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BUSINESS SUPPORT
MYOB, QUICKBOOKS, XERO AND OTHER SOFTWARE SUPPORT

This is where we spend a lot of our day. Helping you get proper numbers out of your software to drive your business with. 

You've spent some reasonable money on the software, trained staff, been patient and now it's time to get some results. 

And we'll nag you, nicely of course, to make sure that the software isn't used to simply process payments and receipts, but truly serves you with numbers, reports and graphs that excite you and energise you in relation to the running of your business. 

And my soapbox – the Balance Sheet. Don't simply focus on the Profit and Loss. I know it is the easier of the two reports to understand but the two work together: Ginger Rogers and Fred Astaire, Stan Laurel and Oliver Hardy, Profit & Loss and Balance Sheet. 

You get what I am saying hey?  You can't have one without the other.  Sure one exists without the other alongside it.  But it's not until you put both together side by side that you really start seeing something quite special. 

In this fashion you can be sure that when it comes time to work "on" your business you're doing it with precisely the right information. 

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BUSINESS DUE DILIGENCE AND BUSINESS VALUE

Buying a business?  We can certainly help with all necessary steps in the purchase process.  From establishing the structure to dealing with banks to performing the due diligence, we can help you determine whether to buy it ... and how much to pay. 

And speaking of business value, your business will ultimately contribute a very large chunk of money into your superannuation fund when you sell it.  Make sure the value of your business stays consistently high.  It's the same as your home.  Maintain it, weed the lawn, tend the garden, keep termites out.  And when the time comes to sell you can place it on the market without needing to do a pile of work beforehand. 

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DOS PROGRAM (DISCRETIONARY, ONE-OFF, STEINHARDT ADJUSTMENTS)

And speaking of maximising your business' sale price, our DOS Program records your Discretionary, One-off and Steinhardt transactions paid, or made, during each year.  On any day you may spend money thereby reducing your business' Net Profit, when that expenditure isn't really needed for the successful and profitable operation of your business. 

Sometimes it's a perk, it may involve travel, or additional superannuation contributions, or an additional car for a son or daughter at University.  And sometimes it's a tax planning measure. 

Of course legal fees paid on leasing new business premises isn't a recurring payment so why let that sit as an expense when it isn't incurred every year? 

And occasionally we at Steinhardt make intentional adjustments at year-end which reduce your business' Net Profit. 

These Discretionary, One-off and Steinhardt transactions need to be added-back to each year's Net Profit in order to present the highest possible earnings for your business.  If we do that your future sale price is maximised, your financial cares are lessened and your superannuation policy is as fat as it can possibly be. 

So our DOS Program captures this information while it is fresh in our minds and so that we have a fully accurate listing, year by year, of each of these DOS transactions.  (Until IBM or Microsoft ask me, nicely, to stop we call this our DOS Program.) 

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FORECASTING AND BUDGETING

A Business-Owner really should Forecast and Budget.  I know it's more admin time that you may not have but enter the expected numbers for just one month into your software and at the end of that month generate an "Actual vs. Budget" report. 

Then telephone or E-mail me and try to convince me that the numbers you just got aren't a better tool for you to manage with than "Actuals" alone. 

On occasion your bank will want a Profit & Loss and Cashflow forecast.  Or you may ask for a template to be created for you to use on an ongoing basis.  Or your Company's income tax may need to be considered in your rolling 90-day cashflow forecast, which I know you all have. 

We assist clients with Forecasts using Microsoft Excel (the most wonderful thing ever invented ... I am such an Accountant) and with Budgets using their own software. 

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SALARY PACKAGING IMPLEMENTATION

Salary packaging is still a viable way to pay yourself and your Team in a tax-efficient manner.  It doesn't work for everyone but it can be an effective way to reward yourself and your senior Team Members. 

We have helped many clients' provide their Team with an incentive-based earnings program, garnering valuable loyalty in the process. 

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This article is not a substitute for independent professional advice. We do not warrant the accuracy, completeness or adequacy of the information or material in this article. All information is subject to change without notice. We and each party providing material displayed in this article disclaim liability to all persons or organisations in relation to any action(s) taken on the basis of currency or accuracy of the information or material, or any loss or damage suffered in connection with that information or material. You should make your own enquiries before entering into any transaction on the basis of the information or material in this article. Please ensure you contact us to discuss your particular circumstances and how the information provided applies to your situation.

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