Category: Blog

5 Reasons to contact your Accountant: Marriage Breakdown

Hey guys, Nathan here.

I do want to talk about a rather sensitive topic, and as an Accountant I have seen first-hand that going through a marriage breakdown can be a difficult and emotional time. During this time, it is important to seek professional help to ensure that your financial affairs are in order.

My team and I have been discussing a lot about why you should contact an accountant, and in this blog, I would like to discuss the 5 reasons why you should consider contacting your accountant during a marriage breakdown.

 


1. Property Settlement

One of the most important aspects of a marriage breakdown is the division of property.

We can help you understand your financial position and provide advice on how to approach property settlement negotiations. We can also help you calculate the tax implications of any property settlements and ensure that all tax obligations are met by both parties.

2. Asset Protection

If you are a business owner, having a conversation with us can help you protect your assets during a marriage breakdown. We can provide advice on the best way to structure your business to minimise the impact of a property settlement. We can also help you review your insurance policies over all the assets to ensure that you have adequate coverage in the event of a claim.

3. Financial Planning

Going through a marriage breakdown can have a significant impact on your financial position.

We can help you review your financial plan and make any necessary adjustments to ensure that you remain on track to achieve your financial goals. We can also provide advice on budgeting, debt management, and investment strategies.

4. Superannuation

Superannuation is often a significant asset that needs to be considered during a marriage breakdown. We can provide advice on how superannuation is treated in the event of a property settlement and help you understand your superannuation entitlements. We can also provide advice on how to maximise your superannuation contributions and ensure that you are on track for a comfortable retirement.

In most cases we would also recommend talking to your Financial Planner to make sure all your Superannuation and Financial Planning goals are being taken care of.

5. Taxation

A marriage breakdown can have significant tax implications. We can help you understand the tax implications of any property settlements, spousal maintenance payments, and child support payments. We can also provide advice on how to minimise your tax obligations and ensure that you are compliant with all tax laws.

 


Going through a marriage breakdown can be a challenging time, but seeking professional help can make a significant difference.

We can provide you with valuable advice and support to ensure that your financial affairs are in order. We can help you navigate the complex financial issues that arise during a marriage breakdown and ensure that you are on track to achieve your financial goals.

Remember, it is always better to seek professional advice early on to avoid any potential financial issues down the track. If you are going through a marriage breakdown, please feel free to contact us. We are there to help you through this challenging time and ensure that your financial affairs are in order.

If you have any questions, please feel free to contact NGR Accounting at 02 9011 6669 or via email at  info@ngraccounting.com.au

 


 

Disclaimer:

The information provided by NGR Accounting is of a general nature and does not take into account your specific financial circumstances, needs, or objectives. The information is not intended to be relied upon as specific advice and should not be treated as such. Before making any financial decisions, we recommend that you seek professional advice tailored to your specific circumstances.

Whilst every effort has been made to ensure the accuracy of the information provided, we do not guarantee its accuracy, completeness, or suitability for your intended use. We are not liable for any loss or damage resulting from your reliance on the information provided.

Our firm is not responsible for the content of any third-party websites that may be linked to or from our website. The inclusion of any links does not imply our endorsement of the website. It is your responsibility to evaluate the accuracy, completeness and usefulness of any information provided by these third-party websites.

By accessing or using the information provided by our firm, you acknowledge and accept the terms of this disclaimer.

 

Updated: 28th April, 2023

JM

 

10 Reasons why you should talk to your accountant: Cash Flow Forecasting

Nathan Rigney in front of a photo of Cronulla Beach

Hey guys, Nathan here.

As an accountant, I know that business owners should know that managing cash flow is crucial for the survival and success of any business.

Cash flow forecasting is a tool that can help you understand your business’s cash position now and into the future by analysing upcoming income and expenses. Cash flow forecasting can also be a complex process that can sometimes require the expertise of an accountant, like me, when you start setting one up.

In this blog, I will discuss 10 reasons why you should talk to your accountant when setting up a cash flow forecast for your business.

1. Do you have financial goals you want to achieve?

An experienced accountant can help you set financial goals for your business. By analysing your business’s financial performance and market conditions, your accountant can help you set realistic financial targets and create a cash flow forecast that aligns with your business goals.

This can help you plan and allocate resources efficiently and effectively.

2. Have you got an established financial system?

Setting up a financial system is a crucial step for any business. As your accountant, we can help you establish a financial system that suits your business’s needs and goals. This can include setting up an accounting software, creating financial statements, and implementing financial policies and procedures.

For more information, check out our previous post on 10 Reasons Discuss Setting up your Accounting Software with your Accountant.

3. You want to make sure you’re maintaining compliance requirements.

As a business owner, you need to comply with various tax and financial regulations. We can help you stay compliant with these regulations by ensuring that your cash flow forecast is accurate and up-to-date. We can also help you prepare and submit your tax returns and financial statements on time.

