Shows
The Holistic AccountantDon’t trust your accountantSend us a textIn this episode, Stuart and Mena unpack the provocative, but crucial message behind the title “Don’t Trust Your Accountant.” It’s not about questioning your accountant’s integrity, but recognising the limits of what they can (and should) do for your business. Stuart explains why business owners must take full ownership of their financial understanding, because while accountants report the history, it’s up to you to fly the plane.Mena highlights that accountants are compliance-driven, often focused on tax returns and financial statements after the fact, not strategy or real-time in...
2025-10-2812 minThe Holistic AccountantConducting a health check of your businessSend us a textIn this episode, Stuart and Mena explore why every business owner should conduct regular health checks, not just when things go wrong, but as a proactive strategy for long-term success. They break the health check process into six core areas, starting with financial health, where Mena explains how to assess profitability, cash flow strength, and balance sheet resilience. Stuart then examines client and market health, highlighting the importance of avoiding overreliance on key clients, staying relevant in your market, and keeping your lead pipeline strong.Mena dives into operational health, discussing...
2025-10-2112 minThe Holistic Accountant1%ers in business that can benefit your personal lifestyleSend us a textIn this episode, Stuart and Mena explore the lesser-known “1%ers” in business—small, smart strategies that can make a big difference to your personal lifestyle when implemented correctly. While most business owners focus solely on income, employees, and long-term value, Stuart challenges listeners to also think about how their business can improve everyday life, without crossing any lines.Mena kicks things off by explaining how to maximise credit card reward programs through business expenses, turning points into luxury travel perks. Stuart dives into the electric vehicle (EV) Fringe Benefits Tax exemption and ho...
2025-10-1406 minThe Holistic AccountantYoung entrepreneurs and building wealth outside their core businessSend us a textIn this episode, Stuart and Mena shift the focus to young entrepreneurs, those building businesses but wondering how to build wealth beyond them. It’s easy to pour everything into your business when it feels like your best asset. But what happens if growth slows down or plans change? The biggest risk for entrepreneurs is having all their wealth tied to a single venture. That’s why this episode is packed with the right questions to ask your accountant or financial adviser if you want to protect what you’ve built and set yourse...
2025-10-0719 minThe Holistic AccountantMaximising your EV FBT Benefits as a business ownerSend us a textIn this episode, Stuart and Mena break down one of the most generous tax perks currently available to employees and employers alike: the Fringe Benefits Tax (FBT) exemption for electric vehicles. With so few genuine “free kicks” in the tax system, understanding how to maximise this benefit is essential for anyone considering a new car or looking to enhance employee compensation packages.Mena begins by outlining the eligibility rules: the vehicle must be a zero- or low-emissions car, first held and used after 1 July 2022, used by an employee or their associate, and...
2025-09-3007 minThe Holistic AccountantCommon accounting errors to avoidSend us a textIn this episode, Stuart and Mena uncover the most common accounting errors that can quietly cost business owners thousands in tax, compliance issues, or poor financial decisions. They begin by highlighting why your accountant plays a critical role as your de facto CFO, and how to spot red flags if things aren’t quite right. One of the biggest warning signs? A bank reconciliation that doesn’t match your records. Mena explains how overlooked discrepancies here can lead to under-reported profits, incorrect GST, or even missed fraud.From there, Stuart and Mena...
2025-09-2313 minThe Holistic AccountantMaking money with small-scale property development: Risks and opportunitiesSend us a textIn this episode, Stuart and Mena take a deep dive into the world of small-scale property development, highlighting both the potential rewards and the very real risks involved. Off the back of recent episodes about property spruikers selling uneconomical "development sites," they clarify what genuine small-scale development looks like, who it's suited to, and where it fits into a broader investment strategy.Mena explains the typical scope of a small-scale project, think two to four dwellings, and outlines the knowledge, financial strength, and risk appetite required to execute one successfully. They...
2025-09-1619 minThe Holistic AccountantSale Succession Strategy – Selling to an External BuyerSend us a textIn this follow-up episode on succession planning, Stuart and Mena explore the second path: selling your business to an external buyer. Unlike a transition strategy, this approach involves a clean break, often preferred by owners seeking speed, lifestyle change, risk reduction, or when no internal successors are available. Mena begins by outlining the different types of buyers: strategic buyers (such as competitors looking to scale), financial buyers (like private investors or P/E firms), and the key distinctions between industry insiders and outsiders. Stuart then breaks down what buyers are actually purchasing, whether...
2025-09-0910 minThe Holistic AccountantTransition Succession Strategy – Selling to Key StaffSend us a textIn this episode, Stuart and Mena kick off their new series on succession planning by exploring the transition pathway, where ownership and leadership of a business are progressively handed over to internal staff or family members. Stuart begins by defining what a transition strategy is and why it matters, highlighting how it can preserve a business’s legacy, protect its culture, and ensure continuity for clients and team members while reducing long-term risk.Mena outlines how a well-executed transition, typically involving a gradual sale of equity to key staff, can keep to...
2025-09-0211 minThe Holistic Accountant3 Pillars of Business: Profit margin, Distribution, and DemandSend us a textIn this episode, Stuart and Mena unpack the three essential pillars of building a successful, scalable, and sustainable business: profit margin, distribution, and demand. They begin by breaking down profit margins, exploring what makes them sustainable, and how they impact your ability to attract talent and quality inputs. Additionally, they explain why every business owner must understand whether they’re a price maker or a price taker. They explore how businesses can use their unique selling proposition (USP) to charge higher prices and build long-term profitability.Next, they dive into distribution, ho...
2025-08-2618 minThe Holistic AccountantBusiness Activity Statements 101Send us a textIn this practical and info-packed episode, Stuart and Mena demystify Business Activity Statements (BAS) for business owners, sole traders, and anyone new to GST and tax reporting. They begin by explaining what a BAS is, who needs to lodge one, and how often, depending on business turnover. You’ll learn when you’re legally required to register for GST (hint: it’s not just at EOFY), how to register correctly, and the difference between cash and accrual reporting, an essential distinction that affects how and when GST is declared.Stuart and Mena a...
2025-08-1913 minThe Holistic AccountantHow to tax effectively get money out of a companySend us a textIn this episode, Stuart and Mena explore one of the most common and misunderstood questions business owners face: how to tax-effectively get money into and out of a company. Whether you’re starting a business, investing in one, or managing retained profits, understanding the right structure from the outset can save you from costly mistakes later on.They walk through the key ways to fund a company, either by loaning money in or contributing share capital, and explain when each method is most appropriate. If there are multiple owners involved, Stuart an...
2025-08-1211 minThe Holistic AccountantStrategies to minimise CGTSend us a textIn this episode, Stuart and Mena take a deep dive into one of the biggest and often most misunderstood taxes investors face, Capital Gains Tax (CGT). Whether you're dealing with property, shares, or business assets, they explain why the smartest CGT strategies begin not at the point of sale, but before you even buy the asset.They start by breaking down how CGT works, who gets the 50% discount, and why holding structures, like companies, individuals, or discretionary trusts, make a huge difference in the final tax bill. Mena explores how to...
