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Business

Compliance

Business compliance means different things to different businesses. 

SNA Advisory aims to take the burden of you compliance requirement away from our clients so that they focus on running their business. 

We don't aim to just do compliance, we look to implement systems and procedures that limit the affect of compliance, both operationally and financially. 

Scenario:

We helped an old farmer, he had run manual cashbooks his whole life, and had paid in excess of $5,000 of compliance costs each year. This, including four business activity statements and their annual income tax return. 

From our first meeting, we got the impression that the only time the farmer had figured how he was doing was when his accountant had given him his tax return. So we asked how did he make his decisions during the year? He guessed. 

He was keen to make a change, so we introduced a computerised accounting system. We kept it nice and basic. We regimented the reconciliation process for the farmer, so that his books were reconciled every morning over his morning cuppa. We showed him how to run a few reports, explain and educated as to what they meant. And now he can make decisions based on real time information. Tick one. 

So then we looked at how we completed the activity statements. Instead of

re-entering data into our system, we could review and advise of any errors in processing the farmer had done, and complete the activity statements for the same cost as his previous accountant.

The real cost saving came at the end of the year, when we completed his tax return. We were able to complete the tax return for a fraction of the cost. 

Including the cost of the bookkeeping system subscription for the year, the four activity statements and the end of year tax return, we were able to get the cost down to $3000. But we didn't stop there, with the savings the farmer now had in his accounting fees, we could look at how his farm would perform better.

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