Small Business Accountants Melbourne
Running your small business will present plenty of challenges for you. Whether you are a tradesman, a retailer, a consultant, a Health Professional, in fact any business, you need to be efficient with your time, your customers and your employees. This involves quoting jobs accurately, completing work on time, invoicing and ensuring you are paid. On top of this you have tax and other government requirements (BAS, GST, PAYG, Super etc)
Many self employed people spend their nights and weekends keeping up with the paperwork. If you fail to lodge information with the different government departments you could be fined. That’s why it’s important to work with an accountant that helps you in all these areas and helps you grow your business.
We work with all types of Trades & Services…
We have over 20 years experience servicing clients across a broad range of trades including:
Some Basic Business Principles Every Small Business Owner Should Know
Many people spend a lot of time and money establishing a business. Statistics show that 80% of new businesses fail in the first 5 years. Of the remaining 20%, 80% of them fail in the second 5 years. That tells us that only 4% of business startups survive 10 years.
What is the purpose of your small business?
Most people answer this by saying “to make a profit”.
As a customer, if you thought the only reason one of your service providers was in business was to make a profit, how loyal would you be?
We think the 4 purposes of any business are to:
- Create new customers
- Make sure they keep coming back
- Turn them into advocates for you
- Have FUN doing it!
Statistics show that most businesses spend 6 times more to attract new customers than they ever do to keep the ones they already have.
Why do customers leave a business?
Statistics show that:
3% Leave due to convenience. Another service opened closer to home or they moved away.
9% Leave to go to a friend or relative.
15% Leave because they found a better or cheaper product
5% Leave for various other reasons…but
68% Leave because of “perceived indifference” They didn’t think anyone cared about them.
How often have you been in a business that you felt “they don’t care about me, I’m just another number”?
These are just some of the things your accountant should be talking to you about. Too many small business owners work long hours with very little return. Talk to us at Absolute Accounting & Taxation about how we can help you.
Accounting, Taxation & GST
Australian Tax Law is always changing. At Absolute Accounting & Taxation, our professional team members undertake extensive ongoing training to keep abreast of developments. You can sleep easy knowing your accounting and taxation obligations are fulfilled on time.
You will receive timely and accurate advice on tax matters including legitimate tax minimisation strategies. You get a personal approach to your tax and can expect expert advice.
We advise on:
- Income Tax
- GST (Goods & Services Tax)
- FBT (Fringe Benefits Tax)
- CGT (Capital Gains Tax)
- Preparing for a Tax Audit
When you need more than just tax advice…
Our clients have told us that they need an accountant that does more than keep records and complete tax returns. You want an accountant to be proactive and innovative. You want an accountant that gives personal, timely and quality advice together with cost effective strategies and solutions.
You’ll find we have the experience and expertise to help make the difference between you just surviving and thriving.
Some of the advice clients have asked us include:
- Appropriate Business Structures
- Setting up a company
- Applying for an ABN (Australian Business Number)
- Record and Bookkeeping Advice
- Business Plans
- Tax Planning
- Succession & Estate Planning
- How to Value a Business
- How to Buy or Sell a Business
- Assistance with Finance Applications
- Preparing a Budget
- Insurance advice and how to Manage Risks
- Accounting Software, Computers and IT Services and Advice
- Financial and Retirement Planning
- Client Advisory Boards
Business Coaching & Mentoring
Many business owners work long and hard and don’t seem to get anywhere. To quote an old saying “they can’t see the forest for the trees”.
Just as you need to service and maintain your car, it’s the same with your business. Absolute Accounting & Taxation helps business owners examine their business by asking 3 powerful questions:
- What’s Working?
- What’s Not Working?
- What Needs Working On?
We work together to design a strategy and system to ensure all aspects of your business run efficiently.
Regular meetings are designed to get you and keep you on track.
We have the tools that can identify weaknesses and suggest improvements. By working together we achieve results that most clients never imagined possible.
Call us today on 9821 0666 so that you can Realise Your Full Potential.
Starting, Buying & Selling A Business
Starting or Buying A Business
So you have decided to start your own business or buy an existing business or franchise. Some sobering statistics from a 2008 study showed that:
- 81% of Franchises are profitable
- 58% of franchises show profit of less than $50,000 pa
- 3% of franchises lost more than $50,000.
Before you start a business we recommend you read “The E Myth” by Michael Gerber. The book tells why some small businesses don’t work when the owner does.
Some of the questions that need to be answered are:
- What type of structure should I use?
- What finance will I need?
- How should I keep my records?
- What are my obligations as an employer?
- How do I prepare a Business Plan?
- With what government departments do I need to register?
Statistics tell us that 80% of new businesses fail in the first 5 years. And of the 20% remaining, 80% fail in the second 5 years. One of the biggest reasons for business failures is poor accounting records. One of the most important decisions you need to make when starting a business is the choice of accounting software. Before you buy any accounting software ask us what is the best and most cost efficient way to go.
To help you we have produced a book “Starting or Buying A Small Business”. It summarizes everything you need to know. It’s free to all clients who make an appointment.
Selling your Business
Before you sell your business you need to consider a number of issues including what is a fair value and any consider Capital Gains Tax and tax concessions. We aim to ensure the correct outcomes are always achieved. Talk to us before you make any decisions.
Whether your small business is based in Melbourne, elsewhere in Victoria or nationwide, our small business accountants can help. For More information about our Melbourne Accounting and Taxation services for small business please contact us.