June, 2015

Save Money in the New Financial Year

Five steps to save time and money in the new financial year

The end of the financial year is a great time to review the past year of your business and make changes to set yourself up to save money in the new financial year.  We have listed 5 key things that you can do now to improve your performance in the next financial year.

1. Review monthly subscriptions and pay annually before the end of the financial year

Pay as many of your expenses before the end of the financial year to minimise your tax bill.  By paying annually rather than monthly, you will usually save yourself money and it’s surprising how quickly it all adds up. Most companies offer a 10% discount for upfront payment. First, check that you use the service and will be continuing your subscription.  Can you get a better deal by using another company and save money in the new financial year?

This is also the perfect time to review other services you are paying for.  Do you still use them? Are there any you can cancel?  It’s easy to forget about the odd $20 or $50 per month subscriptions but they all add up and if you are no longer using the service this can be a great way to cut costs.

2. Consider cloud accounting for the new financial year

There are lots of cloud accounting options to choose from, all come with different add-on’s and facilities, so there is bound to be one that is right for you and your business.  Cloud accounting software is a great way to save time and money on your accounts and makes managing your finances easier than ever before.

With packages from just $40 per month it’s not a big investment. Time and cost savings on your account preparation will easily outweigh the cost of the service.

Cloud accounting software also provides you with a range of reporting and monitoring tools that will make managing your business far easier and help you improve your business performance.

Some key benefits

  • No spreadsheets and end of year panic
  • Better communication and up to the minute advice from your accountant
  • Real-time reporting and knowing exactly where you are financially
  • Being able to access your accounts, invoice for work and reconcile your accounts anytime, anywhere using any device that can connect to the internet.

3. Outsource those small, nagging projects

Start the new financial year on the right foot.  Get all those little projects completed before the end of the financial year or hire someone to do them for you early in the new financial year.  This will save you time and effort trying to fit these in around managing your business, leaving you free to focus on growing and improving your business.

4. Purchase any small assets or consumables

Are there any purchases you need to make for the new financial year?  Now is a great time to make them as they can be claimed on this year’s tax.  Think through all of your business processes.  Could you do them more efficiently and effectively by investing in new technology or tools?  If so, now is the time to purchase them to save money in the new financial year.

5. Review your financial position and plan for next year

Now is the time to lay down your plans for the new financial year.  What do you want to achieve, where do you want your business to be this time next year?  Meeting with your accountant can be a great way to get assistance in making a proper plan for maximising your chance of success.  This is also the perfect time to review your achievements from last year.  What went well, what could have been done better?  Learn from your experience and let it inform your plans for the new year.

This is also a great time for a financial health check – plan your cashflow for the new year, identify any potential shortfalls and plan for them now.

Set yourself up for your best financial year yet!  If you want to discuss your business, your plans and how we can assist you to achieve them, call us today for a free business and financial health check on 9204 3733 or fill in the form below and we will contact you.

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How to change accountants in Perth

Switching is easy

Over 60% of businesses are not happy with the service they receive from their accountant yet every year they go back to them and pay good money for poor service.  This is puzzling.  If you received poor food and service at a restaurant, you wouldn’t continue to go there, so why do the same with your accountant?

We believe that many business owners don’t make the change because they think all accountants are the same or that it’s too hard to make the switch.  Well, as you know from our previous blogs, not all accountants are the same!  A great accountant can be the difference between your business thriving or just surviving.  Running a business is tough, so make sure you get the service and support you need to make things easier and less stressful.  Below we have outlined just how to change accountants in Perth – it’s easy to switch and get the support you deserve.

Another reason business owners hesitate to make a change is because they believe that switching accountants is difficult and time consuming.  Don’t be fooled into thinking that your accounts are so complex that making a switch would be difficult.  A good accountant can quickly and easily review your accounts to get an idea about your financial position.   Then, with a few questions about your goals and aspirations they will be able to identify opportunities for you and your business.  So meet with a few accountants, ask for an obligation free review and then make your comparisons.

A quick and simple way to make a change

Once you find an accountant you like and who will support you in achieving your goals and improving your business, you are ready to make the switch.  This is easy because your new accountant will actually manage the whole process for you.  They simply contact your previous accountant and take charge from there.  It really is that easy so let us help you make the change.

We are so confident you will prefer our accountancy service to the one you are currently getting that we are offering 20% off your last accountancy fee.  CLICK HERE to find out more.

