The Holistic Accountant

Send us Fan Mail In this episode, Stuart and Mena discuss how to proactively manage your accountant to get the most value.   Timely and clear lines of communication. Make sure they understand your business goals and financial priorities. Set clear expectations regarding the scope of work and when that work is to be completed.  Depending on your requirements, consider conducting regular meetings an...

Send us Fan Mail In this episode, Stuart and Mena share tips on how to read a set of financial statements.  Familiarise yourself with the 2 to 3 main statements being a profit and loss, balance sheet, trading statements.  Profit and loss will give you an insight into the cost structure and profitability of the business.  The balance sheet tells you about the health of the business.  Cash flow cons...

Send us Fan Mail In this episode, Stuart and Mena discuss how to manage your payroll to ensure you comply with employment laws.  Key factors that you must consider  Options: use a basic system or get a dedicated system Human Resource Information System (HRIS) such as Employment Hero includes recruitment, onboarding, management (staff reviews), timesheets/timecards, etc.  Ongoing management by your...

Send us Fan Mail In this episode, Stuart and Mena discuss what is involved in preparing and lodging BAS and common mistakes and pitfalls.  What should your bookkeeper do What does your accountant do  Common mistakes and pitfalls  The importance of annual reconciliations  If this episode resonated with you, please leave a rating on your favourite podcast platform. It helps us reach more incredible...

Send us Fan Mail In this episode, Stuart and Mena discuss how the PAYG instalment system works for all taxpayers including business owners.  What is the PAYG instalment system.  How does the ATO work out instalments? Are there any downsides to not paying instalments (catch up tax, imputation credits). How can you vary instalments?  What to do if you have overpaid your tax.  If this episode resonat...

Send us Fan Mail In this episode, Stuart and Mena discuss what to do with your trapped funds in your corporate beneficiary: Look at your structure of the corporate beneficiary – are your shares individually owned? Is your corporate beneficiary also your Trustee? Why is retaining funds in the corporate beneficiary an issue? No strategy can lead to not only compliance issues in Division 7A problems,...

Send us Fan Mail In this episode, Mena and Stuart discuss how and when to start delegating roles in your business so that its less dependent on you, including:  Roles in a business; the technician, the manager and the entrepreneur  Some businesses aren’t businesses, they are jobs – be realistic about that. Delegating options. Work out how much your time is worth. What is your hourly rate?  Setting...

Send us Fan Mail In this episode, Mena and Stuart discuss what you can and can’t invest in a Self-Managed Superannuation Fund. Standard investments include direct property, listed shares, ETFs, managed funds, etc. Consider the sole purpose test when contemplating an investment  Update your fund's investment strategy  Considerations/restrictions when investing in unlisted securities/investment...

Send us Fan Mail In this episode, Mena and Stuart discuss how we typically advise our clients to use their business to build personal wealth, including:  Making sure you have a distribution strategy  Super: don’t ignore it.  Accumulate wealth in an non-trading company  If business premises (commercial property) is a good investment then owning can be a good idea.  Have a regular savings plan  If t...

Send us Fan Mail In this episode, Mena and Stuart discuss several financial ratios that you can use to monitor the health of your business, including:  There’s no point having a good accounting system if it doesn’t give you useful and actionable information to help you improve your business. Ratios allow you to quickly assess what areas need your attention.  Profitability : gross margin, net (EBIT...

Send us Fan Mail In this episode, Stuart and Mena discuss alternative methods of raising funds considering increased interest rates, including: Convertible notes Fixed price equity  Equity and loan  How to choose the right option for your business If this episode resonated with you, please leave a rating on your favourite podcast platform. It helps us reach more incredible listeners like you. Than...

Send us Fan Mail In this episode, Mena and Stuart discuss whether staff will be deemed contractors or employees, including:  What is Div. 293 tax and when does it apply Is it still worthwhile making additional contributions?  Can you avoid Div. 293?  Should you pay the tax from super or personal funds?  What happens if you breach the concessional cap? Should you take the money as cash salary?    I...

