St Kilda Accounting & Tax Specialists
TAX ACCOUNTANTS FOR MANUFACTURING INDUSTRY IN ST KILDA
We provide peace of mind for you and your business by delivering Taxation, Accounting and Bookkeeping services to Manufacturing Industry in St Kilda.
Wwn a manufacturing business in St Kilda & need an Accountant?
Already operating or considering starting a business in the manufacturing indsutry?
Here at St Kilda Tax Accountants Tax Accountants, we understand the majority of manufacturing business owners in this country are small, family-owned businesses that employ less than ten people. Statistically speaking, just under ten percent of total Australian employment is in manufacturing.
While operating in one of the most diverse industries, businesses across the manufacturing sector are faced with similar challenges and opportunities.
The Challenges of the Manufacturing Industry Today
There are several reasons why the manufacturing sector in Australia has been in decline for the past 40 years. Our high labour and raw material costs combined with our remote location and relatively small production runs make it difficult to compete on a global scale. On the other hand, despite globalisation, a relatively high local currency and a diminishing scale in various industries, some manufacturers are thriving.
Increasing input costs, a rising Australian dollar and competition from low-cost countries like China and India can place increased strain on businesses in the industry.
As a manufacturer, you face some unique challenges. You may have to manage pending builds and assemblies, track customer orders, manage inventory and costs plus identify which orders have shipped. If you import components or export your finished goods, you also have to contend with the volatility of the Australian dollar. It's not easy, but over the years, we have helped several manufacturers work through the stages of their business life cycle - from start-up right through to the sale of the business.
Accounting
When we became a Xero Partner firm a few years ago, we saw the potential value for our clients that we could not expect before. Most of all, the real time advice is now possible as Xero is more like collaboration platform between clients and their advisers including us.
Real-time advice means clients can get a professional advice based on the financial information Xero supplies whenever they need. Real-time advice also means the accountant can discover broader service areas that could be useful for the clients and give a right advice on time.
Bookkeeping
We have a team of Australian Accountants with over 20 years of experience dedicated to making your life easier. Our team remain in constant communication with you throughout this process.
Our goal is to show their clients that keeping on top of their financial affairs is far more accessible and enjoyable than they imagined possible. Our friendly team help our clients thoroughly understand their unique tax situation. We work flexibly with our clients to create the optimal system and approach for each circumstance.
Taxation
We are bookkeeping professionals who have been assisting customers achieve flawless accounts for many years. As specialist St Kilda bookkeepers; we are dedicated to helping small and large business resolve their accounts issues through our years of experience. Our local St Kilda bookkeepers are experts in XERO, MYOB, Reckon and QuickBooks as well as all other popular bookkeeping software.
We pride ourselves on being the bookkeeping solution providers and have become well respected and highly trusted bookkeepers in St Kilda and the surrounding suburbs. With a strong emphasis on establishing long-lasting relationships with our clients whilst also providing tailored and cost-effective solutions.
The Opportunities
There remains plenty of opportunities with niche products, and our successful manufacturers are innovative; they use cutting edge product designs, process innovations and their marketing stand out in the crowd. There are plenty of manufacturing success stories in this country in electronics, machine tools, textiles, food, plastics and trucks.
Successful businesses in the manufacturing industry have efficient production and administration processes, effective supply chains, and an ability to innovate. Whatever you manufacture, you need an advisor that understands the Industry.
Our specialist manufacturing industry team have the industry knowledge and expertise to take a strategic view of your operations and provide guidance and advice on several matters.
what we do for you
- Audit, accounting and tax compliance
- Outsourced accounting
- KPIs, benchmarking and analysis
- Management accounting
- Budgets and cash flow forecasting
- Pre-lending reviews and financing
- Capital raisings
- Business valuations
- Mergers and acquisitions
- Domestic and export markets
- Research and Development tax advice
There are a number of finance and tax measures relevant to the manufacturing industry, including:
Goods and Services Tax (GST) It’s important to know your GST obligations to ensure you are selling your products at the correct price and that you’re registered with the Australian Taxation Office (ATO) to ensure you can claim your GST credits.
Importing goods For manufacturers importing goods, you need to be aware that GST and duty apply on certain imports. Visit Importing and Exporting for further information.
Certain Inputs to Manufacture The CIM program provides import duty concessions on certain imported raw materials and intermediate goods such as chemical, plastics or paper products. Metal materials and goods used for the packaging of food are also covered by the program.
Economic times are tough and it is more important now than ever before to maximize your tax refund. St Kilda Tax Accountants will help you prepare the perfect return so that we can all work together in this unpredictable economy!
