Insolvency practitioners looking for ways to cut costs

In an article in the Australian Financial Review on Wednesday 13th May, it was reported that half of insolvency firms have either registered, or plan to register, for JobKeeper. Indicating that work has dropped off considerably in a time where most people would imagine insolvency firms are busy.

It also said that out of the 200 businesses that were surveyed in the insolvency market, 25% of those firms had implemented redundancy and 15% were expecting to do so.

And yet there is a lot of work still around, and after JobKeeper and other stimulus packages fade businesses will be left with the tax debt and the issues they had before Covid-19 raised its ugly head.

At Fast Rabbit we have developed an accounting process that can also be used for the insolvency world that completes analysis of bank statements quickly and efficiently, allowing your insolvency firm to complete work with reduced overheads.

Outsource the grind of investigating the finances of the business being investigated

• Bank statements into trial balances in PDF and Excel
• All creditors and payments listed so you know where the money went or was dragged out of the company
• Easy graphing of all creditors and the ATO to find voidable preferences in a flash