Accounting Insider - Property, Wealth, Business Tips & Tricks

Kym has begun the hunt for another commercial property, and it is testing his patience, resilience and big picture property plan. Kym will share his insights and learnings every step along this property purchase journey on Accounting Insider. He is eyeing one of South Australia's most sought after suburbs, Kent Town, which is one kilometre outside of Adelaide's CBD. Prices are sky high, and very f...

If you're a regular Accounting Insider listener, you'll know that Kym can find himself in the occasional sticky situation. When things get complex the guy Kym calls is lawyer Andrew Andreyev (https://andreyev.com.au/). Andrew works with entrepreneurs, investors and their families in Adelaide and Sydney. Andrew holds Bachelor degrees in Commerce and Law from Adelaide University, as well as a Master...

Outsourcing is a growing phenomenon for many companies large and small, especially accounting firms, but finding the right outsourcing solution is easier said than done. Poor systems and technology, choosing the wrong support person and paying too much are just a few of the barriers that exist for business owners. Kym Nitschke has begun outsourcing at his accounting firm, and shares what he has le...

Kym Nitschke has detailed his highly effective property investment strategies throughout Accounting Insider and in this episode he puts the plan into action. Kym is often advises on investment property purchases, and was engaged by a client, a high net worth doctor, to find and buy a property. Kym talks about: - Identifying the right property - Playing the long game - Uncovering key details (not k...

People make all kinds of excuses about why they can't launch their business idea but cost shouldn't be one of them, Kym Nitschke says. Anyone can start a business, any time, and it is surprisingly cheap to launch. The key is knowing how to do it in the smartest, most efficient way possible. Kym explains how in this episode of Accounting Insider. About Kym, http://accountinginsider.net : Kym Nitsch...

There's no reason why you can't hit $1 million in annual revenue with just two staff members, Kym says. However, most solo operators get stuck at $200,000 in revenue. Kym explains why, and how to break the barrier. Among the key tips, Kym says it is crucial to hire great staff to free to up for much more marketing and networking - bringing new clients through your doors. Kym also deals with the co...

Kym has parted ways with a longtime staff member. It was a huge decision with both commercial and personal implications. He could see his accounting firm's company culture starting to fray. In a small business, there’s no where to hide even though, by Kym’s own admission, he tried to put his head in the sand for some time. “Hiring and firing” means so much to a small business. Right and wrong deci...

Your customer is worth a hell of a lot more than you think. After winning a client, some business owners won't consider much more about that client's value. Or they might look at the client's value narrowly - how much am I invoicing this client, or how much did that client pay me last financial year? Fewer business owners look at the client's value for the entire period that they remain a client....

It was a "one in 50 year storm" and it cast an entire state into darkness. Power lines were wiped out, shutting down South Australia's power source for hours. In some regional centres the lights didn't come on for days. The cost to business is enormous, and it exposes key holes in risk management and backup plans. Kym talks about how his business was affected, what he learned and what you need to...

Some people will try and tell you the long lunch is dead, but Kym scoffs at this suggestion(as he finishes off his second helping of dessert). For Kym, business lunches are a key part of his marketing and business development success. He spares no expense, from the restaurant choice, to the wine and the number of courses. It is all about the experience. It sounds lavish and expensive but it pays o...

In the midst of the digital revolution, most companies aspire to be paperless. It is easier said than done. It involves technical change; migrating systems to the cloud, utilising software, scanning documents and much more. It also involves cultural change; changing the way “things have always been done” in the office and, as Accounting Insider’s Kym says, “declaring war on paper”. Kym’s accountin...

For most people, creating a monthly budget is hard enough, let alone 10 years! But work with us here. Kym's 10 year budget is really just a process to outline your wealth goals, the the road map to achieve them. For Kym, a 10 year budget is a retirement plan, and it has enabled him to work out if he is on track, or if he needs to make some corrections. What do you need to do to reach your financia...

Following the dramas of Kym’s rental property nightmare (previous episode), Mr Accounting Insider was looking forward to kicking back with a Bintang and enjoying a well earned rest. It started out that way. Kym spared no expense (which is a big deal for an accountant) on a lavish holiday with his family, and enjoyed every minute of it. In fact, taking the time out to clear the mind and step out of...

