Are you sure your accounts are correct? How can you know they are? The answer to this question lies in how much faith you have in your advisor. Most business owners will tell me their accounts are in very good condition and there will be nothing to correct.
While I admire their level of faith, 95% of the time this turns out not to be the case. Most business owners choose to find out exactly how healthy their accounts really are. After all, why engage a service provider to fully trust them without knowing for sure?
We offer a no-obligation, no cost health check of your current accounting system. This can be in any system. As we are experts in detecting fraud, balance issues, GST issues, account allocation errors, payroll setup problems, award interpretation etc. we are able to provide you with all the information you need to understand the health of your business finances.
True Stories #1
Wholesale importer Dave came to us for service. We did a health check on his MYOB file and discovered his previous bookkeeper had not claimed the GST on Imports correctly. We went back two financial years and obtained $37,000 in lost GST. On-going, Dave was satisfied his GST was fully claimed and his accounts are correct.
True Stories #2
Road Services client Max commissioned us to take over the accounts for his road service business. With over 50 employees, we discovered his previous bookkeeper had setup payroll incorrectly and one setting had applied superannuation to all hours and not Ordinary Time Earnings. Over 5 years of payroll processing, he had paid over $54,000 additional superannuation. We were able to rectify the problem and retrieve the overpaid super.
True Stories #3
Just this week we discovered an Electrical client’s Tax agent had incorrectly lodged Worksafe figures for the past four years. We amended these and the client is expecting a $2,300 refund from Worksafe
There are many examples like this. On most occasions, there are not large refunds coming to the business owner. Often the advantage in correct financial accounting comes in the strength of accurate financial reports. However, if you don’t know the health of your financial systems, you don’t know if you are overpaying or underpaying (which puts you at risk of litigation) and you can’t rely on the financial data at your disposal to make business decisions.
The best report you can get back is a good health score. If we can provide this (and we have been able to provide in the past when we have encountered a correct set of accounts), you can be sure you have the best financial advisors working with you.
If your health score is not good, we will advise you on your options to have things corrected. In most cases, corrections are made in the current financial year only to avoid unnecessary costs. In some cases (like the ones above), it might be financially prudent to correct further back.
