Why Should You Choose PNA?

“Why should I choose YOU to handle my business or personal accounting?” – a complicated question; one that is quite difficult to answer without the feeling of over-embellishment. It is however, an incredibly important question and one that you are well within your rights to ask us.

Why should you choose us? Particularly when there are thousands upon thousands of well-established accountancy firms all over the country (not to mention the rest of the World!) – Each and every one, claiming to be ‘the most reliable’, ‘reputable’ and of course: ‘the very best’.

So, rather than give you the whole “we’re number one” spiel, we’ll just take you through some of the qualities that we pride ourselves in and strive to uphold at all times. Here’s why we believe that you will be satisfied with our services:

1 – Trust

Trust is the very foundation on which a professional client/accountant relationship is built. Without trust, there’s no way that you could possibly feel comfortable with us taking care of yours or your businesses sensitive information.

So, how do we go about establishing that level of trust? Well, naturally it does require an element of ‘risk’ on your part. We can offer you a wealth of testimonials from reputable companies that we have developed long-lasting relationships with. We can offer you complete transparency in the way that we operate, what we can do for you and how we will handle your sensitive information. And we can offer you a friendly, attentive and personalised service from the moment you make first contact with us.

So, get in touch, speak with one of our friendly representatives and see what your gut tells you.

2 – Excellent Communication

This ties in closely with trust, as of course without proper communication there can be no trust. Again, excellent communication is something that we do take great pride in, both between ourselves and with our clients. There is great synchronicity between our employees and all departments, and this translates wonderfully into a smooth, ‘tightly run ship’. So, you can rest assured that we will keep you up to date and very much in the loop with all relevant information, at all times.

3 – Passion

There are many different forms of intelligence, – some people are great with words, their bodies, spatially, practically and of course in our case: mathematically. For anyone who is not so hot on numbers, it is very difficult to understand how anybody could be so passionate about them. Perhaps it’s not so much the numbers, but the problem-solving aspect of accounting that we enjoy. There’s nothing quite so satisfying as helping a business to streamline their finances, save money on tax and invariably make more money! Often, we’ll solve problems that you didn’t even know that you had!

It’s What We Do

So, why should you choose PNA to assist you with your accounts? Simply put, it’s what we do. We hire only the most dedicated, talented and passionate individuals who are career driven and have an unquenchable thirst for problem solving. But, you don’t have to take our word for it, – check out what some of our clients have to say.

That, and there’s no harm in booking a FREE consultation with us. If you like what you hear, great, – otherwise, we wish you the very best in your future endeavours.

How to Find A Good Tax Accountant in Sydney

Of course, Sydney being one of the most influential cities in the World, there’s certainly no shortage of business going on. There is a booming economy which has grown exponentially over recent years and continues to grow rapidly to this day. In that light, finding a good tax accountant is easy. However, if you want to identify which accountants are exceptional and which are not, then you’re going to have to delve a little deeper.

And yes, a good accountant will certainly uphold their end of the bargain and help you take care of the books and handle all of your tax related obligations. On the other hand, there are accountancy firms out there who will and do go above and beyond to deliver an impeccable level of service, – essentially functioning as a business partner, with your businesses best interest at heart.

An exceptional accountancy firm will have a significant influence on the growth and development of your business; finding new and innovative ways to help you streamline your overall earnings and tax-reduction potential.

Naturally, you’re going to come across a great number of accountancy firms, each and every one claiming to be the ‘very best’ and the ‘most reliable’. It’s difficult to separate the wheat from the chaff when they’re all so darn perfect. So, for your convenience, we’ve compiled a list of things to look out for, and tips to help you make an informed decision when selecting which accountancy firm to work with.

Here Is How to Find A Good Tax Accountant in Sydney

Shortlisting

The early stages are relatively straightforward, as first of all you’re going to want to shortlist a few potential candidates to work with. You’ll be able to tell almost instantaneously when you visit a website as to what type of business you’re dealing with. Any reputable firm will almost certainly have their house in order, which means that their website will be clear, concise and easy to navigate.