2025-08-0514 minThe Holistic AccountantAll you need to know about purchasing a franchiseSend us a textIn this episode, Mena and Stuart take a close look at the pros and cons of purchasing a franchise and whether it’s truly the right path for aspiring business owners. They break down why buying into an established brand can fast-track revenue, provide a proven business model, and offer ongoing support in areas like training, marketing, and supply chain management. Stuart explains how franchises can simplify access to finance and deliver real advantages through economies of scale.But it's not all upside. Mena unpacks the hidden costs, such as hefty up...
2025-07-2914 minThe Holistic AccountantNavigating the main residence 6-year rule CGT exemption.Send us a textIn this episode, Mena and Stuart unpack the ins and outs of Australia’s often misunderstood 6-year CGT exemption rule for main residences. They explore how this powerful tax concession can help homeowners maximise profits when selling a property they no longer live in, particularly those who rent it out after moving. Listeners will learn the exact eligibility criteria, including how to ensure a property still qualifies as your main residence for tax purposes even while it’s earning rental income.Stuart explains how the exemption resets if you move back in...
2025-07-2212 minThe Holistic AccountantDigitising, streamlining and automating your tax affairsSend us a textIn this episode, Mena and Stuart share practical strategies to streamline tax administration and reduce headaches for individuals and investors. They begin by discussing the value of using Xero, even for non-trading entities, as a powerful tool to centralise and simplify record-keeping. Next, they explore the benefits of wrap platforms for managing shares and investments, including consolidated reporting and time savings.The conversation turns to property, where they advise having your property manager handle all expenses tied to each investment property, making EOFY reconciliations far easier. They also emphasise the importance...
2025-07-0810 minThe Holistic AccountantTax changes for 2025-26 financial yearSend us a textIn this episode, Mena and Stuart unpack the latest tax updates for the 2025–26 financial year, helping listeners navigate changes that could impact their personal finances and business planning. They kick off with the Super Guarantee (SG) increase to 12%, highlighting what this means for employers and employees alike. Next, they discuss the end of deductions for ATO interest charges, a significant shift that removes tax relief on General Interest Charges (GIC) and Shortfall Interest Charges (SIC) from 1 July.Listeners will learn about the $150 energy rebate, a 30% home battery discount, and the extended $20,000 in...
2025-07-0109 minThe Holistic AccountantShould you be considering a super contribution strategy as a tax planning measure in your 30s and 40s?Send us a textIn this episode, Mena and Stuart explore whether making additional super contributions in your 30s and 40s is a smart tax planning move or a potential limitation on your financial flexibility. They break down the compelling benefits of contributing extra to your superannuation, including tax savings of up to 30% for high earners, the power of compounding over decades, and the ability to carry forward unused concessional caps for strategic top-ups. They also highlight super splitting with a spouse as a savvy way to equalise balances and improve future retirement outcomes.However...
2025-06-2410 minThe Holistic AccountantConsiderations for your business when creating your WillSend us a textIn this episode, Mena and Stuart delve into the critical considerations for Australian business owners when creating a will. They unpack how your business structure, whether sole trader, partnership, company, or trust, determines what can be passed on and how. The duo explores the importance of aligning your business succession plan with your personal estate plan, from identifying future leadership to leveraging buy-sell agreements and regular valuations. They highlight the necessity of mapping out control over trusts and companies and planning for incapacity through tools like Enduring Powers of Attorney and alternate directors.
2025-06-1714 minThe Holistic AccountantBeware! The ATO is on the Audit WarpathSend us a textAudit activity is ramping up fast. In this crucial episode, Stuart and Mena reveal the sharp rise in ATO audits they've seen in the past few months, with more cases than in their combined careers to date. If you're a business owner, investor, or employee with deductions, this is a must-listen.They break down the key audit hotspots the ATO is zeroing in on right now: • Rental Properties – especially repairs vs. capital improvements and incorrectly claimed interest on mixed-use loans • Work-Related Expenses – With the updated fixed-rat...
2025-04-0116 minThe Holistic AccountantThe art of business structuringSend us a textPodcast Episode: S05 – E03 – The Art of Business StructuringGetting your business structure right from day one can make or break your long-term success. In this episode, Stuart and Mena unpack the often-overlooked art of business structuring and why it’s essential to align your entity type with your business goals, industry risks, and future plans.Whether you're building a lifestyle business, planning to raise capital, or hoping to sell for maximum after-tax value, your structure matters. They explore the different structuring paths—sole trader, partners...
2025-02-1808 minThe Holistic AccountantWhat will accountants be doing in 2040?Send us a textIn this thought-provoking episode, Stuart and Mena dive into the future of accounting and how it’s set to transform by 2040. Gone are the days of paper-driven processes and purely compliance-focused roles. Over the past two decades, the industry has undergone a radical shift, with automation, AI, and prefilled data revolutionising how businesses manage their finances. But what’s next?Looking ahead, accountants will no longer just be number crunchers; they’ll become strategic financial advisors, helping businesses navigate complex financial landscapes. Stuart and Mena discuss how AI and automation will redefi...
2025-02-1106 minThe Holistic AccountantWhat are things that business owners should be thinking about and working on at the beginning of the year?Send us a textIn this episode, Stuart and Mena kick off Season 5 of the HA podcast by highlighting the importance of business goal-setting at the start of the year. While personal New Year’s resolutions often take the spotlight, many business owners neglect to set clear targets—something Stuart and Mena argue can significantly impact success.They discuss key areas to focus on, starting with a review of 2024’s financial performance. From managing expenses and improving margins to assessing inventory and fixed assets, they break down how to optimise operations. They also stress the import...
2025-02-0410 minThe Holistic AccountantWhen You Should Consider Outsourcing Your Finance FunctionSend us a textOutsourcing your finance function might sound risky, but as Stuart and Mena explain, it can be a strategic game-changer for businesses at the right stage. This episode outlines scenarios where outsourcing makes sense—like scaling, cost efficiency, accessing advanced tools, or meeting compliance demands. The duo explores how outsourcing can free up resources, enabling you to focus on core business priorities. They discuss its benefits, such as expert advice, timely financial insights, and better risk management, while addressing common concerns like control and alignment with business goals. From handling seasonal workloads to leveraging cu...
2024-12-1011 minThe Holistic AccountantUnderstanding Employee Share Schemes for Your Small BusinessSend us a textIn this episode, Stuart and Mena delve into the ins and outs of Employee Share Schemes (ESS) for small and medium businesses. They discuss how ESS can attract and retain top talent, particularly when capital is limited. By offering employees an ownership stake, businesses can foster loyalty, align employee interests with company goals, and create a motivated, long-term workforce. The episode highlights the flexibility of ESS in tailoring schemes to meet business needs, while also addressing challenges such as administrative complexity, ownership dilution, and tax implications. Mena and Stuart explore the risks of...
