Watson business Consulting

Business SUpport services

 

  • Work Health & Safety Documentation & Fair Work Compliance, Accident Investigation and Reporting
  • Fair Work  Compliance
  • Accounting & Bookkeeping
  • Contractor/Subcontractor  Arrangements
  • Cash Flow​
  • ​Budgets & Forecasts
  • Business Startup Essentials      
  • Finance & Insurance
  • A range of Taxation Services
  • Buying a Business
  • Tenders, Projects and Quotes
  • Other Consulting Services


                                         

                                         


                                                            

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WORK HEALTH AND SAFETY SERVICES 


Construction company fined $75K after worker sustained injury arising from a fall Employer fined $70K after worker suffered injury arising from the use of unguarded power press Company fined $200K after a worker was electrocuted.


DO YOU?

  • Know and understand your legal obligation to provide safe places of work, safe systems of work, using safe plant and            equipment.
  • Know how to identify hazards, assess the risk and put in safe work methods to control the risk or eliminate it. Know how to    develop a safe work procedure.
  • Know what penalties you could face for failure to do so.
  • Know what documentation and procedures must be in place to evidence your compliance with the Work Health & Safety        Act 2011
  • Know what to do if a safety incident occurs in your workplace.
  • Know what injuries / incidents must be reported.
  • Know how to undertake an injury / incident investigation
  • Know the power of WHS Inspectors  


SUMMARY OF OUR WORK HEALTH & SAFETY SERVICES:

  • Work Health & Safety Manua
  • lForms and Documentation 
  • Safe Work Method Statements
  • Accident Investigations
  • Accident Reporting to WHS Qld where legally required
  • We can act on your behalf as an intermediator with WHS Qld 


Work Health & Safety Manual includes information on:

  • Legislative requirements
  • Health and Safety Policy
  • Who is responsible for health and safety in the workplace
  • Managing health and safety in the workplaceHazard Management | Risk Assessment | Control Measures
  • Consultation
  • Resolution of Health and Safety issues
  • Action if an Accident or Injury happens
  • Safe conduct and local rules
  • Induction, training and supervision 


Included in Forms and Documentation:

  • Health and Safety Checklists
  • Hazard Management Approach and Risk Assessment Matrix
  • Employee Sign Off (Not signed – never happened)
  • Hazard Report Form
  • Workplace Injury/Incident Report
  • Emergency Contacts ListSafety Induction Checklist
  • Record of Training
  • Job Safety Analysis
  • Equipment Register  


Sample List of Safe Work Method Statements – tailored to your industry and specificidentified hazards, assessed as a risk to safety:

  • Arrival at Site, Preparations and Amenities 
  • Noise
  • Asbestos 
  • Occupational Violence 
  • Confined Spaces                                             
  • Plant & Equipment 
  • Electrical Safety 
  • Protecting the Public 
  • Emergency Preparedness and First Aid 
  • Roof Work 
  • Falling Objects Slips, Trips and Falls 
  • Hazardous Substances 
  • Working at Heights
  • Housekeeping 
  • Working Alone           
  • Hot and Cold Environments 
  • Using Ladders Safely   
  • Manual Handling 
  • Safe Work Methods Sign Off Register  


Failure to ensure the safety of workers including contractors, visitors and children is a breach of the Work Health & Safety Act 2011. Your business cannot buy an insurance policy to protect against WHS breaches – a failure to discharge your WHS obligations is a legal breach that can be brought upon you in a court of law. This is in addition to WorkCover and Public Liability claims. 


YOU MUST DOCUMENT AND MAINTAIN APPROPRIATE RECORDS AND WHERE REQUIRED ALL PERSONS IN THE WORKPLACE MUST BE TRAINED AND SIGN OFF AS EVIDENCE OF THEIR UNDERSTANDING OF SAFE WORK PROCEDURES AND SAFETY REQUIREMENTS. 


Work Health & Safety legal requirements apply even in the event of the self-employed, sole contractors who have no direct employees. Your duty of care covers anyone in a workplace where you are currently working. 


