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QUESTIONS YOU SHOULD BE ASKING YOUR ACCOUNTANT
WHY ACCOUNTABILITY CAN BE YOUR BIGGEST BUSINESS ASSET
HELP YOUR BUSINESS SURVIVE A PANDEMIC
KEEP YOUR TEAM
CONNECTED DURING COVID
Understanding MYOB Brought To You By:
Business Planning
Outline and Benefits
Why we developed this service. Success is about planning; we want to help you achieve success. • Do you have a current Business Plan? • Have you set realistic and measurable goals? • Do you have clear strategies to achieve your goals? • Do you regularly review your goals in regard to changing circumstances?
A Business Planning session will require you to take time out from day to day activities in the business to focus on the business. Together we will review your past performance and clarify future direction. You will set solid and realistic business goals and define strategies for achievement. At the end of the session you will have a one page Business Plan which will act as a guide map to ensure you are on course for success.
Who should have a Business Planning session? Every business should have a Business Plan. Would you like: • To increase the level of growth, profitability and cashflow in your business? • Support to unlock your business potential? • A clear outline of what you need to do to unlock this potential? • A document against which to measure your progress?
What is involved? You’ll attend a four hour planning session facilitated by Marsh Tincknell. The key issues covered include: • Discussing and setting both personal and business goals for the next 12 months • Discussing and agreeing on an action plan with strategies to support achievement of goals • Identifying Gross Revenue Targets and Key Performance Indicators • Identifying opportunities and vulnerabilities in your business that need to be managed • Establishing a 90 Day Action Plan to address immediate critical issues We'll provide you with pre-work, which you will need to complete prior to the Business Planning session to ensure you identify any issues that need to be discussed. That way we can prepare any information required prior to the session.
Achieve financial success to maximise your freedom of choice.
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marshtincknell.com.au
When should I have a session? Any time is a good time to develop a Business Plan if you don’t have one, however it's particularly relevant at the start of a new financial year. If you're contemplating a major change in your existing business or starting a new venture, a Business Plan is crucial. You'll also require a Business Plan to support any financial applications.
CALL US NOW ON 07 3422 8000 to discuss the preparation of your Business Plan.
Benefits of a Business Planning Session • Review and set the direction of the business • Eliminate procrastination • Identify common goals amongst a number of directors (if applicable) • Identify and prioritise your key goals • Create strategies to achieve your goals • Identify what you will need to achieve your goals • Set timeframes for achieving your goals • Develop a tool to communicate your business goals and vision with your team • Divide your goals into short term and long term - quick wins vs. key projects • Develop a template to review actual performance against targets • Create a platform to develop Financial Forecasts • Use your Business Plan as a basis for you to set team members’ individual goals / targets
Achieve financial success to maximise your freedom of choice.
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Contents 7 9
WHY ACCOUNTABILITY CAN BE YOUR BIGGEST BUSINESS ASSET
UNDERSTANDING MYOB
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KEEP YOUR TEAM CONNECTED DURING COVID
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CHRIS OEY RELATIONSHIPS FIRST
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QUESTIONS YOU SHOULD BE ASKING YOUR ACCOUNTANT
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Every business should have a business plan to unlock your business potential.
HELP YOUR BUSINESS SURVIVE A PANDEMIC
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MARSH TINCKNELL STAFF VIDEOS
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DEAN BRUMBY INSURANCE SOLUTIONS YOU CAN COUNT ON
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TAKING CARE OF YOUR EMPLOYEE’S MENTAL HEALTH (DURING COVID)
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MARSH TINCKNELL STAFF PROFILES
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Contributors CHRIS OEY
Chris is an experienced banker with extensive exposure to all levels of business and corporate banking within the ‘Big 4’ Australian financial institutions in Australia. His career spans over 20+yrs in the industry and he takes great pride in being able to facilitate and assist with the financial success of his clients. As a trusted adviser, Chris understands that just like banking, business is about people. When he’s not at work, he loves spending time with his young family for great balance and perspective in life. 0420790900 chris.oey@lumencapitalsolutions.com.au
DEAN BRUMBY Dean entered the insurance industry in 1996 as a commercial underwriter before moving into broking in 1999 with an international broking firm. He commenced with Austcover in 2004 and for the last 16 years has built a portfolio of medium to large privately owned companies. Dean’s expertise lies in the fields of surveying, town planning, engineering and manufacturing/wholesaling businesses. His ability to listen to a client’s needs and requirements and provide cost effective solutions and recommendations means that he invariably delivers efficient, reliable and quality advice. austcover.com.au DeanBrumby@austcover.com.au
WHY ACCOUNTABILITY CAN BE YOUR BIGGEST
BUSINESS ASSET
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business has a lot of assets, some more obvious than others, but one of the most valuable assets that any company can have is accountability in the workplace. Accountability is about leadership, ownership and initiative and when harnessed correctly it can open up a plethora of business opportunities.