2024-12-0315 minThe Holistic AccountantHow Payroll Tax Works and What You Need to KnowSend us a textStuart and Mena break down payroll tax, a significant revenue source for state governments, explaining how it’s calculated and why it’s often a point of concern for growing businesses. They review current payroll tax thresholds and rates across states, detailing what counts toward the threshold, from salaries and bonuses to fringe benefits and termination payments. Importantly, they address exemptions, such as those for apprentices and not-for-profits, and discuss the rules for grouping related entities. With insights on planning, like structuring business ownership and timing payments, Stuart and Mena provide listeners with acti...
2024-11-2611 minThe Holistic AccountantUnderstanding the Instant Asset Write-OffSend us a textStuart and Mena explore the intricacies of the instant asset write-off, a tax incentive allowing small businesses to claim immediate deductions for assets under $20,000. This episode covers why the policy was introduced and how it benefits small business owners by simplifying deductions for essential business purchases. They explain the various thresholds and eligibility requirements, shedding light on the types of assets that qualify and key exclusions, like cars and some personal-use items. Stuart and Mena also discuss the practical considerations: keeping detailed purchase records, determining if assets primarily serve business needs, and considering...
2024-11-1208 minThe Holistic AccountantCase study: $66,000 annual tax savingSend us a textIn this episode, Stuart and Mena delve into a real client case, showcasing how strategic financial planning can yield impressive savings and long-term financial security. This client, who started trading a new business in late 2022, has already seen great results, thanks to comprehensive support from due diligence and structuring to setting up efficient accounting systems. Beyond the numbers, Stuart and Mena emphasise the importance of aligning personal and business goals, focusing here on funding a home purchase. Through thoughtful restructuring, they manage to make 72% of the client’s debt tax-deductible, securing a $...
2024-11-0514 minThe Holistic AccountantThe Future of Work: How AI and Automation Are Reshaping the Modern Business LandscapeSend us a textIn this episode, Stuart and Mena delve into how AI and automation are rapidly reshaping the business world, highlighting the future of work. They discuss the shifting landscape, where traditional roles are disrupted as automation handles repetitive tasks, pushing creativity, critical thinking, and emotional intelligence to the forefront. This shift doesn’t signal a loss of jobs, but rather a pivot toward new types of roles that leverage unique human skills.The conversation explores how AI augments rather than threatens the workforce, with tools like chatbots managing routine customer service inquiries wh...
2024-10-2908 minThe Holistic AccountantIdentifying what business failure looks likeSend us a textIn this insightful episode, Mena and Stuart tackle the crucial signs of business failure that every owner should watch for. They reveal how stagnation can be just as detrimental as negative profit margins. Key indicators include a loss of employee morale, where high turnover and low engagement signal deeper cultural issues. Customer dissatisfaction, evident through increased complaints and declining loyalty, can also jeopardise growth.The hosts delve into operational inefficiencies, highlighting the impact of ineffective leadership and process breakdowns. They explore the erosion of company culture
2024-10-2214 minThe Holistic AccountantThe key to business success is fanatical disciplineSend us a textIn this episode, Stuart and Mena discuss the importance of fanatic discipline in achieving long-term business success. Drawing a parallel with health and fitness, Stuart explains that, just like staying in shape requires consistent effort over time, business success is driven by small, simple tasks executed with unwavering discipline over months and years.They explore the concept of "fanatical discipline," a term coined by Jim Collins, which refers to a business’s commitment to following specific practices and maintaining focus on long-term goals despite any external challenges. Mena highlights key characteristics of...
2024-10-1513 minThe Holistic AccountantUsing the flywheel concept to grow your businessSend us a textIn this episode, Stuart and Mena explore the powerful Flywheel concept, originally developed by Jim Collins, and how it can drive sustainable growth in business. They explain that great companies don’t rely on one key strategy but instead build momentum through a series of interconnected, reinforcing activities that create a cycle of success. The episode delves into the components of the Flywheel, using real-world examples to demonstrate how it works in practice.Stuart highlights the importance of continuous improvement and iteration, showing how companies can refine their processes and grow ov...
2024-10-0812 minThe Holistic AccountantHow to improve your business’ productivitySend us a textIn this episode, Stuart Wemyss and Mena explore strategies to enhance business productivity amidst Australia’s declining productivity rates. They begin by discussing the factors contributing to this decline, including a lack of competition, excessive bureaucracy, and a tight labour market. Both Stuart and Mena emphasise that businesses shouldn't wait for market forces to push them towards productivity but should actively seek improvements.They share actionable tips across five key areas: 1. Employee Productivity: Assess skills, set clear performance metrics, and foster open communication for feedback.2. Process Optimisation: Analyse wor...
2024-10-0112 minThe Holistic AccountantFiring bullets and then firing cannonballsSend us a textIn this episode, Stuart and Mena introduce Jim Collins' book 'Great by Choice', focusing on how companies thrive in uncertain and chaotic environments. They explore the concept of "firing bullets, then cannonballs," where businesses test ideas with small, low-risk experiments before scaling successful ones. Using Apple as an example, they discuss how the iPod started as a small project but led to the launch of iTunes, which eventually became a multi-billion-dollar revenue stream.The episode highlights the disciplined strategies of 10X companies like Microsoft and Intel, which outperformed their industries by...
2024-09-2408 minThe Holistic AccountantInterest rates have a wide-reaching impact on businessSend us a textIn this episode, Mena and Stuart dive into the various ways rising interest rates can impact businesses. They explain how higher interest rates directly affect business valuation by reducing multiples, as higher required returns lower company values. The discussion also covers the increasing costs of holding inventory and tighter payment terms from creditors due to higher interest rates.They address the rising cost of capital for businesses seeking funding through credit cards, overdrafts, and bank bills, noting borrowing costs can now reach 7.5% to 8.5% per annum. Additionally, both consumer and business demand...
2024-09-1706 minThe Holistic AccountantWhy self-employed people favour investing in propertySend us a textIn this episode, Stuart and Mena explore why self-employed individuals often gravitate toward property investment and the key considerations they should keep in mind. They discuss the appeal of property as an easily understood and tangible asset, particularly for those with strong incomes but limited cash reserves. Property investment can offer control, tax advantages through gearing, and the potential for self-employed individuals to purchase their business premises, further integrating their business and personal wealth strategies.However, they also highlight the common mistakes self-employed investors make, such as focusing on quantity over...
2024-09-0314 minThe Holistic AccountantHow to maximise your borrowing capacity from your businessSend us a textIn this episode, Stuart and Mena explore strategies to maximise borrowing capacity from your business profits. They stress the importance of having a knowledgeable broker who can effectively advocate for you with bank credit managers. The duo highlights the significance of financial "add-backs," such as interest and depreciation, which banks often consider when determining serviceability. Properly reporting these expenses can substantially enhance your borrowing position.They also discuss the distinction between regulated and unregulated credit, the benefits of using corporate tax rates for serviceability analyses, and when a corporate beneficiary might...
