Benchmarking your business is a way of measuring your performance against similar businesses’ in your industry. It gives you essential information about how you can improve your business.
The key benefits of benchmarking are to:
- see where you can reduce costs
- improve efficiency
- identify opportunities for improvement
- highlight opportunities for making your business more competitive
- forecast the impact of any changes and see how to prepare for growth
SRF Accounting services cover a wide range of abilities. These include:
- Financial Statement Preparation
- Management Accounting/Reviews
- Pre 30 June Reviews
- BAS & IAS Requirements
- Bookkeeping Services
- All Taxation Services
We make it our job to make sure you are compliant with all relevant statutory obligations. We have staff available to assist with your own software setup, and are always available if you need a hand.
We take care of more than the basics by adding value to each of our services.
There are many business owners who fail to set reasonable budgets and also don’t consider the importance of budgets in their business at all! Budgets are however, important for every business, no matter what the size or business sector.
As the saying goes ‘Those who fail to plan, plan to fail’.
A correctly structured budget can help you reach goals within your business, keeping you on top of your income and expenses. SRF is able to tailor make any budget you require to meet your business needs.
SRF can help you turn your business idea into a reality!
Whether you are starting from scratch, buying a business or moving into the family business, SRF can help get things right from the start. Important considerations must be made before you leap into business. These include:
- Deciding on the most suitable structure for your business – sole trader, partnership, company or a combination
- Preparing a business plan, cashflow projections and budgets
- Assess your finance requirements and advise on the best sources of finance
- Applying for relevant registrations with the ATO and other Government Agencies
- Setting up your accounting software
To assist you, we recommend you view the Governments “Starting a business checklist” (Click Here).
Cashflow forecasts are a regular request from our clients banking and financial institutions. This is because cashflow forecasts help to determine when the availability of cash within the business may be tight, and also a look at the long term availability of cash.
A cash flow projection is a plan that shows you how and when your income goes into your bank account. It also accounts for all outgoings from the bank account. A well prepared cashflow forecast will show the relationships between income and outgoings, which helps you as a business to plan ahead.
Clients always ask us “Where have all the profits gone? It’s not in my bank account.” The answer lies within the cashflow of the business. The profits may have paid off debt, be lying in receivables or taken as owner drawings.
SRF Chartered Accountants have built strong relationships with many banks, financial institutions and mortgage brokers. We constantly review our client’s finances, ensuring that:
- Rates are competitive
- Repayments will not affect the future cash flow of the business
- Debt’s are utilised in the most tax effective manner
- Clients are getting the most value for money out of their finance’s
Successful businesses understand the need for management consulting. Management consulting provides the required reports and information to business owners in a timely manner, ensuring they can make key decisions at the right time.
- Monthly, Quarterly or Half Yearly Financial Reports
- Half Year Tax Results
- Cashflow vs Actuals
- Budget vs Actuals
- Analysis of KPI’s
Many of our clients use these reports to assist in the day to day running of their business, and also plan for the future of their business.
Office Duties / Payroll Services / Software Solutions
Although office duties may seem like a simple task, the reality is many clients get overwhelmed by the requirements today. SRF Chartered Accountants have many solutions that can help alleviate this problem, and allow our clients to get back to their business!
Choosing the right system for your business can be difficult. After all, there are over sixty accounting packages available in Australia. Here at SRF Chartered Accountants we invest considerable resources into ongoing staff training to ensure we can recommend the best accounting solution for your business.
Strategic planning is an integral part of all business operations, and can be the key to long term success. It is often the case however, that this type of planning gets forgotten because you focus on the day to day operations of your business.
Strategic Planning is all about focusing on where you want your business to be in the short, medium and long term. SRF business advisors are experts in Strategic Planning, and can identify exactly how you can achieve your goals.
The team at SRF use a number of different strategies to understand your strategic goals. We cover items such as:
- Understanding the fundamentals of your business
- Identifying the goals of your business and outlining a path to success
- Looking at your business now, and then in 3/5/10 years time
- Undertaking a Market analysis
- Establishing financial projections
- Preparing business plans
- Identifying succession plans for the eventual exit of the business
- Designing an implementation strategy for your goals