2 December 2020

How do I grow my business, reduce costs, improve my cash flow and increase my wealth?

Situation

Mr Smith started his transport company from humble beginnings and initially was unable to operate efficiently due to absence of proper accounting system, systems and procedures, board of management to help with the decision making. The company was having growing pains, and client was working long hours working in the business and not enough time on the business.

 

Action

  • We introduced proper accounting system and trained the bookkeepers on how to use MYOB properly
  • We constantly review processes and procedures with client to ensure that risk management issues are covered

  • We prepared a Business and Life Plan for our client so he has the road map to follow to grow his business and his wealth

  • We meet with client regularly to discuss any business issues so that he has sound advice to make informed decisions

  • We helped him to review his operational costs and payroll costs and provide suggestions as to ways to reduce them

  • Whenever he is ready to reinvest the profits the company make or to acquire new property assets, we are there to assist to form new entities to protect his assets.

  • With the help of the finance broker, we reviewed his loans positions and reduced his interest payments

  • We counselled him to get his wills done for estate planning purposes, and to have proper insurance to protect his family

  • We provided fixed price engagements so client can budget his tax and accounting costs

 

Results

  • Business is now operating efficiently and effectively and thrives despite some tough economic times
  • The company has systems and procedures in place and is accredited to tender for large contracts
  • With increasing wealth, before new assets are purchased, we set up proper investment structures to protect his assets
  • Client is confident that all tax and accounting compliance requirements are met
  • Client can manage his cash flow and keep track of the key performance indicators (KPI) for the business as accounts are always up to date and accurate
  • Client can focus on working on the business as there is a management structure in place that deals with most of the operational issues
  • Client has peace of mind knowing that he will always have advice that he  can trust
  • Client has a one port of call with regards to requirements for other consultants that they may require to mange their business effectively

 

Tax and accounting services provided:

  • Business structures set up and advice
  • Asset protection advice
  • General business and management consulting advice
  • Business development
  • Business plan
  • Business tax and accounting
  • Payroll tax
  • MYOB accounting and bookkeeping
  • Capital gains tax planning advice
  • GST and BAS compliance
  • Effective tax planning and tax minimisation

 

Alliance partners services provided

  • Wealth creation and financial planning
  • Finance brokering
  • Legal services and estate planning

Source

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