Powerline - Winter 2016

My Say with Brad Hancock

Season of Change

Welcome to the Winter edition of the Powerline. As we change seasons to what may be a cool Winter, we also see a number of changes upon us in the form of regulation, reform and legislation.

As highlighted in the last Powerline, 1 July 2016 sees the removal of the ‘accountants’ exemption’ under Regulation 7.1.29 of Corporations Act. The Government has removed the accountants’ exemption as part of the FOFA reforms, allowing accountants to provide advice on the establishment and operation of self-managed superannuation funds. From 1 July 2016, accountants wanting to provide any financial advice (including advice relating to SMSFs) will need to hold an AFSL or operate under an AFSL.

To continue to deliver the high level of quality financial advice to our clients, Power Tynan has taken the leap into the licensed environment as an Authorised Representative of SMSF Advice. A great deal of time and training has been spent on becoming licensed in the changing financial advice environment. We as advisers look forward to the challenges that change presents, but more importantly look forward to working with you, our valued clients.

1 July 2016 also sees the introduction of mandatory compliance for all employers with SuperStream. Under SuperStream, employers must make super contributions electronically. The contribution data is sent electronically in a message format to the fund, and the contribution payment is sent electronically through the banking system. From 1 July 2016, all employers must send contributions electronically to all super funds, including Self Managed Super Funds (on behalf of their employees).

Employers have options for meeting SuperStream, including:

  • Upgrading your payroll software

  • Using an outsourced payroll function or other service provider

  • Using a commercial clearing house such as the free Small Business Superannuation Clearing House (19 or fewer employees)

  • Your default fund may also have its own electronic channel that can be used and will be able to provide you with details about how to comply with the SuperStream using their preferred facilities.

The final reform to highlight is not so much of an immediate change, but rather a shift into a new environment that you may or may not even be aware of. Standard Business Reporting (SBR) is a standard approach to online or digital record-keeping that was introduced by the Government in 2010 to simplify business reporting obligations. SBR is built into business/accounting software and incorporates standard terms that are used in government legislation and reporting to create consistency. SBR collects the right information, for the right Government report, saving you time. SBR is not something that is going to be switched on overnight, but rather a gradual improvement and introduction that will continue to evolve. The introduction of SuperStream is an example of SBR.

Due to the changing environment, and to provide further details and discussion around some of the changes highlighted in this issue of Powerline, we will be running a series of seminars in the new financial year in both Toowoomba and Stanthorpe.

Charitable Trust Donates to Stanthorpe Cancer Support Group

It is a scary thought that, every 20 minutes, one person in Queensland is diagnosed with cancer. Not only is this diagnosis an extremely emotional time for the cancer patient themselves, but also for their family and friends. Luckily there are many charities and organisations dedicated to assisting patients and their loved ones through this difficult journey.

The Stanthorpe Cancer Support Group is one such organisation, providing emotional and financial support to cancer patients within their region. This assistance can range from companionship for the patient and their family as they navigate through the various stages of diagnosis and treatment, through to subsidising costs of any medical expenses relating to the cancer treatment.

To boost this community initiative, the Power Tynan Charitable Trust recently presented Dell Wells, Ann Barry and Debbie-Ann Wilmot of the Stanthorpe Cancer Support Group with a $1,500 cheque.

"We provide support to Stanthorpe cancer patients in any way we can,” said Ann.This can vary from paying the difference between the Medicare contribution and invoice for radiation, which must be paid upfront before treatment begins and can cost the patient up to $1,500, or by purchasing equipment to allow patients to stay in their own home for as long as possible before entering palliative care.”

Power Tynan staff vote each quarter to select two charities to receive donations from the Trust, based on nominations received from members of the Power Tynan team as well as from charities themselves.

"It is great to know this kind of service is available within our community,” said Power Tynan Charitable Trust representative Judy Chapman. “We now know where to refer friends and familyshould the need arise.”

To donate to the Power Tynan Charitable Trust, or to nominate a local charity to be considered as a beneficiary of the Trust, please visit http://www.powertynan.com.au/community/power-tynan-charitable-trust.

Is Inefficient Bookkeeping Costing Your Business?

If you ask a successful small business owner what they see as one of the most important aspects of operating their business, you wouldn’t expect them to respond with ‘efficient bookkeeping.’ This is partially because bookkeeping isn’t seen as the glamorous side of small business, and also isn’t what you would picture the plumber who is currently under your kitchen sink doing in his spare time.

Many people would be surprised to know that for small business owners, operating a profitable business starts with ensuring that they know at any point in time where their business is sitting profitability wise, cash flow wise and competitively in the market. In the current business climate, this means more than looking up the current balance of the bank account.

