Frequently asked questions
What are the benefits of an accountant that can also be my virtual CFO/business advisor?
Using an accountant that can review, summarise and analyse your business’s monthly/quarterly results offers many benefits, including:
- No need to appoint a highly qualified person CFO full-time continuity maintained;
- Your accountant will be kept more regularly informed and be able to spot problems quickly that can be addressed almost in real-time and not up to 15 months later when the year-end financials and tax returns are being prepared;
- Tax position can be monitored throughout the year (not at the last minute).
How do I increase my business’s worth to enable me to retire comfortably?
This involves detailed planning with your accountant. You will need to know what your business might be worth now and how much you will need to retire based on your business and non-business assets.
If there is a shortfall, you will need to find ways to increase the future value of your business. To do this, you will need to:
- explore how to increase profits;
- have better cash flow;
- minimise risk to future earnings;
- reduce owner/critical person/customer/supplier dependence and several other areas that affect business value.
We can help you with this!
I want to start my own business. Where do I start?
Starting a business is usually best done after having reviewed whether the business is likely to be successful.
An accountant will usually ask if you have considered some of the following and then help you with a business plan to determine the chance of success:
- What problem is your product or service solving for your customers?
- Who are your ideal customers, and where are they located?
- What is the size of the market?
- Who will be your competitors, and what will be your point of difference?
- What will be your business strengths, weaknesses, opportunities and threats?
- How will you use/address these to improve your business performance?
- What do your six-month, one-year and three-year budgets look like, and what will be the corresponding cash flow requirements?
- Will you require funding, and if so, what will be the length and terms of the loan which affect profitability and cash flow?
What can I expect to pay in professional accounting fees?
This is dependent on how much assistance you need to reach your goals in terms of business success and/or taxation and asset protection advice.
All our costs are quoted upfront and are fixed. We can also offer payment plans that will help your cash flow where required (subject to approval).