It is this time again – tax-filing season is here.
Let’s face it, for most Australians doing your annual ATO tax return isn’t an exciting time. It can involve uncertainty, frustration and for some, unwanted attention from the ATO. Not to mention the confusion around HOW you ACTUALLY lodge your tax return and if you’re getting the best possible refund.
With so many options available to complete your tax return, it’s always best for you to use a registered tax agent. It gives you the peace of mind of knowing that your tax return is completed accurately by a professional accountant.
As your tax agent, we are qualified professionals who can help you prepare and lodge your tax return. You can engage with our services either online or face-to-face.
Once ready, you can either drop off your records at our office or email them to us. You are responsible for the tax records you provide us. We always educate our clients to keep track of:
- general expenses, such as gifts and donations made to a deductible gift recipient;
- worked-related and sole-trader deductions;
- and business income.
We then work with you to produce tax return documents that follow laws and regulations.
Before tax time, we can help you create a plan to reach your desired financial goals.
Throughout the filing process, we keep you updated on your return information.
A few of our responsibilities include:
- Examining Financial Statements – We work with you to get a clear picture of your overall financial situations. We review all relevant financial statements to get the most accurate view of your finances. We make sure all materials align with tax laws and regulations.
- Creating Budget Plans – One of our primary responsibilities is helping you save money and stick to a viable budget. We also help you increase income and improve profitability. This duty includes explaining how income changes can affect your tax returns.
- Organising Financial Records – Along with preparing tax return documents, we help you organise your personal financial records. We keep your information on file so you can access it as necessary.
- Computing Taxes – We compute your taxes and prepare your tax returns. We inform you of any refund or balance owed and make sure you avoid penalties for missed deadlines.
- Communicating With Clients – We understand that individuals and business owners like to stay involved with their tax return process. It is important for them to understand the filing process and know what to expect with their tax return. That is why, we communicate and provide you with timely information.
- Inspecting Accounting Systems – We review our accounting systems to make sure they are as efficient and effective as possible. Doing so allows us to correct any issues or errors.
At Vision Consulting Group, we use Client Portal making it a breeze to share files with you and digitally sign your documents.
This streamlines workflow by letting you download your documents, data files and reports at your own convenience. It allows you to access relevant files at any time, eliminating the need for time-consuming emails.
In addition to providing you with the ability to ‘self service’, the in-built authenticated digital signing function will also speed up the completion of your income tax return.
How can we help you save money?
Want to cut unnecessary costs, optimise the most profitable parts of the business, and increase your overall return on investment? Let’s talk about how we can work together to support your ongoing business profitability.
Turning a profit will be high on your list of goals as a business owner. And if you want to generate the best margins, that means keeping an eye on the money that’s going out of the business, as well as what’s coming in.
So, how can your accountant help with this?
The days where your accountant just did the bookkeeping, compiled your accounts and filed your tax return are well and truly over. Modern accounting firms are far more interested in helping you with your financial performance, your business strategy and offering flexible value-add services that put you in better control of your finances.
If you partner with the right accountant, we can actually save you money – in both the short, medium and long-term. And that’s good news for the growth of your business.
Key ways we can enhance your financial health
The less expenditure you have as a company, the bigger your profit margin. It sounds incredibly simple, doesn’t it? – The smaller your costs, the larger your profit. But if you’re not fully in control of your financial management, it’s very difficult to know WHERE you’re spending money, and WHY you’re not achieving your profit targets.
This is where working with a finance professional adds a huge amount of value. Your accountant helps put you back in the driving seat of your finances – and that’s never been more needed than in the current economic climate.
So, what specific things can we do and what will the impact be on the future of your business?
- Tax advice and planning – tax costs can be one of your biggest outgoings as a business, so we’ll focus on getting your tax planning under control, applying for all the relevant tax incentives and ensuring you minimise the taxes on your profits. By paying only what you’re legally required to pay – and making use of any reliefs – we can significantly cut your tax spend in the business.
- Cashflow management and advice – ‘Cash is King’ may be a cliche, but it’s true. Unless you can balance the cash inflows and outflows from your business, you’ll never have the liquid cash to pay your bills, cover your payroll costs or cover your operational expenses. We’ll show you where money is going out, and coming in, so you achieve the ideal positive cashflow position.