4. Do you know what you’re looking for with your cash flow?

We can help you analyse your cash flow and identify areas where you can improve. By understanding your business’s cash inflows and outflows, we can help you pinpoint problem areas and create a plan for solving them. This can help you improve your business’s cash flow and ensure its long-term financial sustainability.

5. Creating a cash flow forecast

We can help you create a cash flow forecast that accurately predicts your business’s future cash inflows and outflows.

This can help you make informed decisions about your business’s financial resources and plan for any potential cash shortfalls or surpluses.

6. Do you need help managing your business debt?

If your business has debts, we can help you manage them effectively. By analysing your cash flow and financial statements, we can help you create a debt management plan that minimises your interest payments and maximises your cash flow.

7. Are you looking at making investment decisions in the future?

We can help you make investment decisions that align with your business goals and cash flow forecast. By analysing your financial statements and market conditions, we can help you identify investment opportunities that maximise your returns and minimise your risks.

8. Are you planning for future growth of the business?

If your business is growing, we can help you plan for this growth by creating a cash flow forecast that considers your projected revenue and expenses. This can help you plan for any necessary investments, such as hiring new staff or expanding your operations.

9. Are you wanting to identifying tax savings?

Your accountant can help you identify tax savings opportunities that can help you reduce your tax liabilities and maximise your cash flow. This can include identifying eligible tax deductions, maximising depreciation deductions, and creating tax-efficient investment strategies.

10. Do you need us to provide financial advice?

Lastly, we can provide you with financial advice based on their expertise and experience. Whether you need advice on managing your cash flow, creating a financial plan, or making investment decisions, we can provide you with valuable insights and guidance.

Cash flow forecasting is an essential tool for any business owner. By talking to the team at NGR Accounting, you can ensure that your cash flow forecast is accurate, up-to-date, and aligned with your business goals. We can provide you with valuable insights and guidance that can help you improve your business’s cash flow and ensure its long-term financial sustainability.

If you have any questions, please feel free to contact NGR Accounting at 02 9011 6669 or via email at  info@ngraccounting.com.au

 

Updated 19th April 2023

JM

10 Reasons to Discuss Setting up your Accounting Software with your Accountant

Hi everyone, Sue here, your Xero Hero, and I wanted to discuss implementing your Financial Accounting Software.

I understand that as a business owner, managing finances can be a daunting task. One way to make it easier is by using accounting software, but it’s important to set it up correctly from the start. That’s why it’s recommended to speak to your accountant when setting up your accounting software. In this blog, I want to discuss 10 reasons why speaking to your accountant is crucial when setting up your accounting software.

FBT – What is it, and what do you need to know?

Hey guys, Nathan here.

As an accountant, I can understand that lodging your Fringe Benefits Tax (FBT) can be a daunting task for many of my clients.

I want to outline the key responsibilities that clients need to be aware of, import dates to keep in mind, and… where to find more information. So, let’s go.

 

Are you Planning short term, or for the long term?

Our last blog talked about the S.M.A.R.T. Planning of your goals for your future business plans, however have you considered whether you should be looking Short-term or Long-term?

Normally your short-term goals are less ambitious than your long-term goals, and in most cases, they are easier to achieve.

The other great thing about short term goals, is that they also could be aligned to your long-term goals, making them more achievable.

Is your planning SMART?

Do you know the expression, failing to plan means planning to fail?

But how do you even start planning?

What’s important in your planning focus for your business?

I recommend that using the SMART technique in your planning process will make sure all your goals will be as successful as possible! So, what is SMART?

Effective Workplace Leadership

Leadership: Helping create an effective work environment

Are you a business owner struggling to build an effective workplace? If so, then this week’s topic is for you. Nathan is joined by the CEO and founder of Quantum Leap GlobalMarianne Hynes, to discuss the importance of leadership and how to create an effective work environment that can improve business results.

Some business owners think that the only way to grow their profit is to increase revenue and decrease expenses. While this is important, there is more to it!

Profit First

profit first

Profit First

This week Nathan gives us a presentation on one of NGR Accounting’s services ‘create a profit-making machine’ specifically looking deeper into the meaning of ‘Profit First’ cashflow system for business. If you are a small business who is struggling to bring in profit, especially during this unforeseen lockdown, then this week’s topic is for you!

Capital Gains Tax

Capital Gains Tax

Capital Gains Tax

his week Nathan lets us in on everything Capital Gains Tax, also known as CGT. Nathan shares with us some examples specifically on shares and properties, while also giving us a mini history lesson, on the basics of CGT. If Capital Gains Tax is a topic that you lack knowledge in, then this week’s topic is perfect for you.

Xero Ecosystem

Xero Ecosystem that drives business success:

Are you looking for an accounting software system that assist you in running a successful business? This week Nathan enlightens us on Xero’s Ecosystem and how this accounting software and other relating apps drives business success. So, if you are currently looking for an effective accounting software with an extensive ecosystem, then this week’s topic is perfect for you.