2024-08-2011 minThe Holistic AccountantHow to structure your property developmentSend us a textIn this episode, Stuart and Mena delve into the complexities of property development, offering valuable insights on how to structure your projects effectively. They tackle common misconceptions about development feasibility, emphasising the importance of consulting with a holistic accountant before making any significant investment decisions. The discussion highlights the necessity of setting up a robust operating structure before beginning the planning process. Stuart and Mena stress the importance of clearly defining your intentions for the development, as tax treatments vary depending on whether you plan to build and sell or build a...
2024-08-1309 minThe Holistic AccountantHow to best protect your interests in the event of a relationship breakdownSend us a textIn this episode, Stuart and Mena delve into the crucial topic of protecting your interests in the event of a relationship breakdown, especially when owning a business or investment entity. They discuss proactive steps to take when entering a new serious relationship, including setting up a Binding Financial Agreement (BFA) with the help of a reputable family lawyer, structuring business affairs thoughtfully, and ensuring both partners have independent financial, legal, and accounting advice to avoid conflicts of interest.For those already in business, Stuart and Mena outline what to expect during...
2024-08-0615 minThe Holistic AccountantProtecting your business from cybersecurity threatsSend us a textIn this episode, Stuart and Mena tackle the crucial topic of protecting your business from cybersecurity threats. With 59% of losses reported to the ACCC's Scamwatch in 2022 affecting small and micro businesses, they delve into common cybersecurity threats like ransomware, malicious software, phishing, and business email compromise. They highlight essential cybersecurity practices, such as regularly updating software, using strong passwords with multi-factor authentication, and backing up critical data.Stuart and Mena offer practical steps for implementation, including setting up automatic updates, using password managers, maintaining a regular backup schedule, and developing basic...
2024-07-3006 minThe Holistic AccountantWhat insurance should you have for your business?Send us a textDo you have a question? Email questions@investopoly.com.au and Stuart and Mena may answer it in the podcast.In this episode, Stuart and Mena delve into the crucial topic of business insurance, outlining the various types of coverage business owners should consider to safeguard their operations. They discuss Public Liability Insurance, which covers third-party injuries and property damage caused by your business activities, and Product Liability Insurance, which protects against claims related to the products your business sells. Professional indemnity insurance is also highlighted, especially noting the type of...
2024-07-2308 minThe Holistic AccountantAsset protection for business ownersSend us a textIn this episode, Stuart and Mena dive into the crucial topic of asset protection for business owners. They explore the various risks that business owners face, both from a business and personal standpoint. On the business side, they discuss the importance of maintaining a safe workplace, managing employee entitlements and ATO liabilities, and the dangers of trading while insolvent. On the personal side, they highlight risks like personal injury on your property and the complexities of relationship breakdowns.Stuart and Mena provide practical advice on how to safeguard assets through effective...
2024-07-1613 minThe Holistic AccountantCreate a financial crystal ball for your businessSend us a textIn this episode, Mena and Stuart explore the power of financial modelling and why it's essential for your business. They discuss the limitations of standard financial reporting, which often provides a high-level overview but lacks the detail needed to make informed decisions. Financial models, however, are tailored to each business and offer a deeper insight into key performance indicators (KPIs) and metrics that truly matter. Mena and Stuart explain how financial models can track specific objectives, such as revenue growth and expense management, offering a clearer picture of the underlying drivers a...
2024-07-0907 minThe Holistic AccountantBusiness planning for a new yearSend us a textIn this episode, Mena and Stuart explore key strategies for planning your business for a successful new year. They start by emphasising the importance of reviewing the past year's performance through a thorough analysis of financial reports and key performance indicators, while also evaluating strengths, weaknesses, opportunities, and threats. They highlight the need to define clear, SMART goals that align with your business vision, and the importance of breaking down these goals into actionable projects and tasks.The discussion then moves to resource allocation and budgeting, ensuring you have the financial...
2024-07-0210 minThe Holistic AccountantHow to fire a bad customerSend us a textIn this episode, Mena and Stuart tackle the challenging but crucial topic of how to fire a customer that doesn’t suit your business. They explore the impact of bad customers, who not only fail to refer new clients but also take longer to serve, increase business risk, and are generally less profitable and enjoyable to work with. Mena and Stuart explain that bad clients can hinder business growth and make it difficult to attract and retain great staff. They stress that success often comes from saying no to certain customers, even though ma...
2024-06-2507 minThe Holistic AccountantTop 5 reasons why businesses failSend us a textIn this episode, Stuart and Mena delve into the top five reasons why businesses fail and offer practical advice on how to avoid these pitfalls. They start with the crucial issue of running out of money, emphasising the importance of adequate working capital, maintaining a profit margin, and keeping a financial buffer. Next, they discuss the impact of a poor business model or marketing strategy, highlighting the necessity of understanding how your business operates and effectively reaching customers while managing acquisition costs.The conversation then shifts to poor margins, explaining that...
2024-06-1807 minThe Holistic AccountantOur top 10 hiring mistakes and learningsSend us a textIn this episode, Stuart and Mena delve into the top 10 hiring mistakes and the invaluable lessons they've learned along the way. They share candid insights on building a strong team, emphasising the importance of hiring slowly and firing quickly, and the necessity of quality over quantity. They pose a crucial question for business owners: "Would you enthusiastically rehire everyone in your business?" and suggest asking it regularly to stay ahead of potential issues.The hosts discuss the significance of having difficult conversations, setting clear expectations, and the pitfalls of making excuses...
2024-06-1110 minThe Holistic AccountantCustomer feedback surveys: everything business owners must knowSend us a textIn this episode, Stuart and Mena dive into the world of customer feedback surveys, uncovering essential insights for business owners. They explore the Net Promoter Score (NPS) introduced by Fred Reichheld, a straightforward yet powerful tool for gauging customer loyalty and forecasting business growth. NPS segments customers into Promoters, Passives, and Detractors, each offering unique insights into customer satisfaction and areas for improvement.Key takeaways include the importance of keeping surveys short, typically no more than 2-3 questions, and always acknowledging feedback to show customers their input is valued. The hosts...
2024-06-0412 minThe Holistic AccountantTax planning for End of Financial YearSend us a textIn this episode, Stuart and Mena provide a comprehensive guide to end-of-financial-year tax planning strategies that can help maximise your tax savings. With a wealth of practical tips and considerations, they break down complex tax concepts into easily digestible insights.Whether you're a high-income earner, a business owner, or simply looking to optimise your tax position, their advice covers a range of scenarios and opportunities. From maximising super contributions and utilising unused caps to navigating tax brackets and deductions, he offers actionable steps to potentially save thousands in tax liabilities.