So why is accountability so important for business? Accountability in the workplace means that employees are invested in their work, their ideas and the end product and bottom line. When workers hold themselves accountable, they are taking responsibility for their work, their performance, the decisions that they make and the results that they get. They
are not simply clocking a time card on and off but rather they are investing in the business. When people are accountable it demonstrates a high level of commitment and is closely linked to workplace morale and we all know that improved workplace morale is directly linked to improved employee performance. Showing accountability illustrates a level of responsibility within the business and is not about passing the buck to someone else or getting away with the bare minimum. It is about being personally invested in your work and hence pushing yourself to achieve the very best results that you can. Accountability also demonstrates that employees are open to failure and with failure comes growth and development. Being able to acknowledge and learn
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So, what qualities will an employee have to benefit any business? They will demonstrate accountability, know how to get things done, be proactive and use open communication with other team members. They will also inspire co-workers to show initiative and be engaged in their work.
How can we foster accountability within the workplace? Here are some things that we can all do to break down these roadblocks and foster accountability within the workplace: Lead by example: If you show others that you are accountable for your actions and performances then they will soon follow suit. Complete tasks on time, be reasonable and supportive of your co-workers, be on time to meetings and do what you say when you say that you would do it. Not making excuses and leading by example is one of the most effective ways to foster accountability in the workplace. Improve your feedback skills: Feedback is vital for growth but it can be very difficult to give negative feedback without offending or upsetting those receiving it. If you get into the habit of regularly giving feedback, both positive and negative, it creates an environment where feedback is normal making it easier to give and receive. Feedback should be clear and direct and given within a safe environment. 8
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from mistakes can often be the first stepping-stone to real success.
ACCOUNTABILITY IN THE WORKPLACE MEANS THAT EMPLOYEES ARE INVESTED IN THEIR WORK, THEIR IDEAS AND THE END PRODUCT AND BOTTOM LINE.
Being ambiguous or wishy washy is confusing so be clear with your message. Don’t put off giving feedback as this only makes things harder and allows a possible problem to fester. Issues very rarely resolve themselves, so do not put off the inevitable – the sooner you deal with things the better! Make it a habit: Make feedback time part of your regular schedule so that it becomes a habit and allows consistency. Do this for both personal and professional development. Keep abreast of your commitments and hold yourself and others accountable: Clearly assign both yourself and colleagues the jobs that need to be done and make sure that everyone knows what they are responsible for and when it needs to be done by. Being clear on who does what and by when helps to streamline things and identify who is responsible for what and avoids a ‘passing the buck’ culture. Accountability is by far one of the most valuable assets to any business. It can be at times difficult for some people to adopt an accountable approach in business but it is a skill that can be fostered over time with the right direction.
UNDERSTANDING
MYOB
We have curated some of the best MYOB ‘How To’ videos that will help you through your MYOB journey here.
Introduction to MYOB Whether you have used another accounting software or not it is always well worth getting to know MYOB fully before you start. To make sure you get all the benefits without the heartache this video shows you all the basics.
What are Bank Feeds? How do you enter your bank statements? Entering them manually can be time consuming and leaves you open for human error. The best part of using accounting software like MYOB is the ability to get your bank statements fed straight in, without the worry of human interaction. You have to authenticate your bank with MYOB and allow them to speak to each other securely, after that it is just a matter of checking off each line item. THE BOTTOM LINE
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Personalise your Invoices Do you send invoices to your customers? By personalising your invoices they know and recognise your brand. This is so important when you are asking someone to pay you. MYOB helps you set up your invoices so they reflect your brand and personality.
Paying Super made Super Easy Super payments are a requirement for any business owner employing people, and yet it is one of the payments that can be forgotten. This MYOB video shows you how MYOB gives you the ability to record, check and pay super payments with the click of a button.
