I wanted to share one of my client’s success stories with you to give you a little insight into ways we can help you or your business!

l have a small sized client that was finding it hard to get on top of their tax bills.

Ryan has two employees and he was keeping all of his wages and super up to date but he was not drawing a weekly wage. Ryan would pay his personal bills from his business bank account and when it came time to pay his BAS and lodge ‘wages’ never had sufficient money to pay GST and payg on wages each quarter and would ask us to arrange a payment arrangement.

We came up with a plan for Ryan to help him better understand his numbers:

** Bookkeeping – we set Ryan up on Xero and ensured all his business invoices and expenses are processed through Xero and Hubdoc every day

** Budget – we helped him prepare a budget on Xero so he can keep track of anticipated earnings and expenses; this in turn helped him determine his monthly wages and payg tax

** We processed weekly wages for Ryan and he stopped paying for private expenses through the business account

** Separate Tax Account so that each week Ryan would put enough money away to cover GST, payg Tax and annual company tax

** Training – we encouraged Ryan to review Xero reports on a regular basis and trained him on what reports he should look at so he can better understand his financial health

Ryan started proactively addressing his tax position weekly rather than at quarter end moving forward and this proved to be successful for him and his business and he’s now in a much better financial position all round!

Knowledge is power – it is an easy way to find any potential issues sooner rather than later!

So let us help you, we can equip you with the tools to make your business obtain financial success