Interested in this service? Don’t hesitate to get in touch with our team!

About this service

At Inspire, as your Accountants, we ask you questions to make sure you keep a focus on growing your family’s wealth.

Most business owners we’ve seen put so much energy and effort into their business that they often forget that there’s a bigger picture that they’re working for. Unfortunately, some of the stresses of business keep us down in the trenches, rather than taking stock for a moment to see what the biggest strategy is.

What I want to encourage business owners to do is to make sure you keep an eye on where your family wealth is going and make sure you’re growing wealth outside of your business. You never want to be at the end of your career or your business life, and your business is your only asset – there’s a few problems with that…

The first problem is that you’ve got little to no diversification in assets, so you’re relying on your business sale value to help you in retirement. That can be quite risky if your business is susceptible to external risk factors, or even internal risks where it could be your own health, age or your own desire to keep growing the business that could affect that one asset.

Therefore, we need to make sure that throughout our lifetime, we’re keeping an eye on the future, putting money away, making investments outside of our business, but also to provide for secondary income sources as well. So yes, we want our business to produce asset value and profit, but we also want to start creating assets to take the pressure off of the need to work and give us back that choice.

At Inspire, we ask you the right questions to keep tabs on the focus of growing your wealth. We’ll ask you questions such as –

These are the questions we discuss during our Wealth For Life workshops.

We will talk about –

Our wealth framework is called “Wealth for Life” and you can find more information on our website HERE or if you’re a client of ours, we can book you in for a Wealth for Life workshop – just ask!

FAQs

Family means the world to us so we only work with business owners who believe that family is their most important business.

What’s the point of great financial success if it comes at the cost of precious moments with those who we love most?

We work with clients who want to better understand the numbers that grow their business and as a result we have clients who are –

  • Dentists, Doctors, Psychologists, Physiotherapists and Psychiatrists
  • Property Developers, Project Managers and Builders
  • Personal Trainers, Gym Owners and
  • Marketing Agencies, Educators & Online Retailers
  • Lawyers, CFO’s, Directors and CEO’s

But most importantly our clients see themselves primarily as proud –

  • Mums & Dads
  • Husbands & Wives
  • Boyfriends, Girlfriends & Life Partners
  • Sons & Daughters
  • Nans & Pops
  • Cousins, Aunties & Uncles

In fact we don’t call our clients ‘clients’, they are affectionately known as our Inspire Family.

You might like to know that our clients are located all over Australia with a strong presence around Brisbane, Sydney & Melbourne.

We help entrepreneurs and business owners:

  • Understand the Numbers that Drive their Business
  • Structure Effectively for Business Growth
  • Carry out Strategic Tax Planning
  • Implement Cloud Business Solutions
  • Keep Tax and Accounting Lodgement Obligations Squared Away
  • Set up and Run Self Managed Super Funds

We’re best known for 2 game-changing small business services –

“It’s all sorted” – a proactive small business tax and accounting service that pays for itself in tax savings. Our average tax savings for 2017 was $27,000 per client which is a 3.5 x return on their investment in our service.

“Get Cashed Up” – an 18 month business development service for business owners to double their profit and double their days off. Based on the 7 step method to pull more money, time and happiness from your business from the book “Cashed Up: 7 Steps To Pull More Money, Time and Happiness From Your Business”.

Yes, we more than cover your standard accountant’s’ role, and our clients say we’re set apart by two main things:

  1. Our ability to provide peace of mind through explaining the why and not just the what; and
  2. That we’ve “bought in” to their business, shoulder to shoulder, with intention to grow together.

We have a unique approach to providing insight into the numbers for entrepreneurs and business owners.

We want you, the business owner, to really understand the numbers behind what is going on in your business.

We work with you either on a monthly or quarterly basis, not just providing the numbers to you, but helping you to be able to use them in a meaningful way in the day to day management of your business.

We do not charge by the hour (so we aren’t rewarded for being inefficient), but rather we charge a fixed price that you know up front for the value that we provide.

It’s a different conversation and the focus for both of us is where the value is (rather than ‘let’s be quick and get this over with’ under the archaic hourly rate model).

When you come to us, we will agree on a price for any work to be undertaken at the start, then agree to a monthly ongoing amount moving forward. If there’s anything that pops up along the way, we will always agree on a price before we begin.

Oh, and we do not charge for every little phone call and email – this is just part of a working relationship!

In fact 9 times out of 10 your investment in our Tax & Accounting service pays for itself in tax saved. Sometimes 5 – 10 x times over!

That’s taking money that otherwise would have gone to the tax man and putting it towards building a family first business. Woohoo!

p.s. the 1 out of 10 exception to this rule represent the startups who aren’t earning enough money yet to make a significant tax saving!

We’ve heard some pretty bad horror stories of old school accountants taking days, weeks and sometimes even months to get back to your questions.

Our response time to phone calls and emails is key number that we focus on – and we measure it in hours, live on our website.

We successfully keep this number less than 24 hours on average for our clients.

The dream that we are working towards is getting this response time down to zero. How? We’ve anticipated your needs so well, and provided so much proactive advice that you’d never have to email or call.

We’ll get there one day!

‘Turnaround time’ is another key number that the team measures closely.

We aim to have any urgent projects and work turned around within 10 business days, so that we’re able to achieve the outcome without ridiculous delays.

Like a workflow tango, turnaround time on your tax work is a two way street – we need you to work with us too when it comes to getting us the info we need on time.

Cloud accounting

The adoption of cloud accounting software is saving businesses thousands of dollars, and hours of bookwork every week.

We work with multiple cloud accounting providers and dozens of their add-ons but we believe Xero are the absolute best solution for small business.

