It All Starts Here for Ambitious Business Owners
Accounting & Tax Compliance Package
The first step to developing your financial systems, is high-quality compliance. You have to get the bedrock set first before you can build from there. There is no getting around this.
Compliance services entail;
Financial statement preparation
Tax return preparation and filing
GST return preparation and filing
Annual return to the Companies Office
Working together, we will ensure these aspects are taken care of quickly, efficiently and accurately.
Not only do the Directors of a company need these aspects taken care of in order to make business decisions, but if you’re thinking of buying a home, refinancing your mortgage, seeking external growth capital, selling your business, or doing anything that will involve business finances, you can’t do it without a set of financial statements and a good compliance standing.
Once compliance has been taken care of, you’ll have clarity on your business's financial position. From there you can move forward.
As part of coming on board as a client, we will sit down together and break down your business so that we can gain a clear understanding of it all, together. We will discuss what’s working and what’s not. We will then build a budget forecast that incorporates current trading results and what you would like your finances to look like in future. This is prepared on a month-by-month, granular basis.
All of my clients are on a monthly compliance retainer. This ensures there are no surprise invoices during the year. The monthly retainer includes annual financial statement and tax return preparation, tax planning, Xero subscription, incidental calls and emails, plus GST help if needed.
For compliance services, most of my clients are paying in the range of $3k - $7k per annum, which is mostly dependant on business size and complexity.
I explain accounting fees and their makeup in this detailed article here.
It is preferable that we prepare your GST returns for you; ensuring accuracy and taking that bi-monthly workload off your schedule. Alongside your GST return, you will receive a copy of your profit & loss statement for the last two months which has been professionally prepared and reviewed by us. This sets you up for a solid understanding of how your business has been performing recently.
A Clear Financial Budget
You can’t build a business without a plan
Business can be painfully complex, or beautifully simple. Without clear targets for what you are aiming to achieve, every decision becomes long-winded, confusing, and stressful. When you get clarity on your own measures of success and the parameters that you are going to work within, planning and decision making becomes much easier.
Your annual budget shows the route to achieving the financial outcome that you want for the year. Key budget decisions made before the start of the financial year allow you to get to work on execution.
Let’s sit down together and build a budget from the ground up using the nuts and bolts of your business. You can then use this budget to compare your actual performance against during the year. You will receive a copy of the budget file so you can edit it on the go. The budget also serves as a forecast which you can provide to the bank/financiers for finance applications.
When you come on board as a client, we will work together to build a budget forecast for your business, that you can use to gain insight into what your finances may look like over the near to medium term.
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Advisory Services
Prompt Monthly Management Accounts
Taking your financial maturity to the next level
If you’re not reviewing your monthly financial performance promptly after month end, then you’re missing out on extremely valuable insights your numbers are telling you.
This is the whole point of preparing management accounts; so you can quickly review your businesses performance and make informed decisions.
If you wait, your numbers will be out of date and become of limited value.
In addition to the accounting and tax compliance package outlined above, we also offer a monthly management account preparation service. Within this service, we will compare your performance against historical, plus develop KPI’s that are important to you and report on these monthly. This is highly valuable to those who want to stay close to their numbers and understand how they’ve been performing.
Asset Protection
Are you concerned that your company has substantial assets, and these may be exposed to the inevitable trials and tribulations of business?
Has your company been developing Intellectual Property and you want to protect this IP even further?
Sometimes it’s necessary for a bit of structuring magic to create a legal operating environment that allows your business to advance, whilst at the same time ensuring the golden egg stays safe.
What might this look like?
Instead of operating the business through one company, we incorporate another company to purchase the assets of the first company.
This creates a healthy and safe division of the two aspects of the business; the physical / intellectual assets required to carry out your service and the operating part of the business; human capital, service delivery etc.
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Have you ever wondered if you could deduct your mortgage interest against your business income? If you have been in business for a few years, then there is a way.