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ACCOUNTANTS – Not just bean counters.

In my years in business, I’ve found that you need to have a strong, dedicated team around you. A team who are looking out for your success. They’re essential to maintaining a smoothly running business. Industry professionals who can provide guidance and support can be the difference between thriving, and struggling. Accountants are a big component of that team for me.

Accountants – Ho hum?

Often accountants are thought of as being boring. But if you’re serious about your business, your accounting should be of extreme interest to you, and so should finding the right accountant for you.

Robert Milanese of Milanese & Co has been our Accountant for many years now, and we couldn’t be happier with their service. What stands out the most with Milanese & Co is the level of service they provide. They keep a close eye on our books, and if they think that anything isn’t quite right, they touch base with us. This means that issues are found well before they become big problems.

Robert and his team speak to us in language we can understand. Our meetings are always enjoyable and worthwhile, not boring and confusing. They also have a specialist MYOB expert on their team who keeps us and our book work perfectly in line. His response time with MYOB queries is outstanding too.

We invited Robert to chat with us this week about some basic accounting matters.

YCC: What are a few great tax tips to get ready for the EOFY?

RM: Get a system for your record keeping. The cloud allows you to assist in storing receipts come tax time or for businesses this really assists business owners in saving time with their bookkeeping whilst giving them the ability to have up to date and real time information

YCC: Do clients need to keep copies of all their receipts?

RM: Short answer is yes. A lot of people think because their transactions are paid via a bank account this is sufficient evidence but in fact the receipt or tax invoice should be kept as evidence to support the claim. It can be scanned and stored electronically rather than just the paper copy but it needs to be in a readable form

YCC: How often should people meet with their Accountant to discuss their taxes?

RM: Depends on their situation. Generally for individual clients lodging a simple tax return, once a year, but I strongly recommend to engage your accountant throughout the year with events such as selling property or buying investments to ensure you structure them in the correct name and maximise any tax benefits. It can be a costly exercise if you purchase a property for example in the wrong name could be detrimental from a tax point of view and to correct the error could attract stamp duty as well as selling costs. With our business clients, we can offer regular quarterly or monthly meetings to assist them in their decision making process as it can be lonely in business and we can provide them with views, opinions and advice from outside the 4 walls of their business

YCC: Can you represent clients that operate business and perhaps live in other states?

RM: Yes we have a large number of clients that live interstate and communicate with them as regularly as we do with clients that are locally based. Geography is no longer an issue with being able to service. What is important is you have a good relationship with your accountant and they add value to your situation

YCC: What services do you offer clients at Milanese & Co?

RM: We offer the ‘ordinary’ suite of accounting services such as preparation of tax returns, financial statements, SMSF’s, FBT, ASIC compliance, Business Activity Statement lodgements and structure advice. What we do provide different is we provide mentoring services for a number of our business clients and see that meeting with businesses more regularly we can assist them with building wealth, managing their business, freeing up their time and most importantly providing them choices. Tax planning pre 30th June each year is a vital service we provide which provides our clients guidance and choices.

If you were seeking some good, solid, basic info around accountants, I hope this has been valuable for you. If you would like to get in touch with Robert or the Milanese & Co team, you can contact them here.

Or for any property related queries, feel free to drop me a line here, any time. Or, give me a call on (08) 8261 5092.