Services
Our fixed price model means there are no surprise invoices for our services. All our fees are set up front, so you know what to expect before the work is complete.
We specialise in:
Start-up business structural planning
Annual Recurring Compliance
Let us manage the tax man for you with our annual compliance package. Including preparation of financial statements and reporting to authorities, we take the stress out of compliance.
Enquire now about a fixed price retainer.
Annual Recurring Compliance – The (boring) esstentials
What’s included:
Annual Accounts & Tax Returns
If operating a business as a sole trader, company, partnership, trust or even if your group includes a Self-Managed Super Fund (SMSF), you are required to prepare and lodge a tax return annually with the ATO. To ensure accuracy in the figures lodged, we prepare special purpose financial reports each year. We also manage the asset depreciation schedules for accounting and taxation purposes, all correspondence with the ATO and prepare a future tax payment cash flow planning schedule so you are always well notified of expected taxation liabilities up to 18 months in advance. This is all included within our fixed price arrangement and you will have peace of mind knowing that this is all taken care of for you.
ASIC Annual Company Statement
You are also required to pay an annual fee to ASIC if you have a registered company. We’ll take care of everything that ASIC require and inform you of the relevant reporting requirements in plenty of time.
Business Activity Statement (BAS)
This includes preparation and submission of your monthly or quarterly BAS returns with the ATO. We’re not just filing a bunch of numbers though, we take a multi-step approach to our BAS returns service which includes:
• Bank account and credit card reconciliation
• Ensuring the best GST reporting method to maximise cashflow
• Reviewing of quarterly transactions and GST allocations
• Advise or update bookkeeping systems for GST allocations
• Reconciliation of payroll records to your Profit and Loss report,
• Claiming Fuel Tax Credits where appropriate.
• Calculation of progressive income tax liability at quarter end to ensure PAYG instalment is appropriate
Annual Employer Obligations
• Payroll Tax return
• Workers Compensation declarations
• Payroll and PAYG Payment summaries
• Fringe Benefits Tax returns
Directors and Associated Individual Tax Returns
Along with preparing the trading entity accounts and tax returns, we will also prepare your personal income tax returns. These are required to declare your personal income (Salary & Dividends) for the year.
Ongoing Management Reporting
We engrain ourselves in your business to provide the best financial advice for true added value. This service covers profit and loss analysis, guidance on cash flow and KPI setting, performance management, and expert growth strategies.
Ranging from monthly, quarterly or annual reporting we have a fixed price retainer option to suit your needs.
Ongoing Management Report As Your Virtual CFO – The insightful bits
What’s included:
Management Accounts
Rather than a set of accounts just once a year, you receive a fully reconciled set of accounts each month or each quarter, with a report pack containing your Profit & Loss account, Balance Sheet, Aged Debtors & Creditors, Cashflow Projections and an Executive Summary giving you the top-level information. We can also add in any further reports required (e.g. budget analysis or departmental reporting) and our analysis and commentary on the monthly or quarterly performance.
Quarterly Review Meetings
We will work with you to define the Key Performance Indicators (KPI’s) that underpin the success of the business. These will be a combination of financial and non-financial measures. We will put these into a separate report each quarter and again provide our analysis on the results to assist in improving your results over time. We will host a quarterly face-to-face meeting to address anything you want to discuss with us and anything that we have identified as areas that will benefit from some closer attention, guided by the reports.
Business Management “Virtual CFO”
Acting as your Virtual CFO, we encompass your Family Group objectives and formulate Financial and Non-Financial Strategies.
We don’t just build a performance budget like most accountants, our methodologies integrate and consolidate your Asset and Liabilities positions and encompass an incredibly accurate Cashflow schedule.
Business Management – The strategic and most valuable bits
What’s included:
Budgets
We believe that every business should have a 12-month financial budget to plan where you want to be heading. This gives direction to the board and the entire team as to what the business is trying to achieve so you are all working in sync. We will also create, manage and update a rolling 3-way forecast, including; profit & loss, cashflow and the balance sheet. With this you will always know what the future financial performance and position of the business looks like, based on what we already know today. This is about bringing the future into the present, so you can do something about it now and not after the event.
Pre-Year End Tax Planning Review
Many accountants will wait until the end of the year when they typically tell you to make any purchases before your year end, so you can make savings on your tax. This is the most basic form of tax planning and at that stage it is too late.
We implement our Pre-Year End Tax Planning Review well before year-end, so we can start making a real impact and minimise the tax you must pay.
Tax and Structure Planning
We can conduct a review and analysis of your current structures together with your tax position for the current financial year. Assess for strategic planning opportunities to optimise your taxation position and provide estimated calculations and payment timetables of your estimated tax position.
Virtual General Manager (GM)
We will take the worry out of general business management by handling complete family group back office management, estate and business succession planning, shareholder and director dispute resolutions, refinancing negotiations, taxation planning strategies and more.
Non- Accounting Management ” Virtual General Manager” – The well-rounded bits
What’s included:
Shareholder or director dispute resolution management
The very fist step in managing and navigating through any Shareholder, Director or Trustee dispute is referring to the entity’s Constitution, Trust Deed and/or Shareholder Agreement.
Quite often we take on New Clients that are not aware of these documents. They are either not readily available on file, lost, never prepared or poorly drafted, restricting the ability to resolve issues efficiently and effectively.
One of our more memorable experiences involved a disgruntled Director of a Board acting also as a minority shareholder. Communication broke down between the Other Board Members and Majority Shareholders. The Disgruntled Director turned to the most expensive Legal Firm in the Country to act on his behalf and fight through the issue. We resolved the dispute with a 1 page response letter to the Legal Firms’ 12 pages and the matter disappeared. We put this down to simply following the company’s incorporations documents that were established on inception.
Cost effective and valuable – we now have a reputable business client for life by being able to demonstrate the most Commercial route through difficult times without losing sleep or costing your life savings.
Complete Family Back Office Management
• Director office holder duties and responsibilities for your company
• Bookkeeping File Setups and On-Going Management
• Specific Registered office and PO Box address setup
• Mail collection duties including electronic storage and forwarding
• Bank account and authorised payment management with banking representatives
• Organisation of matters such as:
o Share and Investment Portfolios and Associated Advisers
o Property Agents,
o Negotiation and Management of Mortgage, Loan and Finance Brokers
o General business and personal insurances Broker management
Estate planning management
The majority of new clients we take on do not have a Valid Will or Powers of Attorney and Guardianship in place for their children. Clients that do, often don’t realise that their superannuation is not captured under their Will and don’t have provisions for Testamentary Trusts (which we feel is a must in everyone’s Will).
With our management experience together with reputable estate planning service providers, we act as an impartial sounding board in working through an amicable solution before any heat builds. Our service providers then simply document your intentions with minimal legal costs while explaining and recommending any obvious alternative strategies or questions.
On average for an individual Will, Powers of Attorney and Guardianship and the inclusion of Testamentary Trust clauses and legal meeting time would total an investment of $1,750 + GST. We also throw in the Peace of Mind that it has all been completed professionally and long lasting.
Succession planning management
Similar to personal Estate Planning management, your Executor, current and future Business Partners and Family Group Structure relies on a carefully planned and executed Succession Plan to ensure all your hard work and Wealth generated over the years is not dissipated on your death, sale or passing to the next Generation of Family members or Staff. We have the experience in organising and managing the stages within this plan beginning with your objectives through to educating the parties being handed the Business Baton to run with.
Other Areas We Have Experience in Managing
• Shareholder agreement preparation
• Refinancing Business and Property Arrangements
• Taxation Strategy Planning
