Accountants Australind

When establishing a new business, it’s crucial to determine the necessary registrations to ensure compliance with relevant regulations. In Australia, one important registration to consider is Goods and Services Tax (GST) registration. Businesses are obligated to register for GST when their annual GST turnover (total income from all businesses minus GST) reaches $75,000 or more, which is known as the GST threshold. An exception to this is when you provide taxi or limousine travel for passengers (including ride-sourcing) regardless of your GST turnover – you are required to register for GST – this applies to both owner-drivers and if you lease or rent a taxi.  For non-profit organisations, this threshold is increased to $150,000 per year or more.

It’s important to note that registering for GST may subject your business to additional rules and requirements. Once registered, it is generally mandatory to remain registered for at least 12 months. To navigate the GST registration process and understand its implications for your business, we recommend consulting with one of our experienced accountants who can provide guidance tailored to your specific circumstances and implementing an accounting software solution such as Xero to assist with the transition and additional reporting requirements.

The accounting firm you choose will dictate greatly what services you will receive. While some accountants focus solely on accounting, bookkeeping, taxation or auditing. At Breathe we take care of your business’s complete financial health, including taking care of your books, completing your tax requirements, and providing you with valuable business advice when you need it. We like to do things differently at Breathe, looking at your whole operation to ensure future success.

• Bookkeeping: including the maintaining of financial records, recording transactions, and ensuring accurate, efficient, and consistent bookkeeping.
• Tax & accounting: keeping your business’ taxes in order, meeting deadlines, optimising your business structure, identifying profit improvements, unlocking growth and laying the foundations for your ongoing success.
• Superannuation: we’ll help you take control of your future with a self-managed super fund (SMSF). From the setup to the management, we’re here to make sure you’re on the right path to achieve your goals..
• vCFO: as your business grows, your priorities change – here’s where a vCFO’s can offer specific strategic advice at crucial times, so that your business can be agile and ensure you are getting the tailored support and advice you need to help your business succeed. Innovation: utilising the latest technology to analyse your business to simplify processes and improve productivity in your business.

When people hear “software” they can often think the worst–confusing navigation, plenty of tech jargon and a glitchy interface; however, there is one software that we highly recommend to our clients, Xero. 

We introduce Xero to our clients because of its user-friendly interface, time-saving automation features, and real-time financial insights. It’s cloud-based, providing accessibility from anywhere, and integrates with other business applications, streamlining data flow and ensuring all business needs are met. Additionally, Xero’s scalability and strong security measures make it suitable for small businesses to efficiently manage their business and make informed decisions while saving time and reducing manual errors.

At Breathe Accounting, we’re a modern, high-performing firm committed to helping businesses succeed. We prioritise proactive business advice in today’s dynamic business world.

That’s why we offer Business Advisory Services with packages for businesses at all levels. Through our advanced tools, we will unlock your business’s true potential, helping you comprehend your numbers and create a balanced life. Our tailored services provide strategic guidance and insights for sustainable growth and improvement.

Here are the benefits for your business:

Cash-flow Forecasting / Financial Modelling 

Cash-flow forecasting and financial modelling are crucial for business success. While profit matters, cash flow is king. Understanding your business from all angles is essential to avoid failure or underachievement. At Breathe Accounting, we ensure 3-Way forecasting, to consider all areas, being profit and loss, balance sheet, and cash flow. We analyse factors like ATO liabilities, loan repayments, asset purchases, owners’ drawings, and future growth opportunities and plans. This comprehensive approach helps you to make informed strategic decisions and maximise opportunities for growth.

End-of-period Adjustments 

Standard profit and loss statements may not always capture the relevant information for monthly or quarterly performance. Factors like significant increases in work in progress or prepaid large expenditures can distort the accuracy of reported information. To ensure a true reflection of your business performance, we meticulously review each period and follow an end-of-period reporting protocol. This enables us to provide reliable information so you can make informed decisions.

Build Strong Business Relationships 

Over the years we have built strong connections with many like minded businesses, this means we can surround you with great connections to ensure you have the full support needed to run a leading-edge business. One strong relationship provider is your bank manager, they need to understand your financial requirements, and they are particularly important for seasonal businesses or businesses that we have identified will have a temporary cash shortfall as part of our 3-way forecast.

Performance Analysis

We deep dive into your business data to identify trends and opportunities. This allows us to set KPIs that we can monitor and track towards. Business is not always perfect and it doesn’t always run to script, and the best forecasts can soon be irrelevant given the dynamic and changing landscape we operate in. This is why we regularly review and adjust your forecast. We also monitor actual figures to the forecast set, and review each KPI to ensure they are being achieved and still relevant to your business.

Risk Mitigation

We conduct a thorough risk assessment of your business, identifying potential vulnerabilities and implementing proactive measures to mitigate them. Our advisors help you navigate complex regulatory landscapes, minimise exposure to business risks, and ensure compliance, fostering greater stability and peace of mind.

Leveraging the power of our Business Advisory Services can propel your business towards unprecedented success. At Breathe Accounting, we are committed to helping you achieve your goals by providing personalised strategic guidance and empowering you with accurate cash flow & business insights. Get in touch with us today to see how we can enhance your business!