To be able to walk under the branches of a tree that you have planted is really to feel you have arrived with your garden.
Here are some examples of recent work for our clients. It’s not just about tax!
Investing in systems helps the bottom line
Catering Company
Our client had a catering company with multi-company operations. He was overwhelmed by the reporting and compliance requirements, and when he came to us no management reports had been prepared, the company was not profitable, and he was paying high accountants fees despite the financial statements being prepared six months after year end.
We recommended implementing a computerised accounting system and managed the implementation of MYOB accounting software across all companies. MYOB is not expensive, and is easy to use – many accountants and bookkeepers are familiar with it.
Having MYOB gave the company the ability to improve reporting standards, and to help identify which catering jobs were not profitable. They began key performance reporting and quarterly management reports with benchmarking.
With the new, streamlined system, our client was able to produce financial statements immediately after year end, and through improved reporting capabilities is able to take corrective action to improve gross margin and profits. It’s always important to know when one of your clients or projects is not profitable so that you can adjust prices, or exit the relationship. Our client’s accountancy fees have been reduced because he now only needs strategic advice, not bookkeeping.
Think ahead! You will get more out of your assets if you use them in a tax efficient way.
Refrigeration Mechanical Installation Company
Our client was the director of a refrigeration mechanical installation company and was reaching retirement age. With a successful business, he had a high annual tax liability but had made no provision for his retirement.
We suggested he set up a Complying Superannuation Fund, and look at some wealth creation strategies, putting his cash and assets into tax efficient investments.
We appointed him an investment advisor and set up the super fund. After five years, our client had a retirement fund of $700k, a much lower annual tax bill, and he was able to fully retire.
Know what you are entitled to
Manufacturing company
Our client is a small goods manufacturer and has spent a considerable amount on research into new product development.
We suggested he apply for a Research & Development grant.
We prepared a detailed R&D grant application on behalf of the client, in conjunction with expert consultants. Our client was granted $300k over four years, continues to research products as part of the ongoing business strategy, and has since received further grants to assist with ongoing research.
Why not spend an hour finding out how we can save you money! No obligation, nothing to lose ... except your tax worries!