Business Insights Do you use the Business Insights component of your MYOB software yet? You should! This is an awesome way to understand where your company is at any given time. This video will show you all the benefits of using accounting software and to make sure you are being paid and paying ontime.
Reconciling GST Another requirement of owning a business or working for yourself is GST. As a business owner you are required to account and pay for any GST you charge or pay. In this video MYOB shows you how to make sure you have set up your transactions correctly and that the GST you are reporting is correct.
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KEEP YOUR TEAM CONNECTED
DURING COVID C onnected, by definition, means united, joined or linked; and having social, professional, or commercial relationships.
With Covid-19 came the rise of the WFH or ‘work from home’ workplace, which created barriers within teams, threatening the connection between teams and employees, hindering collaboration and stagnating the energy workers bounce off each other. Here’s the good news: in one survey by GitLab, almost 90% of remote workers believe there is enough technology to enable remote team communication. 84% stated that they successfully pulled off their tasks from home. The survey also revealed that the WFH setup improved health, reduced anxiety and decreased office politics. This means that an efficient remote team system that produces excellent output is possible. All it takes is a team willing
to iron out the initial kinks in setting it up and a commitment to nurturing workplace connection. PROPER MINDSET
In times of crisis, a crucial trait for a team leader is empathy. Understand that your team is still adjusting to the new work environment and uplift them by setting an example. • Show empathy. This is the time to be human. Be patient and listen to your team members. • Give team members the benefit of the doubt. The initial adjustment phase will be challenging. It’ll be easy to question team member’s commitment to work. Instead, encourage an environment of open communication, respect and trust. • Be flexible. Do not compare the past with the present, and accept that we are working under new THE BOTTOM LINE
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circumstances. Be open to changes and creative solutions. CULTIVATE RELATIONSHIPS Open communication, trust and respect are natural in a team where there are healthy relationships. The most creative ideas also often spring from friendly office banter. Do not let remote work and intimidation with technology kill friendships in the workplace. • Hold regular team meetings. Let these meetings be places for members to air out their concerns, ideas and challenges with working from home. Foster a sense of community, and a support system. Anyways, we are all on the same boat. • Try virtual coffee breaks and virtual team bonding. These will encourage friendships outside work. Reach out to members you haven’t bonded with and check-in on them too. • Be a team. In a team, there is a feedback system to improve the working dynamic. Be collaborative, inclusive and interactive. CLEAR COMMUNICATION The new setup means that the team must create a new working system. This involves establishing new rules, norms and processes of making things happen. The success of this endeavor will depend on the quality of communication within the team. • Invest in communication tools. There is an abundance of technology for this. Try project management software like Basecamp and Slack, and communication apps like Trello, 12
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Google Drive, ZenDesk and GitHub. • Be detailed and precise. We can no longer pop into someone’s cubicle to ask questions, so now is the time to be as specific as possible. Use tables, power points and images if needed. Don’t assume right away that everyone is on the same page. This will prevent confusion and mistakes, and save time and effort. • Make communication personal. Maximize video chats and phone calls. ESTABLISH BOUNDARIES WFH setup without boundaries can become toxic. No work boundaries in this setup can lead to a 24/7 oncall situation and end up destroying motivation. Boundaries will keep the working dynamic healthy and promote productivity. • Set working limits. Have a specific start, end and break time. Allow yourself to unplug during breaks or after your shift. • Set expectations. Be clear with the roles and responsibilities of each member in the team. This prevents confusion and is the foundation of a good remote team system. • Define rules of engagement. Agree upon how often people must communicate and when they should be available. Resilience is about embracing, adjusting and growing during changes. With a proper mindset, good work relationships, clear communication and boundaries, your business can come through this better than ever.
