Part of enjoying the present moment is knowing you are well prepared for the future. That’s why our team here at Clarke & Brownrigg take all aspects of finance seriously. Our experienced team enjoys developing safe and effective strategies for our client’s future prosperity.

When you work with our accountants in Adelaide, we’ll create bespoke tax and investment strategies that fit your business’ needs and goals. And while every client is different, we use the same well-calibrated process to identify your needs. You’ll find it described here.

Step 1: Meet & Greet

Meeting with your accountant and taxation adviser seems like an obvious first step in your planning process. But too many accounting firms and clients overlook the importance of the service relationship.

During our first meeting, we get to know your values and goals, as well as the financial position of your business. You’ll have a chance to ask questions about how we partner with you. But just as importantly, you’ll get a sense of our firm’s culture and commitment to service.

Step 2: Define & Prioritise Goals

Most clients we work with have goals for their businesses. Yet when we sit down together, we can often identify some ways in which overly loosely defined goals may be holding your business back.

If your goal is to build wealth or sell your business, we’ll clarify those intentions so they’re more specific. Then, we’ll fill in the missing steps to help get you there.

For instance, if you want to increase your net income, we’ll assess ways to limit your tax burden and specify the performance benchmarks you will need to meet along the way.

With long-term goals defined, we’ll assess interim objectives. If you need funding, we’ll determine how your financials need to look to qualify, and which financing options might best serve you. If you need to increase your margins, we’ll look at ways to appropriately cut your costs.

We, as your accountants, will encourage you to be realistic and specific in your goal setting. Specificity empowers you to achieve your desired outcome by a chosen date. And realistic, attainable goals will keep you on track better than big (but undefined) dreams.

Step 3: Integrate Tax Planning With Financial Planning

As we define goals and objectives, it’s important to remember that tax planning is a proactive process – not an afterthought.

Too many businesses approach tax preparation in hindsight and fail to position themselves for a lower taxation burden. At Clarke & Brownrigg, we consider:

• Ways to distribute income to reduce taxable amounts
• What to do during the year to qualify for the latest tax deductions and tax credits
• How to reduce operating expenses while increasing deductions
• Flexible tax payment options that stabilise your cash flow
• Lesser-known strategies to reduce your tax rate and increase refunds

Again, these tax savings are not achievable in hindsight; it takes active financial management to reduce your rates. The important factor at this stage of your financial planning process is having all the options on the table.

Step 4: Consider New Options

Together, we’ll consider which strategies are most feasible right now and into the future. Please know that you will have ample time to ask questions about your evolving family financial circumstances and make informed decisions.

The timing of your business activities factors heavily into which tax strategies you elect. If you seek to increase your short-term profitability, we’ll take a different approach than if you want to invest in long-term growth and capital gain. Regardless, we will tailor your plan to minimise your tax liability based on the current tax provision.

In the end, you’ll get detailed information about what it will take to implement new accounting procedures, how much money you’ll save, and any risks associated with your plan. Then you and your accounting team will decide what strategies to employ.

Step 5: Implement & Adjust

Designated team members – both within our company and yours – will act in accordance with your plan. You’ll make changes to how you handle expenses and classify your income. We’ll monitor your finances and keep you on track.

Optimizing the process always requires frequent assessment and recalibration. So we meet with you again at least twice a year, to review where we are at. That way you can be confident you’re on course for optimal tax and business planning, and we can assess new options as they arise.

At tax preparation time, we lodge your returns easily, as your financial accounts are in order and your deductions and credits were delineated months prior. You won’t need to worry about unexpected tax surprises, and can rest assured your tax position is optimal.

Start Now: Find an Accountant in Adelaide

Financial accounting and strategic tax planning should be a proactive process. The sooner you sit down with Clarke & Brownrigg, the clearer and more focused your strategic position will become.