Case study

Small Business

Streamlining systems and strategic planning: how we helped this small business recover.

Background

This client was carrying on a small family-owned business. While they had been with the same accountant for nine years, they felt they were not receiving sufficient advice or guidance; they wanted support from a more proactive accountant.

The main service delivery issue they were experiencing was around bookkeeping; accounts were irregularly prepared, and invoices kept in a shoe box. The client also had no visibility into their financial position and were unaware of how much money they were making (or losing) until their tax returns were completed – which weren’t lodged until 18 months after each EOFY. This client deserved a more professional accounting team.


Solution

Nav Accountants was engaged by the client to undertake a full health check of their small business’ financial situation and provide advice around how they could better operate their business. What we discovered included:

  • A lack of an effective bookkeeping system.
  • Inefficient systems and processes. The client’s business was operating at less than 50% capacity yet had the ability to take on more work.
  • An ineffective and poorly planned marketing strategy. Their marketing budget was randomly spent, and they were achieving $0 ROI.

To solve these issues Nav Accountants implemented the following:

  • Industry-leading bookkeeping software Xero, which is robust and easy to use for small businesses.
  • Monthly financial tracking and reporting.
  • Regular budgeting and forecasting.
  • A tailored tax planning strategy.
  • A strategic marketing budget including regular monitoring to ensure they saw a healthy ROI. ​​​

Outcome

Since engaging Nav Accountants, our client has seen their business’ revenue increase by 30%, profitability double and cash flow significantly improve. By implementing effective tax planning strategies, the client has also reduced their tax bill by $25,000.

We’re proud to support small businesses of all types. If you are needing accounting services, contact the team at Nav Accountants today and ask how you can book a consultation.

 

Contact us

Contact us

Book a Consultation

    Light house Boat Sun