CHRIS OEY:
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Finding the right finance solution can be tricky at all ends of the spectrum, from home property purchases to obtaining strategic advice around debt structuring for complex transactions. Enter Chris Oey. He assists his clients to secure access to credit now and in the future, from individual borrowers to subsidiaries of international corporations wanting to do business in Australia. As Director and Head of Debt Advisory of Lumen Capital Solutions, Chris has had extensive exposure to all levels of business and corporate banking within the ‘Big 4’ Australian financial institutions in Australia. With over 50+ years of experience between himself and his partner Laura, have been able to place most if not all of their client’s finance requests - even during the pandemic. “During our time with the Big 4 banks we had to say ‘no’ to many clients who needed our help. As finance brokers, we are now able to access the entire spectrum of lenders, and the nonbank market continues to grow as the mainstream lenders tighten their credit policy even more, worried about the impact of COVID.,” says Chris. His journey began with a desire to provide our clients and network of contacts the depth and breadth of financing solutions outside of a single bank brand and credit appetite. “I take great pride in being able to facilitate and assist with the financial success of my clients. As a trusted adviser, I understand that just like 14
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banking, business is about people,” he says. The banking industry has, over time, lost the people relationship aspect. This is just one fundamental element of his work Chris is passionate about changing. “I love getting back to basics and just putting our client’s needs at the core of what we do. I also love the fact that we essentially act as our client’s bankers, providing a solid and stable link into the banking world where staff changes and internal restructures seem to be the one constant.” “Reconnecting with old colleagues has been an added bonus too! We find we can get better results because they know us and how we operate.” Chris’s clients are generally business owners, property investors/developers, and small corporates, simply due to his background, experience, and the contacts he’s nurtured over the years. His services cover all the different types of lending from home loans, to equipment finance, domestic/ international trade, cash flow lending, property...the list goes on! So what makes Chris Oey and Lumen Capital Solutions stand out from the crowd? “We invest the time at the start to put together a professional and compelling finance proposal, so that all the banker has to do is essentially present the application to their credit team. We provide strategic advice and guidance to our clients from a financing
perspective, and use our networks to further add-value - for example, introduce new sources of business and suppliers.”
the paradox of banking and finance is that when you or your business needs finance the most, it is usually the most difficult for the banks to say ‘yes’.”
If you are looking at getting all your financial ducks in a row, Chris highly recommends you plan well in advance.
Chris welcomes you to contact him if you believe he can add value to you and your organisation.
“Not only is it taking longer to complete a loan application at the moment, but
0420790900 chris.oey@lumencapitalsolutions.com.au
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QUESTIONS YOU SHOULD BE ASKING YOUR ACCOUNTANT
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t’s important to be on top of your finances, now more than ever, and a reputable accountant can keep track of your finances, supply you with a professional analysis of your balance sheets and make predictions for your business. Regular dialogues with your accountant will help direct you towards the best decisions to grow your bottom line. Here are 10 questions you should be asking your accountant to ensure financial growth.
1. HOW CAN I HELP YOU DO A BETTER JOB FOR ME? Your accountant is as good as the tools you’ve equipped them with. Provide them with all the relevant information necessary and be fully transparent with them about your finances. Good accountants may even ask you for other documents to better organise your finances.
2. WHAT SHOULD I CONSULT WITH YOU REGULARLY ABOUT, IN TERMS OF MY FINANCES? An accountant is knowledgeable in matters you may not be familiar with, such as individual and corporate taxes, and financial and retirement planning. By building a relationship with your accountant where they understand how you think in terms of your business and finances, they will be able to determine which factors to keep you regularly aware of. This will help you make better decisions for your business.
3. WHAT IS MY BREAK-EVEN POINT?
A good business strategy keeps profit above the break-even point, while a really good one keeps it way above the point and sustains it. The first step in achieving this is to know what your break-even point is. Afterwards, ask your accountant for specific ways to keep above it.
4. WHAT ARE MY MOST PROFITABLE PRODUCTS? Sometimes, your most profitable product isn’t even your best-seller. This information might escape your notice, but not that of a skilled accountant. Your accountant’s insights will become instrumental in creating strategies to boost sales of this product and maximise profit.
5. HOW CAN I CUT DOWN ON EXPENSES? An accountant can help you determine how to strategically cut costs. For example, accountants can give you insight into your true product costs and which of your products are most profitable. They also often have an idea on the expenses of your competitors. This can be very useful information in determining where to make cuts that will benefit you in the long run.
6. HOW CAN I BETTER MANAGE MY CASH FLOW? Maintaining a sustainable business requires maintaining a positive cash flow, and this is usually the main stressor for many small business owners. Ask your accountant to identify problem areas, tendencies you may have overlooked, as well as methods to help manage these. THE BOTTOM LINE
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7. HOW CAN I BE BETTER PREPARED FOR TAX SEASON? This is the main reason small businesses hire accountants. Accountants will be extremely helpful in figuring out which tax credits and deductions to claim, and their knowledge of tax laws will help you maximize writeoffs. Ask your accountant all your tax questions even before the filing deadline and get them involved in gathering documents and data throughout the year to avoid the year-end rush.
