Westcourt

Snapshot of the stimulus provided by the Federal government

The Federal Government has released a $17.6 billion stimulus in response to Covid-19. A second Federal Stimulus is in the works and we will keep you updated on the details as they are released. We’ve put together a little infographic with a quick snapshot of the stimulus and what it means for businesses. According to… Continue reading Snapshot of the stimulus provided by the Federal government

Snapshot of the WA State Government stimulus package COVID-19

The WA State Government has released their own $607 million stimulus package in response to Covid-19. This includes payroll relief for small to medium businesses as well as a freeze on household rate increases. Check out our info graphic below for more information. Please contact us if you need advice or help.

How to create a business plan that impacts on a family business

Creating a business plan for a family business is often seen as an academic affair.  Quite often the small business accountant will be sent an email with a request to write a business plan and then presto!  In two weeks the document will arrive. And then stagnate. Why a business plan is valuable The value… Continue reading How to create a business plan that impacts on a family business

Financial Reporting: 6 Simple Ways to Understand Your Financial Statements

The operation of a family business is difficult.  And the ability to understand the financial performance and money flows inside a family business is critical to achieving long term success.  This is true for every small, medium or large business.   Every family business should make the effort to analyse financial information within their business, by… Continue reading Financial Reporting: 6 Simple Ways to Understand Your Financial Statements

Getting the bank to back your family business: going beyond the broker

In most family-owned businesses the bank is an extremely important business partner.  Quite often the bank will be the second largest source of finance (after the family). So the management of the relationship with the bank is often an important part of the success. And the time to manage the bank relationship is when the… Continue reading Getting the bank to back your family business: going beyond the broker

Why do family businesses fail?

The reasons for a failed business can come through thick and fast. In a world faced with technology change, high taxes, high employment costs and digital automation the reasons for a failed business are literally endless. So what is the major reason a family business fails? In our experience it is the family. The ability… Continue reading Why do family businesses fail?

When can a binding death benefit nomination be a bad idea?

Estate planning for business families is difficult.  There is a raft of legal terms like enduring powers of attorney, testamentary trusts and complex tax outcomes depending on the structures and the family dynamics.  If that complexity is not enough some business advisors in Perth are not independent and everybody has a different approach. What is… Continue reading When can a binding death benefit nomination be a bad idea?

Getting ready to transition your family business

The act of moving the family business from one generation to the next is a life long journey.  It is affected by the location of the heirs (Perth or international), the capacity of heirs and their relationships within the family.  Understanding, educating and helping the next generation to prepare to control the family wealth and… Continue reading Getting ready to transition your family business

Using Hubdoc and Receipt Bank to automate paperwork and date entry in a family business

It is a sad fact that doing the accounting taxation, and financial management for a family business in Perth involves a lot of paperwork.  There is a lot of retyping data and filing documents endlessly. Thankfully, and after an incredibly long time, technology is automating the mindless paper chase. And incredibly it is now working.… Continue reading Using Hubdoc and Receipt Bank to automate paperwork and date entry in a family business

How to deal with conflict in the family business

If you are a family running a business you will inevitability have conflict.  The conflict might be over financial matters, the tax structuring, how you talk to each other, the business strategy, remuneration or just the colour of your business cards. Conflict is normal.  And conflict is a good thing.  It challenges how the business… Continue reading How to deal with conflict in the family business

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