CoActive Business Plan – accounting for your vision.
NO FEES WILL BE CHARGED WHEN YOU SUBMIT THIS DRAFT PROPOSAL. WE WILL CALL YOU TO DISCUSS
Your business is made up of people, processes and systems. Your vision for your business creates a destination we can aim towards. The challenge is to get all the parts working seamlessly so you can achieve the vision you have for your business without it consuming your life.
This CoActive Business Plan lets us immerse ourselves in your business to execute best practice across finance, business strategy, governance and risk, to get your business to the next level and beyond. Our continuous advice and support will help you to:
- Develop your business continuation strategy
- Control cash-flow and budgets,
- Increase profit margins
- Stay competitive
- Minimise risk of government audits
- Be more resistant to future disruptions
- Increase owners’ salaries and dividends
- Raise the asset-value of your business for a future sale or investor
90 DAY ONBOARDING
In the first 90 days we systematically review your business systems, processes and resources to customise your plan of action for business continuity, risk management and growth.
At the heart of what we do is reporting, governance, compliance, business processes and management (strategic planning and execution). Most small businesses don’t spend enough time on their planning and, as result, never fulfil their potential; indeed many fail altogether. You will be getting a complete, customised plan for scaling your business, specifically tailored to your business and its growth goals. We support your business by providing an effective framework to grow within, with each process fully documented.
We work coactively with you to:
- Create a Vision for the future – where do you want your business to be in 12 months and 5 years?
- Analyse your sales pipeline, funding sources, business model and diversified revenue stream opportunities
- Develop a clear set of goals, financial projections and milestones
- Leverage our ecosystem of specialists to assist with your business IT, legal, HR, and lending matters.
- Implement suitable cloud-based accounting and payroll systems
- Recommend integrated business tools to create efficiencies within your business
- Half-day strategic planning workshop
- Half-day forecasting and budgeting workshop
- Processes, people & systems workshop
- Weekly & monthly reporting
- Monthly advisory board meetings
We think of it more as ‘automation-assisted accounting’.
As a Xero Gold Champion Partner accounting firm we leverage the best cloud technologies and employ good bookkeepers we trust to deliver an integrated online business system (including app integration) for clients. Why? Because it provides us with the quality information we need to give you accurate and timely advice, interpretation and analysis. Working in lock-step with our accounting team, our bookkeepers make sure our clients’ records are ready for action.
Bookkeeping activities will be conducted on behalf of your business to ensure that all financial information is reliable and up-to-date.
- Cloud accounting software subscriptions under our Xero partner account
- Monthly reconciliation of bank and credit card statements up to 500 transactions
- Monthly reconciliation accounts receivable and accounts payable up to 500 invoices per calendar month
- Paperless Payables – Supplier invoices and receipts imported via online software.
- Debtor reminders
- Maintain data feeds into your accounting software files
- Troubleshooting & support.
- Friendly calls to gather missing information.
Initial payroll account setup for up to 10 employees
- Set up and configuration of your Xero integrated payroll software
- Employer set up, providing you access to the online payruns with user ID and password
- Enter all current employee information
- Enter and verify rates of pay and entitlement balances from previous software or employment contracts
- Setup remote access for payroll entry
• Initial payroll setup for employees and/or contractors
- This service specifically excludes review of compliance with current awards and obligations
Processing of payroll Fortnightly for up to 10 employees.
- Processing of periodic wages up to 10 Employees, using Xero integrated payroll software
- Calculate superannuation for employees if applicable
- Calculate and track accrued vacation and sick time or other benefits.
- Provide direct deposit for your employees
- Online access/emailing employees payslips
- Preparation of Annual STP Reconciliation and Income Statements (for the year ended)
- STP lodgments to ATO
- Reportable FBT obligations
- Preparation of Annual WorkCover estimates
- This service specifically excludes annual workers compensation reconciliation and lodgement
- This service specifically excludes State payroll tax reconciliations and lodgement
Providing transparency throughout the business.
Not just the financials – but more importantly, measuring all of the assumptions that you have previously made about the business (non-financials). These are are lead indicators of your business. Building a daily, weekly, monthly, quarterly and annual framework means “Everything that gets measured, gets done”.
Based on the information being entered and reconciled in Xero and our integrated reporting software, we will provide you with monthly management accounts.
- Income statements (Profit & Loss account)
- Cash summary
- Balance Sheet
- Accounts Receivables due and Aged Debtors details
- Accounts Payables due and Aged Creditors details
- A Board Report
- A contribution analysis report (by project and/or client)
Base your decisions on actual data and facts, rather than gut feelings.
