We understand that to run a veterinary clinic, you need to have a passion and love for animals, unfortunately this does not automatically mean you have a passion for the business side, of cash flows, and budgets etc., other than providing a great service, the answer is more than likely no.
The question then you need to ask yourself; is your business meeting your desires, vision of your practice and ability to meet those objectives in life?
If not, then let us help you with reaching your goals and business objectives, leaving you to specialise in your passion of veterinary services.
In saying that, we would need to understand where you are coming from and at what level your practice is currently. To help you grow your business, we can help you with both your tax strategies and growth by developing a 3-to-5-year progression plan. This will help you develop a clear vision of where you are, what you are doing, and where you want to go.
Here at Connollys Accounting Services, we can offer a hands-on personalised approach to your veterinary accounting needs. We offer a personalised service with integrity and transparency with business advice that is tailored to your vet surgery or veterinary clinic.
Apart from providing assistance with the usual compliance issues of GST, BAS, PAYG and superannuation, we’ll advise you on the most appropriate tax structure for your business and offer strategies to protect your assets and create wealth.
We also understand the importance of the right software to manage your bookkeeping, payroll and invoicing and we will take into account your business needs (bookkeeping, payroll, invoicing etc.) and level of accounting skill when recommending the most appropriate software program.
Where required we will train you or your staff to use the software because we find many veterinary surgeons make the mistake of buying sophisticated ‘double entry’ accounting programs that are beyond their business needs and level of accounting skill. This often leads to ‘computerised shoebox’ records and unnecessary accounting costs
DON’T LET DISTANCE BE A PROBLEM AND BOOK US
There is nothing new that the business of primary production is unpredictable, things that cannot be control, as it is just the nature of the business, like, weather, commodity prices, drought, frost or rain at the wrong time, all which can affect the productivity of the farm.
Although we cannot control those circumstances, we should be able to help in reduce the effects that they may have by better planning of resources. Agriculture is the industry of passion and great love of the land, but at end of the day it’s still a business.
Here at Connolly’s Accounting Services, we understand that concept and would like to assist you to meet those challenges with useful, practical advice and strategies to help you achieve the desired goals and operate an efficient and profit focused business.
Outlined below are the services we think you might find of benefit to you, and by no means exhaustive as we work with you to often identify other solutions to help achieve profit focused business, desire.
- Tax Compliance:
With detailed knowledge of primary production related tax and business issues, we do the preparation of financial statements, income tax returns, business activity statements, fringe benefits tax returns, payroll tax, year-end tax planning, farm management deposits and other tax minimisation strategies
- Business Advice, Including for the purchase or sale of property:
We can help you navigate through the process of buying and selling a business or farm, including assisting with the valuation business and due diligence process, effective ownership structures farmland and operating entity, efficient use of your self-managed super fund
- Business Analysis:
We can benchmark your business performance against industry average to become aware of the business areas of improvement using ATO statistics, business planning, budgeting and cash flow forecasting, & cloud accounting solutions, like Xero and Figured.
- Assistance Obtaining Finance:
We can help you with a financial solution that suits your business requirements, to make equipment finance work efficiently with in regard to situations with banks and other financial organisations to achieve the loan, if possible, with links to Rural Financial Counselling Service Provider if the Need Arises
- Succession Planning & Business Structure Advice:
We can help you develop a succession plan for the needs of each generation to ensure that the best tax outcomes for your family group are achieved. As we know that choosing the right business structure is very important as it has in many implications including tax, asset protection, control and legal liability. We can help recommend a structure that suits your business needs.
- Tax Planning and Assistance the Primary Production Tax Concessions:
Primary producers have access to a range of tax concessions not provided to other industries. Therefore it is important to have an advisor who can update you on your concession currently available and how to qualify them to you.
- Experience knowledge in:
Cattle Breeding, Dairy Farming, Broad Acre and Intensive Cropping enterprise, Fodder Production & Rural contractors, Rural Supply Store, Sheep & Wool Breeding and grazing, wool production.
This knowledge allows us to provide you with effective advice and assistance to help you get the best from your business.
We also offer services for Building, Construction & Trades
We maintain close contact with our clients, always ready to answer any questions they may have on something they heard about that may affect them. We can advise on all issues and aspects of taxation returns and complex issues, in regards to;
- Individual tax returns
- Sole business structures including tradies and professionals
- Corporate and Trusts structures and there tax setup and strategies
- Business Activity Statements (BAS) & Pay As You Go Instalments (IAS)
- Fringe Benefits Tax (FBT) – and its implications to your business
- Bookkeeping Services
- Capital Gains tax (CGT) – advice so as to help minimise the implications
- Tax planning to minimise the cost of compliance to your advantage while remaining legal
Recognizing that vital business decisions may be based on financial statements, we strive to make your statements as meaningful, informative and understandable as possible. We recognize that not all users of financial statements need the same degree of assuranceWe will work with you to determine the appropriate level of service to fit your needs, whether you require a financial statement audit, review or compilation. In addition to these traditional financial statement services we also offer the following related services.
- Provide monthly, quarterly or annual bookkeeping
- Prepare payrolls and related payroll reports
- Develop graphic presentations of financial and non-financial information
- Review internal accounting controls
- Assist in preparation of budgets, forecasts and securing financing
- Merger and acquisition assistance
- Training of accounting personnel
- Provide compliance audits
- Cash flow analysis
Why do you need to know the value of your business, estate or assets? It might be to negotiate a sale, secure credit, settle a legal dispute or determine your tax liability. Or, it might be for one of many other reasons – some of which you may not have even considered. Whatever your need, the valuator’s task is the same: use a professionally accepted method to arrive at a well-reasoned and defensible estimate of value.
Valuations can be helpful in many situations, including:
- You want to buy or sell a business
- You are divorcing
- You use a gift as tax strategy in your estate plan
- You are liquidating your business
- You are setting up a buy/sell agreement
- You are seeking business financing
- You are doing strategic planning
- You require a fairness opinion
You may need valuation services in more situations than you expect, including:
- Transaction Analysis
- Financial Advisory Services
- Management Requirements
- Litigation Support and Dispute Resolution