The past few months has been a test of endurance, the need for many businesses to diversify and to do business differently. Without being able to access the recent Federal and State Government and Territory Stimulus packages, many businesses would most likely make many of their employees redundant and ultimately shut their doors.
Shane Borg, Director of Stones Sharp and the team have taken a proactive approach by contacting and assisting the entire client base in determining their eligibility to receive what they qualify for. Borg’s philosophy is simple.
“In times of hardship, now is not the time for businesses to go it alone, it is important we support each other, ensuring that as Advisors, we consider all avenues in helping our clients survive Covid19 and beyond,” Borg said.
Making the complicated simple
Recently, Stones Sharp Accountants contacted many clients regarding the $1,500 per fortnight JobKeeper payments. Three particular SME clients believed that their businesses were not eligible. The clients, not understanding the legislation and terminology, were concerned as to how their businesses would survive the next few months without being eligible for the JobKeeper payments.
After an analysis of trading results and applying the legislation, Borg and the team quickly established that all three businesses qualified and these businesses now stand to receive a combined $755,000 in Government support over a nine month period.
“Needless to say, clients were relieved and grateful that we reached out to them. They did not understand the various test periods and the cash versus accruals concepts and consequently did not know how they were going to retain their employees and their business,” Borg said.
Embracing Technology for Tomorrow
Over the years being in business, many regularly conform to doing things a certain way. Recent times have seen many business owners thinking differently and having o reinvent the way they operate and deliver their service offerings.
“This has been no different for us,” said Borg. “As a practice we have embraced Zoom video conferencing meetings, not only for more connected advisory consultations, but to deliver information webinars to our client base“ he adds.
Over the past weeks Stones Sharp Accountants has partnered with the likes of Judo Bank (a licenced SME Business Bank) and Mr Peter Adams of Augmentors (a Tax Education and Training Expert) to deliver more advice and information to their clients via complementary information webinars.
“With the use of Zoom technology, we have met virtually with more of our clients over the past several months than we ever have.”
“Utilising technology is helping the practice stay connected with our clients and deliver collaborative, timely advice and assistance,” added Borg.
“The feedback has been overwhelming … we are just doing what we would expect from our own accountants and trusted advisors, but some of our clients see us helping their businesses survive through a time of crises.”
Beyond Tomorrow Today
It’s fair to say that most businesses are focusing on the ‘here and now’ given the state of the economy, but Borg and the team are encouraging clients to also consider how they will be operating post Covid19 and, where possible, encourage them to implement these processes now.
“We will see many businesses deliver their services and products differently in the future, including implementing many cost saving systems and measures, thus offering long term benefits for survival.”
As a practice, by embracing technology, Stones Sharp has been able to respond rapidly to the Government Stimulus packages by collaborating with clients more frequently.
“Personally, I am looking forward to continually evolving and revolutionise the way the practice delivers its services. With the introduction of Zoom video conferencing meetings and complementary information webinars, electronic signatures and a more paperless office, the practice can offer more services to a wider client base. There is no longer a need for as many face to face meetings,” added Borg
Don’t Go It Alone
More than ever this is not the time for any business to go it alone. Stones Sharp considers their relationships with their clients to be more “…a partnering with those that place their trust in us to support and advise them through both the good and bad times…”
If your current Accountant is not reaching out to you, not supporting you and your business and not providing adequate advice, then now more than ever, is the time to contact the Stones Sharp team.
As a long-standing CPA Accounting Practice that has seen many changes in the economic environment since it began in the 1940’s, Borg and the Stones Sharp Accountants team can assist you and your business with:
- Applying for and accessing Federal and State Government and Territories Covid19 Stimulus
- Accounting, Taxation and Bookkeeping services
- Minimising Tax liabilities
- Change in company/business structures
- Budgeted cash flows and profit and loss projections
- Providing bespoke mentoring and advisory
- Measuring key business metrics
- Corporate Compliance
- Preparing business plans
- Self-Managed Superannuation Funds (SMSF)
When to hire professional accountants and specialists
If your cash flow is constantly moving or if your tax seems high then a CPA Accountant like Stones Sharp can help. As a small to medium business owner your time should be focused on your business and not on navigating the many forms and documents you have to lodge which your CPA Accountant can lead.
As an experienced accountancy firm, they can assist with:
- Changing company structures
- Writing business plan financial advice
- How to minimise tax liability
- How to measure key business metrics
- Budgeted Profit and Loss
- Projected budgeted cash flows
- Providing Mentoring and Advisory
Stones Sharp takes the time to complete custom projections from cash flow to profit and loss, and set the goals and objectives to help you achieve results. If you own or work in a small to medium business contact Stones Sharp today to get the business moving and work through the challenges holding the potential of the business back.