Manjimup: 08 97771909 | Pemberton: 08 97761909

benchmarking

Benchmarking

budgeting

Budgeting

bookkeeping

Bookkeeping

business start up

Business Start-Up

 

cashflow forecasting

Cashflow Forecasting

management consulting

Management Consulting

payroll services

Payroll Services

risk management

Risk Management

 

software solutions

Software Solutions

strategic planning

Strategic Planning

business structures

Business Structures

 

Benchmarking

Have you ever wondered how your business performs compared to your competitors? Surviving in today’s business climate requires you to spend more time working on your business than in it.

We can provide you with accurate, timely, informative benchmarking information that enables you to see how your business compares to your competitors, understand how your industry works and analyse KPI’s in your industry.

Equipped with this information, we’ll work with you to develop action strategies that improve your bottom line.

Benchmarking as an ATO Audit Tool

The Australian Tax Office uses benchmarking as its key method of selecting business to audit. Each industry has a code which is disclosed with the ATO in the business returns and this data is collated Australia wide. From this database the ATO apply standard deviation formulas to ascertain those business which fall outside their acceptable levels on key ratios such as; gross profit ratio, net profit ratio, wages to turnover and others. Business that operate outside the acceptable brackets are more likely to attract audit activity.

Being outside the parameters does not automatically mean that you are doing something wrong. At Yield Accounting we will give guidance and support as your accountants if the ATO ask questions. We also have access to the ATO benchmarking rates and will point out how your business is travelling in terms of the these rates. Please contact our office if you wish to discuss any aspect of benchmarking.

 

Bookkeeping

Modern business requires up-to-date, accurate financial information. We can relieve you and your staff of the enormous burden of all your bookkeeping and accounting needs, including preparation of your annual accounts and periodic management accounts for tax, business appraisal, and planning purposes.

We have access to cloud based and bank feed systems to make sure that the process is highly efficient. These systems have the flexibility to allow the bookkeeping function to be transferred back to your business if and when the time is right.

We will discuss your requirements with you and provide information relevant to your particular situation, as well as constructive advice, on a regular basis.

 

Budgeting

A good budget is a necessity in a good business plan. It is one of the best business tools you can have, enabling you to set financial targets and measure your performance.

In addition to goal-setting value, budgets will often improve your chances of acquiring funding. Financiers often require budgets as a prerequisite for funding approval.

The techniques we utilise to form financial projections enable you to consider future scenarios and provide you with goals to strive for in your business. There are many types of budgets. We can help you design the right budget for your requirements.

Let us show you how a budget can provide feedback that helps you prepare for the future of your business!

 

Business Start-Up

If you have a good idea for a new business venture but don’t have expertise in the legal or financial aspects of creating a new business, we can help you:

  • Decide on the most suitable structure for your business – Sole trader, partnership, Trust or limited company
  • Prepare a business plan, cash flow projections, budgets, and trading forecasts
  • Assess your finance requirements, advise on the best sources of finance, and draw up the necessary proposals
  • Establish a good working relationship with your bank
  • Register for an Australian Business Number with the ATO
  • Complete registration procedures with the Australian Securities and Investments Commission
  • Deal with company secretarial issues
  • Set up a recording system for your internal use and for complying with statutory requirements

Let us help you turn your business idea into a reality!

 

Cashflow Forecasting

Are you holding too much inventory? Is this the right time to expand your business? Are you going to have enough cash to pay all your expenses every month?

We can provide you with accurate, timely, informative cash flow forecasting reports that enable you to:

  • Realise and understand when cash is available
  • Plan and prepare for expansion, stock control, and taxes
  • Analyse and anticipate key expenses

Equipped with this information, we’ll work with you to develop action strategies that improve your bottom line.

 

Management Consulting

Our aim is to ensure your business achieves the potential it is capable of. We have the know-how and experience to offer advice that helps you run your business more effectively.

We are practiced in acting as a sounding board for management, bringing years of experience in business growth to the relationship. We can identify key performance indicators in your business, through which you will see positive changes occurring with the help of our professional staff.

We check that your business is as competitive, focused, and profitable as it can be, then offer flexible strategies, designed to address the issues affecting your business.

Let us give your business a health check! Take the practical advice we can provide to ensure the ongoing success of your venture.

 

Payroll Services

Administering your payroll can be time-consuming and divert you from your core business activities. Added to this, payroll and employment legislation are growing increasingly complex.

We can relieve you of this burden by providing a comprehensive, confidential payroll service that includes:

  • Customised payslips
  • Administration of PAYG, statutory sick pay, and annual leave
  • ATO filing
  • Summaries and analyses of staff costs
  • Administration of incentive schemes, bonuses, and termination payments

Even if you only have a few employees, you will save by engaging us to administer your payroll.

 

Risk Management

A multitude of risks exist in today’s business environment. At Yield Accounting we pride ourselves in our proven ability to accurately assess risk and protect you from vulnerabilities inherent in your enterprise. An effective risk management strategy improves the performance of your business, enables you to complete goals, and protects the value of your business.

Our risk assessment includes:

  • Assembling relevant information about your business and market
  • Identifying the major risks facing your organisation
  • Developing a risk strategy
  • Implementing the risk management procedures

 

Software Solutions

Let us help you make the right choice of accounting software. An effective accounting system will help you keep track of your cash flow and let you complete GST returns easily. It will also provide you with key financial data to help with making all important business decisions on a timely basis.

Choosing the right system for your business can be difficult. After all, there are over sixty accounting packages available in Australia. Here at Yield Accounting we invest considerable resources into ongoing staff training to ensure we can recommend the best accounting solution for your business.

We are also BankLink Professional Advisors, Myob Certified Consultants, Xero Gold Partners and Reckon Consultants.

 

Strategic Planning

The pressures of daily business can often mean strategic planning takes a back seat, but to have a successful business it is vital to plan ahead. We’ll help you develop a strategic plan that examines where you want your business to be in the next 3-5 years and exactly how you and your team can achieve these aims and objectives.

Your strategic plan will:

  • Define the characteristics of your company in three to five years
  • Identify your competitors
  • Define your objectives and financial goals
  • Include an effective implementation strategy to achieve your goals

 

Business Structures

At Yield Accounting we will tailor the appropriate structure to your business and family situation. If you are starting a new business a simple setup may be appropriate with the view to introducing a more sophisticated structure in the future. Alternatively we can create a structure that the business can grow into from the outset. We will constantly monitor your business structure once you are operating to ensure the entities remain appropriate to your requirements, especially if circumstances change on a personal or business level.

We will take the time to explain each structuring option so that you know exactly what you are entering into and therefore have the ability to make informed structure decisions.