WHAT MAKES A GREAT ACCOUNTANT????

SUCCESS STORY FOR MONTH OF MAY

This is a fairly straight forward story that began a year ago. We reviewed the performance of a wholesale/retail business in May 2007 so that we could project what the likely profit would be and make some last minute suggestions on how to minimize tax for the 2007 year. The business was new to CPBMAC and we hadn't seen the books before. The MYOB based accounts were showing that the business was profitable and the clients were concerned that they were struggling despite that.

In a word the book-keeping was atrocious. They were trying to run an accruals accounting system incorporating inventory control, and they simply couldn't handle the job. What the MYOB reports were telling them was totally wrong - no wonder they were feeling the pinch. Anyway we asked for a ledger and worked backwards to re-construct an accurate picture of where their business "was at" - it was going down the toilet  at a great rate of knots.

To make a long story short, once we had our accurate picture we were able to establish some financial ratios and use them to produce some financial management advice, particularly on pricing. We recommended the sale off of what I call "dog stock", stock that was taking more than 90 days to turnover, we got them to sack poor paying account customers, we had them cut unproductive staff in their organisation and we tweaked prices by just 4% across the board which was just half the accumulated CPI since their last price rise.

Back to the present. From a considerable loss in 2007, this May we projected an operating profit of 15% of an increased turnover. This time, it was tax advice that was needed and that was very satisfying indeed to us as business advisers. Next year we're aiming for 20%!!!

Why choose CPBMAC Business Solutions as your new accountants and advisers?

Caboolture Accountants & Advisers, CPBMAC Business Solutions, is an expert public accountancy firm and registered tax agent whose home base is Corporate Park, Caboolture, just half an hour’s drive north of Brisbane.

Our accountancy firm offers a wide range of expert accounting and advisory services to its clients who are mainly operators of SME’s (Small to Medium Enterprises) in Queensland, NSW, Victoria, WA, NZ, Indonesia, the Emirates.

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Use our knowledge and prosperity will be yours.

We are not just beancounters…

We are indeed partners in your business.

At CPBMAC Business Solutions, Accountants, Caboolture, we provide expert business, tax and financial advice that we guarantee will improve the profitability of your business. Great accountants! Great business solutions!