Partners’ Clients

At Lockwood Partners we believe that adopting the latest technology is more than just a trend – it’s an investment in our clients’ future. By integrating Xero, Class, FYI Docs, Now Infinity and Okta into our workflows, we not only streamline our operations but also provide a level of service that is both efficient and personalised.

The result is more than just a streamlined accounting process; it’s an enhanced client experience. Our clients can access their financial data in real-time, collaborate with us seamlessly, and rest assured that they are always compliant with regulatory changes. This not only saves them time and money but also enables them to make smarter financial decisions.

Let’s Work Smarter Together

If you’re interested in learning more about how these technologies can benefit your business, we’re happy to offer a consultation to discuss your needs. At Lockwood Partners, we are committed to providing modern, effective solutions that help you stay ahead in today’s dynamic business landscape.

Contact us today to find out how our technological approach can improve your financial management.

Lockwood Partners | Where Technology Meets Trusted Accounting Expertise