2024-05-2809 minThe Holistic AccountantShould I merge my business?Send us a textIn this episode, Stuart and Mena dive into the critical considerations surrounding business mergers, offering valuable insights for entrepreneurs and business owners contemplating this strategic move.They emphasise the paramount importance of cultural fit, exploring how aligning values, client bases, and work environments can make or break a merger's success. Stuart and Mena also delve into the potential opportunities and risks, such as expanding service offerings, achieving economies of scale, financial stability, valuation disparities, and potential control trade-offs.With a pragmatic approach, they discuss the need to thoroughly assess...
2024-05-2108 minThe Holistic AccountantWhat to do if you are reliant on one customer?Send us a textIn this episode, Stuart and Mena discuss the challenges and potential strategies for businesses that are heavily reliant on a single major customer. They acknowledge that while having a large customer can be advantageous, it also poses significant risks due to the lack of diversification and potential loss of revenue if that customer relationship were to end.The hosts outline three main options for businesses in this situation: 1) Actively pursuing new customers, potentially through acquisitions, 2) Vertically integrating or expanding offerings in a way that complements the existing major customer, or 3) Embracing...
2024-05-0707 minThe Holistic AccountantWhy you should outsource your bookkeeping functionSend us a textIn this episode, Stuart and Mena dive into the invaluable benefits of outsourcing your bookkeeping function, highlighting how it can be a game-changer for businesses seeking to streamline operations and boost profitability.They emphasise the importance of having an expert team deeply integrated into your business, ensuring accurate data flow and enabling your accountant to provide meaningful insights. By outsourcing bookkeeping, businesses can improve invoice and receipt management, leading to faster payment cycles and better cash flow management.Moreover, Stuart and Mena underscore the significant time savings that come...
2024-04-3006 minThe Holistic AccountantConsidering financing an asset in your business? Here’s a few considerationsSend us a textIn this episode, Stuart and Mena dive into the different finance solutions available for asset finance and discuss the pros and cons of each option. They start by outlining the main types of asset finance:Chattel Mortgage - The lender takes a mortgage over a specific asset like equipment or vehicles and provides funding secured by that asset. This is one of the most common options.Hire Purchase - The financier purchases the asset and the client takes out a loan to pay it off over a fixed period, ultimately...
2024-04-2307 minThe Holistic AccountantDebunking common tax minimisation mythsSend us a textIn this episode, Stuart and Mena debunk common tax minimisation myths perpetuated by some accountants to attract clients. They delve into strategies often marketed as tax-saving methods but may not necessarily be beneficial in the long run.One such myth revolves around the promise of quick tax refund turnaround times, which should not be the sole driving factor in choosing an accountant. Additionally, they address the misconceptions surrounding motor vehicle expenses and the potential pitfalls of focusing solely on negative gearing benefits when investing in property, which could lead to poor...
2024-04-1506 minThe Holistic AccountantWho’s going to look after your business when you die?Send us a textIn this episode, Stuart and Mena delve into a critical topic: "Who’s going to look after your business when you die?" Tune in as they navigate the complexities of estate planning for business owners, addressing key considerations to ensure the continuity and prosperity of your enterprise.From selecting capable executors to identifying competent successors, Stuart and Mena guide listeners through the crucial decisions that shape the future of your business. Explore the intricacies of determining whether your estate will retain or sell the business, and gain insights into crafting essential do...
2024-04-0907 minThe Holistic AccountantUnder what circumstances can businesses borrow?Send us a textIn this episode, Stuart and Mena delve into the intricate world of business borrowings, offering invaluable insights and strategies to navigate this crucial aspect of entrepreneurship. They shed light on the criteria commercial lenders use, emphasising the significance of future cash flows in lending decisions. Discussing security options like property or General Security Agreements, they provide clarity on tailoring these to suit your business needs effectively.Listeners gain insight into specialised banking sectors, including medico, property development, franchise, and more, ensuring a nuanced understanding of tailored financial solutions. Stuart and Mena...
2024-04-0208 minThe Holistic AccountantPowerful business insights – introduction to cost accountingSend us a textIn this episode, Stuart and Mena dive into the powerful world of cost accounting, unveiling strategies to gain deep insights into your business's profitability at the product or service level. They break down the essentials of cost accounting, sharing practical tips on how to accurately measure and analyse the true costs associated with each offering.Key topics covered include identifying and tracking all direct costs, as well as effectively allocating overhead expenses. Stuart and Mena provide guidance on setting up your accounting system, leveraging general ledger codes and tracking mechanisms to...
2024-03-2607 minThe Holistic AccountantHow to minimise land taxSend us a textIn this episode, Stuart and Mena unravel the intricacies of minimising land tax, a looming concern expected to rise in the foreseeable future. They demystify the concept of land tax, emphasizing its assessment based on property holdings as of December 31st. The hosts advise listeners to scrutinise notices carefully upon receipt, underlining the significance of proactive examination.The discussion delves into the financial barriers of changing ownership due to stamp duty and Capital Gains Tax (CGT), prompting consideration of alternative strategies such as grouping and discretionary trusts. Stuart and Mena explore...
2024-03-1206 minThe Holistic AccountantOffering customers discounts – should you, when, how and why?Send us a textEmbark on a strategic journey to business excellence with Stuart and Mena in this enlightening episode, where they unravel the intricacies of understanding and enhancing your business model. Offering a comprehensive breakdown of the nine vital components, the hosts provide a roadmap for entrepreneurs keen on refining their business structure. From crafting a compelling value proposition to navigating distribution channels and revenue streams, this episode serves as a practical guide for entrepreneurs at any stage. Stuart and Mena delve into the key factors that contribute to a robust business model, emphasising elements such...
2024-02-2709 minThe Holistic AccountantUnderstanding & improving your business modelSend us a textDive into the intricacies of business success with Stuart and Mena in this illuminating episode, where they unravel the importance of understanding and improving your business model. The hosts break down the business model into nine essential components, providing a comprehensive framework that outlines how a company creates, delivers, and captures value. From defining the value proposition and identifying target customer segments to outlining distribution channels, customer relationships, and revenue streams, this episode serves as a roadmap for entrepreneurs seeking clarity on their business structure. Moreover, Stuart and Mena explore the factors that...
2024-02-1915 minThe Holistic AccountantBusiness exit strategy - personal considerationsSend us a textJoin Stuart and Mena in this episode as they unravel the crucial considerations for business owners contemplating retirement. With a treasure trove of insights, the hosts guide listeners through the key factors that shape the decision-making process when determining the fate of your business post-retirement. The episode explores three primary options: retaining the business as a passive income streamselling it in full to maximize valueselling to staff to realize some value while maintaining a connection to the businessListeners are encouraged to introspect on their role within the business...
