Finance broker case study

From building to broking - helping our client every step of the way
We spoke with one of our long-standing clients about why he has leaned on Collins Hume all throughout his professional life

As the owner of one of south-east Queensland's well-established and reputable finance broking and home loan businesses, our client had experienced enough guises of professional life to know two things: that he had a good nose for finance, and that he wanted an office which gave him respite from the harsh sun.

Primarily, he wanted to be at the top of his industry, on his own terms. After using Collins Hume as his accounting advisers throughout various career phases, his business accounting matters are still ticking along nicely.

Collins Hume's John Hume originally looked after the whole family and their business. When John retired, Shane Bartrim took over; the transition from one partner to another was smooth and clean.

Now with a more basic business model, our client does not generate a huge amount of accounting paperwork but what we do provide is crucial to the good running of it. The key, as is for many businesses, is the timely production of financial accounts, and proper tax planning leading up to each financial year-end.

Our client established his business to provide a personalised finance brokerage service that many larger brokers may have lost by growing to a corporate type structure, whilst providing an above-par level of service and knowledge.

The idea was to create a business that would build on his strengths, whilst affording him and his family the lifestyle they deserved.

Our client is very happy with the input that Collins Hume provides to his business.  Read more…

Tax planning starts now!
Don't be one of the many who leave tax planning until it's too late. Be proactive and act now to ensure you minimise you tax and create more wealth.

Over these coming weeks, use the lead time to properly prepare for the financial year-end (FYE) to make sure you're in good shape when we finally get to 30 June:

1. Fringe Benefits Tax (FBT)
Avoid common traps, learn how to save money, all which we covered in our March edition of The Strategist. Make sure you download and read a free copy.

2. Trust Distribution Resolutions
Needed BEFORE 30 June 2013 or pay up to 46.5% tax!

3. Big tax refunds for prepaid interest for a capital protected share portfolio
With NO cash required before 30 June. Speak with us to find out how.

4. Establish a Self-Managed Super Fund (SMSF)
Talk with us about how to make it your family's wealth strategy and legally pay nil tax.

5. General tax planning strategies in preparation for the FYE
Key planning strategies mean money stays in your pocket. We'll outline in detail for you how to save tax and, at the same time, grow your wealth according to your risk preferences.

How Collins Hume's Tax Planning Process works Read more…

CPA Australia INTHEBLACK Young Business Leaders 2013
After a very busy quarter and almost on the home straight to another financial year-end, we were delighted to learn that Collins Hume Partner and Business Strategist Peter Fowler has been selected for the second consecutive year by INTHEBLACK magazine and CPA Australia as one of 2013's 40 Young Business Leaders.

Recognising the achievements of young business professionals, who all must be under 40 years of age, candidates are selected for excellence in their chosen fields, yielding impressive business results and demonstrating strong leadership skills.

Applicants are invited from all around the world from large corporations, the public sector, public practice, not-for-profit organisations, academia and SMEs.

Peter said he was honoured to be listed again in the magazine's exclusive compilation of high-achieving young business professionals, "I couldn't achieve this recognition without the backing and support of the superb team at Collins Hume. Making the list for a second year is a reflection of their continued commitment to assist our clients to achieve their goals," said Peter.

The selection process is rigorous - only eight who made the 2012 list appear in this year's list. INTHEBLACK Magazine says, "For the second year running, INTHEBLACK invited nominations for high achievers aged under aged under 40 for the Young Business Leaders list. The result is a group of remarkable young professionals, as varied in their fields as they are geographically dispersed, that gave the selection panel a difficult challenge." Read more…

Woulda, shoulda, coulda holding you back and limiting your business potential?

With some economists expecting another RBA cut in coming months and, by later this year, interest rates could start to rise.

Add to that the uncertainty the Federal election is likely to bring with consumer spending going to ground yet again and you'll hear many business owners asking, "What now?"

If that's not enough, bank covenants are getting tighter. And industry insight analysts D&B's reported unhealthy cash cycles in their quarterly Trade Payments Analysis only highlights the cash flow management problems facing many small business operators.

And old Chinese proverb cautions, "If we don't change our direction, we're likely to end up where we're headed."

In our experience, too many business owners do virtually no proper planning and fall short on understanding the numbers. Many also lack accountability in their operations despite their accountants being well-positioned and qualified to assist in all these areas.

There are two million active small businesses in Australia and New Zealand crying out for help from a proactive accountant. Yet with the modern business practices of information exchange and technology, why does this not happen?

At Collins Hume, we find that just asking some basic questions can be the turning point for many business owners, such as:  Read more…

Where does ACMI 2013 think SMEs fall short?

ACMI 2013 rates SMEs better than big business in all categories but one
The 2013 Australian Management Capability Index (ACMI) conducted in Australia turned up some interesting results when the highlighted findings were published this month by the Australian Institute of Management this month.

The second national online survey was completed by nearly 500 chief executives, business owners or senior business leaders who rated their management capabilities across 10 categories that impact operations and profits.

Surprisingly managers in companies with 25 or fewer employees outscored those working in larger organisations with 500 or more staff. Small business rated well in integrity, corporate governance and financial management.

They also rated above national averages in managing external relationships, applying technology and knowledge and being innovative with products and services.

However the only category where bigger organisations performed better was monitoring and measuring their results.

Collins Hume's Peter Fowler said, "I think SMEs fall short in this area perhaps due to a lack of understanding of the figures."

"On the positive side, the Index can help small business owners to benchmark and track their performance and identify areas they need to work on."

By utilising a Business Optimisation Session with Collins Hume, business owners can learn how to turn numbers into knowledge and make informed decisions by allowing them to see the financial impact of every decision they make in their business. Click here to read more about Collins Hume's Business Optimisation services or call us on 02 6686 3000.

Click here to read full ACMI 2013 highlights.
Shine a light on strategy in your business by joining the discussion at SS Strategy
Collins Hume
is a CPA Business
Liability limited by a scheme approved under Professional Standards Legislation*
*Other than for the acts or omissions of financial services licensees.