Your Questions Answered

Questions?

Frequently asked questions

What makes Savvy Profit different to other accountants?

Service! We answer our phone when you call. We reply to your email when you email. We aim to respond within 24 hours. We prepare your BAS with a proactive mindset of ‘how we can help you grow’, coming to you in advance if we can see areas you can save.

What's the difference between a bookkeeper and an accountant?

Bookkeepers handle and focus on the daily tasks of recording and organising financial transactions.

Accountant’s take this information one step further. They interpret & make sense of those numbers. They give taxation advice, lodge tax returns, give business structure advice and prepare payroll advice for owners and directors.

Also, importantly they are qualified to offer strategic planning for growth.

Can you do your own bookkeeping? What are the risks?

Yes you can!

The main reason business owners DIY is to save money. It makes sense, BUT, it’s not always a great idea!!

Just like you can also service your car or cut your own hair, DIY jobs often end in little [or major] disaster.

Should I DIY BAS or use a BAS agent?

Yes, you absolutely can lodge your own!!

If you have all the time in the world and you feel you are up to date with the latest tax laws, you’d be crazy not to!!

It will save you money just like cutting your own hair [bowl haircuts anyone??], servicing your own car and growing your own steak [hmmmm, not sure about that one]!!

So while you can DIY your BAS and save some money please know if you get your Business Activity Statement (BAS) wrong, it could also lead to serious consequences.

In the short term, you may be charged penalties and interest for any unpaid or late payments. In the long term, incorrect information on your BAS could lead to a disruption in cash flow, as well as potential legal issues if the ATO decides to take further action.

Here are 3 reasons it is worth using a registered BAS agent

A BAS agent is a qualified professional who is registered with the Tax Practitioners Board, which means they have the expertise and knowledge to provide the best advice on how to meet your business’s taxation and compliance obligations.
A BAS Agent can save you time and money by providing tailored advice that suits your business, and they can help you to make sure you are up to date with the latest tax laws and regulations.
A BAS Agent can help you avoid costly mistakes that can lead to expensive penalties and fees, as they will ensure you understand and comply with the rules and regulations.

Oh just to add… Using a BAS agent also buys you more time. They are given lengthier due date!! Yay!!

So DIY or BAS agent? – It really is your choice. At least now you know a little more about our opinion.

What type of businesses do you work with?

We partner with small to mid-sized professional service businesses in Brisbane, Australia who have ambitious growth visions and seek a reliable, knowledgeable partner to support them every step of the way. Our clients trust us to handle all their accounting needs, allowing them to focus on their core business with confidence that we’ll deliver the best outcomes.

For Brisbane-based business with big aspirations, we provide expert financial guidance tailored to your unique challenges.

What are your advisory services?

Our advisory service, known as a “Savvy Session,” is structured to empower small and medium-sized professional businesses. We encourage all clients to schedule a Savvy Session at least once a year to optimize their business from a tax perspective. Some clients opt for more frequent sessions, such as weekly or monthly, due to their evolving business needs.

During these sessions, we focus on optimizing cash flow, boosting profitability, and supporting growth. We assist in developing strategic financial plans, managing costs effectively, ensuring compliance with regulations, and providing insightful financial analysis. Our guidance includes strategic expansion advice and measures to enhance financial transparency and mitigate risks. Ultimately, our goal is to help you achieve financial stability, operational efficiency, and sustainable growth in your industry.

Gold Service clientele enjoy enhanced support and flexibility, with direct access to Tony for up to 30 minutes each month for relevant questions or tax advice. Clients never have to worry about additional charges each month, as everything is covered by their comprehensive Gold Service bundle. We guarantee Tony will respond to emails or calls within 24 hours, ensuring prompt and personalized assistance tailored to their needs. This proactive support helps them navigate unexpected business challenges swiftly, providing a sense of control and confidence in managing their business effectively at all times. Additionally, they receive complimentary accountant-prepared documents necessary for finance and other business growth needs.

What is a Savvy session, and what is the benefit of having one with you?

This is an invaluable resource for business owners seeking expert guidance on navigating critical financial decisions. Usually charged out at $528.00 + GST but complimentary for our Gold clientele.

Clients gain access to a comprehensive 60-minute consultation aimed at delving into their business growth plan and addressing key financial queries.

During the session, clients can expect tailored insights and solutions to pressing questions such as:

– How should I structure my business for both current needs and future scalability?
– What are the most effective financing options for my small business?
– When and why should I consider registering for GST, and how does it impact my operations?
– What steps should I take to ensure my books and records are compliant with ATO regulations?
– How can I optimize my business structure to facilitate efficient payment to myself?
– When is the right time to hire staff, and what considerations should I bear in mind?
– What upcoming tax updates should I be aware of, and how might they affect my business?
– What are my tax obligations, and what strategies can I implement to minimize tax liabilities?

Savvy Strategy Sessions are designed to equip business owners with the knowledge and strategies needed to make informed decisions and drive sustainable growth. With the guidance of our seasoned accounting professional, clients can confidently navigate complex financial landscapes and position their businesses for long-term success.

Why do I need advisory services

Optimise Tax:

– Regular “Savvy Sessions” ensure your business is optimized for tax efficiency.

– Strategic planning minimizes tax liabilities and maximizes savings.

Enhanced Cash Flow Management:

– Improve cash flow through tailored strategies and ongoing monitoring.

– Identify and address cash flow gaps to maintain liquidity and financial stability.

Increased Profitability:

– Implement cost-effective measures to boost profitability.

– Strategic financial analysis identifies opportunities to enhance revenue and reduce expenses.

Business Growth Support:

– Develop and refine strategic financial plans for sustainable growth.

– Receive ongoing support and mentoring to adapt to changing business needs.

Regulatory Compliance:

– Ensure compliance with evolving regulations and tax laws.

– Stay updated on regulatory changes to mitigate risks and avoid penalties.

Financial Transparency:

– Gain insights through comprehensive financial analysis and reporting.

– Enhance transparency to build trust with stakeholders, including investors and lenders.

Risk Mitigation:

– Identify and mitigate financial risks through proactive measures.

– Receive expert guidance to navigate uncertainties and safeguard business interests.

Operational Efficiency:

– Streamline operations and optimize resource allocation.

– Improve efficiency through data-driven insights and informed decision-making.

Strategic Expansion Advice:

– Receive guidance on expanding your business strategically.

– Evaluate opportunities and risks associated with growth initiatives.

Customized Business Advice:

– Benefit from tailored advice to address specific business challenges.

– Access expert recommendations to capitalize on market opportunities and achieve long-term success.

Who are your trusted partners?

Savvy Profit Advisory leverages a network of expert partners—including Financial Planners, Business and Residential Mortgage Brokers, Solicitors, and Advertising Professionals—to deliver comprehensive solutions that optimize both business operations and private finances for our clients.

These professionals collaborate closely with us to ensure that every aspect of our clients’ financial needs is addressed effectively. Accounting services naturally intersect with these disciplines, as financial data and strategic insights provided by our team play a crucial role in informing and guiding the decisions made by our partners.

When a client requires specialized assistance beyond accounting, we facilitate direct connections with our partner network. Our role doesn’t end there; we continue to support in the background by providing the necessary financial context and answering pertinent questions to ensure our partners have a holistic understanding of the client’s situation. This seamless collaboration ensures that our clients receive cohesive advice and solutions that are both strategic and tailored to their specific circumstances, fostering financial health and success across all aspects of their business and personal finances.