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Business Due Diligence: The Know-how of it!

Buying a business requires a lot of probing and you have to ensure that the company's affairs are in perfect order before the purchase is finalised. For this purpose, a business due diligence is normally performed 60 to 90 days prior to settlement. A business due diligence is underway once a prospective buyer and the seller sign a letter of intent, which is often referred to as a term sheet. This is the agreement allowing access to business data, including the financials and sales figures. A business due diligence must be carried out effectively and the following points are crucial to achieve your goal: 1. Hire professionals You must hire professionals who are very well skilled in analysing businesses and can help you perfectly with the business due diligence process. For this role, your accountant is most of...

Timely Financial ‐ Part of your Businesses System of Success (SOS)

Steven Covey, the author of the best seller, “Seven habits of Highly Effective People listed the first habit as “Be Proactive" The month of April and May is a very busy time of the year for most of the accountants and our practice is no different. Our work during this period involves mainly the Preparation and lodgement of March Quarter BAS, FBT Returns, Preparation of 9 months interims financials to assist our clients with tax and business planning. We also focus on the completion and lodgement of the 2013 financials and individual tax returns before the due date of 15th May 2014. It is interesting when we engage in discussions with our clients relating to the 2013 financials statements that the human realization straight away is what the use of discussing 2013 financials is now when we are...

April – 2014 Practice Update

April - 2014 Practice Update covers following points - - Change in the FBT rate – 2014/15 - Small business panel to boost ATO’s expertise - GIC and SIC rates for June 2014 quarter - Why we must all exercise great care with super at year end - SMSF trustees may soon be fined for breaches by their fund - Super caps increased for 2014/15 Click here for - April 2014 Practice Update...
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