2024-02-1309 minThe Holistic AccountantSimple things you can do that produce big resultsSend us a textIn this episode, Mena and Stuart discuss some simple things you can do or steps you can take to dramatically improve your business, including:Spend 30 min on ‘the numbers’ per weekImprove management reporting and insights e.g., margins, stock turnover, etc Review expenses one to two times per year Speak to people in the industry to share ideas – it’s often a who question not a what question Engage your holistic accountant to develop a reporting system that gives you all the information you need to make sure your business is as efficient a...
2023-07-1109 minThe Holistic AccountantHow businesses can navigate high inflationary environmentsSend us a textIn this episode, Mena and Stuart discuss how to deal with the challenges that high inflation is causing business, including:High inflation can have a big impact on profitability How some businesses are navigating higher staffing costs Managing rises costs/expenses How to maintain sustainable margins. Are you a price taker or marker? To find out more about our holistic accounting firm, ProSolution Private Clients, click here: https://www.prosolution.com.au/Connect with Mena on LinkedIn: https://www.linkedin.com/in/mena-abraham-99635579/If this episode reso...
2023-07-0408 minThe Holistic AccountantHow to own investment properties – trust, company, personal name, etc.?Send us a textIn this episode, Mena and Stuart discuss the factors to consider when structuring the ownership of investment properties, including: Tax considering include income tax, CGT, and land taxYou must consider future plansWe discuss options such as personal names, company, trust and super funCash flow, asset protection and estate planning considerations To find out more about our holistic accounting firm, ProSolution Private Clients, click here: https://www.prosolution.com.au/ Connect with Mena on LinkedIn: https://www.linkedin.com/in/mena-abraham-99635579/If this episode resonated with you, ple...
2023-06-2708 minThe Holistic AccountantWhat to consider when buying into a businessSend us a textIn this episode, Mena and Stuart discuss the factors to consider when buying into a pre-existing business, including: How to value the share of the business Consider whether your business partners are aligned Taxation and cash flow consideration Legalities e.g., agreements, buy-sell, etc. How to fund the acquisition To find out more about our holistic accounting firm, ProSolution Private Clients, click here: https://www.prosolution.com.au/ Connect with Mena on LinkedIn: https://www.linkedin.com/in/mena-abraham-99635579/If this episode resonated with you, please leave a...
2023-06-2006 minThe Holistic AccountantWhen should you start employing staff?Send us a textIn this episode, Mena and Stuart discuss when a small business should start employing staff I.e., what to consider, including: Why delaying employing staff so that you can optimise your systems and process is often the best approach Employing staff puts you on the hook to do the hard (unstructured) work Cash flow considerations Whether to hire part-time, full-time, contractors and/or offshore staff Tax and accounting obligations e.g., super, Workcover, PAYG, etc. To find out more about our holistic accounting firm, ProSolution Private Clients, click here: https://www.prosolu...
2023-06-1306 minThe Holistic AccountantIs it worthwhile engaging a business coach?Send us a textIn this episode, Mena and Stuart discuss what a business coach does and whether they are worthwhile, including: The importance of accountability Better/different perspective & sounding board Business processes Do they have experience with helping business achieve better results Tax deductibility To find out more about our holistic accounting firm, ProSolution Private Clients, click here: https://www.prosolution.com.au/ Connect with Mena on LinkedIn: https://www.linkedin.com/in/mena-abraham-99635579/ If this episode resonated with you, please leave a rating on your favourite podcast platform. It helps us...
2023-06-0606 minThe Holistic Accountant2023 tax planning ideas and tipsSend us a textIn this episode, Mena and Stuart discuss the common tax planning matters that you should consider prior to 30 June, including: Completing trustee minutes and dividend declarations Super contributions – when, how much, etc. Importance of doing a stocktake Forecasting taxable income Using corporate beneficiaries To find out more about our holistic accounting firm, ProSolution Private Clients, click here: https://www.prosolution.com.au/ Connect with Mena on LinkedIn: https://www.linkedin.com/in/mena-abraham-99635579/If this episode resonated with you, please leave a rating on your favourite podcast pl...
2023-05-3005 minThe Holistic AccountantWhat tax deduction am I entitled to as an investor?Send us a textIn this episode, Mena and Stuart discuss tax deductions investors can claim, including:What expenses are considered capital and how they are treatedAre educational costs deductible? Subscriptions and financial advice Interest deductions Computer and internet The importance of recording keepingTo find out more about our holistic accounting firm, ProSolution Private Clients, click here: https://www.prosolution.com.au/Connect with Mena on LinkedIn: https://www.linkedin.com/in/mena-abraham-99635579/If this episode resonated with you, please leave a rating on your favourite podcast platform. It help...
2023-05-2306 minThe Holistic AccountantWhat is a service entity and when should I use one?Send us a textIn this episode, Mena and Stuart discuss what factors what a service entity is and when to use one including: How service entities are structured The benefits that service entities generateWhat types of businesses service entities suite Common service trust mistakes we seeTo find out more about our holistic accounting firm, ProSolution Private Clients, click here: https://www.prosolution.com.au/ Connect with Mena on LinkedIn: https://www.linkedin.com/in/mena-abraham-99635579/If this episode resonated with you, please leave a rating on your favourite podcast platform...
2023-05-1606 minThe Holistic AccountantIs spending money on entertainment tax deductible?Send us a textStuart & Mena discuss the following considerations with respect to entertainment expenses: The What, When, Why and Where factorsWhere is the event happeningType of food and drink being provided Client giftsIf you would like us to cover a particular topic, please email us at 'advice at prosolution dot come dot au'. If this episode resonated with you, please leave a rating on your favourite podcast platform. It helps us reach more incredible listeners like you. Thank you for being a part of the journey! Cli...
2023-04-0406 minThe Holistic AccountantWill buying a motor vehicle help you minimise tax?Send us a textThis week, Mena and Stuart discuss: Common strategy recommended by a lot of accountants, but it does it provide much tax savings?Stringent log book record keeping Exception for utility vehicles When to put a motor vehicle in your business nameBorrowing capacity considerations and funding considerations If you would like us to cover a particular topic, please email us at 'advice at prosolution dot come dot au'. If this episode resonated with you, please leave a rating on your favourite podcast platform. It helps us reach more incredible liste...
2023-03-2807 minThe Holistic AccountantHow can you tell if your accountant is doing a good job or notSend us a textThis week, Mena and Stuart discuss how to tell whether your accountant is doing a good job or not. We discuss: The fact that fees tend to be either end of the spectrum I.e., too cheap or too expensive. Some signs to look out for are: Shares/units owned personally or operate as a sole trader No distribution strategy i.e., large retained profits in business. No discussion about exist strategy – if you are close to selling/retirement What to do if you think your accountant isn’t doing a great job. I...
2023-03-2108 minThe Holistic AccountantStart-ups: what are blockhole expenses and how to treat themSend us a textThis week, Mena and Stuart discuss: What is blackhole expenditureTypes of expenses included under blackhole expensesHow to treat these types of expenses in your tax accounts.If you would like us to cover a particular topic, please email us at 'advice at prosolution dot come dot au'. If this episode resonated with you, please leave a rating on your favourite podcast platform. It helps us reach more incredible listeners like you. Thank you for being a part of the journey! Click here to su...
