From your first ABN to year-round advice

Sole trader

One person trades as an individual and is legally responsible for every part of the business.

• Simple and inexpensive to set up
• Full control of assets and decisions
• Low reporting requirements
• Business losses may offset your other income
• No separate business bank account required
• No payroll tax if you have no employees
• Can employ staff, with the legal obligations that come with it
• Easy to change structure later

• Unlimited personal liability
• Cannot split profits with family

Partnership

Two or more people run a business together and share the control, responsibilities and profits.

• Easy and inexpensive to set up
• Needs its own TFN and a partnership tax return
• Partners share control and management
• Each partner pays tax on their share of the profit
• Each partner manages their own superannuation
• GST registration required once turnover exceeds $75,000

• Partners are personally liable for the business debts

Company

A separate legal entity owned by shareholders — it can sue, be sued and take on debt in its own name.

• Separate legal entity with limited liability
• Registered with ASIC
• Directors run operations; shareholders own the company
• The company pays its own tax
• GST registration required above the threshold

• Higher setup and running costs

Trust

A trustee holds assets on behalf of beneficiaries, offering strong asset protection.

• Provides asset protection
• May offer tax planning benefits
• Trustee can be a company
• Requires a trust deed

• Trustee is legally responsible
• Formal annual administration required
• Can be expensive to set up

Choosing the right software

We compare the offline and cloud options on the market and recommend the best fit.

• Cost to buy and run
• How easy it is for you and your team to use
• Your business requirements
• Day-to-day usefulness for your industry

Platforms we work with

• Xero
• MYOB (desktop and cloud)
• QuickBooks (desktop and online)

Setup & ongoing help

• Company setup from purchase through to reporting
• Invoices and reports customised to the form and style you want
• Data migration when you move from one software to another

Setup

• Company setup in your software, with invoices and reports customised to your needs
• Bank rules set up in your cloud accounting
• Payroll setup in your software, plus full payroll services

Ongoing bookkeeping

• Onsite, cloud or offsite bookkeeping — whatever suits you
• Weekly, fortnightly, monthly or quarterly, depending on your needs
• Data entry and reconciliation of bank, AR, AP and other accounts
• Month-end and quarter-end work, with receivables and payables reporting

Compliance & year end

• BAS, PAYG and superannuation obligations
• Fixed asset register and depreciation schedules
• E-filing of your returns
• Finalising your books and preparing financial statements

Payroll services

• A complete payroll solution
• Data entry, including from timesheets
• Gross pay, tax and net pay calculated for every employee
• Payslips generated and emailed to all employees
• Superannuation Guarantee, salary sacrifice and additional employer / employee contributions
• Leave management — annual, sick and other leave, plus accruals
• End-of-year payroll processing and lodgement with the ATO, including employee summaries
• Help with payroll questions, such as minimum wages for an occupation
• Superannuation Guarantee Charge statements calculated and lodged if super is paid late

Reporting & taxation

• BAS and IAS lodgement, plus other returns such as FBT and Wine Equalisation Tax
• Financial statements reported to your stakeholders
• Custom reports and KPIs for better decisions
• Annual payment summaries for employees and the ATO
• ASIC reporting when required
• Any other reporting required by law or by your business

Financial statement review

We explain how your performance has changed since the previous period and what drove it.

• Advice to grow revenue and profit
• Practical ways to cut costs

Process review

On request, we map the controls and processes in your business from beginning to end.

• Spot where revenue could be leaking, and why
• Recommend changes to controls and processes
• Help you run the business with less stress and better profit

Business acquisition

Buying a business? We study the financial statements and the information available, then advise on its performance.

• Performance assessment before you buy
• Pros and cons of backward and forward integration for existing businesses, with the numbers behind them