8. CAN YOU HELP ME REVIEW AND NEGOTIATE BUSINESS CONTRACTS? Accountants cannot practice law without a license, but they can collaborate with your lawyer in terms of the financial, commercial and tax aspects to make your contracts work for you.
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9. HOW IS MY BUSINESS FARING COMPARED TO SIMILAR BUSINESSES IN THE INDUSTRY? To know how well you are faring, you need to also evaluate your business’s performance against your competitor’s. Accountants can supply you with insight into industry trends and areas of improvement. Maximizing this information will help you keep up with competition and ensure growth.
10. WILL I SURVIVE AN ECONOMIC DOWNTURN? This is very relatable nowadays. The Covid-19 pandemic caused the downfall of many businesses and industries. This reveals the importance of a contingency plan to keep businesses afloat during bleaker times. Ask your accountant to spot potential financial risks and identify all possible solutions. This way, you ensure long term health for your business.
HELP YOUR BUSINESS SURVIVE A PANDEMIC
T
he COVID-19 pandemic has brought fast-moving and unexpected variables, some of which existing crisis plans and teams weren’t prepared to handle. The unprecedented event caught everyone off guard which has significantly impacted businesses and the economy. As the pandemic continues to evolve, it’s time to shift our focus to efforts that support a return to work, or re-building our businesses, while addressing needed changes in the months ahead. Here’s how organisations can begin making that shift - from mobilising during this time, to stabilising in the new environment and strategising for what’s next.
CONSIDER THE CRISIS AS A RESET BUTTON As the saying goes, the bigger things get, the harder they fall. This adage, unfortunately, is especially true for businesses. Huge companies like J.Crew, Dean and Deluca, and even Target, for example, have closed their doors in recent months. Meanwhile, locally owned businesses, that are generally more agile, were able to adapt quickly. The lockdowns have levelled the field. Everyone’s reeling from the weeks and even months without the ability to go to work. This includes your competitors.
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CHECK YOUR OBLIGATIONS AND UPDATE YOUR TERMS AND CONDITIONS Due to the current circumstances, there are obligations that you probably won’t be able to meet. That’s okay. There are more reasonable people in the world than those that are not and they’ll understand your situation. However, this doesn’t mean that you can just expect the kindness to continue throughout the crisis. Whenever you make a commitment, to either your customers or your suppliers, you need to honour it. So, it’s important to review your obligations and your commitments and revise them as needed. In the meantime, analyse your finances, update your financial forecasts, find cashflow inefficiencies, cancel redundant orders, and find ways to save cash. Compromise where you can. Where you can’t, don’t. This might mean saying no to new business coming in.
DON’T WAIT FOR GOVERNMENT AID Part of the taxes we pay is meant for aid during tragedies like this one. However, this doesn’t mean that you should wait for it to come before you do anything to help your business. 20
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So, consider the pandemic as a reset button. Everyone’s going to have to start pretty much all over again. This time, you’re equipped with more insight and wisdom. Hopefully, these are enough to help you make the tough decisions you’re going to have to make throughout this ongoing pandemic.
THE MOST CRUCIAL THING TO DO RIGHT NOW IS TO PLAN AHEAD.
Part of the reason why people start their businesses is to have more control over their lives. Waiting for the government to rescue you is in complete opposition of that mindset.
KEEP YOUR REMAINING CUSTOMERS HAPPY These days, not everyone has the luxury to buy things or to invest in a new product or service, this includes yours. It’s important, therefore, to keep the customers that you still have happy and content. This means being more proactive with their queries and being more engaged. Generally, just give them the best possible service you can give. The best thing about your ongoing customers is that since they’re with you during the crisis, there’s an even greater chance that they’re going to keep supporting you even when it’s all over. This, of course, is hinged on their satisfaction.
CONSIDER SCALING DOWN YOUR BUSINESS As entrepreneurs, we want our businesses to grow. Naturally, scaling down isn’t the most attractive idea in the world. But, it’s one of the quickest ways to stop your business haemorrhaging cash. So, the pandemic may be the best time to close down that underperforming store or let go of some of your unproductive employees.