What to Look For

  • References and Testimonials: Any reputable accountancy firm worth their salt will have a number of testimonials on their website. Most of the time these are legitimate, however they’re easy enough to fabricate. To be perfectly honest, this is unavoidable and there will be no real way to tell, so you’ll have to go with your gut. That being said; any truly reputable firm will be happy and able to put you in contact with a reference or two should you need further convincing.
  • Functional Layout: If you have to spend more than a few seconds trying to find your way to where you want to be on a website, then it’s a poorly designed website. This doesn’t necessarily mean that the accountancy firm will be no good; but it’s not a very good sign. You have to ask, if they can’t streamline something as simple as their own website & its functionality, how are they going to fare with your books?
  • Website Content: What does their website content say to you? What you should look for is a company who can outline their services and specialities clearly without overly ripe embellishment. After all: “Any man who must say I am the King, is no true King”.

 

Communication

We’re already familiar with the old cliché, so you’ll appreciate the importance of first impressions. You’ve already shortlisted several companies based on their website and testimonials, now it’s time to make contact.

You should be able to get a fairly good idea about what you’re dealing with based on your initial interaction with an accountancy firm. How are you greeted on the phone? Are you kept waiting for very long? How enthusiastic is the representative when discussing your requirements? Any reputable accountancy firm worth their salt is going to be genuinely excited to hear about what you have to say, – and to present to you how they’re going to be able to help you on your journey to success.

If you experience anything short of excellence during your first encounter, then you should bin them off immediately. Though of course, if you’re dealing with a receptionist and they advise you that there are no advisors free for the moment, but they’ll be able to call you back the moment that someone is free, bear with them. The fact that they’re busy is already a very good sign! But, if they take too long or don’t bother at all, well, that speaks for itself.

Important Questions to Ask

  • How long have you been in business? – You’ll want to work with a well-established business with a record of success. Again, that’s not to say that a new start-up isn’t going to be any good to work with, you’ll just have to go with your gut in that case.
  • Do you have any references? – If they shy away from sharing any references then you should be concerned. Any truly reputable and successful accountancy firms will have plenty of satisfied clients who would be willing to testify on their behalf.
  • How and who will be handling my account? – It’s nice to know that you won’t be passed from pillar to post. Of course, many accountancy firms work together closely, ensuring that everything is double checked. However, having a dedicated accountant looking after you is important.
  • How will you intend to keep me up to date? – A truly efficient accountancy firm will be happy to give you regular courtesy phone calls as well as keeping you in the loop via email or using a CRM system.
  • Other Important Questions

 

Summary

Ultimately, in order to find the most suitable accountant for you, you’re going to have to go with your gut. You’ll come across a number of strong candidates, each coming across brilliantly on the phone with plenty of references and testimonials for you to follow up. You could try word of mouth and see if you have any friends or family that have had experience with the companies in question, – but you should trust your own judgment as well. If you get a good feeling about an accountancy firm, and the people that you have been dealing with have given off good vibes, then you might have your winner. Communication is important and if you get on well with someone then that’s good for business as well!

10 Valuable Tax Tips for SMEs

Tax, numbers & accounting, in general, can be an absolute minefield, believe us! That being said, there are simple steps that you can take to make your life an awful lot easier. In this post, we’re going to explore 10 valuable tax tips for SMEs, so that you can streamline the books and ultimately alleviate some of the pressure.

1 – Structure is Everything

Establishing the appropriate business structure which accurately reflects your circumstances is vital when taking care of your accounts. But it goes much deeper than that; a business without structure is quite simply destined to fail.

2 – Time Keeping & Synchronicity (Invoicing)

GST and income tax are largely affected by your punctuality when it comes to invoicing. Ideally, the invoice should have been issued within 30 days of receiving payment. When it needs doing, do it.

3 – Time Keeping & Synchronicity (Tax Deductibles)

The very same applies for your tax-deductible payments; your income tax and GST are very much affected by your timing. Don’t leave everything to the last minute, – if you want to minimise your losses, maximise your efficiency.

4 – Salaries & Wages

Another one for timing and efficiency; (something that plays a huge role in accounting) pay your wages & salaries on time. Juggling the variables in this area affects income tax, pay as you go, superannuation guarantee payments and payroll tax. For example, by missing a payment you’ll likely have to pay an SG charge, which can easily be avoided.

5 – Superannuation Payments

Make your superannuation charges on time and to the right fund! Contributions and transition to retirement provides a unique opportunity for tax deductions and of course, effective saving.

