Business advisory services
Our team has the expertise to provide you with the best support for you and your business.
- Start ups
- Business planning
- Budgeting/Cash flow forecasting
- Business structuring
- Business development
- Accounting software set up
West Carr & Harvey has always had a strong support mechanism for startups. We have a specialised startup service which focuses completely on setting up a new business from concept through to delivery and potential sale. Our team will review individual needs through an interview process and gather all relevant information to provide the best possible business advice.
Because we are passionate about supporting emerging businesses in our region, our initial startup consultation is complimentary. Once the first interview has taken place, we will advise on the following:
- Setting up an appropriate business structure
- Processing applicable registrations
- Ensuring the right accounting systems are in place.
In addition to this, our team will provide ongoing support, mentoring and business guidance throughout the growth period and beyond.
Ensuring your business plan covers off all the vitals from the outset will help define the direction and success of your business.
A business plan is a formal document that sets out goals and objectives for your business and how it intends to reach those goals. A business plan may cover the following:
- Background and mission
- Business management team and key personnel
- Analysis of competition and competitive advantage
- Marketing/engagement/business development strategy
- Financial plan and forecasts
- Capital raising strategy
We can assist with the business planning process including facilitating strategic planning workshops, assistance with budgets and financial forecasts and documentation of a business plan.
Budgets form a vital part of a good ongoing business plan and are often required to assist in applications for external funding. Budgets are also necessary to effectively manage tax and cashflow requirements.
We can provide valuable assistance in budget creation by setting up templates, talking you through the process and forecasting the cashflow requirements for your business.This process is crucial for the start-up or growth phase. Startup businesses often fail due to lack of cashflow.
Some of the budgeting strategies we can assist with include 3-way forecasting (profit & loss, balance sheet and cashflow) and scenario analysis to assist with planning for the future.
We can also assist with the set-up of specialised software to simplify your budget management requirements.
In addition, we can provide you with accurate, timely and informative cashflow forecasting reports – allowing you to:
- Realise and understand when cash is available
- Plan and prepare for expansion, stock control, and taxes
- Analyse and anticipate key expenses
- Achieve peace of mind for the future.
Armed with this information, we’ll work with you to develop strategies to improve your bottom line.
Appropriate business structuring ensures your business is set up in a way that will protect you, your business and your family from the unexpected (asset protection). The right business structure will also allow for flexibility in your future (succession planning, purchasing/selling/merging) and tax effectiveness (maximising returns and minimising costs).
We can advise on the best business structure for you and assist you through the process of legal and regulatory matters specific to your industry or profession. For example, research and development (R&D) tax offsets will only be granted to those who operate under a company structure.
Typical structures for small to medium businesses include:
- Sole trader – an individual trading on their own.
- Partnership – a number of people or entities running a business together.
- Trust – an entity that holds property or income for the benefit of others.
- Company – a legal entity separate from its owners.
Your business requires up to date, accurate financial information through the provision of ongoing, efficient bookkeeping.
We can take care of all your bookkeeping needs or work in conjunction with your external bookkeepers. Our bookkeeping services include the preparation of periodic management accounts for tax, business appraisal and planning purposes. We can also assist with the preparation of your Business Activity Statements (BAS).
We will discuss your requirements with you and provide you with tailored information and constructive advice on a regular basis.
Whether your business is experiencing a period of growth or you have consciously chosen to expand (such as through a merger, adding a business partner or diversifying) we can assist you through the process.
We can advise you on all the issues to consider during business growth or expansion. We will work with you to discuss your current and projected business capability, account for changes, estimate valuations, and project the required cashflow/capital for your venture. This includes appropriate business forecasting and assistance with finance applications. We will also assist you with the business transition by assessing the most appropriate business structure for your new circumstances.
Appropriate accounting software is now vital in running a business efficiently. Finding a solution that suits your needs will ensure that your compliance obligations are met and that you can obtain timely and meaningful financial reporting.
We have assisted thousands of clients with the implementation of cloud based accounting solutions to enable online access to your financial records. We specialise in Xero and MYOB’s range of cloud based products.