THINK BEYOND SURVIVAL The most crucial thing to do right now is to plan ahead. Survival, while not easy, is still very much achievable. In the midst of crises like this one, a feeling of shared struggle makes people a little kinder. Everyone, including competitors, may be more sympathetic. However, once it’s over, the competitive nature of business ownership that we all know and love will slowly reappear. Lay the groundwork for sustained success right now. Forge good relationships with both suppliers and customers, build a comprehensive financial plan, and perhaps more relevant now than it ever was, prepare for future emergencies and tragedies.
CONSIDER YOUR WORKERS As we adapt to new ways of working beyond this pandemic, we need to address the areas affecting our people, such as returning to workplaces, collaboration and upskilling. Closed international borders have limited our access to skilled overseas
workers. So upskilling your current workers may be more urgent than ever and this quiet period is the perfect time to invest in coming back without the skill gap. You will need to balance the successful transition of their people back to the workplace or make the decision to continue to work from home. There are a few things to consider; Is remote working still working? Employee health and wellbeing, technological support for remote working, returning to offices and business locations.
TAX AND TRADE As you build your businesses resilience through the pandemic, there are a range of business continuity decisions around cash flow, workforce and supply chain being made that can trigger many tax compliance and tax governance considerations, so it’s imperative that you stay across the tax implications and business support updates as they develop.
FINANCE AND LIQUIDITY As we adjust to a new normal and business begins to resume, CFOs will be grappling with many questions. The Australian and global economic outlook will both have significant finance implications, so you will have to focus on scenario planning while managing day-to-day operations and financial and regulatory reporting obligations. Keep on top of current financial developments and tax implications at marshtinknell.com. There are plenty of blogs and articles keeping you up to date with global changes as we navigate the new business climate together. THE BOTTOM LINE
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Brisbane Accountants that map your journey to peace of mind, financial success and freedom of choice 22
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S TA F F
V I D E O S
WHAT ARE YOUR TIPS FOR MANAGING CASHFLOW DURING CRISIS?
WHAT ARE SOME TIPS FOR RUNNING A SUCCESSFUL FAMILY BUSINESS?
WHAT SHOULD YOU WATCH OUR FOR WITH CHRISTMAS STAFF BENEFITS & PARTIES?
WHY THE CONSTRUCTION INDUSTRY NEEDS A SPECIALIST
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DEAN BRUMBY:
INSURANCE SOLUTIONS YOU CAN COUNT ON
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nsurance forms an important part of the risk management strategy for your business as it offers financial protection when things go wrong. Of course, finding the right insurance solutions can be easier said than done and many business owners find it difficult to find the time to arrange insurance. This is where an insurance broker comes in - an industry expert who can provide professional advice and act on your behalf to make the process of finding business insurance a whole lot easier.
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Meet Dean Brumby, now with 24 years of industry experience behind him, Dean Brumby became a shareholder within Austcover, where he has spent the last 16 years building a portfolio of privately owned companies.
The primary role of an insurance broker is to act on behalf of their clients in designing an insurance programme to meet risk exposures, market and place relevant policies with underwriters and manage the claims process.
“We’re in the business of keeping it personal. We want to get to know you, and you us. We will work better as a team,” Dean says.
“There is always ongoing changes and management throughout the year in reviewing contracts around insurance clauses and changing asset values or motor vehicle schedules,” Dean says.
Dean’s expertise lies in the fields of surveying, town planning, construction, engineering and manufacturing/ wholesaling businesses. His ability to listen to a client’s needs and requirements and provide cost effective solutions and recommendations means that he invariably delivers efficient, reliable and quality advice. “Austcover’s ongoing service involves staying up-to-date with your circumstances, needs and levels of cover. We pride ourselves on our values that put the needs and expectations of our clients first. As the majority of our new business is sourced via referrals from existing clients, our reputation depends on it,” he says. Austcover was established in 1987 and is one of the largest Australian owned insurance broking and financial services businesses, servicing clients both locally and nationally. “Our success is built on knowing our clients, constantly searching the market for suppliers who can help us best meet our customers needs, delivering outstanding levels of service and supporting our clients when they need us most, in the unfortunate event of a claim.”