Find the right accountant in Perth

How to find the right accountant in Perth

Last week we looked at the benefits of having a good accountant on your side when it comes to growing and improving your business.  How do you know you are choosing a good one?  Comparing accountants can be difficult.  How do you know what questions you should be asking and what information you need to collect to be able to find the right accountant in Perth?

Don’t just go with your gut instinct, ask the right questions and find someone you can work with over the long term to deliver ongoing business improvement.  We have put together a list of questions you should consider.  Once you have the answers it will be easier to make an informed decision.

1. Are you comfortable chatting with them?

Firstly you need to choose an accountant you’re comfortable with.  This is someone you will be working closely with to maximise your business success.  You must feel comfortable asking any question no matter how trivial it may seem and not be afraid to broach any topic with them.

Then you need to ensure that you understand what they are telling you so that you gain the benefits you desire.

Many accountants are great with numbers but their “jargon” can be difficult to understand.  Make sure you choose someone who explains things to you  in plain English.  Also ensure that they take the time to review your business, explain your position and what you can do to improve it in the long term, if necessary.

2. What level of service do you need?

Another important consideration is the level of support and service you want to receive from your accountant.  If you just want “cheap and cheerful”, you’re not going to get much in the way of service or added benefits.  If you want someone who takes a proactive approach by monitoring your business affairs and advising where improvements can be made, you will need to ensure the accountant is able to offer you this level of service.

If you want someone who will help you to drive your business forward, look for an accountant who is accessible and will provide regular communication and advice.

Location is also a big factor.  Many cheap services are run off shore and there is not always the opportunity to communicate with an accountant directly.  Make sure you choose someone local who is easily contactable.

3. How much are you prepared to pay?

Some accountants will charge you a fixed fee for the work they do.  While this means that you will know from the start how much the service will cost you, you must consider whether you want just the basics or a high level of service.  Accountants who provide the latter offer more comprehensive professional services.  They usually charge by the hour – this may cost a bit more, but it’s worth it in the long run.

4. What payment options are available?

Some accountants offer fixed price monthly billing that will allow you to spread the cost over the course of a year.  This can make budgeting a bit easier, so make sure you ask about payment options.

5. Is the accountant fully qualified?

If you are looking to find the right accountant in Perth, be sure to check that they are qualified.  Anyone can hang up a shingle but professional bodies guarantee quality.  Ensure that your accountant is either a Chartered Accountant (CA) or Certified Practicing Accountant (CPA) – both are regulated and are required to undergo ongoing professional development to ensure their knowledge remains up to date.

6. What are your needs?

Start by compiling a list of your requirements and find an accountant who has the appropriate expertise to assist you in these areas.

7. Where do I find the right accountant in Perth?

It’s very easy to find a long list of accountants on the Internet, but be wary.  Money can buy a fancy website, but this isn’t necessarily an indication of the service you will receive.  A personal referral is still the best way to find reputable and reliable accountants.  Failing this, make sure you meet with several accountants, ask questions and look at the range of services and benefits each one can offer you.

8. What is the size of the practice?

As a general rule of thumb, large accounting firms deal with large companies, mainly because their accounts are large and complex.  Smaller accounting firms understand the needs of small businesses, so you are more likely to receive the level of attention you require.

9. What questions should I ask?

  • Which professional bodies are you and your firm associated with?
  • What are your accounting qualifications?
  • Who will be preparing my accounting and taxation work?
  • How do you charge for your work?
  • Do you specialise in any specific field?
  • Do you have any clients I could speak with regarding your services?
  • What can you offer me and my business?
  • Why should I choose your accounting services?

So, in summary, the “DOs” and “DON’Ts” of choosing an accountant are:

DO

  • Ask lots of questions.
  • Request a meeting with clients.
  • Look for testimonials on the firm’s website.
  • Ask friends about their accountants – perhaps they can recommend one.
  • Ask what the accountant can do for you and why you should entrust them with your work.
  • Shortlist potential accountants and meet with them to confirm if their services meet your needs.
  • Look for an accountant whose charges and payment options suit you.
  • Look for an accountant who will take the time to explain your financials to you.  To be successful in business, it is essential that you understand your numbers.

DON’T

  • Use price as the only deciding factor.  Quality service is an investment, not a cost.  Cheap service may cost you far more in the long run.
  • Leave finding an accountant until the last minute.  This causes delays in required lodgements and penalties may be applied by the ATO.
  • Choose the first accountant you meet.  It is an important decision, so take your time and weigh up your options.
  • Misrepresent your business position.

