Our Client
Pablo owns a successful martial arts business with multiple clubs and employees throughout Sydney. He wanted to expand his business, but wasn’t across all the financial details and was sure a number of his clubs could be managed more efficiently.
Whilst he had a bookkeeper, he spent a lot of time taking care of his business administration and couldn’t find the time he needed to spend on growing the business and generating more profits.
He was looking for a business accountant who could simplify his business finances and provide him with advice and support to help him take his business to the next level.
The problems
- Pablo’s existing accountant was providing him with only a basic business tax preparation service with very advice or strategies to grow his business
- He was paying a bookkeeper approximately $35,000 to keep his books up to date, yet he had no idea what his business cash flow looked like, how much he owed in GST, how each separate club was performing in comparison to others, or how many clients were falling behind on their monthly fees
- Whilst his bookkeeper helped manage the books, her lack of tax knowledge was costing Pablo additional accounting fees as his accountant was consistently reworking the data
- Pablo was so caught up in the day-to-day administration, teaching classes and managing employees, he had very little time to spend working on the business
How Tax Effective helped Pablo
- We implemented an online accounting solution that fully automated Pablo’s business accounting, giving him a real time view of his business cash flow, eliminated all manual data entry and provides him with 24/7 access to his business accounts from his PC, table and mobile phone
- We automated his business invoicing allowing him to instantly create invoices, see which customers opened up their invoices, track who hasn’t paid, send automatic payment reminders and allow clients to make instant online payments with the click of a button
- We automated Pablo’s payroll, allowing him to pay employee wages and super with the click of a button, provide employees with online access to payslips, and eliminate the need for Pablo to print out and email payslips
- We attached a reporting tool to Pablo’s business online accounting software which provides him instant access to up to the minute reports on him with powerful reports on every aspect of his business, from reports comparing different club performance, profitability and cash flow to management reports and profit forecasting
- We helped Pablo outsource a digital marketing agency that provides search engine marketing strategies that drives more traffic to his website, and paying customers to his business
The results
As a result of our recommendations, Pablo has achieved the following results:
- By implementing a cloud based accounting solution, Pablo is able to run his business on the go, from anywhere, anytime, through his PC or mobile phone
- By automating his accounting, invoicing and payroll, Pablo has eliminated a majority of his business paperwork and manual data entry, giving him more time to focus on growing the business
- Pablo was also able to discontinue paying a bookkeeper to manage the books, saving his business $35,000 per annum plus unnecessary costs for rework
- With access to real time data and reporting, Pablo knows where his business stands and with our help is able to identify business risks and opportunities
- Pablo’s business cash flow has significantly increased as a result of his invoice automation, tracking and reminder system
- With real time reporting, Pablo doesn’t have to wait until the end of the month or year to know where his business stands, his BAS returns, profit & loss statements and balance sheets are automatically calculated and can be completed and viewed with just the click of a button, saving him time
- Pablo pays employee wages, super and provides payslips with just the click of a button
- Pablo has experienced a significant increase in new client memberships throughout Sydney, as a result of outsourcing digital marketing strategies
Post becoming a client
We are currently in the process of putting together a financial roadmap to help Pablo grow his personal wealth and reach his life goals. We are also helping him put a business plan together, with the view of opening additional martial arts clubs
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