Just days before Kym's well-earned Bali holiday, disaster struck. One of his tenants contacted him about a problem. And this isn't just any tenant - he's a lawyer who knows his way around the Tenancies Act. So Kym was on his toes, but still expected that the issue could be dealt with on his return from Bali. But on inspection, it became apparent that this wasn't an ordinary problem. An entire wall...

So you've decided to break free from the office cubicle and start your own business. What now? Kym Nitschke talks about the key issues you'll need to consider in the first year. Kym talks about goal setting, positivity and inspiration as well as more practical issues such as setting up your company, business plans, cash flow, buying equipment and much more. Let's get started! About Kym Nitschke, a...

Kym Nitschke is amazed by the favour that medical professionals receive from the tax office and the banks. The fact that many doctors aren't making the most of these benefits is just as surprising. Benefits extend to: - Car, personal and home loans - Entitlements for owners of private practices - Education allowances - Superannuation entitlements Much more! In this episode of Accounting Insider, K...

A Trust is the best friend of an accountant and his savvy clients. Kym Nitschke says there’s much to love about Trusts, including the many tax benefits and ability to protect property and assets. There are also things that many do not know about trusts, including ways to benefit from a deceased estate and pay school fees tax free! Can a Trust help you? Tune in to Accounting Insider and find out. A...

Kym Nitschke is forever attempting to balance his lifestyle desires with his frugal accounting sensibilities. EBay has allowed him to do just that. Kym talks about the all of the benefits that eBay brings, including time and cost advantages, as well as tips for use and the back story of one of the world’s most influential companies. About Kym Nitschke, accountinginsider.net : Kym Nitschke is an ac...

Kym Nitschke loves cars. He owns a Porsche. But, with his accountant hat on, cars are a waste of money. However, if the reality is, most of us need or want a car (or multiple cars). And if you’re going to buy one, Kym has key tips to ensure you're buying smart, including: Car type and brand New or used? Insurance Tax Kym also reveals how a change in importation rules, coming in 2018, will bring am...

Kym Nitschke continues his focus on the key factors for building wealth with property. Continuing the discussion started in episode 10, Kym infuses his insights with learnings from his favourite book, John Fitzgerald’s 7 Steps to Wealth. Today’s episode unpacks: The importance of leveraging finance and the banks The benefits of “DIY” valuations Affordability and doing the right deal The benefits o...

The federal budget for 2016-2017 was recently handed down by the Australian treasurer Scott Morrison and Kym Nitschke shines a light on some of the issues in focus for the Australian government. Key points include: The Australian Tax Office is targeting the likes of Apple and Google, and the impact could be felt by consumers. Superannuation changes will provide a windfall for property investors. I...

You own a number of properties, and their value is increasing. Now what? Kym Nitschke talks about the strategies to put in place to reach your end goal, which should be something like: Retire as soon as you can, as well as you can. Kym talks about the importance of setting your plan, outlining clear goals, monitoring and reviewing results. Kym is also revisiting his favourite book, 7 Steps to Weal...

Kym Nitschke LOVES commercial property. In part 8 of his property series, Kym compares the investment opportunity of commercial property with residential. Kym says the benefits of commercial property range from the issues that are out of your control, such as legislation and inflation, as well as the practical issues, such as insurance, repairs and maintenance. Tune in and find out more about comm...

Kym’s commercial property had been vacant for two years. He knew he had to take drastic action. Finally, a potential tenant showed interest. But they wanted Kym to fit the building out, and furnish it. It sounded reasonable, but Kym didn’t have the cash available. So, as he often does, he took it upon himself to get the job done. Kym takes you through the hands-on project, how he used the outsourc...

For Kym Nitschke, an accountant and qualified builder, building and renovation has become a key part of his property investment strategy. Before becoming qualified, Kym started with a major renovation of his own home, which was completed for at a fraction of the quotes he received from major builders. For Kym, it was a matter of developing a great plan, finding the right people and developing rela...