ACCOUNTING SERVICES

BUSINESS PERFORMANCE

Accounting operations within an enterprise serve not only to document expenses and income and calculate taxation requirements. They also give management a range of performance indicators that they can use to gauge the efficiency of an operation.

MSI Taylor has many years' consulting experience dealing with a range of clients and industries. Among the assignments:

Improving business performance through the review of processes and procedures.
Preparing well-researched budgets to provide targets for management and staff to work towards.
Showing comparisons to industry-specific benchmarks. The firm holds around 50 different business financial benchmarks covering gross profit percentages, and return to owners.
Structuring or restructuring an enterprise to cover the needs of retirement, succession planning, tax reduction, or risk minimisation.

COMPLIANCE

Each year, all businesses, regardless of size, must prepare financial statements and lodge income tax returns. At MSI Taylor, this work is carried out by a team of accountants each under the review of their respective partner.

But simply gathering the information in a few hectic days prior to 30 June is no longer sufficient.

Quarterly preparation of financial statements aligned with quarterly business activity statement (BAS) lodgements, allows the firm to monitor how businesses progress throughout the year.

This allows business operators to foresee any changes necessary in business profitability and 'smooth out' tax obligations.

COMPUTER SUPPORT

Many business owners have no training or experience in bookkeeping or accounting and need assistance to set up and operate internal computerised record keeping systems.

MSI Taylor is an authorised supplier of QuickBooks and MYOB software and can provide assistance with all aspects of the products including version selection, installation, on-site staff training, ongoing processing and report preparation and software upgrades when needed.

Likewise the firm's computer support team is proficient with a number of other products and can provide a similar range of services for these products.

SUPERANNUATION

Self managed superannuation funds (SMSFs) are a growth area in Australia with more and more business owners electing to have total control of the investment of their hard-earned retirement dollars.

However, these funds are closely monitored by the Taxation Office so it is vitally important that trustees seek professional advice on all aspects of their fund, from creation and compliance through to a properly documented investment strategy.

On an on-going basis, MSI Taylor can provide advice on roll-overs from other funds, transition-to-retirement-pensions, insurance and trust document reviews.

There is no doubt that a properly structured and well-managed SMSF is an excellent wealth creation vehicle.

AUDIT

The audit division services a range of clients in all sectors from clubs and associations requiring compliance with state and/or federal legislation, to self managed superannuation funds (SMSFs) requiring annual audits under the SIS legislation.

Statutory audits under the Australian Securities and Investment Commission (ASIC) also apply to insurance brokers, financial services, and large private companies.

Business owners may call for a special audit of a particular area within their operation. This may be due to concerns over productivity, efficiency, procedural matters or employee honesty.

PHARMACY SERVICES

Pharmacy services is a specialist division within MSI Taylor catering for the particular needs of the professional pharmacist in business.

The team, headed by firm partner Matthew Harris, works with a network of pharmaceutical industry professionals, including major wholesalers, software providers, lawyers, finance providers, tax specialists, financial planners and insurance consultants, to provide pharmacists with the key to a successful pharmacy operation.

The pharmacy division offers many of the services available to all clients but provide pharmacy-specific advice in a number of fields:

Acquisitions/valuations: Whether you are buying or selling, MSI Taylor can assist you in determining the true market value of a pharmacy. The firm can also calculate the return on your investment and debt serviceability on borrowings.

Cashflows: Using a ten-year pharmacy cashflow profit and loss and balance sheet projection model, the firm can assist pharmacy owners and/or managers to accurately predict future profitability.

Comparisons: Comparing the operating results of a pharmacy with that of the industry, providing a more accurate understanding of a pharmacy's long-term viability.