There are things you must do in order to comply with accounting standards, tax regulations, GST reporting and so on. We believe, that although compulsory in nature, an opportunity exists to create value from your regular accounting and tax reporting obligations.
This approach examines the entire process from the collection of revenue, payment of suppliers, to the recording of transactions, preparation of activity statements, and annual reporting obligations to establish a minimum standard. We then take these basic requirements and add to them useful management data. This assists us both - you as the business owner and us as your external advisor - to make informed decisions throughout a typical financial year.
This management reporting includes profitability, cash flow, health ratios, labour cost, and overhead level. These valuable reporting items are then incorporated into your bookkeeping and accounting software through careful chart of account design, segregation of assets, reporting levels and so on.
The idea here is that you are recording the transaction anyway, so why not achieve a level of useful reporting at the same time? This key step is achieved in line with your business objectives and the choice of accounting software you make.
The next step is to take these obligatory requirements, along with those key management requirements identified, and then design a process which achieves these at the lowest possible cost. Coming up with the ideal process utilises our extensive experience with payroll, withholding, contractors, managing leave and termination, and state-based payroll taxes. The end result is often a combination of you or your staff doing the key data entry, the use of a qualified bookkeeper (who we can put you in touch with to assist with more technical transaction recording and reconciliation requirements), and our services as an external advisor to oversee the whole process and advise wherever value can be added.
Our experience is that such an approach allows for quick telephone and in person meetings at short notice to support decision-making and assess performance with data that has been recorded in line with those objectives. Examples of such decisions include
- Acquisition of new assets
- Tax minimisation and forward planning
- Salary packaging
- Fringe benefit tax cost/benefits
- Effective use of loans to and from your business entity
- Taking on a new employee, or
- Committing to a marketing budget.
- Corporate reporting and secretarial are performed seamlessly and cost effectively at DBC advisory. This includes all ASIC requirements, maintenance of registers, legal structure establishment and variation, State revenue reporting, and so forth.