Stability & Strength

Suitable for: Partnerships, Companies and Trading Trust
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Case Study – Carpentry Business –Company Pty Ltd

To give you an idea of how the packages can be tailored to your needs, our case studies showcase how some of our clients have chosen a package and customised it according to their particular situations. Each package can be fine-tuned to ensure it meets your needs.

The problem

Carlos had a carpentry business with three full-time employees and six subcontractors. He was getting a lot of work but was not confident about his reporting and obligations for superannuation, GST, and did not know where his money was going. His costs were spiralling, his tax was late and he did not feel like he was on top of the financial side of the business.

Our approach

When Carlos met with Y&S Accounting, he decided that the Stability & Strength package of services was most suitable for his situation. Over the course of getting to know each other, we decided together that adding bookkeeping, a 12-month cash flow forecast, and an annual business benchmark review (to avoid ATO scrutiny) to the package as extras would give him the support he needed.

The result

We began by lodging all overdue tax and BAS returns. We took over the bookkeeping and processing of his wages and super. His tax liabilities are now paid on time and in full.

Carlos does different sized jobs and needs to be able to manage costs for labour and other job costs. We provide him with quarterly management reports, which show how his business has improved, where his money is going, what payments to him are still owing, which ones are overdue and the average collection period. This helps him manage his cash flow.

The Stability & Strength package allows him to stay in control of his expenditure so he can expand his business knowing the money will be there to pay his costs.

Our Stability & Strength Package includes:

$Software set up support (Xero, MYOB or QuickBooks Online)

$Quarterly business activity statements (BAS)

$Quarterly income and tax liability forecasting

$Quarterly tailored management reports –Tracking Categories

$Annual financial statements

$Income tax returns (for business and owners)

$Annual subcontractor if applicable

$Annual business review meeting and annual budget set up

$ASIC management (Australian Securities and Investment Commission)

$Unlimited short phone queries and email support

At Y&S Accounting, we understand that each business is unique. We take the time to get to know you and your business and will customise an accounting package for whatever stage of development your business is in.

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