Managing Your Business
Running a business and keeping all your business affairs in check can be time-consuming. It can also become stressful if you’re not on top of business planning, accounting and the legal requirements of managing a business.
Accounting and Bookkeeping
Your Accountant, Business Advisors and Bookkeepers All Under The One Roof
Having chartered accountants, business advisors and bookkeepers together at Nexis means we can provide a complete suite of services, ensuring your financial and accounting questions are responded to quickly and that your bigger business goals are being considered by the team at Nexis.
This drives better identification of tax concessions and means less paperwork at tax time because you are prepared all year round. Our chartered accountants in Brisbane and Canberra are experts in tax minimisation and in maximising your deductions.
Our Accounting and Bookkeeping Services
Budgets and cashflow
There’s no question, budgets and cash flows are critical to your success.
By taking a collaborative approach – pairing the knowledge you have of your business and the experience and expertise of our team – we can help explain your business’ financials so you know exactly where the cash flow is coming from and going.
Our budget and cash flow projections will ensure that you:
- Have enough cash to pay your expenses each month
- Are holding the correct stock levels
- Can identify the right time to grow your business
- Determine the optimal working capital requirements for your business
Speak with one of our business or company accountants for budget and cash flow help.
Measuring performance and forecasting
At Nexis, we combine our financial and accounting expertise with sound business advice to help you grow and anticipate changes in the market. Our tools and products help you identify the staffing, resources and infrastructure needed in the short and long-term future for your business.
Nexis can help you with:
- Budget projections
- Cash flow projections
- Performance reporting
Financial reporting and statements
Financial statements can be hard to decipher. We turn complex financial statements into easy-to-understand reports using plain language and diagrams so you are fully informed.
Bookkeeping and payroll
We accommodate various models of bookkeeping and payroll. Our Brisbane and Canberra-based bookkeepers can adapt as you grow or change your business and operational models. We excel in assisting our clients with payroll processing and payroll support, so you can maximise your focus and time on other areas of your business.
Software for accounting
We provide advice on a range of accounting software products and ensure your software is set up correctly. Many of our clients use Xero and the benefits from our Xero Gold Champion Partner status. Nexis team are Xero-certified accountants, so you can get the most out of your experience with Xero.
We have access to one of the largest databases and the latest business benchmarking data in Australia. We can give you a detailed overview of your industry and how your business compares.
Reporting for not-for-profits
We prepare the appropriate reporting and educate you on how to comply with Australian and International Financial Reporting Standards.
Most small and medium-sized businesses do not have the capacity or the need to hire a full-time CFO, but they often need the advice and significant benefits that a CFO can bring.
Business planning and mentoring
Nexis can help you with business planning and mentoring, both of which will be highly beneficial to your business in the long run.
Business life planning
Running your own business doesn’t mean that you have to sacrifice your personal life.
We work with you so that you can understand and commit to your own goals for your business so you can achieve your goals personally.
Open to all business owners, you will start with our Business Life Workshop and walk away from the workshop with an action plan to implement so that you can realise your dreams.
Key Features of Business Life Planning
- A Business Valuation Assessment to obtain your business’ current value to act as a baseline on which to grow
- Facilitated strategic planning process
- A workshop including all business owners (and spouses, where appropriate)
- A tailored Business Life Plan report documenting the key aspects of your business and personal life
- Documented goals, action plans, and timelines
- Identification of any areas of stress, including strategies on how to reduce stressors
- Ongoing support with the implementation of your plan and monitoring of your performance against the identified goals
- An excellent framework for business owners to start formalising retirement and succession strategies
A Business Life Plan with Nexis
It only takes five easy steps to create a Business Life Plan for your business when you speak with a Nexis business advisor.
- Complete a Business Performance Assessment
- Attend a workshop with our team to identify and prioritise changes and improvements and reduce business and lifestyle stress
- We include a Business Valuation Assessment where the business is valued and show you how to proactively grow its value
- We provide you with a tailored report outlining the growth and succession opportunities
- Stay stress free with ongoing support and follow ups to assist with adherence to timelines and the achievement of action plans
In simple terms, a mentor is an experienced and trusted advisor, and in the business world, a mentor is invaluable.
Perhaps you work on your own, or maybe you don’t have other trusted senior managers to help you. It could be that you’re just too caught up in your business operations and simply don’t have the time.
