Preparation and Analysis of Financial Statements
To make informed decisions about your business, you need timely accurate and relevant financial information.
Financial statement analysis refers to the analysing of financial data by using percentage analysis and ratio analysis for comparison to known benchmarks both internal and industry based, identify trends & relationships and allow for a more informed interpretation of financial data.
This means we can identify any growth or problem early allowing for corrective action to be put in place. We can help you optimally allocate your resources and carry out profitability forecasts. Another main benefit of this service is that your financial data is in a more understandable form for ready evaluation of your businesses financial condition and past operating performance.
ATO and ASIC Compliance
With the introduction of new taxation rules and regulations seemingly occurring on an almost daily basis, it can be difficult to know exactly what your obligations are and when they are due. Wise Lord & Ferguson are able to efficiently and effectively manage reporting requirements on your behalf, by completing Income Tax returns, Fringe Benefits Tax returns, Business Activity Statements, and other statutory ATO compliance reports, and advise you on the amount and timing of their outcomes.
Companies and their members also have additional reporting requirements to make to ASIC, often with short time periods to do so before penalties are incurred. At Wise Lord & Ferguson we are able to provide a service of not only completing reporting requirements on your behalf, but also maintaining appropriate records of statutory company documents, such as Annual Returns, minutes of Director and Shareholder meetings, and changes to company details.
Strategic Business Plans & Advice (including Structures & Reconstructions)
Establishment of a business structure, or combination of structures, is an important decision encompassing a number of specific considerations. These vary considerably dependent on personal circumstances, investment strategies and financial goals. Wise Lord & Ferguson can guide you through the decision making process and assist you in reaching the most effective structuring solution for your overall needs.
A key benefit of this service is that we can help you minimise income tax through access to all available capital gains, income and goods & services tax concessions in the course of everyday business and major transactions. Your family members will be more certain about their future and you will have maximum protection of assets in the event of business failure.
Outsourced Accounting
In order to have efficient administration of your business and meet compliance-reporting requirements, it is vital to have an effective problem-free accounting system.
By outsourcing the accounting functions of your business to us we in effect become your day-to-day accountants undertaking your routine accounting work – payment of accounts, wages, processing of debtors invoices and statements, preparing monthly and quarterly financial statements and reconciliations, attending to Business Activity Statements (BAS) and Instalment Activity Statements (IAS).
Outsourced accounting is a cost-effective opportunity to allow you to free up your time for what you should be doing – running your business.
Business Succession, Estate & Will Planning
Business succession is important for all business owners particularly those contemplating selling or leaving the business in the foreseeable future, whether by direct sale or continuation by family members. Your individual circumstances are identified and a plan put in place to best for-fill your objectives and where possible those of your family and business partners.
It is about creating greater certainty and viable pathways to your desired future. We also explore all the taxation implications that could affect you (all available Capital Gains, Income, Goods & Services Tax concessions to minimise the Tax impost are utilised).
In the event of death, plans are in place to create certainty for remaining family members and/or business partners as well as fulfilling the wishes of the deceased.
Cashflow Budgeting & Forecasting
Wise Lord & Ferguson recognise the importance of planning ahead and writing budgets for your business to respond to changing industry factors, market volatility and, for rural clients, even weather conditions. Now, more than ever, it is important to know where your business stands, and what impact a given decision will have on the business into the future.
Using computer-generated reports, we can help you do this by expanding your simple budget into a guide for tax planning, decision-making and financial management. By predicting the peaks and troughs of cash flow we can help ‘smooth out’ your finances. Forecasting multiple scenarios tailored to your business also assists you to compare and contrast what could happen to your business if you took a particular direction.