Businesses

Software Solutions

One of the most important, and most overlooked, decisions you need to make when starting a business is your choice of accounting software. Too often small business owners use accounting software beyond what their business needs and their level of accounting skill. This can lead to considerable frustration and records that amount to nothing more than a ‘computerised shoebox’. With so many software packages on the market it is easy to become confused and make the wrong decision. They range in functionality and sophistication with a price tag to match and our first step is to review your business needs and level of accounting skill.

Do you understand double entry accounting including debits, credits and journal entries? If not then you’ll probably struggle to cope with higher end programs without undergoing extensive training. If you just need to track your receipts, payments and GST we recommend Cashflow Manager. It lets you generate tax invoices, monitor debtors and produce monthly statements and, as an extra free bonus, if you have staff you can add the wages module.

Should you employ staff there are a number of additional considerations including employment agreements, superannuation, PAYG withholding and WorkCover. It is vital that you understand your obligations and comply with the laws. Let us make this as easy as possible for you, saving you time and money that could be better spent expanding and working on your business.

How We Can Help You

Our small and micro business clients span a broad range of industry sectors and we recognise the need to deliver personal, timely, quality advice and provide cost effective strategies and solutions. Our approach is personal and you will enjoy support, guidance and accessibility.

We believe the 5 key things that small business owners want from their accountant (other than basic tax compliance work) are:

  1. Growth – help me grow my revenue and my wealth
  2. Profit – help me improve my profitability
  3. Cashflow – help me understand my cash situation and how to free up cash flow
  4. Asset protection – help me protect my assets
  5. Succession – help me with my estate, business sale or succession plan

We offer our clients a full range of financial services and your business success is important to us because Small Business is Our Passion. We invite you to make the right opening move and call our office today to make an appointment

Starting your own business can be exciting, rewarding and challenging. Many practical considerations arise even before you open your doors, the bank account or make your first sale. One of the most important decisions is the type of structure you will operate under including a sole trader, partnership, trust or company. Having assisted so many clients in the start up phase we can advise you on the pros and cons of each structure, the tax implications and the compliance requirements.

We firmly believe in ‘starting with the end in mind’ which means we consider any potential GST and Capital Gains Tax concessions right from the outset. Asset protection and risk management also need to be factored into the start up equation in the event your business fails. There are a number of contingencies to consider which is why insurances need to be discussed as well as software selection and finance options.

From a financial perspective, what do the short and long term cash flow projections look like and how much money do you need to start your business and keep it running each month?

We have a detailed checklist of start up expenses so you don’t miss anything and we can help you identify your ‘break even’ sales point. We have had extensive experience working with start-up businesses from a broad range of industries and you can benefit from our experience.

Starting a business can be like a game of chess. To succeed you need to make the right opening moves and meeting with us could be a winning move. We are committed to helping you convert your idea into a successful and saleable business.

Contact us today to discuss your new business venture.

  • Business Start Up Advice
  • Preparation of a Business Plan
  • Cash Flow Budgets and Forecasts
  • Analysis of Start Up Costs including Capital Expenditure
  • Accounting Software Selection
  • GST, Taxation and Legal Compliance Regulations
  • Employing Staff – Superannuation, WorkCover & PAYG
  • Asset Protection - Risk Management and Insurances
  • Starting a business
  • Registering for tax purposes
  • 4 ways to grow your business

Growing Your Business

Growing a business can be even more challenging than the initial start up phase.

You might find you need to employ staff, relocate to larger premises, take on additional product lines, and begin to manufacture your own products or possibly acquire another business. Each of these scenarios can have significant cash flow, compliance, legal and tax implications. Whatever your growth plans entail we can collaborate with you to help develop a detailed business plan and then assist with implementation. In some circumstances this can require additional specialist expertise and we can call on our network of alliance partners from a range of disciplines including marketing, information technology (IT) and legal.

As a business owner you need an accountant who does more than just ‘keep the score’. For this reason we don’t just look at what happened in the past, we look at what could happen in the future and aim to help you build a more robust and profitable business. We focus on the four ways to grow your business including:

  1. Increase the number of customers (of the type you want)
  2. Increase the number of times customers come back
  3. Increase the average value of each sale
  4. Increase the effectiveness of each process in the business

One of the most important aspects of managing a growing business is set realistic revenue targets and financial goals. These are usually based on a sound understanding of current, historical and projected financials. We will work with you to set key financial milestones and performance indicators that measure the progress of your growth plan. We are not your average accountant and understand what ‘growing pains’ really mean. We assist clients in the growth phase of their business life cycle by providing innovative, practical solutions tailored to their specific needs. We are passionate about small business and the success of our clients. Contact us to discuss how we can grow your profits and the value of your business today.

Budgets, Forecasts & Cash Flows

Where will your business be in a year, two years?

Preparing sales budgets, cash flow forecasts and profit projections are important planning tools. Setting performance targets and goals allows you to measure your actual performance against them to identify what’s working and what’s not working in the business. They also serve as a valuable aid when applying for finance.

Cash flow is the life blood of a business and many profitable businesses fail due to poor cash flow management. Most business owners simply don’t understand cash flow and consequently fail to have systems and controls in place to manage it correctly. We can help you to understand and gain control of your cash flow through development of a cash flow budget that involves identifying the sources and timing of your cash inflows and outflows.

We have developed a software tool to help you generate financial projections including cash flows and a detailed profit and loss statement. At the click of the mouse we can work through a number of ‘what if’ scenarios to project your profit and calculate your likely bank balance at the end of each month. This will help identify if and when you might need an injection of funds such as bank finance.

Given trading stock can also be a major investment for a business, there are often cash flow implications of carrying too much stock. By assessing sales, cash flow, seasonal trends and stock turnover we can help you calculate the appropriate level of stock for your business. This can potentially free up working capital to invest elsewhere in the business or simply strengthen your cash position and balance sheet.

A well managed business has a ‘road map’ of where they are headed including an annual budget supported by projected cash flows. If you run your business looking in the rear view mirror and take your eye off the road ahead, you could ‘crash’. In business, “failing to prepare is preparing to fail”. Talk to us today about where your business is at, where you want to be in the future and the best way to get there.