Taxation compliance and planning

 

 

It is every business owner's dream to legitimately retain more of the money that their business makes.  Carefully planning and structuring your business practices will help reach this goal.  Everythink can assist in minimising the burden of compliance and strain on cashflow of GST, Income Tax, Fringe Benefits Tax, Payroll Tax, Capital Gains Tax, Land Tax and Pay As You Go Instalments.  Other compliance demands on business will also be considered such as reporting under the Australian Accounting Standards, ASIC requirements and superannuation regulations.

 

 

Business plans and reviews

 

 

Preparing a written business plan formalises the framework in which a business operates.  The documenting of visions and mission statements, detailing the target market and marketing strategies, understanding business goals and objectives, looking at finances, reflecting on risk management, knowing legal requirements of the business, analysing the economic environment and any particular considerations regarding the business's industry, analysis of current strengths, weaknesses, opportunities and threats and creation of an action plan to suit particular business needs is an invaluable tool in sustainable business success.  Projections and budgets assist businesses in planning and analysis of actuals versus budgets is a great measure of business progress. 

Very importantly business plans and budgets need to be reviewed and updated to ensure continued focus on goals, targets and success.

Succession planning is also incredibly important and should be considered as early as the initial business planning stages.

Accounting systems and reporting

 

 

Ensuring strategies are in place to provide timely, useful reports on the business' progress and results are important to allow business owners and managers to be able to respond to adverse trends or capitalise on opportunities.  Regular reports that meet the business's particular needs are necessary.  But, more importantly, business owners and managers need to be able to interpret the reports as a basis for informed decision making.  Everythink will not only ensure useful reports are prepared within a business, but will assist in educating and training the managers utilising the reports on useful business performance analysis.  Everythink understand and can work with your preferred bookkeeping and record keeping style - whether this is the "shoe-box", manual books, PC or cloud based systems.

 

Business best practices

 

 

It is very important for businesses to apply best practices around all aspects of business to help ensure they place themselves in the best possible position to take advantage of opportunities when they arise or can measure and control their whole business at all times.  Ensuring debtors and creditors are measured, understood and controlled is important for cashflow and maintaining healthy liquidity.  Inventory controls are important to ensure best use of capital resources available.  Employees are also a valuable asset to businesses and being able to monitor and control costs, earning rates and value is essential to understanding the importance of these employees.  Continued investment in employee training, development and motivation will greatly impact on both the employee and the business.  Cost controls of fixed and variable expenses will help ensure the healthiest margins are enjoyed by your business.