We are a full-service company that caters to the needs of small business owners. With us, you can rest assured knowing we have your back when it comes time for taxes and accountancy services! We offer all types or industries professional advice such as bookkeeping or financial management so contact one our experts today at St Kilda Accountants
Professional Services
The team at St Kilda Tax Accountants has a deep understanding of professional services industries, and the specific needs that come with them. They provide accounting advisory to their large clientele in order for them be able best serve these businesses.
The retail industry is a challenging place to be in today's climate. We help retailers understand their problems so that we can provide them with assistance from our team who specializes specifically at helping your business succeed no matter what obstacles come up next.
Experienced Professional Services & Financial Advice
Having an accountant who understands manufacturers can give you a serious competitive edge, and we offer you a range of accounting, tax and business coaching services to support and grow your manufacturing business. We have the expertise to help you with job costing, pricing, break-even analysis and management accounting services. Using industry benchmarks, we can compare your business performance against your peers to help you assess what is working in your manufacturing business and what needs working on.
No job is too big or too small for the team at St Kilda Tax Accountants, who offer you experience professional services and financial advice, most importantly, an intimate understanding of the manufacturing industry.
Business Advisory
Starting, building and maintaining a successful business in today’s uncertain and rapidly changing environment requires knowledge, perseverance and the right team behind you.
Our highly skilled and results-led team can assist you to access funding, make informed strategic decisions, develop comprehensive and rolling plans at each stage of your business’ lifecycle, and identify business opportunities.
By working with you to understand your business and industry, we provide specialist knowledge and objective advice to help your business meet its full potential.
Thinking about exploring an SMSF but not sure where to start? Don't worry, our team is here for you. SMSF Solutions is a specialist division of St Kilda Accountants providing administration, compliance, accounting and taxation services for Self-Managed Superannuation Funds (SMSF).
We know exactly how it all works and we can help you create the best set up. Our services include things such as assisting in understanding the implications of having a SMS and establishing a SMSF & obtaining tax benefits among others.
Financial Advisory
Our business model is to keep our practice small and manageable, with a focus on quality clients who have life aspirations that they wish to fulfil through money, advice and planning.
Our personalised financial advice and individual wealth management, ensures that you don’t get lost amongst a bigger practice, or institution, where you can become just a number, changing financial advisors regularly with no personalised care.
Our financial advisers have worked in the practice for many years and are committed to providing advice that is just not numbers, but personalised for you to achieve your life aspirations.
Thinking of Starting or Buying into the Manufacturing Business?
Manufacturers are one of our specialist client groups and having mentored hundreds of clients through the start-up phase of their business; we have built a reputation as a business start-up specialist. If you are looking to start a manufacturing business or buy into an existing operation, there are numerous issues to consider including your business structure, tax registrations, insurances, accounting software selection as well as your vehicle and finance options.
As accountants and business advisors, we have the expertise and professional services to assist you in all of these areas plus provide advice on HR matters, payroll and the preparation of a business plan, marketing plan and a cash flow budget.
In a sense, starting a business is a bit like building a house, and you need solid foundations, including the right tax structure, accounting software, insurances and a marketing plan. Your choice of business structure is critical, and there are several different options, including sole trader, partnership, company and trust. When it comes to selecting the most appropriate tax structure for your business, we always recommend you 'start with the end in mind.' Australian tax laws are complex and changing your business structure at some point in the future can trigger a capital gains tax event that could prove costly.
Starting a business is not easy, and it's even more challenging when you're doing so on your own. That’s why St Kilda Tax Accountants offers complete tax solutions for individuals or businesses in need of guidance with their financial planning needs as well!
Our team is dedicated to servicing the needs of all types, including medical professionals. We offer friendly and industry-leading advice relating tax law compliance so you can get back on your feet with a smile!
We have a team of experts with extensive experience in servicing the manufacturing industry. We provide accounting, information technology and audit services as well regular periodic management reporting to supplement our detailed financial analysis that lies at heart astute commercial decision making processes for your company's success!
St Kilda Tax Accountants is a team of professionals who are passionate about helping small businesses succeed. Whether you own and operate one bar or an entire restaurant chain, our accountants will provide the support your business needs to be successful!
Whenever we provide advice on business structures, we always take into account the important things
- Income Tax Minimisation by effective tax planning
- Maximize Asset Protection
- Allow for the Admission of New Business Partners or Investors
- Comply with all Legal Requirements in your Industry
- Risk Profile of Your Industry
- Consider Future entitlement to Discount Capital Gains Tax Concessions
As a consequence, we often find that business owners compromise on business structure based on the relative importance of each of these issues.
