Storm Electrical came to us looking for an adviser who went beyond doing tax returns and accounting. They were looking for a strategic partner who could help them advance their business. As a result of a breakdown in communication and confidence with their previous accountant they had had little advice and assistance with accounting and lodgement resulting in a backlog of processing and requests from the ATO for lodgement. On the business front both of the owners were working extraordinary hours, labour efficiency and reliability was wanting and there was little certainty of regular ongoing work.
- Assisted with getting the accounts up to date.
- Have provided ongoing assistance in improving efficiency of processing systems.
- Recommended and assisted with migration of accounting system to Xero, thereby ensuring that both client and adviser were working on the same live data set.
- Assisted with bringing ATO matters up to date after liaising with the ATO to affirm progress in compliance.
- Helped the client manage ATO debt to eliminate any negative ATO action.
- At this point the client had stable, reliable data and systems, their compliance was up to date and we could focus on more profit oriented changes
After spending time with the management of Storm, Magnus was able to make several recommendations around the roles of management and staff with a view to the owners spending a declining amount of time on site in order to spend more time managing and developing the business. As a result of the changes implemented Storm has entered a lengthy period of increased turnover and profit while the owners have significantly reduced the unsustainable hours that they were working.