OUR SERVICES ARE DESIGNED TO HELP YOUR BUSINESS COMPLY WITH THE LEGAL REQUIREMENTS OF THE WORK HEALTH AND SAFETY ACT 2011. CONTACT US FOR FURTHER ASSISTANCE OR DETAILS.    


AVOID PENALTIES 


Breaching your WHS duties can involve large fines and even a jail term.


Category 3 offence: Failure to comply with a health and safety duty or electrical safety duty:

Corporation: up to $500,000

Individual – PCBU or officer: up to $100,000

Individual – Worker: up to $50,000  


Category 1 offence: Duty holder recklessly endangers a person to risk of death or serious injury 

Corporation: up to $3,000,000

Individual – PCBU or officer: up to $600,000/ 5 years jail

Individual – Worker: up to $300,000 / 5 years jail

​​FAIR WORK COMPLIANCE SERVICES


Is your business compliant with the new Fair Work Act? Do you know if you are paying the correct wage entitlements, carrying out redundancies correctly, properly complying with employee requests for more flexible hours, together with a host of other changes brought in under the new Act? 


Failing to follow correct procedures when dismissing an employee could cost you more than $51,000 in fines. Incorrect dealings with employees regarding requests for Flexible Working Hours can incur fines of up to $10,200. There have been many significant changes to awards and minimum conditions of employment. If your business has not taken the correct steps to identify employees correct rates of pay, penalties and other obligations you  will be in breach (and subject to penalties) of your workplace obligations.  


Maximum penalties have been increased for a corporation from $33,000 per breach to $51,000 per breach.

For an individual the penalty has been increased from $6,600 to $10,200 per breach. Failure to pay correct wages for four separate weeks can result in four separate breaches – four separate penalties. 


Fair Work is auditing tens of thousands of businesses each year as well as responding to employee complaints. The ease with which employees can make complaints makes the chances of businesses being prosecuted for workplace relations breaches greater now than ever before.


Under Fair Work when you tackle issues that affect your business – sicklies, absenteeism, dismissals, redundancies, flexible working arrangements, managing poor performance – it needs to be done carefully and properly. Getting it wrong can leave you exposed to huge fines and penalties. 


TO ASSIST YOU AND TO PROTECT YOUR BUSINESS WE PROVIDE THE FOLLOWING SERVICES: 


COMPLIANCE CHECKLIST 

  • Checks reclassification of employees as some positions may now be covered by modern awards
  • Checks modern award allowances as there may be increases in the number of allowances or amounts that should be paid
  • Checks modern award span of hours and penalties clauses
  • Checks the current industrial instrument for compliance against the new safety net provisions of the National Employment    Standard (NES)
  • Review of current employment arrangements
  • Check pay rates against “transitional arrangements” operative from 1 July 2010 


OTHER FAIR WORK SERVICES 

  • Compliant Employee Policies & Procedures Manual – helps you manage legal risks such as unfair dismissal; general            protections; workplace health and safety; discrimination and equal opportunity; privacy; internet and email usage;                  performance management and reasonable management action
  • Fair Work Australia Information Statement and Letters of Employment for all new employees
  • Employment contracts for non-award staff
  • Independent Contractors contracts for contractors
  • Individual Flexibility Agreements for award variances

ACCOUNTING AND BOOKKEEPING SERVICES


You must keep your business records for a minimum of five years. Keeping good business records also helps you monitor the health of your business, enables you to more accurately analyse cash flow as well as demonstrating your financial health to banks and other financial institutions. Most Request for Tenders, Expressions of Interest or major Quotations require you to submit the details of your business financial position as part of the response.


You can be fined by the ATO if your business is deficient in keeping and maintaining proper records. The penalty per breach is currently $3,400. 


Benefits of Up to Date Accounting/Bookkeeping Records:


Apart from being penalised by the ATO if required business records are not maintained there are many reasons why business should keep good business records:

  • Necessary to manage cash flow – meet commitments when they fall due
  • Necessary to gauge the health of your business
  • Necessary to assist in making sound business decisions
  • Necessary for banks and other lending institutions, to demonstrate the financial health of your business when finance is        required.  