Another brick in your business foundations is your choice of accounting software. Up to date, accurate financial records run by a state of the art accounting software let you make informed business decisions, and the wrong choice of software can create frustration and waste a lot of time and money. Poor record-keeping is one of the biggest causes of business failure in this country. When deciding on the most appropriate software program to use in your manufacturing business, you need to match your business needs with your level of accounting skill. Too often, business owners produce 'computerised shoebox' records that create additional fees. This conflicts with our mission of helping you slash the time and cost associated with bookkeeping and compliance.
Financial services for medium-sized trade businesses? That's our thing. We specialize in ensuring your financial growth and freeing up time so that you can enjoy life, too!
We understand how important it is to have a reliable accountant for your business. That's why our team of experts has been providing professional services in the fields of finance, taxation and accounting since 1985! We offer tailored solutions designed just for you - no matter what type or size farm operation that might be on yours . Contact us today so we can get started working together soon
Our experience and relationship with franchise groups give us real-time insight into franchise systems and their performance. We provide franchises with business, taxation and accounting services. We can also act as consultants to the head franchisors in setting up cloud accounting & business and structures.
St Kilda Tax Accountants is the go-to team for estate planning and property tax services. Our specialist accountants can help you with everything from ownership issues to controlling your assets, so call us today!
Having the Right Tools
Here at the St Kilda Tax Accountants we are experienced business advisory and professional services team. We want to provide financial advice and be your trusted accountant and business advisors, not an expensive bookkeeping service. You'll find we support a range of different accounting software programs. Still, we do have a preference for cloud-based solutions and offer top of the range software such as MYOB Essentials Online because of their flexibility and the fact that you can access your financial data via the internet. You can invite your accountant or bookkeeper to view your accounts at the same time, which means you can get bookkeeping support and valuable advice in real-time. You can log in online anytime, anywhere on your Mac, PC, tablet or smartphone to get a real-time view of your cashflow. Your data is automatically backed up, and users have access to the latest version of your financial data, plus you never need to worry about installing software or program updates.
Building Your 'House'
To build a house, you also need the right tools, and when 'constructing' your business, we have developed several tools, including a start-up expense checklist broken down into various categories, including:
- professional advice and software
- information technology costs
- marketing and signage
- equipment and leasehold fit-out
- vehicles
- insurances
This checklist will help you identify all your potential establishment costs, and these figures then filter through to our cash flow budget template and allow us to produce a projected profit and loss statement for your first year of trading. These reports can also tuck neatly into our business plan template that is designed to help you secure funding from external sources like a bank.
Another useful tool is our business start-up checklist that walks you through essential business registrations you might require, insurance options, legal issues, branding items and the domain name registration for your website.
For a manufacturer, your vehicles are arguably one of your most essential business tools. We have the expertise to help you learn more about the alternative methods of claiming your vehicle expenses and the distinction between a business and private trip. Also, through our affiliate partners, we can assist with vehicle finance (chattel mortgage, CHP or lease) and get you fleet pricing on your new car, ute or light commercial van that could save you thousands of dollars.
If you're contemplating starting a business, you don't need to reinvent the wheel as we have all the tools and resources to help you get off to a flying start. We can do some financial modelling based on different price points to produce profit forecasts. When you're up and running, we can use industry benchmarks to compare your business performance against your peers.
Marketing Your Business
For small business owners and manufacturers, your marketing could be the difference between gloom, doom and boom.
Most manufacturers rely on their reputation and referrals to grow their business, and while these ingredients remain relevant, you need to shift your marketing focus online. Increasingly local searches like 'plastics fabrication in Adelaide' are driving traffic to your website, which is often the first touchpoint with a potential new customer. As you know, in business, you only get one chance to make an excellent first impression, and your website is your 'online shopfront' and silent sales person working 24/7 to promote your manufacturing business.
We can walk you through several profit improvement strategies and even quantify the profit improvement potential in your business.
Our role is to make sure you don't leave any profit on the table, and if you're a manufacturer we offer you a range of accounting, taxation and business coaching services including:
- Registrations for Business Name, ABN, TFN, GST, WorkCover etc.
- Preparation of Business Plans, Cash Flow Forecasts and Profit Projections
- Accounting Software Selection and Training
- Provide Advice and Assistance with the Establishment of Your Business Structure (sole trader, company, trust, partnership etc.) taking into account issues like Asset Protection and future discount Capital Gains Tax Concession
- Preparation and Analysis of Financial Statements
- Bookkeeping and Payroll Services
- Income Tax Returns and Tax Planning Strategies
- Marketing Advice and Assistance
- Wealth Creation Strategies and Financial Planning Services
- Industry Benchmarking and KPI Management
- Business Succession Planning
- Vehicle & Equipment Finance (Chattel Mortgage & Lease)
- Advice & Assistance with Claiming Motor Vehicle Costs
- Recession Survival Strategies
- Advice regarding Employee Relations and Workplace Laws
- Business & Risk Insurances