Prepare yourself…

We find serious errors in 80% of the accounting we see

At best, these errors are costing you money and success. At worst, they can cost happiness, relationships, freedom and years of your life.

It’s true, the vast majority of accounts, from small businesses to pretty big ones, are just not right.

Something spirals out of control and you find yourself in hot water with the ATO or there’s a line of creditors breathing down your neck. Or maybe you simply have a sense that things just don’t seem right. Follow your instinct … the chances are, you’re right.

We’re not talking about a few mis-allocated expenses… the errors we find are worth worrying about; in some cases, they’d buy you a new Maserati, in others… they’d get your cashflow back on track… and in others still, they’d mean you could keep your house.

The problem is that most of the time, no one discovers them until the proverbial hits the fan somehow:

  • The ATO keeps calling
  • Unknown tax debts come to light
  • An ATO Garnishee notice arrvies
  • There’s a Cashflow crisis
  • Key staff leave
  • Partners exit

It can happen to the best of us…

All of a sudden, you need fast, specialist accounting intervention

An accounting emergency isn’t too far removed from a health emergency… it can seem like one moment you’re out for a walk in the park, the next, you’re waking up in an emergency department wondering what on earth just happened.

As with health, something overlooked, simmering issues ignored, poor management or just plain bad luck can land you in an accounting crisis that requires urgent intervention.

At this early stage, getting to the bottom of how it came about must take a back seat to addressing the emergency.

There’s no time to argue back and forth with your accountant about what’s gone wrong or to dive in and try to work it out for yourself. An accounting emergency needs to be treated like a health emergency:

  1. Assessment
  2. Triage
  3. Act fast

Once the situation has been stabilised, often the causes are revealed and measures can be put in place to ensure it doesn’t happen again.

When we met Allan, his $220k personal tax debt had progressed well past negotiating with the ATO and was now a legal matter. Like so many clients we see, Allan thought his tax was paid up but was unable to get an explanation from his accountant as to why he seemed to have to pay more and more.

Allan spoke with our CEO Catherine McMurtrie over the phone and within the first few minutes of the call, she twigged what the problem was. Sorting it was not so easy though. We embarked the complicated process of sorting out mistakes a previous accountant had made and unravelling the red tape of the ATO’s systems though and were able to crystallise the matter and explain what had happened to Allan.

We redid Allan’s tax returns and got him out of the firing line. Since then, we’ve handled all Allan’s accounts and tax compliance.

* This is a real case study, we’ve just changed the client name to protect their privacy.

What’s an accounting emergency?