It is also important to realise that while you as the business owner should have access to these figures, you shouldn’t necessarily be the one processing them. At the end of the day, most business owners are their most profitable employee, so why should they be spending their time reconciling the bank account? Instead, they should be working on the business and increasing their profits.

This balancing act is an ongoing problem that we see all too often. This has led Power Tynan to develop an outsourced bookkeeping system to enable our clients to work on their businesses, while we look after the bookkeeping.

Our outsourced bookkeeping system is designed to ease the management of your business and improve efficiencies along the way. While the system does include the normal bookkeeping functions, such as the processing of invoices and bills, payroll and bank reconciliations, in order to ensure that our clients are operating as efficiently as possible we have also invested a lot of time into the utilisation of cloud-based add-ons, budgeting and reporting tools.

Using the most up to date technologies ensures you know where your business is at and where it is going to be. Naturally, as your accountant we also ensure that ongoing ATO requirements are met, including lodgement of Business Activity Statements and payment of superannuation.

The system has been designed to be as customisable as possible, with the ability for our bookkeepers to take on full management of your accounts, through to basic reconciliation of your bank account. While the system has been developed to be customised to what the business owner wants, we do look for the most efficient methods which may not always be what you originally imagined.

If you think an outsourced bookkeeping system could be of benefit to your business, please contact your adviser at Power Tynan to discuss an efficient bookkeeping system for you.


 

Client Corner - Rangeland Quality Meats

Each quarter we interview one of our clients to get an insight into their business. This issue we spoke to Philip Hughes, who runs an integrated Paddock to Plate supply chain via businesses Banchory Grazing and Rangeland Quality Meats.

When did your business commence?       

1996

What does your business do? 

Beef cattle breeding & grazing with an integrated Paddock to Plate supply chain through our brand Rangeland Quality Meats.

What makes your business successful? 

Our people, and having access to some wonderful mentors.

What has been your biggest achievement to date?  

Building a motivated, educated, loyal team that believes in the brand. This team has an added benefit because it includes our two sons and a daughter-in-law.

What is one piece of advice you would give to someone starting up a business? 

Have a clear goal, surround yourself with quality people. Understand your strengths and seek out professional advice/mentoring for all other areas. Share your goal with family and take them with you, don't leave them behind. Work diligently at keeping the work/life balance happening. The going will get tough at times, but never give up!

How do you relax from the pressures of being in business? 

Polocrosse, reading, camping with friends, and red wine!

Charitable Trust Boosts Lifeline Initiative

Each year, Lifeline Darling Downs provides over 10,000 hours of free counselling to both individuals and families throughout the Toowoomba and South West region. Many of these clients live in remote communities, which can make it difficult to engage regularly with counsellors.

Like several other businesses, Lifeline are working towards streamlining their services via the use of technology. The purchase of three internet-enabled tablets will allow Lifeline staff in Toowoomba to provide counselling to people in rural and remote areas in South-West Queensland via Skype, FaceTime or a similar program, and will also allow clients in face-to-face meetings to indicate their current feelings to track progress over a number of months.

In support of this fantastic initiative, the Power Tynan Charitable Trust recently presented Lifeline Darling Downs CEO Derek Tuffield with a $1,500 cheque.

"We are striving to enhance and improve our counselling services with the use of technology, assisting us to support people in the regional towns of Roma, St George and Charleville, just to name a few,” said Derek.We need to raise $6,000 from the community in order to go ahead with this initiative, and this donation from the Power Tynan Charitable Trust is a great first step in the right direction.”

The Power Tynan Charitable Trust has donated over $130,000 since its inception in 2010, and is open to the firm's staff, clients and all members of the public to contribute funds.

To donate to the Power Tynan Charitable Trust, or to nominate a local charity to be considered as a beneficiary of the Trust, please visit http://www.powertynan.com.au/community/power-tynan-charitable-trust.


New Year's Resolutions For Your Business

Whether you believe in resolutions or not, making a list of action items can help you achieve your goals.

Even if you don't believe that New Year's resolutions work, having goals might help you achieve them.

Take the time to reflect on how you and the business have fared in the last financial year and put your thinking cap on.  All those lingering issues with the business that rattle around in your head late at night should come to the forefront now.  In addition, what new ideas have you been thinking about but not yet implemented?

Plan ahead

The first step toward ramping up your business next year is putting a business plan in place.  We know from experience and research that in general, business owners benefit from having a formal, written plan.  If you already have one, now is the time to do a quick review and consider updates to reflect your current business needs and goals.  If you don't have one, set aside time to put one together.

Writing a business plan can help business owners prioritise how to spend their time and money and set measurable goals.  It can also help to identify current or future obstacles so you can better anticipate and avoid potential risks.

