The Holistic Accountant Stuart Wemyss & Mena Abraham

In this episode, Stuart and Mena discuss strategies that optimise your ability to repay your home loan, including:
Everyone's situation is different. If you earn business income and you encounter an unexpected tax liability. Borrow to invest in shares. Div 7A loan from the corporate beneficiary. Distribution to family members and they deposit cash in your offset account.Business restructure. To find out more about our holistic accounting firm, ProSolution Private Clients, click here: https://www.prosolution.com.au/
Connect with Mena on LinkedIn: https://www.linkedin.com/in/mena-abraham-99635579/

In this episode, Stuart and Mena discuss tax-related matters that apply to inheritance, including
Australia doesn’t have an inheritance tax like other countries.Main residence exemption. Pre-CGT assets. Super benefits. Benefits of using a testamentary trust. Restructure business prior to death.Jointly held property doesn’t hit the estate. Entities won’t create tax consequences. To find out more about our holistic accounting firm, ProSolution Private Clients, click here: https://www.prosolution.com.au/
Connect with Mena on LinkedIn: https://www.linkedin.com/in/mena-abraham-99635579/

In this episode, Stuart and Mena discuss matters to consider if you plan to employ or go into partnership with family or friends, including 
Don’t mix business with pleasure.Statistics show that 70% of partnerships fail.Start with the end in mind. Keep arrangements business-like. Communicate fast and directly.  To find out more about our holistic accounting firm, ProSolution Private Clients, click here: https://www.prosolution.com.au/
Connect with Mena on LinkedIn: https://www.linkedin.com/in/mena-abraham-99635579/

In this episode, Stuart and Mena discuss how to proactively manage your accountant to get the most value.  
Timely and clear lines of communication. Make sure they understand your business goals and financial priorities.Set clear expectations regarding the scope of work and when that work is to be completed. Depending on your requirements, consider conducting regular meetings and a reporting framework. Ask questions and review financial reports – it is your business and it’s important that you understand its performance. Create a financial budget and conduct tax planning at the beginning and end of the financial year.Understand getting more value requires only a little more work. Once you have a robust accounting system, getting value-add information is easy. To find out more about our holistic accounting firm, ProSolution Private Clients, click here: https://www.prosolution.com.au/
Connect with Mena on LinkedIn: https://www.linkedin.com/in/mena-abraham-99635579/

In this episode, Stuart and Mena share tips on how to read a set of financial statements. 
Familiarise yourself with the 2 to 3 main statements being a profit and loss, balance sheet, trading statements. Profit and loss will give you an insight into the cost structure and profitability of the business. The balance sheet tells you about the health of the business. Cash flow consideration – focus on operating cash flow. Calculate key financial ratios and compare periods and look for warning signs such as declining revenue, increasing debt levels, or inconsistent cash flow. Consider industry benchmarks. To find out more about our holistic accounting firm, ProSolution Private Clients, click here: https://www.prosolution.com.au/
Connect with Mena on LinkedIn: https://www.linkedin.com/in/mena-abraham-99635579/

In this episode, Stuart and Mena discuss how to manage your payroll to ensure you comply with employment laws. 
Key factors that you must consider Options: use a basic system or get a dedicated systemHuman Resource Information System (HRIS) such as Employment Hero includes recruitment, onboarding, management (staff reviews), timesheets/timecards, etc. Ongoing management by your bookkeeper – you just approve the payments. To find out more about our holistic accounting firm, ProSolution Private Clients, click here: https://www.prosolution.com.au/
Connect with Mena on LinkedIn: https://www.linkedin.com/in/mena-abraham-99635579/