An important part of managing a business is budgeting.
- Provides a benchmark for the business;
- Is often required for finance applications and
- Can be used as an indicator of future cash-flow of the business.
However, due to time constraints or other reasons, business owners may overlook these essential reports. PAS can assist businesses in drafting monthly/quarterly/annual budgets and also provide reports that compare the budget with actual results.
By recognising areas where the actual results vary from the budget, businesses can identify underperforming components and put strategies in place to improve or mitigate the effects of the underperformance.
It is important to understand that a business’s profit does not necessarily equate to its cashflow. Factors such as debtors, creditors, accruals, prepayments, depreciation and other non-cash transactions can result in these figures being quiet different. By understanding and forecasting a business’s cashflow we can:
- Identify how much cash will be available at specific points throughout the year;
- Analyse the timing and effects of major outgoings;
- Identify minimum monthly incomings required to cover off on regular expenditure etc.
At PAS we assist in producing these reports and we work with businesses to identify areas of potential improvement and provide cashflow strategies the business can implement going forward.
Management Accounts – our focus at PAS is to assist our clients in growing their businesses. An important part of this process is the continual monitoring of financial performance. Management accounts, whether they be monthly or quarterly, provide businesses with this information. Our team of experienced professionals work with clients and produce a reports that identify & analyse:
- Accounting profit
- Comparison with prior periods
- Comparisons with budget (if applicable)
- Profitability trends
- Risk areas
- KPI performance
These reports are accompanied with detailed commentary recognising where the business has gone well and where it needs to improve. By meeting to discuss these results on a regular basis PAS can provide a service that ensures your business is meeting its full potential.
The programs that businesses use in recording and reporting their financial data is of the utmost importance. By ensuring that the business is using the software most suited to them (and using this software to its full potential) it can:
- Significantly reduce time spent on data entry and bookkeeping;
- Ensure the businesses on-going compliance with the ATO;
- Provide real time reports on how the business is tracking and
- Allow access to your financial data anywhere & anytime
The team at PAS have several years’ experience across many of the accounting software packages available today including but not limited to: QuickBooks, MYOB, Sage and Xero. We are specialists in the implementation of the “Cloud Based” programs offered by these providers and also deliver training sessions on how to get the most out of your chosen program.
Without a proper business plan in place many businesses stagnate and fail to reach the levels of success that they desire. At PAS, our detailed business plans focus on setting business goals and determining the courses of action required to achieve these goals.
Although this process does involve numbers analysis and standard accounting reports (i.e. budgets, cashflow forecasts, profitability analysis etc.) our team also focuses on several other areas such as: business risks, marketing, product offerings, competitor analysis, sales strategies etc.
We then work closely with business to monitor their progress towards the goals established and adjust the business plan where required.
Often businesses need assistance managing the finance function of their business without the need for a full time accountant. PAS offers an affordable solution to this problem through our Virtual Accountant service which enables businesses to have use of an experienced accountant for an agreed upon number of hours each month. Our team of virtual accountants have a wealth of experience dealing with all sizes of businesses across a number of industries and can assist with:
- Strategic Planning
- Budgeting & Forecasting
- Cashflow management
- Profit analysis
- Management Accounts
- Staffing Strategies
- Implementation of accounting systems & procedures
- Tax Planning
- Product analysis
- Accounting Controls
Starting a new business can be a stressful experience and often the accounting and legal side of things is the last thing on people’s minds. However by ensuring the business is set up properly from the start it can help prevent larger problems down the track. The team at PAS can assist new businesses with a whole range of things including:
- Determining the most appropriate structure (i.e. Company, Trust, Sole Trader);
- Registrations (ABN, TFN, Business Names, GST, PAYG etc.);
- Implementation of an Accounting System;
- Tax Obligations;
- Employment Obligations (i.e. Superannuation, Workcover, Payroll Tax etc.);
- Business Plans;
- Budgets etc.