- Cost control and spend management – to improve your cashflow, you need to reduce your cash outflows. An important way to do this is to focus on cost control and spend management, reducing your expenditure, removing unnecessary costs and negotiating better deals with your suppliers. The more you cut costs back, the better your cashflow will be and the easier it will be to thrive, grow and become more profitable.
- Forecasting and financial modelling – when we understand the key financial drivers in your business, we can build you a full financial model. This allows us to change the variables, run different scenarios and forecast the various future paths of your business. Being able to project these numbers forward gives you a clearer view of the path ahead – and that’s invaluable in the challenging economic times that we all face at present.
- Better management reporting and information – your decision-making stands or falls on the information you have available to you. We provide detailed management accounts, breakdowns of key metrics and forecasts of your cashflow, spending, aged debt and revenue – all of which helps you to save money, make sound decisions and keep the revenues flowing into your business.
Talk to us about cutting costs and boosting profit
Rather than running your business on a wing and prayer, by working with an accountant you get a clear picture on your business financials. We’ll help you cut unnecessary costs, optimise the most profitable parts of the business and increase your overall return on investment. Let’s talk about how we can work together to support your ongoing business profitability.
Accountants don’t just look after the financial side of your business. With our expertise behind your business development, we can help you turn your strategic ideas into real success stories.
As your accountant, we won’t just look after the financial side of your business, we can also advise you on the strategic side of your company, including the importance of business development as vital part of your growth plan.
Business development is what helps your company move from slow, organic growth to fast-paced, hypergrowth. And it’s only by putting the right drive and expertise behind your business development that you can turn your strategic ideas into real success stories.
So, how can we help you achieve this?
Talk to you about your strategic goals
The starting point for any kind of business development activity is to pin down your goals and aims as a business. When you know what you want to achieve over the coming months, it’s far easier to define a strategy for success. And that’s easier to do when you talk to an objective adviser, like us.
We can sit in on your board meetings, talk to your executive team and get a real handle on what makes the business tick. And, armed with this knowledge, we’ll work with you to drive the direction of your business development and find the best opportunities for you to focus on.
Help you create a clear business development strategy and plan
Having a defined set of business development goals is a good starting point. But to put this all into action in a productive way, you’re going to need a comprehensive plan for your business development projects.
Our years of experience advising business leaders and their teams really comes into play here. We know the best routes to take, the budgets that will be needed and the right tactics for bringing in more contracts, sales and partnerships. By putting these strategies into a clear plan, and linking this to agreed timescales, you have a business development route map to follow and action.
Introduce you to a broader network of business partners
We work with a wide range of businesses across many different sectors, industries and niches. By introducing you to our network of clients, we welcome you into a supportive community of like-minded business owners. And that’s excellent news when looking for new partnerships.
Whether it’s attending a local conference, an online webinar or one of our in-house client events, you’re going to meet new people, share new ideas and make the right connections. This is a great way to build alliances and work together with other local businesses. And when you’re well-connected, you set the very best foundations for your future business development activity.
Provide better routes to funding and investment
Whatever goals you’ve set for your business development projects, it’s likely that you’re going to need additional funding to finance this activity. Investing in your expansion, or new partnerships, is vital to getting a good return on your business development, so great access to finance is a definite bonus.
We’ll advise you on the most appropriate funding channels and how you can use these facilities to finance your business development plans. And we can also link you up with banks, lenders and business finance specialists – so you get the advice and finance you need to bring your business development to life.
Help you track and measure your business development performance
Meeting your business development targets takes time – and a whole lot of dedication. Measuring your business development performance over time, helps you stay on track and gives you a good indication of how well you’re tracking against your planned progress.
We’ll help you create the reporting and metrics you need, so you have clear data to track your progress over time. You can log your activity in your project management system, or your client relationship management (CRM) software, and keep clear notes on contacts made, relationships built and targets converted etc. If you want to get more from your business development, please do get in touch. We’ll partner with you to put some real drive, experience and impetus behind your business development strategies.
Get in touch with us now about your 2022 Tax Planning! Book your appointment here.