“Most importantly we are the advocate for our clients, not the insurance companies. We manage the claims process with the insurers to ensure our client obtains the best possible outcome.” It’s important that your insurance broker has established valued relationships and proactive lines of communication with those suppliers whose products demonstrate excellence and value for money. “We ensure our clients have access to a wide range of insurance companies, a broad range of products, exclusive policy options, and of course, competitive pricing.” Dean stands out from the rest by being dedicated to providing a premium level of service to his clients. How? “Through regular contact, reviews and support services outside the insurance transaction. This can relate to proactive risk management, premium funding, contract reviews and seminars and presentation on changes to the law which may have an impact on businesses I look after.”
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If you rely on the internet, email, websites or computer software to operate your business then your current insurance is unlikely to cover one of the most important aspects of your business: your data. Over 20% of Australian organisations suffered from a Cyber Crime in 2012 and cyber crime is on the rise. “Particularly around Social Engineering or Phishing. Best described where a server has been hacked and bank account details are changed on invoices which are sent to customers to pay. If funds are paid to fraudulent accounts then the client is covered for potential financial loss and not being paid by their own customer,” Dean says. “The majority of Cyber claims we see relate to mistakenly paying funds to fraudulent accounts. It’s always wise to check/verify customers bank account details before making payments, especially when you have been notified their bank account details have changed.” Dean can place Cyber Liability insurance on behalf of his clients, which protects them if they hacked and confidential client data may be at risk. “Cyber Liability will cover the cost to rectify IT systems following a hack, fines and penalties for any breaches in not securing data and business interruption/ loss of income if the business has limited or reduced trading following the event.”
consisting of an experienced panel of security and privacy consultants to ensure a rapid and effective response. Dean is also focused right now on Business Interruption Insurance. This protects the turnover and gross profit of a business as a result of damage by an insured peril. If a business sustains damage by fire or a weather event and it impacts their turnover and gross profit then business interruption insurance will cover the shortfall during the indemnity period which is normally up to 12 months after the loss. “It’s critical to be adequately insured so the business does not experience financial hardship and employees can be retained. Furthermore, if the business continues to trade then their customers aren’t lost to other competitors,” Dean says. So, make the process easier on yourself. Your insurance broker will be a single point of contact and have a good understanding of your specific business insurance requirements. Dean’s personalised approach means that he doesn’t provide cookie cutter solutions – instead, he will take the time to get to know you and your business.
Contact Dean for more information on how to best protect your business, at austcover.com.au
In times of crisis, a Cyber & Privacy Protection policy will protect you by providing access to a specialist team 26
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DeanBrumby@austcover.com.au
TAKING CARE OF YOUR EMPLOYEE’S` MENTAL HEALTH (DURING COVID) THE BOTTOM LINE
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T
he undeniable spike in anxiety, depression, PTSD and substance abuse that came with Covid-19 placed a blazing spotlight on mental health. For many, the economic downturn meant fast-depleting savings and bank accounts as well as potential tax debts. A research by mental health provider, Ginger, revealed that employees are currently experiencing the most stressful time of their career as they face overwhelming uncertainties about the future. Now, more than ever, leaders must commit to their employees’ mental health and overall wellbeing. After all, the health of the company and its bottom line are greatly determined by the health of your workforce. Here are 5 ways to take care of your employees’ mental health during COVID.
REDUCE THE STIGMA. Normalise conversations about mental health. Bring it up and make it clear everyone experiences this in one form or another. Educate yourself and your managers on mental health so that signs are quickly spotted and responded to appropriately. Encourage supervisor-subordinate discussions on mental health and encourage efforts by employees to seek help.
USE TECHNOLOGY TO OFFER RESOURCES FOR OVERALL WELLBEING. Maximize video chats and conferences to boost morale and maintain
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friendships among employees. This creates a support system and prevents loneliness. Furthermore, use technology to give employees access to useful company benefits and EAP (employee assistance program) benefits. For example, hire a virtual therapist, or organise virtual in-service events that teach employees stress management and coping strategies. Because financial stability is very relevant nowadays, give your employees access to accounting services or hire accountants to host webinars on good financial strategies.
PROMOTE THE USE OF YOUR COMPANY’S EAP BENEFITS. Now is the perfect time for your employees to use your company’s EAP benefits. Bring awareness to this important resource and talk to your employees about what it can offer, such as counselors and stress management services open to them.
PROMOTE WORK/LIFE BALANCE. For remote workers and even those who need to go to the office, it is very important that work does not become a 24/7 schedule. To promote employees’ mental health especially during this stressful time, establish healthy work/ life boundaries. Set breaks and specific times when work starts and ends so that employees can unplug. Let them know that their time for their families and for themselves are just as important as their work.