Send us Fan Mail In this episode, Mena and Stuart discuss whether staff will be deemed contractors or employees, including:  The 7 guidelines that the ATO sets out to determine whether the staff member is an employee or contractor Fair Work and state revenue offices approach to these matters What liabilities to include if you have employees Our suggested approach.  If this episode resonated with y...

Send us Fan Mail In this episode, Mena and Stuart discuss 3 tax incentives that are available for businesses in the FY23 and FY24 years, including:  The technology investment boost – which will need to be included in your FY23 tax return. See here .  The skills and training boost which will need to be include in your FY23 and Fy24 tax return. See here .  The energy incentive which will be included...

Send us Fan Mail In this episode, Mena and Stuart discuss what they think makes a great accountant, including:  The difference between a satisfactory accountant and a great one can be huge. A great accountant will save you more than they will charge you by giving proactive advice. A cheap accountant is expensive because they miss opportunities which gives rise to more tax.  They get to know you. T...

Send us Fan Mail In this episode, Mena and Stuart discuss the pros and cons of using a family trust to own your investments, including:  What is a trust?  The main pros and cons  The downsides for holding direct property in a trust  Why trusts suit share market investments   Here’s a link to the webinar that Stuart referred to in the podcast: https://www.prosolution.com.au/family-trusts-webinar/ I...

Send us Fan Mail In this episode, Mena and Stuart share their tips and strategies for managing a happy and productive team, including: You can’t run a great business with unsuitable people   Keeping someone that is not thriving in their role is not doing them any favours. Be realistic.  Ask yourself, would you enthusiastically rehire everyone on your team? Staff relationships are just like any oth...

Send us Fan Mail In this episode, Mena and Stuart discuss some simple things you can do or steps you can take to dramatically improve your business, including: Spend 30 min on ‘the numbers’ per week Improve management reporting and insights e.g., margins, stock turnover, etc  Review expenses one to two times per year  Speak to people in the industry to share ideas – it’s often a who question not a...

Send us Fan Mail In this episode, Mena and Stuart discuss how to deal with the challenges that high inflation is causing business, including: High inflation can have a big impact on profitability  How some businesses are navigating higher staffing costs   Managing rises costs/expenses  How to maintain sustainable margins. Are you a price taker or marker?  To find out more about our holistic accoun...

Send us Fan Mail In this episode, Mena and Stuart discuss the factors to consider when structuring the ownership of investment properties, including:  Tax considering include income tax, CGT, and land tax You must consider future plans We discuss options such as personal names, company, trust and super fun Cash flow, asset protection and estate planning considerations  To find out more about our h...

Send us Fan Mail In this episode, Mena and Stuart discuss the factors to consider when buying into a pre-existing business, including:  How to value the share of the business  Consider whether your business partners are aligned  Taxation and cash flow consideration  Legalities e.g., agreements, buy-sell, etc.  How to fund the acquisition   To find out more about our holistic accounting firm, ProSo...

Send us Fan Mail In this episode, Mena and Stuart discuss when a small business should start employing staff I.e., what to consider, including:   Why delaying employing staff so that you can optimise your systems and process is often the best approach  Employing staff puts you on the hook to do the hard (unstructured) work   Cash flow considerations   Whether to hire part-time, full-time, contract...

Send us Fan Mail In this episode, Mena and Stuart discuss what a business coach does and whether they are worthwhile, including:   The importance of accountability   Better/different perspective & sounding board   Business processes   Do they have experience with helping business achieve better results   Tax deductibility    To find out more about our holistic accounting firm, ProSolution Priv...

Send us Fan Mail In this episode, Mena and Stuart discuss the common tax planning matters that you should consider prior to 30 June, including:  Completing trustee minutes and dividend declarations  Super contributions – when, how much, etc.  Importance of doing a stocktake  Forecasting taxable income  Using corporate beneficiaries   To find out more about our holistic accounting firm, ProSolution...

Send us Fan Mail In this episode, Mena and Stuart discuss tax deductions investors can claim, including: What expenses are considered capital and how they are treated Are educational costs deductible?  Subscriptions and financial advice  Interest deductions  Computer and internet  The importance of recording keeping To find out more about our holistic accounting firm, ProSolution Private Clients,...