TO ASSIST YOU AND TO PROTECT YOUR BUSINESS WE CAN PROVIDE THE FOLLOWING SERVICES: 

  • Review your current record keeping practices
  • Advise you of the types of records that need to maintained
  • Identify record keeping deficiencies that may lead to penalties
  • Provide bookkeeping services maintaining up to date records and accounts
  • By keeping books up to date we can provide financial reports for you and for others such as banks etc, as and when            required. Purchasing new plant etc – you could be asked for financial reports​


AS A MINIMUM RECORD KEEPING MUST INCLUDE:

  • Cash Book Records – Receipts and Payments
  • Tax Invoices, Debtors and Creditors Lists, Stocktake records and motor vehicle expenses
  • Wages Records – PAYG, Superannuation and Fringe Benefits
  • Taxes withheld from payments to suppliers who do not supply an ABN
  • Bank Reconciliation Statements
  • FBT Records


AT NO COST TO YOU, WE WILL SCOPE YOUR REQUIREMENTS AND PROVIDE YOU WITH A QUOTATION FOR THE REQUIRED SERVICES. WE WILL ONLY PROCEED TO PROVIDE THE SERVICES UPON RECEIPT OF AN AGREED AND SIGNED SCOPE OF SERVICES AGREEMENT.

CASH FLOW SERVICES


Good cash flow is more than just staying afloat. It’s about making your business as efficient as possible. By taking control of your cash flow you can reduce the amount of money needed to keep your business running from day to day.


Accounting systems are designed to produce balance sheets and profit and loss statements – snapshots of your finances at a particular period of time. They don’t track your changing cash requirements throughout the year. 


Your business needs a cash flow forecast – the forecast shows exactly how much cash will flow in and out of your business each month. This helps you to identify potential cash crunch points and helps you to make sure you have cash on hand when you need it. Then, you need to track your cash flow performance on a regular basis to make sure you are staying on track.    


90% of small business failures are caused by poor cash flow. Getting paid on time and managing your outgoings is crucial to business success 


Cash is the fuel that drives your business. Even though your business can be making profits it can still fail if it doesn’t have cash on hand to pay the bills. Businesses are taking longer to pay their bills this means your business is waiting longer to receive money due to it with which to pay your bills.


A summary of cash flow over the past 12 months - whilst it may be useful in learning from past problems - it cannot help you anticipate future ones. You need a cash flow forecast that shows how much cash will flow in and out of your business each month. By doing this you can pinpoint those periods when cash will be a problem – allowing you to better prepare to ensure you have cash on hand when needed. 


To be really effective your business will need to track its cash flow performance from week to week.    


TALK TO US ABOUT PROTECTING YOUR BUSINESS BY HAVING IN PLACE EFFECTIVE CASH FLOW FORECASTS. 


WE CAN PREPARE AND ANALYSE YOUR CASH FLOW WHICH IS FUNDAMENTAL IN UNDERSTANDING WHERE YOU ARE FINANCIALLY AND WHERE YOU ARE HEADING IN THE FUTURE.

BUDGETS AND FORECASTS   


Every business needs a budget if it is to maximise its chances to survive and grow. A budget sets revenue targets, monitors costs and aims to achieve a certain level of profitability and is the key to reaching your financial goals.


All too often businesses operate without clear plans to help them get to where they want to be. A budget helps create a financial plan that lets you control your business’s cash flow instead of it controlling you. A budget is really a simple tool that allows you to put your money where it can best be used. 


The budget will tell you how much money you need to make every month just to keep things afloat – helps you ensure that your expenses do not exceed your income so that you stay in business.   


For a business to grow and survive in today's dynamic environment where profit margins are squeezed and businesses are forced to operate with lower costs, budgeting and forecasting are important financial disciplines for business success. The challenge not only lies in drafting the budget, but also in operating within the constraints of the budget to generate income that provides revenue for the business.


While many people use the terms budget and forecast to mean the same thing, the following definitions may help you to differentiate between the two:

  • Budget - a detailed projection of expenses for a fixed period (often 12 months) set before the start of the period. Budgets are based on a range of assumptions about external market conditions and internal performance. Budgets help you to control your business's cash flow instead of it controlling you.