6 – Inventory & Stock Control

You need to know which products the real breadwinners are. Identifying and understanding which lines of stock can create the most value is paramount for your future success. Just be aware that the method you use to value your stock will have an effect on your tax outcomes as well.

7 – Know Your Balance Sheet Inside-Out

Study your balance sheet and review it well! With some careful consideration, you’ll be able to easily identify areas in which tax benefits are available to you.

8 – Property, Plant & Equipment

Your business plan should include everything related to property, plant & equipment, when they were purchased and how it reflects on the invariable depreciation of certain items over time. Whether bought outright or financed, it all has an effect on your tax and GST.

9 – Business Owners and Remuneration

If you’re a business owner, be mindful of the manner in which you pay yourself, sort your allowances, cars, loans, dividends and so on. Everything that you do is going to affect the amount of tax paid. Obviously, as a business owner, you are entitled to your slice of the pie but remember that there are ways of reducing the overall tax paid if you optimise the way that you reward yourself.

10 – Capital Gains / Losses

When it comes to your assets, holding them in the appropriate business structure, the timing of disposal and the application of tax laws are invariably going to have a significant effect on the amount of tax that you’ll be liable to pay. Simply put, get your house in order, optimise your assets well and you’ll be able to successfully reduce your outgoings.

Summary

We certainly hope that this was helpful, though of course, we completely understand if you’re now left with yet even more questions than before! Ultimately, there’s an awful lot for you to bear in mind when it comes to bookkeeping, which isn’t always possible when you’re trying to run a business and you have a million and one other things to be worrying about!

Naturally, there are many things that you can do personally to streamline your bookkeeping and reduce your overall tax payments, though of course, the most valuable commodity of all (in both business and in life) is time. So, if we can save you both time and money, – well, it might be worth booking your FREE consultation.

Putting Together a Realistic Business Budget for the New Financial Year

With each new financial year, there’s new opportunities for your business to thrive! It’s the perfect time for you to sit down and carefully consider your options. Set some new goals for your business and have something for you and your team to drive towards over the next year.

There are many ways in which you can do this, one of which is by coming up with a new business budget altogether. Think of it like a spring clean – it sounds like a lot of work, yet, but in the long run, you’ll be glad that you took the trouble to do it, that’s for certain.

So, where do you begin? Just as anything else, you should start from the ground and work your way up. Begin by establishing how much you’d like to make. Obviously, the more the merrier right? Though, it pays to be realistic, particularly when it comes to budgeting.

Following that, assess how much money you’re forking out on expenses and then try to determine (if possible) where you can cut back. From there it’s quite straightforward to get a clear image as to where you need to be – are you ready?

1 – Net Profit

You need to determine how much profit you aim to make over the next financial year, after of course, paying yourself a salary. Again, it’s easy to say X-amount, so be realistic otherwise you’ll only find yourself feeling disappointed. That being said, it’s good to aim big as it will give you all an incentive to go that extra mile and really push yourselves every single day.

2 – General Operation and Expenses

Look at absolutely everything it takes to run your business, from vehicle tax, utility bills and insurance. There are always ways to cut back and they don’t have to be all that drastic either. It could be as simple as replacing your light bulbs with energy savers or doing away with certain benefits such as company cars for employees who don’t particularly need them.

3 – Direct Service/Product Expenses

Direct expenses are the costs which are linked to the creation of your products or whatever it takes to provide your services. So, employee wages, post and packaging, materials and so on, all fall under this category. And though it’s not always easy to cut back on these kinds of expenses, you should look for ways to streamline your services and cut back, even if a little bit.

4 – Add the Above Together and Voila

When you add all of the above together you will have your target revenue. This can then be broken down into monthly targets for your employees to aim for – particularly if you’re in a sale’s driven environment.

Of course, you must consider seasonal changes and any other variations which might affect your earning potential. Following that you should review your previous targets in order to gain a realistic view on just how achievable this new target is. Provided that you follow these steps carefully, you remain consistent with your production and service delivery and your employees are incentivised and entirely on board, you shouldn’t have any problems exceeding your goals.

Feeling Overwhelmed?

If you’re feeling a little overwhelmed by the prospect of going through all of these figures by yourself, then there’s no shame in hiring a reputable accountant to assist you. This will afford you more time to focus on other areas, such as cutbacks and streamlining your service. If you want the best results, it may well be worth having some professional assistance.