Wwn a manufacturing business in Toorak & need an Accountant?
Already operating or considering starting a business in the manufacturing indsutry?
Here at Toorak 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.
Our services include all aspects of tax accounting and planning, pre-30 June reviews, tax cost minimisation strategies, capital gains tax record keeping, BAS and IAS requirements, and cloud bookkeeping services. We will make sure you comply with all statutory requirements at both state and federal levels – it is our job, not yours, to keep up with all the legislation.
Let Toorak Tax Accountants, we take care of your XERO and MYOB bookkeeping needs while you focus on growing your business! We offer bookkeeping services for small businesses in all the major suburbs in Toorak. We will take care of your books while you focus on making more sales for your small business. Check out our accounting solutions and see which suits your needs.
We ensure that you are structured in the most tax-effective manner so that you can be confident that you are paying the least amount of tax possible. Legally minimising the amount of tax payable is strongly dependent on having the appropriate structure in place so that you can apply the funds towards growing a sustainable business.
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.
Are you already operating or considering starting a business as a sole trader? Toorak Tax Accountants can help as we are a 'one-stop-shop' for accounting services and tax advice for sole traders and small businesses.
Providing accounting, tax and business advisory to professional services industries comes naturally to Toorak Tax Accountants. We have a large clientele of professional services clients who seek advice and knowledge specific to their industry.
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 Toorak Tax Accountants, who offer you experience professional services and financial advice, most importantly, an intimate understanding of the manufacturing industry.
Building and maintaining a successful business in today’s rapidly changing environment is a balancing act. Sustaining year on year growth, while keeping up to date with commercial and legislative compliance and managing the challenges of daily business operations, places huge demands on business owners and directors.
Our specialist advisors work with you in a role to help you plan and implement contemporary business practices that will allow you to keep a close eye on the detail while not losing sight of the big picture.
Our Self Managed Super administration service can help you achieve the benefits of an SMSF by taking care of the administration and compliance of your SMSF, creating free time for you to focus on the critical job of managing the investments of your fund.
With a self-managed super fund, you are in charge of your super and where it is invested, plus you manage those investments yourself.
At Tax Window we provide comprehensive financial advice to our clients with an enthusiastic and proactive approach. Our strong team of experienced professionals will work with you towards identifying valuable solutions on how best to achieve your goals. Toorak Tax Accountants is a Toorak based Chartered Accounting firm offering timely and cost-effective services to both individuals and businesses. We consist of a team of accountants and business consultants dedicated to providing the highest quality accounting, taxation, bookkeeping, and business advisory services.
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.
Since its inception, Toorak Tax Accountants has been at the forefront of tax and accounting, providing a broad range of services to local businesses in Toorak. We offer Individual Tax Returns, Business Taxation and Accounting, Financial Planning, Self Managed Superannuation Funds, and Bookkeeping services.
We have extensive experience in servicing the manufacturing industry, including the provision of accounting, information technology, and audit services, and regular periodic management reporting. Supplemented with more detailed financial analysis, this lies at the heart of astute commercial decision making.
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.
We understand what farmers require to effectively manage the finances of their farming operations. We have been a leading provider of business and financial advice, taxation, and accounting services to Primary Producers and the rural sector for more than 30 years. Enquire today to find out how we can help you with your farm.
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.
Having the Right Tools
Here at the Toorak 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
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