Accountancy Services that have a positive effect on your business
Whilst you may be concerned that your business can't afford to engage an accounting firm of LBW's size and calibre, we question that assumption and suggest that maybe you can't really afford not to! If you consider your annual accountancy fees as profits leaving your business, then this is compelling evidence that your accountant's services are not contributing to your growth or bottom line.
Whether you are a sole trader starting out, represent a growing partnership, an established trust, a company limited by guarantee or a non-profit organisation, you will be advantaged by considered tax advice. You will need a specialist's knowledge of GST, capital gains, tax minimisation or salary packaging, professionally prepared and lodged tax returns, profit & loss statements and business activity statement (BAS). And be reassured by a management accountant's support when you need to prepare cash flow projections as part of your business's development and tax planning.
To be of true value to your organisation, plus contribute to your personal wealth, your company's accountants have to behave as your de facto CFO, both proactive in assisting you with your business planning, and reactive to the shifting influences in your particular market. Key areas where you, your employees, stakeholders and your family can be confident that your professional relationship with LBW Partners pays commercial dividends all year round.
Discover everything you need to know via e-mail, phone (+61 2) 9411 4866 or complete an on-line enquiry right now. An LBW partner can review your accountancy needs and simply advise on issues that are troubling you.
Some business owners suffer as a result of not accurately defining the important differences, roles and relationships between their accounting system, their bookkeeper and accountants. Bookkeeping is strictly the recording and summarising of financial transactions. You should also be aware that only business transactions will be recognised by your accounting system.
The role of your accountant can be defined as being responsible for the process of identifying, measuring and communicating economic information about your business to a variety of users to enable informed decision-making confidence. Whilst you can include bookkeeping as being part of the accounting function, and accounting software as an integral part of your accounting system, there is far more to accounting than just debits and credits, earnings per share calculations or completing your BAS.
Accounting services fall into two categories, financial accounting and management accounting. LBW & Partners provide you with either or both, dependent upon your structure and your requirements under Australian law. The differences between financial and management accounting relate to accounting rules, timeliness, the level of detail and the users they are prepared for.
Financial Accounting is the preparation and presentation of financial reports (from your historical data) for all types of external users to make economic decisions regarding your enterprise. This information is governed by Generally Accepted Accounting Principles. These principals mandate accounting and auditing standards for preparing monetary reports, and assist in the creation of financial reports such as your balance sheets and income statements under an accrual-based accounting system. Financial accounting is also directed by rules set out in Corporations Law and Australian Stock Exchange (ASX) Listing Rules.
Accounting information produced for external users is used by party's who need to make decisions about your enterprise, and can include:
- Banks & Financial Institutions
- Professional associations
- Government agencies
- Overseas corporate owners
Management accounting information is intended to meet the needs of internal users. The reports are bound by no rules and are therefore much less formal, providing any level of detail to your entity's owners and management, who require economic information and reports to assist them in management processes that encompasses:
- Setting prices
- Forecasting profits
- Resolving the appropriate sales mix
- Assessing the performance of employees
- Establishing how much overtime is required
- Determining capacity of plant
- Investing the resources of your entity
LBW & Partners are the Chartered Accountants of choice for numerous SMEs and NFPs just like yours. Companies with vision and the foresight to acknowledge that they can't expect to make it alone. Business men and women with the insight to understand that a top accounting firm is one of the key assets that they can depend on and are essential if they are to make their commercial aspirations a financial reality.
GST & BAS Advice
In cooperation with your company's bookkeeper and internal accounting personnel, LBW's specialist accountants are happy to assist with all your GST requirements from advice to attending to ATO reporting, BAS lodgements and conflict resolution.
Company, Partnership & Trust Advice (i.e. Tax Structures)
Are you confident that your existing or proposed business structure is the most tax efficient in the long term? Will the company you are about to acquire or divest undermine the benefits of your existing structure's key tax minimisation strategies? Is a discretionary trust actually of value, or an unwarranted burden on tax reporting commitments and a drain on your enterprise's profitability?
Streamlining your management and preparation of tax returns, financial statements, related accounting compliance and reporting functions releases you and your key staff to focus your energies on profitable business development, free of the distraction of statutory compliance issues.
Auditing expertise for Australian listed and unlisted companies, internationally owned enterprises and not for profit organisations is an essential element of every effected enterprise's compliance. Access to LBW & Partners' professional audit solutions liberates your senior executives and office holders of companies limited by guarantee, associations, charities, religious institutions, clubs and schools from the demands of internal controls, financial statement reporting, and fund raising's special tax issues so that you may concentrate all your efforts on the organisations primary role and responsibilities.
Tax Planning & Advice
It is imperative that your business adopts established sound business tax strategies that minimise your business's as well as your own personal tax exposure. New income tax legislation repeatedly effects payroll tax, capital gains tax, fringe benefits tax, concessions for small business research and development and even your GST rebate entitlements.
Your LBW accountant accumulates industry knowledge through regular contact and interaction with your operations. This specialised LBW know-how also benefits those clients who operate similar or related Australian and overseas owned businesses within an industry or profession. Non-proprietary knowledge gleaned from like operations equips accountants with an unprecedented insight into the unique financial aspects peculiar to a true industry specialist. An added and valuable benefit to your accounting procedures and compliance if your operations impact on or are influenced by:
- Direct sales businesses
- Medical & aged care providers
- Wholesale distribution
- The manufacturing sector
Answers to many of your frequently asked taxation questions are always at your fingertips within this web site's 'Tax Facts' pages. Here you will discover a straightforward plain English resource on topics as diverse as capital gains, PAYEE, fringe benefits, excise and wine equalisation tax, plus direct links to the ATO's rates, calculators and tax tools to assist you and your bookkeeper.
In addition to the provision of your proactive business planning, management and financial accounting services, you as the owner or employee of an LBW client company can also enjoy the added benefits of personal financial planning, tailored to your individual requirements by an accomplished LBW Financial Planner, mindful of the close relationships between your personal and business ambitions.
Wealth management and financial advice is provided by LBW Wealth Management. Click here to find out more.
LBW & Partners is a leading Sydney chartered accountancy, auditing, business consulting and financial planning firm providing corporate business strategy, personal accounting services and tax planning advice to professionals. LBW's CPA and chartered accounting services cover all aspects of your Australian business's taxation including capitol gains, payroll tax plus tax effective asset management and company audits. Unlike most Sydney accounting firms, LBW also extends personal tax minimisation, wealth creation and self managed super advice
in addition to corporate and management accounting needs
for businesses on Sydney's North Shore and across Australia.
LBW & Partners, Sydney Australia
Personal chartered & business accounting services. Financial advisors & superannuation planning.
Ph: (+ 61 2) 9411 4866 Email: firstname.lastname@example.org