  • Forecast - a conservative estimate of how much sales revenue you'll have next year. Look at what you made last year, and extrapolate and forecast from that based on likely market conditions. 


In effect, budgets and forecasts are detailed financial extensions to the business plan. They set out the financial expectations of the business. They also guide decision-making and where the business will invest its resources (inventory, staff, plant and equipment) and predict business results.  


IN CONSULTATION WITH YOU, WE PREPARE YOUR BUSINESS BUDGETS AND FORECASTS SO THAT YOUR BUSINESS HAS A CLEAR VISION OF FINANCIAL AND CASH FLOW OUTCOMES GOING FORWARD.

BUSINESS START UP SERVICES


Setting up your own business can be an exciting time. Before you start, save yourself time and money by being aware of what's involved in running a business.


Investing time into proper planning is key to turning your dreams into reality. Operating a small business is not just about working for yourself or working from home, it's also about having the necessary management skills, industry expertise, technical skills, finance and of course a long-term vision to grow and succeed. 


When you are starting up your own business there is a lot to think about – all issues that we can help you with or deal with on your behalf:

  • Develop a Business Plan and Financial Plan
  • Decide on a business structure – sole trader, partnership, company etc. We can provide you with a list of pros and cons      for each type of business structure
  • Register your business nameIf your business is a company, you need to register
  • Register for an Australian Business Number
  • Register for GST and PAYG if applicable
  • State Government and Local Council licences or permits
  • Register your website domain
  • Review your will and personal insurances to ensure they allow a smooth transition if you die or become permanently            unable to work
  • Put business banking solutions into place
  • If a line of credit is required Budgets, Forecasts and Cash Flow will need to be submitted with the application
  • Set up your financial record keeping system, including an invoicing system and cash flow tracking system
  • Choose premises, negotiate a lease or purchase agreement
  • Arrange business insurances, including public liability, vehicle, fire, burglary, professional indemnity and sickness
  • Connect electricity, water, phones and power
  • Arrange fit out and purchase business equipment, furniture and fittings  


IF YOU DECIDE TO BUY A BUSINESS YOU NEED TO BE AWARE OF ALL THE POSITIVES AND ALL THE NEGATIVES. THERE WILL BE PLENTY OF BOTH.


It is generally less risky to buy a business rather than start one from scratch, but you will need to know about its track record, and make sure you are ready for the commitment of running a business.Type your paragraph here.

FINANCE AND INSURANCE SERVICES  


In association, we offer a one stop shop for your financial services. We can help save you time, money and protection of your assets.  


FINANCIAL SOLUTIONS: 

  • Refinancing and consolidation of loans to improve cash
  • Motor Vehicle and Plant & Equipment finance
  • Home Loans including Investment Property loans
  • Working Capital loans for your business
  • Commercial Property loans
  • Construction and Development loans
  • Loans for Self-Managed Super Funds to buy property


FINANCIAL PLANNING & PERSONAL RISK SOLUTIONS:

  • Investment and Superannuation Planning
  • Retirement Planning including transitioning to retirement strategies
  • Self-Managed Super Funds
  • Life Insurance
  • Income Protection
  • Total & Permanent Disablement Protection
  • Trauma / Critical Illness Protection
  • Insurance Structuring
  • General Insurances


CASE EXAMPLE – ALTERNATIVE TO OVERDRAFTS 


Pete has owned and run a successful electrical business for the past 8 years. He employs 5 full time staff and 1 part time office person to help run the business.


Because Pete’s debtors had begun to take a lot longer to pay Pete’s invoices, he approached his bank and asked for a “Business Overdraft”. His thinking was that the overdraft would allow him to continue paying wages and other business expenses while he waited to collect outstanding debts. As Peter had been a good client who always made his payments to the bank, the bank approved an overdraft of $100,000 in his business name and requested the following security: 

  • Director Guarantee
  • A guarantee from his wife who is not involved in the business
  • A mortgage over his house
  • A fixed and floating charge over all of the assets of his company 


Each year Pete had to provide updated financial statements and tax returns to the bank to have his facility extended for a further twelve months. This year Pete sustained a bad debt which saw the business show a small loss. This set off alarm bells with the bank who questioned his ability to continue to meet loan repayments. This led to a more formal review including revaluing his home.


