Services & Advice we provide that Work For You

A really invaluable tool are financial statements, which allow you to see the gains, the losses as well as any gaps in your business. This means you can make business decisions with confidence. There’s also the matter of lodging annual financial reports with ASIC. Our team are happy to prepare these for you so you remain up-to-date and compliant.

Finding the right processes and systems for your business can be difficult considering the vast options that are available and the time it takes. With some guidance from our team based on your requirements, we can help you implement an accounting system that works for your business, so you have the freedom to concentrate on what is important to you.

Management accounts are different to your general financial reports, because they are personalised for what business owners and managers need. They contain key financial and statistical information that are used to make short-term decisions. BLG prepares these for our clients and often will attend management meetings to present these to business leaders.

An efficient tax strategy means paying the least amount of taxes possible, and can change the outcome of your year! Having a trusted Chartered Accountant on your side means you gain that all important tax advice to keep your business on the right side of compliance and laws. Our team work with clients to improve their tax position in line with their business needs including the tricky task of identifying and managing their tax risks.

Providing tax management solutions for our clients gives them a significant advantage, as areas of their finances are effectively managed for the purpose of paying tax. This includes meeting yearly compliance obligations such as income tax returns. Leaving us to prepare these solutions for you takes away a substantial burden that will end up saving you time and money.

Our team provide extremely valuable results to our clients through the business review process. A business review is a great quality control strategy. It ensures your business performance and numbers match, allowing you to improve efficiencies and make plans for future growth. When done properly it also ensures there’s alignment and a shared perspective in the business which creates clarity and trust. Business reviews can be conducted annually or on an ad hoc basis based on your needs.

Business planning helps you create strategies to achieve your goals, which on a large scale could include growth, expansion, winding down or exit strategies. Done right, business planning gives you a clear picture of your whole business and allows you to zero in on the areas and milestones that will actually steer your business in the right direction to achieve those end goals.

The BLG team work alongside our clients in business planning. We take the time to listen to your requirements and guide you to develop a plan that gives you a clear path forward, with both safeguards and opportunities. We take into account potential challenges and assist you with proactive solutions to minimize any risks. Past this point our team is always available as your support network to answer any questions or act as a sounding board for ideas along the way.

Tax is part and parcel of both running a business and having personal wealth, and managing it effectively is essential to prevent it from being costly. Tax planning is an important annual activity that, aside from managing your tax, provides you with a greater understanding of your business strength and opportunities for future decision-making.

Our team at BLG believe tax planning is imperative to the long-term success of any business, and it will form part of your program with us. Corporate and personal tax rates and rules are constantly changing so we work year round to keep you informed of tax legislations and if they impact you and your business.

Generally tax planning will take place in the last quarter of the Financial Year. It’s here our business advisers will help you understand your current tax position, discuss with you your future plans and work with you to develop strategies that ensure you receive better outcomes both now and in the future. We develop a tax program that works for you.

Superannuation should form a key part of your overall wealth creation strategy. While managing an SMSF is a large responsibility it’s important for you to have direct control over your superannuation strategy and investment choices. The benefits are:

• It provides a means to efficiently grow and manage your investments over your lifetime.
• Gives you flexibility in relation to tax effective investment and estate planning strategies to maximise wealth across multiple generations.

Trustees are responsible for the administration, compliance, development and maintenance of their SMSF strategy and need to adhere to strict rules or suffer significant penalties.

The rules of superannuation change and economic conditions fluctuate, so it’s vitally important to keep abreast of the governing rules and market if you’re to make the most of your SMSF. If you don’t feel totally confident in managing these requirements yourself, receiving experienced advice and support is recommended.

The annual compliance requirements for SMSFs that our team can do on your behalf include financial statements, member reporting including transfer balance account reporting, annual returns, associated minutes and actuarial certificates. Alongside this is technical advice around maximising tax benefits, accessing superannuation benefits, pension strategies and estate planning.

Business structures are such an important component to consider when both starting a business or if your business is going through a period of change. The structure of your business can affect a number of key areas for both you and your organisation, including tax, asset protection, ongoing costs and compliance.

It’s important to understand how your structure will support your business and why it’s a suitable option for you right now. Structures such as trusts, partnerships and companies can be complex to set up, so we do recommend having your accountant or business adviser set this up to ensure everything is set up in the right way to protect you.

It is natural for business owners to want their business to exist beyond their working life, particularly when it comes to a family business. Succession planning is extremely valuable in ensuring your business continues on, by having potential successors and an exit strategy in place that will give the business longevity and you peace of mind.

It is much easier to start planning for your succession early, both to prepare the business for life after you and to secure your own future. BLG’s team knows how to carefully guide business owners through succession situations, and we’ll assist you with everything from up-skilling people, to the business valuation process, smooth exit strategies and more.

Business owners are presented with opportunities on a regular basis, whether it’s launching into a new product line, implementing a new process, or acquiring a new business. Making informed decisions about these opportunities can mean the difference between their success or failure. Some businesses don’t have the in-house capacity or knowledge to take on forecasting, cash flow and business scenario analysis. Working with an experienced team can present great benefits.

Protecting your personal assets and wealth is important when you own a business, and is possible with adequate safeguards and strategies put in place. Our team have a deep understanding of each of our client’s businesses and regularly conduct a review of their existing business and personal assets, liabilities and entities. Make sure you have discussions about your short and long term goals so your assets are protected in the right way.

Buying another business can be a great way to grow or diversify your business, however the process is not without its challenges and can be complex. It is recommended you seek the guidance of a business adviser who has experience with business acquisitions and knows about valuations, due diligence, financial impacts and cash flow requirements, regulations, working with solicitors and other professionals to get you the best outcome.

Your business likely represents one of your most significant assets, so selling it can cause both excitement and trepidation. The key to a successful business sale is preparation. The process can be lengthy, intrusive and emotional, but having strong advisers who understand your situation throughout the process really does help in achieving a positive outcome.