Generational Wealth Experts

q4 financial

Bookkeeping case study

Achieving wealth from small business

For our client, managing a growing plumbing business meant there was little time left to focus ‘on’ the business. A difficulty we find many clients face.

From managing a team of four tradesmen, an administration assistant and day-to-day business requirements, our client often found themselves working day and night to ensure quotes were written, work was scheduled and the books balanced, with a little business development thrown in when possible. As is the case with many businesses, there were endless aspects to manage.

While the administration assistant was on hand to assist with overflow, customer enquiries and accounts, it was often the financial aspects that fell to the bottom of the priority list. While q4 financial provided support managing the BAS each quarter, the business’s ad hoc accounts management  often resulted in delays and the owner feeling  like they were always chasing their tails. 

It also resulted in a lack of accurate data to allow the owner to understand the position of the business and make better decisions.  Subsequently cash-flow became hard to manage as last minute BAS/tax payments would pop up which the owner wasn’t prepared for.

The q4 Solution

q4 financial could see the difficulties our client was facing and knew there was a better way to create functionality for the business. So we put our thoughts to the client and it was agreed that q4 financial would take over the entire bookkeeping function of the business, which included Payroll, Debtor Collection, Accounts processing and BAS preparation along with the usual compliance work we were otherwise doing.

Focusing on the business

This has alleviated pressure for the client and team allowing them to concentrate on the customers and the work they do as a business; in addition to creating time for our client to work on the business and not so much in it. This work has resulted in more timely results which allows q4 financial and the business owner to stay much closer to his numbers and in turn bring about better decisions.

As we know cashflow is king, and by having a regimented process that is carried out each and every fortnight, we have managed to improve our client’s cash position significantly with a consistent but friendly approach to encourage customers to pay their invoices in a more acceptable timeframe.

In addition to greater cashflow, access to accurate data, has ensured a greater understanding of anticipated tax requirements and timings. This has allowed our client to make better financial decisions outside of his business which has seen an acceleration in debt reduction – a huge part of his overarching wealth accumulation strategy that will see him closer to achieving financial freedom in years to come.

The business has continued to grow  with another two trades people joining the team, and the client looking to employ someone to focus on business development. With this growth, our client has retained a sense of control and is working towards the positioning of the business to one day function without 100 percent reliance on him.

Our client has worked hard to get to this point and can now see some light at the end of the tunnel where he will be able to enjoy the fruits of his labour!

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