The property had decreased in value and therefore the bank reduced his overdraft limit to $50,000. This placed immense pressure on the cash flow of the business and created a very stressful environment for Pete in continuing to run his business.


After meeting Pete and getting a much better understanding of his business a finance facility was secured for Pete’s business, replacing the overdraft and providing the following benefits: 

  • No annual review, a set and forget facility
  • No security required over his business
  • No future valuations on his property
  • A cheaper interest rate
  • Lower annual fees


THIS SCENARIO IS JUST ONE WHEREBY SMALL BUSINESS OWNERS HAVE BEEN ASSISTED BY RESTRUCTURING THEIR FINANCES.

TAXATION SERVICES


We can provide assistance and support for taxation related issues including, but not limited to, the following: 

  • Registering your business for tax
  • Keeping records
  • Deductions
  • Tax Concessions for small business
  • GST and Activity Statements
  • Superannuation
  • Contractor versus Employee – are your contractors employees or independent contractors
  • Sham Contracting
  • Understanding the difference between employees and contractors
  • Tax Audits – is your business ready?
  • Underreported Income – the ATO has a new way to check
  • Conditions for interest free payment arrangements with the ATO
  • When the ATO wont waive a tax debt due to financial hardship
  • Why ignoring the ATO is never a good idea
  • Having trouble with your tax debt
  • Is your ABN at risk of being cancelled by the ATO
  • GST –staying ahead of the ATO crackdown
  • How and when to adjust GST for bad debts
  • How to determine if you are liable for FBT
  • Taxable Payments Reporting to the ATO
  • How to survive the ATO’s audit blitz
  • Personal Service Income – how it affects your deductions – basic information you need to know
  • Other Tax Related Services

BUYING A BUSINESS


If you are looking at buying a business, you should seek as much information about the business as possible. 

  • Check financial statements
  • Check tax records
  • Check assets
  • Know your customers and suppliers
  • Find out why the owner is selling
  • Check legal rights and obligations
  • Check out the competition


Each one of the above steps involves quite detailed checklists of information to be gathered and assessed.


By the end of this process – called DUE DILIGENCE - you should know about the overall financial health of the business, its prospects, competitors and the market. If the vendor is reluctant to provide any financial information, then warning bells should be sounding. 


WE CAN ASSIST YOU WITH THE DUE DILIGENCE INVESTIGATION IN ORDER TO HELP YOU MAKE AN INFORMED DECISION - TO BUY OR NOT TO BUY.

TENDERS, PROJECTS AND QUOTES ASSIST SERVICES 


NOT SURE WHERE TO START – WE CAN HELP. Unless you are very experienced in preparing, costing and submitting tender | project | quotes responses, it becomes a very challenging exercise to understand what is required and how to prepare a response that gives your business its best chance to be successful. 


Not fully understanding the process could result in a response that misses the mark and therefore is unsuccessful. 


We can assist by: 

  • Reviewing the Tender, Project or Quote requirements
  • Summarising with full explanation of what is required to be able to submit an appropriate response
  • Working with you to summarise and understand costs, benefits and resources required
  • Preparing a response to a Tender, Project or Quotation submission
  • Reviewing your submission before lodgement

OTHER SERVICES 


We can help prepare, or review lease and finance agreements, summarising key issues that may impact your business. It is not just a case of reading the fine print, but also understanding the impact on your business of particular clauses within the relevant agreement. 


COMMON AGREEMENTS: 

  • Lease Agreements – these include rent agreements, motor vehicle leasing, lease of plant, property etc.
  • Finance Agreements – bank overdraft documentation, other finance documentation, finance agreement for the purchase    of assets etc. 


IT IS VERY IMPORTANT YOU UNDERSTAND WHAT YOU ARE SIGNING. WE PROVIDE A SUMMARY OF KEY POINTS INCLUDING THOSE ISSUES THAT SHOULD BE RENEGOTIATED.

Contact

enquiries@robertwatsonconsulting.com.au

+61.0411120975


WATSON BUSINESS CONSULTING SERVICES