Our advisory services are a hybrid between CFO and Controller advisory services, to assist you in monthly standard compliance & business strategic planning. We schedule monthly calls or attend board meetings.
- Oversee your accounting systems to ensure proper bookkeeping and reporting
- Monitor the financial health and well-being of the business
- Budgets and forecasts to help measure business performance
- Help with managing and forecasting cash flow assumptions and needs
- Guidance in strategic planning relating to growth and expansion
- Financial insight and guidance on company decisions and compliance issues
QUARTERLY TAX PLANNING
To review developments and tax saving opportunities on a quarterly basis, prior to BAS lodgments
- Review of year to date income and tax situation
- Estimate taxable income for the current financial year
- Director & Shareholder remuneration review
- Tax Planning Report with recommendations and actions
We understand the corporate secretarial function inside and out. Let us shoulder that responsibility so you can concentrate on running your company.
One of the responsibilities of owning a company is making sure your ASIC corporate register is maintained and up to date. If there are changes to your company’s details held with ASIC, they need to be minuted and notified on appropriate forms, and lodged within strict time frames. Even more strictly than the ATO, ASIC issues very heavy fines for incorrect forms, late lodgments and late payments.
- Act as the registered office for your company
- Prepare share certificates and dividend statements
- Attending to the Annual ASIC Review company statements
- Maintenance of the company register with the solvency declaration
- Advising of amounts payable and due dates
- Updating details with ASIC as required (see Terms); and
- Filing and submission of related signed documentation as required.
Preparation and lodgement of quarterly Business Activity Statements (BAS) and monthly Instalment Activity Statements (IAS).
- General advice, attendances to ATO reports
- Preparation and lodgement of monthly instalment activity statements (IAS)
- Review of your operation of BAS for compliance with regulations and best practice
- Variations of PAYG Instalments in line with Quarterly Tax Planning
- Complete BAS computations for quarter
- Attendance to the subsequent lodgement of the Activity Statements with the Australian Taxation Office.
ANNUAL TAX COMPLIANCE
Preparation of annual financial statements and income tax return for the year ended 30 June including:
- Acting as the contact with the Australian Tax Office (ATO) for matters relating to the entity’s income tax affairs.
- Analysis of ledger data including reconciliations and ledger balances
- Complete analysis of cash receipts and cash payments for the period
- Preparation and review of reconciliation of bank accounts
- Preparation and reconciliation of loan accounts
- Preparation and reconciliation of all GST related items
- Preparation and reconciliation of asset register/depreciation schedule for the period
- Preparation and reconciliation of lease, hire purchase and chattel mortgage facilities
- Work through optimal directors fee / dividend scenarios
- Calculation of anticipated income tax liability
- Preparation of income tax return including schedules required to be included therein
- Preparation of distribution minutes
- Preparation of notes to your financial statements consistent with current accounting standards
- Preparation of a reconciliation statement of taxable income
- Preparation of financial statements suitable for lodgement in your entity’s taxation return
- A letter of advice in relation to our findings
- Finalisation and compilation of all documents as required for your signature and for lodgement.
Preparation and lodgement of your Taxable payment annual report (TPAR):
- Enter ABNs and addresses into subcontractor supplier contact and check the ABN in the ABN lookup for validity.
- Prepare the year end annual taxable payments report, reconcile to account transactions in the accounting software.
- Lodge the TPAR through our tax agent portal and send confirmation of lodgement to you.
Preparation and lodgement of Fringe Benefits Tax (FBT) Return.
This includes, when applicable:
- Reviewing of employee/director/associate benefits.
- Calculation of FBT
- Calculation of GST on employee contributions.
- Calculation of motor vehicle benefits provided under the statutory rate method.
- Calculation of expense payment benefits provided.
- Calculation of meal entertainment benefits provided.
- Calculation of car parking benefits provided and expense payment declarations.
- Preparation and calculation of S. 58P FBTAA minor benefits exemption.
- Calculation of recreation entertainment benefits provided.
- Analysis and calculation of employee reportable fringe benefits.
- Preparation & lodgement of FBT return
Preparation of the Business Family* Individual Tax Returns for year end 30 June:
- Review and processing of the financial information and instructions, as provided
- Calculation of personal taxation refund/payable
- Advice on personal taxation position
- Electronic lodgement of tax return
- Checking and forwarding of Notices of Assessment from the ATO.