Discover the complete business solution
Stefano’s Practice offers a complete business solution offering specialised support for small businesses. Our no nonsense, plain English guidance and advice will eliminate the stress involved with making financial decisions.
Put all of your financial matters into our professional hands and gain the freedom you need to concentrate on running a profitable, successful business. You’ll enjoy the peace of mind in knowing that you’re building a lifelong relationship with Stefano, who understands your needs and values.
Each month/quarter we’ll do the following for you:
- Reconcile your bank account
- Generate a profit & loss statement
- Generate a balance sheet
- Clean up your general ledger
- Analyse the Financial statements to assess performance, monitor trends & identify improvement opportunities.
This forms the foundation of your small business accounting system and can be customized to suit your needs.
Keep your bank account, accounting and taxes up to date.
Having us reconcile your account each month allows you to:
- Identify lost cheques, deposits and unauthorised transactions.
- Detect and prevent excess/unjustified bank charges and ensures transactions are posted correctly by your bank.
- Detect and prevent embezzlement of funds from within your company.
- Know how your business is doing financially.
- Manage your cash more effectively.
- Protect yourself against unauthorized, fraudulent or forged cheques presented to your bank and paid by that bank.
Profit & Loss Statement
Get on top of your revenues and expenses to gain control of your profit & loss.
This allows you to:
- Track revenues and expenses so that you can determine the operating performance of your business.
- Determine what areas of your business are over-budget or under-budget.
- Identify specific items that are causing unexpected expenditures e.g. phone, fax, mail, or supply expenses.
- Track dramatic increases in product returns or cost of goods sold as a percentage of sales.
- Determine your income tax liability.
Obtain a snapshot of your business’ financial condition at a specific moment in time.
A balance sheet helps you:
- Get a handle on the financial strength and capabilities of your business.
- Identify and analyze trends, particularly in the area of receivables and payables.
- Determine if your business is in a position to expand.
- Determine if your business can easily handle the normal financial ebbs and flows of revenues and expenses.
- Determine if you need to take immediate steps to bolster cash reserves.
- Determine if your business has been slowing down payables to forestall an inevitable cash shortage.
Balance sheets, along with income statements, are the most basic elements in providing financial reporting to potential lenders such as banks, investors, and vendors who are considering how much credit to grant you.
Stay on track with your company’s financial records by maintaining a clean general ledger.
This allows you to:
- Track every transaction.
- Detect any problems that may throw off all your books.
- Hunt down any discrepancies such as double billings or unrecorded payments.
- Fix the discrepancies to maintain accurate books.
Maximise your Accounting software
As a certified member of MYOB Professional Partners and the Xero Advisor Programs, Stefano’s Practice can help you gain the understanding you need in using these programs and get the most from your investment.
We can help you with everything from initial set up to routine data entry and daily tasks to year-end report generation.
We also utilise a web-based management reporting and financial analysis tool which helps you to assess performance, monitor trends and identify improvement opportunities in the business.
The software integrates with MYOB and Xero so that data is uploaded as often as you want which enables you to analyse the performance of the business anytime, anywhere.
It provides a structured process for performance analysis – a process that will help you achieve better results!
It also helps to track, understand, and improve the metrics that drive your business, and
measures what matters the most – Profit, Cash Flow and Growth.
Xero is an online accounting system designed specifically for small businesses, which provides a view of your financial information in real-time.
With Xero you can:
- Keep abreast of your cashflow with automatic bank statements imported daily.
- Use the full suite of accounting features such as invoicing, payables, expense claims, GST, tax returns, reports and much more.
- Invite others (including us) to access your accounts to collaborate.
- Use anywhere you have internet access.
Ask us how you can get a free trial.