Case Study 3: Richards Business Overhaul

Kramer & Elaine hadn’t received sound advice prior to meeting Nationwide, however since our initial chat, their wealth has increased exponentially!

The following case study relates to a real life example of how we helped Kramer and Elaine, achieve the following results in 10 years

$25,000

In annual tax savings

22+ 

Hours to actually grow the business, instead of work in it

897%+

Increase in customer engagement using social media metrics

Don’t forget you can still book an online appointment with us – we’ll give you a call and have quick chat – no obligation! :)​​

Our Client

Richard owns a successful restaurant business with multiple locations and employees throughout Adelaide. He wanted to expand his business, but wasn’t across all the financial details and was sure a number of his clubs could be managed more efficiently.

Whilst he had a bookkeeper, he spent a lot of time taking care of his business administration and couldn’t find the time he needed to spend on growing the business and generating more profits.

He was looking for a business accountant who could simplify his business finances and provide him with advice and support to help him take his business to the next level.

The problems

  • Richard’s existing accountant was providing him with only a basic business tax preparation service with very advice or strategies to grow his business
  • He was paying a bookkeeper approximately $25,000 to keep his books up to date, yet he had no idea what his business cash flow looked like, how much he owed in GST, how each separate club was performing in comparison to others, or how many clients were falling behind on their monthly fees
  • Whilst his bookkeeper helped manage the books, her lack of tax knowledge was costing Richard additional accounting fees as his accountant was consistently reworking the data
  • Richard was so caught up in the day-to-day administration, teaching classes and managing employees, he had very little time to spend working on the business

How Nationwide Accountants & Advisers helped Richard

  • We implemented an online accounting solution that fully automated Richard’s business accounting, giving him a real time view of his business cash flow, eliminated all manual data entry and provides him with 24/7 access to his business accounts from his PC, tablet and mobile phone
  • We automated his business invoicing allowing him to instantly create invoices, see which customers opened up their invoices, track who hasn’t paid, send automatic payment reminders and allow clients to make instant online payments with the click of a button
  • We automated Richard’s payroll, allowing him to pay employee wages and super with the click of a button, provide employees with online access to payslips, and eliminate the need for Richard to print out and email payslips
  • We attached a reporting tool to Richard’s business online accounting software which provides him instant access to up to the minute reports on him with powerful reports on every aspect of his business, from reports comparing different club performance, profitability and cash flow to management reports and profit forecasting
  • We helped Richard outsource a digital marketing agency that provides search engine marketing strategies that drives more traffic to his website, and paying customers to his business

The results

As a result of our recommendations, Richard has achieved the following results:

  • By implementing a cloud based accounting solution, Richard is able to run his business on the go, from anywhere, anytime, through his PC or mobile phone
  • By automating his accounting, invoicing and payroll, Richard has eliminated a majority of his business paperwork and manual data entry, giving him more time to focus on growing the business
  • Richard was also able to discontinue paying a bookkeeper to manage the books, saving his business $35,000 per annum plus unnecessary costs for rework
  • With access to real time data and reporting, Richard knows where his business stands and with our help is able to identify business risks and opportunities
  • Richard’s business cash flow has significantly increased as a result of his invoice automation, tracking and reminder system
  • With real time reporting, Richard doesn’t have to wait until the end of the month or year to know where his business stands, his BAS returns, profit & loss statements and balance sheets are automatically calculated and can be completed and viewed with just the click of a button, saving him time
  • Richard pays employee wages, super and provides payslips with just the click of a button
  • Richard has experienced a significant increase in customers throughout Adelaide, as a result of outsourcing digital marketing strategies

Post becoming a client

We are currently in the process of putting together a financial roadmap to help Richard grow his personal wealth and reach his life goals. We are also helping him put a business plan together, with the view of opening more restaurants.

Don’t forget you can still book an online appointment with us – we’ll give you a call and have quick chat – no obligation! :)​​

 

Please Note: Whilst this is an actual example, all personal details have been changed, for confidentiality purposes.


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