2023-03-1403 minThe Holistic AccountantHow to build a consulting/professional services businessSend us a textThis week, Mena and Stuart discuss how to build a consulting/professional services businesses, including Rule of One ThirdExpense management strategies You can’t build a great business without a great teamThere's a 40% discretionary element – how to you motivate people to provide that effort.If this episode resonated with you, please leave a rating on your favourite podcast platform. It helps us reach more incredible listeners like you. Thank you for being a part of the journey! Click here to subscribe to our we...
2023-03-0707 minThe Holistic AccountantWhat costs are deductible when you buy an investment propertySend us a textThis week, Mena and Stuart discuss what costs are deductible when you buy an investment property including How to treat all capital costs Improvements made to the property prior to renting it to a tenant Maintainance and improvements made post renting it to a tenant Record keeping tips If this episode resonated with you, please leave a rating on your favourite podcast platform. It helps us reach more incredible listeners like you. Thank you for being a part of the journey! Click here to...
2023-02-2805 minThe Holistic AccountantHow to manage your stock on hand to maximise profitSend us a textThis week Mena and Stuart discuss tips on how to manage your stock on hand to maximise your business’ profitability, including: Why stock takes are important Why to analysis your stock turn-over (by category and item)Measuring gross-profit by stock item – a small improvement can have a massive impact on profitability and cash flow How to funding stock purchases. If this episode resonated with you, please leave a rating on your favourite podcast platform. It helps us reach more incredible listeners like you. Thank you for being a part of the jour...
2023-02-2107 minThe Holistic AccountantWhat you must know about trust distributionsSend us a textThis week Mena and Stuart what you must know about trust distributions. Main points include: Not presently entitled to income is taxed at 45%, so it’s best to make a distribution. Trustee minutes must be completed prior to 30 June, so tax planning should be an ongoing process. From here on in it is very likely that you must distribution the actual cash for any distributions other than to your spouse or children under 18. When distributing to a corporate beneficiary, be careful about Div. 7A loans and discuss what you can potentially do with t...
2023-02-1406 minThe Holistic AccountantIntersection of investment and taxation advice (case study)Send us a textThis week Mena and Stuart discuss how investment and taxation advice intersect using a real client as a case study. Main points include: How we eliminated Div. 7A issues saving the client $30k p.a. in tax Making sure we had a distribution strategy to avoid compliance issues (and this strategy was congruent with the client’s investment strategy) Utilising losses and tax attributes in entities which still allowing us to invest money effectivelyConsider tax outcomes when determining ownership of future investments And much more… If this episode r...
2023-02-0706 minThe Holistic AccountantShould you pay yourself a salary?Send us a textThis week Mena and Stuart discuss the common factors that business owners should consider when deciding whether to pay themselves a salary including: Payroll tax and work cover considerations Easier to manage tax liabilities Forced savings Div 7A problem loans Borrowing capacity If this episode resonated with you, please leave a rating on your favourite podcast platform. It helps us reach more incredible listeners like you. Thank you for being a part of the journey! Click here to subscribe to our weekly email. SPEC...
2023-01-3107 minThe Holistic AccountantGreat Xero apps that will streamline your businessSend us a textThis week Mena and Stuart discuss some of the most popular apps that plug into Xero that help business owners optimise and streamline with business. We discuss: Xero projectsHubDoc/Dext - paperless payablesPayment services such as Stripe to improve your debtors/cash flow POS integrations. If this episode resonated with you, please leave a rating on your favourite podcast platform. It helps us reach more incredible listeners like you. Thank you for being a part of the journey! Click here to subscribe to...
2022-12-1306 minThe Holistic AccountantTax-free capital growth: Make the most of your main residence CGT exemptionSend us a textThis week, Mena and I discuss rules in relation to the main residence CGT exemption. There aren’t many things that are tax free, so you should make the most of this exemption. Difference between residing in the property when first purchased or renting after you initial purchase the property Converting your property to a rental property – how can you still protect your main residence exemption?What proof do you need that a property is your main residence?If this episode resonated with you, please leave a rating...
2022-12-0606 minThe Holistic AccountantWhat to look for in a bookkeeper (and how to find a good one)?Send us a textThis week, Mena and I discuss how to choose a bookkeeper, including: When you should be doing your own bookkeeping?If your business as some complexity, look for experience in your industryFunctions they should perform include bank reconciliations, payroll, BAS (if a BAS agent). Knowledge of your accounting software (shouldn’t be using anything that isn’t cloud based).Ask your accountant for a referral to a good bookkeeper or Xero has a register of certified bookkeepers.If this episode resonated with you, please leave a rating on you...
2022-11-2905 minThe Holistic AccountantDoes becoming self-employed help me pay less tax?Send us a textThis week, Mena and I discuss whether becoming self-employed helps you reduce the amount of income tax you pay. We discuss: The Personal Services Income (PSI) rules and how they apply. Flexibility to distribute business income to multiple people. Minimising any eventual capital gain if/when you sell the property. If this episode resonated with you, please leave a rating on your favourite podcast platform. It helps us reach more incredible listeners like you. Thank you for being a part of the journey! Clic...
2022-11-2206 minThe Holistic AccountantHow do franking credits work?Send us a textThis week, Mena and I discuss how franking credits (aka imputation credits) work and how integral they are when it comes to tax planning including: · Their aim is to avoids double taxation. · Provides you with a tax offset so it’s important to keep track of your Company’s franking account.· Sometimes paying tax sooner, so you can pay a franked dividend can reduce your overall tax. · Distribution/dividend strategy - streaming franking credits to beneficiaries or shareholders with low taxable income and to receive a tax refund.
2022-11-1506 minThe Holistic AccountantHow do I maximise negative gearing tax benefits from investing in property?Send us a textMena and I discuss how to: · Maximise your interest tax deductions and ensure your loans are structured in a way that ensures the ATO cannot successfully challenge this deduction. · Maximising general deductions. · Is it important to deal with an investment property specialist? To learn more, refer to this blog. If this episode resonated with you, please leave a rating on your favourite podcast platform. It helps us reach more incredible listeners like you. Thank you for being a part of the journey! C...
2022-11-0805 minThe Holistic AccountantHow do you buy a business?Send us a textThis week Stuart & Mena discuss how to buy a business including: How to find a good business to buyNegotiating a fair price How to finance the acquisition Completing due diligence (also refer to episode 6 in season 2) Legal documentation and settlement. If this episode resonated with you, please leave a rating on your favourite podcast platform. It helps us reach more incredible listeners like you. Thank you for being a part of the journey! Click here to subscribe to our weekly email. SPECIAL OFFER...