We hope this helps you find the right accountant in Perth to suit your needs.  If you would like an obligation-free appointment, we can explain how BSN & Co have helped other businesses and individuals get the service they deserve.

If you make the switch to BSN & Co, we are offering 20% off your last accountancy fee*, CLICK HERE to find out more.

 

The Benefits of a Good Accountant in Perth

What makes a good accountant in Perth?

When choosing an accountant to assist you to manage your business, ensure you remain compliant and meet all your taxation requirements, you need to give this important decision due consideration.  A good accountant in Perth can be the difference in business survival and success.

Many people just think about their accountant in terms of lodging their tax returns and completing their financial statements.  Yes, this is part of their role, however with an in-depth understanding of your business, your financials and the insight they have from working with other businesses across a variety of industries, they are well positioned to help you improve your business, increase your profits and reduce costs.  That is, of course, if you make the right choice!

If you are simply thinking about an accountant in terms of BAS, tax and financial statements it can be easy to think that all accountants are the same, that they all do the same job and will provide you with the same service.  This is not the case, so choose wisely and your accountant can have a huge impact upon your business success. It cans sometimes be hard to find a good accountant in Perth, we have made the decision easy for you, read on to see what we think is a good accountant in Perth and see why so many individuals and business choose BSN and Co.

How can an accountant help my business?

Running a business can be lonely and very stressful.  You have so many competing priorities that it can sometimes be hard to see the wood from the trees and this can lead to poor decision making.  Your accountant should know your goals and objectives, not only for this year, but for the next 5 years, making them the perfect sounding board when you have an important decision to make.  They will look at your business impartially and give you advice based upon the figures, your goals and your previous performance.  This can be the difference between success and failure! This is the beginning of a good accountant in Perth.

An independent sounding board

Many people believe that they can simply discuss important business decisions with friends and family.  Sure, it can be helpful to get other opinions, however in most cases these are just that, opinions.  They are not based upon facts, evidence or data and, most importantly, they are not based upon professional knowledge and experience.  Free advice of this sort can be the most expensive advice you ever receive as it could potentially send your business under.

A good accountant in Perth will help guide you, answer questions and provide professional advice based upon knowledge and experience.  This can be the difference between your business surviving and thriving, or not.

Improve your systems and processes

A good accountant in Perth will also work with you to implement systems and processes that will improve your business, making it more efficient, saving you time and reducing your cost of compliance.  This makes running your business easier and improves your chances of success.  With less time spent on the basic administrative roles you can focus on growing your business and delivering exceptional customer service.

Communicate information

A good accountant in Perth will communicate with you regularly, so they’ll know you and your business inside out.  They will also help you understand the numbers, taking the time to explain what they mean and how you can use them to improve your business moving forward.  They can even provide you with real time data on your business so you can make informed decisions about your business as it stands now, not based upon historic data.  This means you can be far more responsive to changes in your business and take advantage of opportunities as they arise, maximizing your success.

Your business is your livelihood - surely this is worth investing in to achieve your financial goals.

A summary of how a good accountant in Perth will help you:

  1. Save you money.
  2. Reduce the stress of having to worry about cash flow and taxes.
  3. Identify opportunities for improving your business.
  4. Recoup the cost of their services through improved business performance.
  5. Ensure you are structured to effectively reduce tax and protect your assets.
  6. Make sure you are taking full advantage of potential tax deductions to reduce your tax liability.
  7. Keep you informed about changing tax laws, as well as opportunities to improve your business and past performance trends.
  8. Act as a sounding board for new ventures and investments.
  9. Help you translate financials for management decisions.
  10. Save you time and allow you to focus your attention on the things you are good at.

To ensure you are getting the full range of benefits from your accountant, you need to consider them as an asset to your business and not just an additional expense.  Keep them involved and informed about your changing business.  By doing so, you will reap the rewards.

For an obligation-free meeting, call us today and we will be happy to discuss your business, your needs and ways that we can assist you.  We are so confident that you will prefer our service that we are offering 20% OFF your last accountancy fee when you switch to BSN & Co. Are you ready to experience what a good accountant in Perth can do for you?

*All you need to do is present your last accountancy fee and we will beat it by 20% with our first accountancy fee.  Offer applies to the same service provided by your previous accountant.  Fill in the form below to book your appointment and see how we can make a clear difference.

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