A family in business should have real time access to their financial position and financial performance. Clearly understanding where you are at now, through the timely and accurate preparation of clear financial reports, is the only way you can make clear decisions about the future.
At Westcourt we assist a range of family businesses prepare monthly, quarterly, or yearly accounts to give them insight into how they are operating.
Many family businesses employ accountants, office managers and bookkeepers. Supporting and empowering teams within the family business is an important, integral part of the solution we employ to make family owned businesses great.
Quite often a family business will have other people who rely on their reports. It might be the ATO, the banks, outside shareholders, family members, auditors, ASIC, or a raft of specialist government bodies like IATA, REBA, OSR or BRB.
Understanding the needs of the different users of your reports and tailoring those reports so the numbers provide value and cuts red tape should be the cornerstone of the accounting function.
At Westcourt we look beyond the classical users of your financial reports and consider any person who will need to look at your financial reports. Through a strategic understanding of the end users many family businesses can quickly and easily manage the raft of agencies that might be required to analyse your reports.
Cloud Accounting (Xero, QBO, MYOB + more)
Cloud accounting is changing the world. The elimination of routine mechanical tasks is giving business owners accurate and sound data to understand what is happening within your business. And when you understand what is going on now you can confidently make decisions about the future.
Importantly we understand that every business is unique with its own challenges. And that means that one software program can never be the best solution for every family business. That is why we are committed to flexibility in cloud accounting. Yes, we are Xero Gold Champions and a Quickbooks ProAdvisor and we also cross assist with MYOB, AgriMaster, Sage, MYOB Exo and a lot of other accounting platforms.
The ability to understand the needs of a family business, together with leading edge software programs and add-on software, allows us to recommend a software program that is the best fit for the family.
Managed Payroll Services
The ongoing management of staff payroll including STP reporting, superannuation payments and staff HR managed is a complex process. The critical job of properly managing staff payroll is effectively controlled by outsourcing the administration, tax and the payment function to Westcourt.
The fundamental basis of Westcourt’s approach to payroll is the effective payment of wages, super and tax reporting on time every time – with privacy. We do payroll well through artificial intelligence, robust systems, smart people, deep knowledge and intelligent structuring. And a key difference of Westcourt is that we extend managed payroll to the preparation of payroll tax returns, employment termination events, leave recording, superannuation guarantee management, HR backbone governance, fringe benefits tax reporting and employee shares schemes.
Our payroll team are structured so that family-owned business can function without a need to employ additional administrative staff to handle payroll or impact privacy on wages. And a single source of tax reporting – from the initiation of wages to the final end of year tax returns also ensure a single source of accountability.
A family in business has real time reporting obligations to the ATO. And the timely and accurate lodgement of BAS is a key part of the families overall tax governance. As the data included in a BAS now extends to a myriad of taxes including GST, income tax, fringe benefits it has never been more important to ensure a cost effective, timely and considered approach to your BAS is adopted.
At Westcourt our BAS service offering ranges from a cost-effective scan to a whole of taxation approach reconciling the BAS data to forecasts, the ATO, your reports and also within our knowledge of your affairs. It also results in a workpaper package to support the BAS and assist in the tax return preparation or an ATO review.
Ensuring your BAS is managed by a qualified accountant will ensure that your tax management, and end of year reporting, is properly managed with minimum fuss.
The monthly, fortnightly or weekly reconciliation of your accounts, sending debtor statements, reconciling creditors invoices and management of your fixed assets is critical to the successful operation of a business. When your underlying data is clean your financial reports and forecasts become a foundation for business decisions.
At Westcourt we offer weekly, fortnightly or monthly reconciliations of your data to eliminate confusion and free up your existing team to focus on generating profits. The engagement by Westcourt to give you clean data the first time every time means that the management reports you rely on to make key business decisions are done with confidence.
The advent of artificial intelligence has allowed many basic data orientated tasks to be eliminated. So the data filing within accounting programs now only requires a smaller level of human interaction by operators with deeper business knowledge. The application of accountants to these higher end tasks, and eliminating routine work, gives a family in business the best chance of creating great outcomes with less hassle and at a cheaper price point than employing internal staff.