2022-11-0106 minThe Holistic AccountantWhat is due diligence?Send us a textThis week Stuart & Mena discuss due diligence. Due diligence includes the process to assess the assets, cash flows and risks associated with a business which is usually undertaken before you buy a business What information you accountant will review. Due diligence can consider financial matters, legal matters, and any industry specific matters. Who does it and how do you find the right advisor that can help you. If this episode resonated with you, please leave a rating on your favourite podcast platform. It helps us reach more incredible listeners like you...
2022-10-2505 minThe Holistic AccountantHow much super do you need to have to justify setting up a Self Managed Super Fund?Send us a textThis week Stuart & Mena discuss what super balance you need to have to justify setting up a SMSF. This discussing includes: Be clear on reasons why and consider if there are more cost-effective alternatives. If it’s because you want more control, often there are simpler and more cost effective alternatives. If it’s to invest in direct property, then there’s no min balance per se, it will probably be guided by how much you can borrow (inside super). Other reasons could include intergenerational wealth (e.g., pooling family’s super monies), est...
2022-10-1803 minThe Holistic AccountantWhat is a dump companySend us a textThis week Stuart & Mena discuss what is a dump company – also referred to as a corporate beneficiary or non-trading investment company. This discussing includes: What is a corporate beneficiary and how is it used? Advantages of a corporate beneficiary? Disadvantages of corporate beneficiary? Yet again, this topic demonstrates that any tax management strategies must align with your investment strategy as saving tax alone will not help you become financially independent. If this episode resonated with you, please leave a rating on your favourite podcast platform. It helps us reach m...
2022-10-1106 minThe Holistic AccountantCan I use my super to invest in property?Send us a textThis week Stuart & Mena discuss the key factors that people must consider when contemplating investing their super in direct residential or commercial property. Including: Why you need a SMSF to do that Borrowing capacity is based on the requirement of 30% deposit plus costs and history of super contributions You must consider the Fund’s liquidity i.e., ability to fund a pension without selling the propertyGenerally, we prefer to invest in property outside super because you have more flexibility with what you do with the property, higher gearing, better negative gearing benefits and s...
2022-10-0305 minThe Holistic AccountantHow do you value a business?Send us a textMena and Stuart discuss how a business is valued: The value of a business is equal to the present value of its future cash flows. Therefore, we must ask (1) what cash profit will it generate and (2) what are the risks associated with this income stream i.e., how likely is it that the business will generate these expected profits? They discuss some 'rules of thumbs': multiple of sales or reoccurring income, users (IT business), EBIT, etc. And they need to look for evidence – sales of comparable businesses. If thi...
2022-09-2606 minThe Holistic AccountantWhat are the top three reasons accountants recommend establishing a SMSF?Send us a textMena Abraham and Stuart Wemyss discuss the top 3 reasons that we think accountants recommend setting up a Self Managed Super Fund (SMSF) and whether they have merit. If this episode resonated with you, please leave a rating on your favourite podcast platform. It helps us reach more incredible listeners like you. Thank you for being a part of the journey! Click here to subscribe to our weekly email. SPECIAL OFFER: Buy a one of Stuart's books for ONLY $20 including delivery. Use t...
2022-09-1904 min
The Holistic AccountantHow to prepare your business for sale and maximise your after-tax proceedsSend us a textThere are many reasons to improve the saleability of your business, including if it’s your plan to sell your business in the future, of course. Other reasons can include succession planning, to raise capital, reduce your working hours and so on. In this episode, Mena and Stuart discuss:The five steps involved in maximising the saleability of your business and what’s involved in each of these.How to use the small business capital gains tax (CGT) concessions to potentially reduce any CGT liability to nil.Various strategies to maximise your sale price and...
2021-06-0914 min
The Holistic AccountantHow to scale your business to multiply your profitsSend us a textKnowing how to scale your business is the fastest and most successful way to multiple your business’ profitability. That is why it’s important to consider if your business lends itself to scaling and if so, how to do it. In this episode, Mena and Stuart discuss:§ Three examples of how business’ achieve saleability including building a well-known brand, productisation and build-in the desire/incentive to ‘share’ in your product.§ Some businesses don’t lend themselves to sharing, and of course that’s fine, but those business’ should consider the ‘smallest viable audience’ concept popularised by Seth Go...
2021-05-2715 min
The Holistic AccountantHow to prepare a practical and actionable business plan - and why it's so importantSend us a textMany business owners prepare a business plan when they first start their business. But this document is never looked at again. We encourage our clients to invest one day every two to three years to draft a practical and actionable business plan. In this episode, Mena and Stuart discuss:Why it's the best investment of your time. A business plan provides multiple benefits including sharpening your focus, motivating employees, obtaining finance and/or investors and so on.A deep dive on the 6 key topics/matters that you must include in your business plan.Mena...
2021-05-1317 min
The Holistic AccountantA business owners most important decision is setting the price of their product or serviceSend us a textIf your net profit margin is 20% and you increase your price by 10%, you will increase your profit by 50%! That is why pricing is probably the most important decision that a business owner makes. However, most business owners spend very little time setting prices. Mena and Stuart discuss:§ Why pricing decisions are so important.§ Common methods used to set prices.§ Three proven strategies to improve pricing power (and therefore profit).§ How to optimise pricing depending on your business model… and much more.If this episode resonated with you, please leave a rating on your f...
2021-04-2911 min
The Holistic AccountantHow to turn your business into a cash flow machine (self-fund growth and personal needs)Send us a textCash flow is the lifeblood of any business. A business that generates an increasing amount of free cash flow as it grows can self-fund its future growth. It can grow infinitely. However, a business that doesn’t generate free cash flow will eventually die (without constant equity injections). This is the topic of episode four: how do you turn your business into a cash flow machine. Mena and Stuart discuss:The four elements that impact a business’ cash conversion cycle and we share tips on how to improve each of them.Strategies to receive reve...
2021-04-1514 min
The Holistic AccountantWhat should you ask your accountant to focus on?Send us a textImagine your accountant came up with an idea that would save you $30,000 in tax each year for the next 20 years. That one idea would be worth over $460,000 to you (in today’s dollars). That’s what you want your accountant working on. However, historically, accountants spend most of their time helping their clients meet all ATO compliance obligations such as preparing Business Activity Statements and tax returns.A holistic accountant should be finding ways to use technology to automate and systemise as much of this work as possible. If they are successful with doin...
2021-03-3116 min
The Holistic AccountantHow to ensure your business helps you achieve your financial and lifestyle goals.Send us a textThere are many non-financial reasons that encourage people to start their own business. But it’s important that you are fairly rewarded (financially) for your time, effort and risk. It might be your goal to build your businesses value and sell it one day. But as a plan B, you must direct a proportion of your annual profit towards building a personal nest egg. Stuart and Mena show you how to do this including:- The three common tax-effective ownership structures to use to build wealth- How to improve your business’s cash flow- How...
2021-03-1716 min