Understand your business cash flow

Even businesses with healthy growth and strong sales run the risk of owing more than they can pay in a given month. Every business has unique payment cycles or seasonal trends.  Understanding these cycles or patterns in your business and adapting your plans accordingly can help ease financial stress. 

Spending some time preparing a cash flow projection can help you identify potential cash flow shortages next year.  Look for ways to reduce expenses and increase revenues.  Is it time to shop for new suppliers and vendors, or is it time to boost your prices a bit?  Once you've gotten in the habit of using a cash flow projection, it should give you the added control over your cash flow and a clearer picture of your business’ financial health.

Keep your skills current

Although keeping up with industry news may seem just one more thing to add to your to-do list, there are several important benefits. You'll make better decisions, and you'll spot threats and opportunities early on, which can give you a competitive edge.

Invest in quality training for your employees and don't forget yourself.  New skills and techniques can help make the business more efficient, flexible and innovative.

Take care of yourself

Have you ever been accused of burning the candle at both ends?  This is certainly not uncommon for many business owners who typically wear many hats when it comes to growing their businesses.  Although it is necessary to be busy, you also need to balance this with time away from work.

This should include time for meals, exercise, family, friends, community activities and, most importantly, rest.  You will be more productive and happier if you have time for yourself.  No one can go full throttle for months without experiencing negative effects. 

Learn how to delegate

Many people have trouble delegating.  Sometimes it just seems easier to do it yourself right?  However, if you're bogged down in tasks rather than working on the bigger picture for your business, you'll never achieve growth.  Review all the tasks that you do, think of who else could do them with a little training and work on handing these to others. You'll be amazed at how liberating it is and how much time you will free up.

Automate what you can

Make an effort to leverage technology to automate the mundane daily tasks that sap your time and energy.  There's opportunity for any repetitive work in your business to be automated and the benefits can be huge.  Dedicate yourself to investing in technology that can move towards automation and you'll be on your way.

Stay on track and make yourself accountable

Keep your list of resolutions handy so you can look at them throughout the year.  As soon as you create your list of actions, assign them to yourself or an employee.  Schedule them in your calendar so you actually remember to do them.  If you keep improving your business throughout the year, you'll be surprised by the progress you've made by the time New Year's comes around again.

Still don't know where to start? Contact us at Power Tynan so we can help you on your way and keep you on track.

"Happy New Year"


Staff Spotlight - Winter 2016

Graduations

Congratulations to Ben Tansky of our Toowoomba office, who is our latest scholarship recipient to graduate from USQ with a Bachelor of Commerce majoring in Accounting & Finance.

Wedding Bells

Congratulations to Kathy Addy of our Toowoomba office and her partner David Brooks, who were married in early April after 11 ½ years together.

 

 

 

 

 

 

 

 

AustralianSuper Corporate Triathlon

Power Tynan entered six teams to compete in the AustralianSuper Corporate Triathlon, which was held on Saturday 30th April at the Gold Coast. Each participant was required to complete a 400m swim, 10km bike ride and 4km run. Congratulations to everyone who participated!

 

 

Iron Man

Our very own Dan Cuthbert competed in the Half Iron Man triathlon at Port Macquarie on Sunday 1st May. This event involved a 1.9km swim, 90km cycle and 21.1km run.

Dan had set himself a goal to complete this event within 6hrs 15mins, and smashed it in a time of 5hrs 50mins!

He is now looking forward to the Full Iron Man next year, which is double the distance.

 

 

Walker Wayland Perth Conference

As an independent member of Walker Wayland Australasia Limited, a network of independent accounting firms, staff members of Power Tynan recently attended the team conference held in Perth. The conference featured technical updates on tax, audit and superannuation, as well as sessions regarding cloud accounting, benchmarking and succession planning.

The staff also had the chance to let their hair down at networking events such as the Class Super Lawn Bowls competition, as well as the gala dinner at Rambla on Swan.

 

 

 

Engagements

Congratulations to Biankka Thomas of our Stanthorpe office on her recent engagement to partner Adam, who popped the question while on holidays at Airlie Beach.

 

 

 

 

Endeavour Rally

Power Tynan are a proud gold sponsor of Car 303 in the 2016 Endeavour Rally. The 'Road Boss Rally' commenced in Toowoomba on Monday 6th June, ending in Port Macquarie on Friday 10th June. The 'Super Addition' follows on from this, from Port Macquarie through to Perth via the Anne Beadell Highway, concluding on Saturday 25th June.

The team behind Car 303 aim to raise $15,000 for The GIVIT Foundation, a national not-for-profit organisation connecting those who have with those who need, in a private and safe way. There are currently more than 2.5 million people living below the Australian poverty line, and GIVIT works to alleviate poverty in Australia by ensuring every charity has what it needs through the simple act of giving.