We offer a complete accounting services to help your business to reach its maximum potential by utilising the resources you have. When running your own business, we believe the following information are the crucial information:
- What is my bottom line profit – assuming you are running your own sole trader business and the bottom line profit shows $50,000 profit before your wages. If you are employ somebody to replace you, you need to pay the employee’s wages of $50,000. So in this situation your business is just “break-even”.
- What is your assets and liability – assuming the above business situation, and you have to invest your fund of $100,000 to start the business. You may need to re-think whether it is worthy to invest in the business that doesn’t generate a profit or it’s better to invest your money that will give you at least 5% return through a term deposit.
- Will I have sufficient cash flow to run my business – cash flow is the blood to make sure the business operation run smoothly. Every business has a peak and off-peak time. When the off-peak time, the sales may be down and you need to make sure that you have enough cash flow to cover the business operation. Be aware that ASIC consider a director privately responsible to make sure his/her business in solvent situation to operate publicly.
- How sustain my business in the future – what should I do to make sure that my business remain sustainable in the future. A new technology may be introduced and it may threaten the existence of your business.
A good accountant will help you to make sure the above situation can be managed properly. A good accountant will also help you to see future potential that can benefit to your business.
As your business advisory, we like to see your business growth, and we grow with you.
Please feel free to contact us if you have any query – Knox Accountant.