Accounting for Manufacturers

The manufacturing industry in Australia has been doing it tough for years. That’s why it’s more important than ever to make sure your manufacturing business saves on tax and turns a profit. That’s not easy in such a competitive industry with high labour costs and a string of regulations to observe.

Ideally you want an accountant who understands manufacturing and the key work processes that need to go like clockwork to produce quality goods for your market. Someone who knows that you need good systems to manage inventory and costs, track customer orders and shipping details, and also how to integrate them with your financial systems.

We’ve built our knowledge of the manufac turing industry over the years and have helped a number of businesses to build their profits and grow their enterprises. If you need practical help with job costing, pricing, break even analysis or management accounting services, then our team of accountants can help you analyse your business data and provide recommendations on emerging trends.

Further, to help you see how your business performs against your competitors, we use industry benchmarks and help you to identify growth strategies to propel your manufacturing business forward. This process will also help you to understand the key profit drivers in your manufacturing business.

With our proven system that looks at your 5 critical business numbers, you’ll know how and when to tweak your pricing and margins. Like all business owners, you need to budget, plan, and monitor your business' performance, and we can help make it easy for you to be in control of your profits and growth.

Straight Talk to Fast Track Your Business

Your business needs solid foundations, just like a building. There could be nooks and crannies that require special attention during the building process. However, mostly you can use standard practices to get a building from plans to lock up, and so it is with running a business.

Here at Straight Talk Accounting & Tax, we have created simple processes to help manufacturing businesses not just to manage their tax obligations. We specialise in making it easy for them to manage their cashflow and financial systems to maximise their profits and build their business.

It’s easy when you know how

When you follow our processes step-by-step, you’ll also find that you will free up time by establishing accounting and job management systems that provide you with real time access to your budget position. The advantage of online systems include integration with banking to provide you with reporting advantages that you can use effectively in your management meetings.

Poor record keeping of financial transactions is one of the biggest spanners in the works of keeping your business profitable and reducing your tax obligations.

Taking the Helicopter View

That’s not all we do, we also provide strategic advice and practical business solutions that could give you a serious competitive advantage in your industry. If you want to boost your profits to build your business we can offer you the experience, technical tax knowledge and most importantly, an intimate understanding of the manufacturing industry to help you establish and work with your numbers, while minimising risk and reducing your tax burden.

Together we can work through best and worst case scenarios of your business profitability and look at your 5 critical business numbers that show where your business is at. This will show you what works and what is not profitable in your business right now. Armed with this solid information, you will then be able to make sensible business decisions based on real data, rather than making a stab in the dark.

What we do

The list below will give you an overview of the range of accounting, taxation and business advice services we can provide:

  • Tools including Checklist and Templates for a Business Plan, Cash Flow Budget
  • Advice and Assistance with getting Your Business Structure right
  • Tax Registrations including ABN, TFN, GST, WorkCover etc.
  • Preparation of Business Plans, Cash Flow Forecasts and Profit Projections
  • Accounting Software Selection and Training – Bookkeeping, Invoicing, Quotes & Payroll
  • Preparation and Analysis of Financial Statements
  • Preparation of Finance Applications
  • Bookkeeping and Payroll Services
  • Tax Planning Strategies
  • Wealth Creation Strategies and Financial Planning Services
  • Industry Benchmarking and KPI Management
  • Vehicle & Equipment Finance (Chattel Mortgage & Lease)
  • Monitoring and Controlling Labour and Sub-Contractor Costs
  • Advice & Assistance with Pricing and Claiming Motor Vehicle Expenses
  • Recession Survival Strategies
  • Business & Risk Insurances (Income Protection, Life Insurance etc.)
  • Business Succession Planning

Making it Count

In business, numbers always do the talking, but you have to know how to interpret them and how and where to obtain them in the first place. However, numbers alone don’t give the full picture. You have your aspirations and responsibilities as a person or head of the family, life is what happens in and around business. We know that manufacturing industry has inherent risks and it is important to look at how you can address them, be that through creating the proper business structure or putting in place the strategies required to protect your assets.

If you are concerned about working out how you can put a dollar away for a rainy day, then we can help you with that, too. We have a team of trusted experts in the areas of financing, insurance, financial planning, Self-Managed Superannuation Funds, mortgage brokers, and legal advice that we can call on if you need it.

To fast track the success of your manufacturing business and leave your competitors behind, contact us today. We’ll get back to you promptly to start the conversation. If you want more and get a taste before you commit, we are offering a FREE ‘Tax Review and Profit Booster Session’. This is a one-on-one 60 minute consultation where we look at your last 3 years of Profit & Loss Statements and identify strategies you can run with immediately to make a start in the right direction. To arrange your FREE session, please call us on (07) 3399 8844 and book your complimentary consultation with Straight Talk Accounting & Tax.