MAKE EMPLOYEES’ WELLBEING A COMPANY PRIORITY. This pandemic teaches us that companies must prioritize their employees’ overall wellbeing (meaning physical, mental, and financial wellbeing). Equipping your workforce with tools that help them with their overall health prepares them for any future circumstance that may bring about mental health issues. Examples of these are health insurance, superannuation benefits and EAP benefits. When employees feel that their company cares for their wellbeing, it fosters a sense of loyalty and inspires
them to do better. This will have positive effects on your firm’s productivity and net profit. The reality is, one out of four people worldwide will experience mental health issues at some point in their lives (based on WHO statistics). Refusing to recognise this often translates to a loss of $79 to $105 billion a year because of reduced productivity, absenteeism and health care costs. Thus, building mental strength in the workplace is not only human; it is also prudent. It may take time for mental health to be given the same urgency as physical health, but progress always begins with that first step.
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Meet the Team
BRETT DUNN Senior Accountant
Brett joined Marsh Tincknell in 2006 after completing a business degree in Accounting. He then went on to complete his Chartered Accountant qualification and now leads a team of accountants, utilising his experience to support them as they develop their technical knowledge.
SPOTLIGHT
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Let’s find out a little more about Brett.
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What do you enjoy most about working at Marsh Tincknell? We place a lot of focus on having the right people on the bus, so hiring and retaining the right staff is always paramount. The firm has supported me through some big stages in my career and personal life so it’s great knowing they are wanting the best for you, not just to get the best out of you. Brett loves a good music festival and shares his favourite festival memory. Looking back it’s hard to pinpoint a favourite memory as each show has its own unique experience which can be fun or unexpected or ridiculous. From a music perspective it would be seeing the Flaming Lips do the Yoshimi Battles the Pink Robots album start to finish in a hotel beer garden at SXSW in Austin, Texas in 2013. THE BOTTOM LINE
Have you been affected by Covid this year? How did you manage the changes? From a work perspective, we’ve had numerous clients who have been greatly impacted and it’s hard to imagine the stress the uncertainty has on their lives. It’s tough and uncertain times out there so we’ve just been supporting our clients where we can help navigate the storm. Personally, I was due to get married in August, 2020, in the UK, but Covid definitely messed that up. We’ve rescheduled till July, 2021 so fingers crossed things have eased by then. How important is work/life balance and how do you maintain your balance? Work life balance is definitely front of mind for me. A few years into accounting I found the standard 8.30 - 5 wasn’t working for me, so I approached the directors and requested I change my hours to better my performance. I think the key is understanding what you need in yourself to be happy (time for family, be more active, more sleep) and then organising your life so you get enough of all those things. And don’t be afraid to ask your boss! All they can say is no. The perfect Sunday is…. The perfect every day is bodyboarding! A perfect Sunday is definitely getting the gills wet, whether it be bodyboarding, a surf or swim. Then late breaky and catch ups with friends. Maybe a hit of tennis or some other exercise in the afternoon, followed closely by some beers. Then see a band at night.
Meet the Team
How did you get into accounting?
ADRIAN TAN Senior Accountant
Adrian is both a qualified Chartered Accountant (CA) and Chartered Tax Adviser (CTA). He is a key member of the team at Marsh Tincknell, providing services and advice to clients across a range of industries. So, how does Adrian unwind outside the office? I am really passionate about my tennis and NRL, which often ends up with me yelling at the TV. I also do enjoy my cooking and finding the best food around Brisbane.
Maths was a strong point of mine when I was younger but my interest in accounting really developed when it was paired with business. Accounting seemed to be the common denominator across many of the business topics and really gave an insight into how they operated. Since then I have found that my real interest is building relationships with my clients and helping them on their journey to success. Dreaming of travel? Where in the world and why? I would really love to go to South Korea and Japan. Food is a big factor for visiting these two countries but I would also love to go skiing over there. The perfect Sunday is‌ A meal with friends or family, paired with a nice wine or cold beer.
How important is work/life balance and how do you maintain your balance? Marsh Tincknell really does provide that flexibility to its staff but I make sure I allocate time during the week for myself, whether that’s going to the gym, playing some sport, experimenting with a new recipe or going out for a meal.
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