Today we had a new client come back for their second quarterly meeting. They commented that they hated meeting with their previous accountant, and often cancelled appointments because they didn’t want to go. Today, you’d never have been able to tell that.
In our meeting we discussed:
- The vacancy in their team and the solution to resolve this, at the last meeting they were taking it in turns to cover the administrative role – a move that was great for morale, but not great for income generating medical practitioners!
- An error identified in their bookkeeping, that resulted in a GST adjustment. We also discussed the permanent fix to this.
- How to communicate the importance of sustainability in a medical business. It’s easy for staff members to think business owners are making a stack of cash – but in reality, it’s often not! We talked through how we have helped other clients communicate the need for sustainability – not extreme profits – but the ability to replace IT equipment when it ages, invest in new technologies, maintain nice premises and pay for good quality CPD.
- How the tax returns for the business were going to flow – their first taxable profit! We talked through the timing of the tax payment, and how instalments would flow from here.
- The need for financial planning for one of the owners, who is beginning to think about retirement planning. The need for this to occur sooner than later, and the benefits it could bring – could she quit her second job? We’ve booked her in – so she can see what the numbers say.
- The upcoming property improvements for their commercial property, what could be claimed immediately versus what had to be deducted over time (depreciated).
- Outsourcing the bookkeeping so one of the owners can stop stressing about it on her day off (the day she has with her young children!). For what is less than the cost of 1.5 consults with this doctor, we can ensure the bookkeeping is done well and in a timely manner.
- Payday super and the upcoming regulatory changes, and how they will be implemented.
- Upcoming GST and Pay-as-you-go withholding liabilities and the timing of payments
A comprehensive meeting, but the look of relief on the client’s face at the end was worth the effort! Their comments on the way out “I feel comfortable everything is under control now”.
Quarterly meetings aren’t just for the ultra profitable businesses – they can help developing businesses grow, systemise and improve their position – now and for the future.
If you want to know how we could help you, reach out to your local Accru office.
