Summit Accounting & Taxation has five main focus areas
We do more than balance the books. Our full service encompasses five strategic areas that are designed to create and grow wealth for you and your business.
Here are some of the ways you can save money, improve cash flow, increase profitability, meet your legal requirements, save time and create wealth.
- Effective tax planning will ensure any tax payments are minimised.
- Identify and block leakages.
- Use benchmarks to ensure your income and expenses are in line with that of your competitors.
- Are your prices set so that you remain competitive? Analyse gross margin and overheads, break even analysis.
- Don’t just look at numbers of sales but more at the profitability of each sale.
- Investigate stock controls, cash controls, purchase controls and sales controls.
2. Growth and Wealth Creation
- Channel marketing into high margin products.
- Allow your trusted staff the freedom to come up with ideas to grow your business, customer base and products and services.
- Regularly review (monthly) some aspects of your long term goals.
- Focus on one area at a time.
- Let the market know what you do differently to your competitors.
- Do you network regularly?
- Use systems to ensure that all staff know what to do and how to do it. This will be a massive time saver and ensure accuracy.
- Accurate and user friendly bookkeeping / accounting software.
- Employ experts in their particular area.
- Employing additional employees can free you up to grow your business.
- Communicate with your accountant or trusted advisor before making major decisions.
4. Cash Flow
- Do you have a strict debtors system?
- Are budgets in place, not so much to constrain spending but to know where the money is being spent and if income targets are being met?
- Is the banking of cash and cheques being rotated among the staff? Do staff take regular leave?
- Are you taking advantage of discount offers?
- Is stock being over-ordered?
- Is your GST registration appropriate?
5. Asset Protection
- Do you know if your business structure is appropriate for your business?
- Protection of Intellectual property.
- Business plan.
- Stock control.
- Risk analysis.
From (Since) 1 July 2016, advice about superannuation must be provided through an Australian Financial Services Licence.
In order to provide personal advice to our clients in relation to superannuation and self managed superannuation funds, Summit Accounting & Taxation has chosen to be authorised through the SMSF Advisers Network Pty Ltd (SAN) – the Australian Financial Services Licence of the National Tax and Accountants’ Association Ltd (NTAA).
SAN supports our practice in providing advice regarding:
- Establishment of SMSFs
- Contribution strategies (amounts, types, withdrawal and recontribution)
- Pension strategies (account based and transition to retirement)
- Transfer of business real property into superannuation
- Withdrawals, commutations and death benefit payments
- Limited Recourse Borrowing Arrangements
- Provision of an asset class investment strategy (based on an assessment of your risk profile)
- Winding up of SMSFs
Trina Gebhard-Anderson is authorised by SAN to provide superannuation and self managed superannuation fund advice. Authorised Representative No. 124 3793
If you have any questions in relation to your superannuation, please ask to make an appointment to speak with us.
Click here to view our Financial Services Guide
The SMSF Advisers Network Pty Ltd is an Australian Financial Services Licensee (No.430062), and is a fully owned subsidiary of the NTAA.
The NTAA has been a leading provider of education for accountants for over 20 years, delivering specialist knowledge in taxation issues and Self Managed Superannuation Funds. Our practice is pleased to be a member of this association, and benefits from the education they provide.
These are just some of the aspects that we will look at to ensure that you and your business increases wealth while minimising risk.
Check out Our Packages to see which one would fit your business best or we can customise a package for you.