That’s where Nexis’ strategic Business Mentoring service can assist. We can be your trusted business advisor.
Our Business Mentoring Service Can Help You:
- Focus on the most important elements of your business
- Make considered, informed decisions
- By providing the right strategic advice at the right time
- With expense management
- Understand and capitalise on the financial and operational aspects of your business
Nexis Staff Value Program
Your team is the backbone of your business, but managing them can be a time-consuming and overwhelming responsibility. Our Staff Value Program can help unlock their potential and optimise your business. We will take care of the entire framework of your staff management and their performance.
The Staff Value Program is a proven, comprehensive and effective staff incentive program that we tailor to your business, by matching the goals and objectives of your business with those of each employee.
By aligning your staff with your business targets, your staff gain a sense of ownership of the business, which results in improved motivation, increased output, and improved business performance. Best of all, the program is self-funded by the extra profits generated by your newly motivated staff!
Get the right insurance for your business
As trusted business advisors, we can refer you to insurance providers within our network of trusted professionals.
Insurances you might need to consider for your business
Property Damage Insurance
Covers a building, its furnishings and objects against things like theft, fire, and some natural disasters. In other words, it covers the tools and materials that you need to do business.
If something happens in your business that harms other people or their property, you might be liable. Liability insurance can help cover the cost of compensation in these cases.
Professional Liability Insurance
Some businesses can be held liable for professional misconduct and if they make a mistake, they’re expected to pay for damages caused by the error. You may need professional liability insurance to compete for contracts or tenders with large companies and government agencies.
Business Continuity Insurance
Even if you are insured against personal physical losses and liability, if something happens that forces temporary closure, or reduces the amount of work the business can do, business continuity insurance can cover loss of revenue.
Technology and automation
Automate your financial reporting
We provide you with support, advice and expertise in accounting and bookkeeping software. We help you automate your financial reporting and accounting processes to see real time performance and profit improvement.
Areas where we often assist include choosing and setting up your accounting software. We can help you choose the automation or integration that is right for your business.
With the right financial software, you can:
- Improve cash flow and business efficiencies
- Reduce debtor days
- Reduce time spent reconciling credit cards
- Reduce admin time for repeating/regular invoices or bills
- Provide real time and custom financial reporting to tell you how your business is performing
Visit our page on Accounting Software to learn more about how we can help you choose and set up your accounting software.
Automation and Integrations
We are always up to date on the latest business and financial tools that will reduce the time and money you spend on administration, identify and fix inefficiencies, and provide more cash flow to your business.
As Xero-certified accountants, we stay up to date with accounting software that integrates well with Xero so we can advise you on different options when assessing which software to use.
- Comprehensive suite of accounting papers.
- Automate data entry, analysis and document storage of your bills, receipts, sales invoices, and bank and card statements.
- Convert from MYOB, Reckon and Banklink desktop files to Xero.
- Submit your receipts, bills and invoices on a mobile app.
- Convert hard copy receipts to text
- Review and publish to Xero
- Extract bill items and sync bill entries into Xero
- Automatically updates your general ledger as bills are submitted
- Comprehensive performance reports
- Full three-way forecasting
- Customisable dashboards
- Consolidated reports
- All integrated with your Xero data
- Job management for Xero
- Send invoices, purchase orders, payments, and credit notes to Xero
- Pull bank feed payments
- Software designed for mechanics
- Streamline accounts from your workshop garage to your accountant and bookkeeper
We can support you with restructuring
There is a range of reasons why businesses need to restructure. Restructuring can be driven by a need for change in the organisational structure or business model, or the need to make financial adjustments to its assets and liabilities.
Each business structure has different legal, tax and compliance obligations. Before making changes, we can help you understand some of the differences.
Common reasons to restructure
Change in Management
A business partner might be added or want to exit.
Change in Ownership
If you buy an existing business, you may decide to change the business structure because your situation is different from the previous owner.
To improve the profitability or to help the cash flow of the business.
Such as reorganising internal structures such as sales and marketing to improve the way your business operates.
Expanding overseas or product offerings might drive a restructure to accommodate this growth.
We have built a network of trusted professionals, across a range of industries and professional services, so contact us if you like a referral to our preferred legal advisors for legal advice on business structures.