Business SUpport services
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.
SUMMARY OF OUR WORK HEALTH & SAFETY SERVICES:
Work Health & Safety Manual includes information on:
Included in Forms and Documentation:
Sample List of Safe Work Method Statements – tailored to your industry and specificidentified hazards, assessed as a risk to safety:
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.
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:
OTHER FAIR WORK SERVICES
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:
TO ASSIST YOU AND TO PROTECT YOUR BUSINESS WE CAN PROVIDE THE FOLLOWING SERVICES:
AS A MINIMUM RECORD KEEPING MUST INCLUDE:
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:
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 PLANNING & PERSONAL RISK SOLUTIONS:
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:
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:
THIS SCENARIO IS JUST ONE WHEREBY SMALL BUSINESS OWNERS HAVE BEEN ASSISTED BY RESTRUCTURING THEIR FINANCES.
We can provide assistance and support for taxation related issues including, but not limited to, the following:
BUYING A BUSINESS
If you are looking at buying a business, you should seek as much information about the business as possible.
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:
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.
IT IS VERY IMPORTANT YOU UNDERSTAND WHAT YOU ARE SIGNING. WE PROVIDE A SUMMARY OF KEY POINTS INCLUDING THOSE ISSUES THAT SHOULD BE RENEGOTIATED.
WATSON BUSINESS CONSULTING SERVICES