As a result almost all our clients are use (and love!) XERO so our team know it like the back of our hand (Xero even certified Inspire CA as their Gold Partners)

Ultimately the smart use of technology is all about saving you time.

We go into a bit more detail on cloud accounting over here.

We’re big fans of throwing around ideas on a whiteboard in the boardroom. But what about for the in between time?

We use technology such as Zoom to enhance web meetings and to describe concepts and run scenarios from our computers. We can share our screens and run you through diagrams using LucidChart.

We’ve also adopted online signing software, DocuSign, which is a dream to get documents signed and lodged.

To be able to provide real insights to your business, we need to be in contact with you many times over a year.

Ideally, we would catch up in some form at least every month, but if that is too regular for your stage in business, we can also catch up on a quarterly basis. (Any less than every quarter and we can’t provide as much value to you.

We’re a team of 20 who punch well above our weight in terms of adding value. Amongst our team are chartered accountants, business owners & serial entrepreneurs, ex-bankers, bookkeepers, CFO’s & educators.

We also engage a global team of experts when we need some extra hands on deck.
Why don’t you come on over and I’ll introduce you to the team…

Inspire Accountants was founded by Ben Walker at the age of 23 with nothing but a borrowed printer, a laptop and a simple idea: what if, instead of just doing tax and reporting on history, accountants could give game changing advice that could help people write a better future for their business and their family?

Four years on, Inspire Accountants has been showcased as a global example of what an Accounting firm should be, thanks to Ben’s disruptive approach to throwing out timesheets & charging by the hour, his challenge of the traditional ‘old school’ model of the accounting industry and belief that Accountants change lives.

Ben is a winner of the coveted Anthill Online 30under30 award for 2014, was named a finalist in the Brisbane Young Entrepreneur of the Year awards and has been featured in many publications including the Courier Mail, Small Business Big Marketing Podcast with Tim Reid, Brisbane Business News & the Dent Podcast.

Today, while he continues to lead Inspire Accountants as CEO & Founder, Ben’s goal is to inspire others create a business that gives them the freedom to put family first and to make a positive difference in the world.

Budget $500 / month for our proactive tax and accounting service called “It’s all sorted”. We aim for this service to pay for itself in tax savings and in 2017 Financial Year our average tax savings per client was $27,000. That’s a 4.5x Return on Investment.

So my question to you is, is your accountant taking money or making money?

We are proud of our team of 20; 12 Accountants, 4 Admin team, 3 Marketing team, and 1 Executive Assistant.  Although we are small (compared to the faceless monoliths the founders used to work in before starting Inspire) we truly believe in the words of Margaret Mead who said “Never doubt that a small group of thoughtful, committed citizens can change the world; indeed, it’s the only thing that ever has.” In fact in 2016 we were the ONLY accounting business to be named Top 100 Companies in Australia in the coveted annual anthill online Cool Company Awards.

Yes absolutely. We have access to a team of qualified accountants offshore who help us churn through all the low level data entry work. Unfortunately this outsourcing model is no cheaper to us than having more local accountants but it does enable us to be free of all the lower value transactional tasks, leaving us free to do higher level tax and profit strategy with our clients.

About this service

Estate Planning involves much more than having an up to date will. It is important to ensure that your assets are distributed in the most effective manner and without adverse tax consequences for your beneficiaries.

Death may be one of the two certainties in life – the other being taxes – but another could easily be the reluctance many have towards dealing with this inevitable event. Do you know how your loved ones will be cared for if something happens to you? If the answer is “no”, then it’s time you took steps to put your affairs in order.

There are many good reasons for having an estate plan, these are just the top three:

1

Not wanting to add to your family’s anxiety or hardships while they are trying to deal with their loss

2

Your hard-earned assets to end up in the wrong hands or to cause friction between those named in your will, simply because your intentions weren’t properly documented; and

3

Your beneficiaries to pay more tax on their inheritance than they are obliged to.

That’s why proper estate planning, including having a will and keeping it updated, is essential.

In Australia, if you die without a valid will – known as dying ‘intestate’ – a court-appointed administrator could be charged with distributing your assets and even deciding who looks after your children if they are under 18. He or she may follow a pre-determined formula that could lead to a very different outcome to the one you wanted, which could cause delays in settling your estate. Studies show that 45 per cent of Australians don’t have a will so if you don’t have one, then it’s time to join the 55 per cent.

Drawing up a will is far more complex than merely deciding to whom you want to leave your assets to. An understanding of which assets pass into your estate is required and this is why seeking advice is important.

Joint tenancy and tenancy in common

Jointly owned assets or property can be held in one of two ways – either as joint tenants or as tenants in common. If an asset is held as joint tenants, on your death, the surviving joint tenant automatically acquires ownership of your share of the asset (‘rule of survivorship‘). The asset won’t form part of your estate and can’t be dealt with under your will.

If an asset is held as tenants in common, your share of the asset (i.e. 50%) will form part of your estate and can be specifically dealt with under your will.

Assets owned by a company or held in trust

If you own assets via a company or trust, your estate plan needs to address how control of that entity will be passed upon your death. This will ensure the assets of the entity will pass in accordance with your wishes.

In the case of a company, this will involve considering who will be entitled to any shares you own in the company on your death. It may also require an examination of any rights you may have under the constitution of the company to appoint directors.

In the case of a trust, you will need to examine any rights you may have under the trust deed to appoint a replacement trustee and/or appointor or to wind up the trust and direct how its assets should be disposed of. If the trustee of the trust is a company, it will also involve considering who would be entitled to any shares you own in that company.

Superannuation & Life Insurance death benefits

Assets held by a superannuation fund usually bypass the estate and are paid to a dependant spouse or children, as are life insurance benefits with binding nominations (where you specifically name your beneficiaries). If there is no nomination or the nomination is faulty, the payment of benefits may be subject to the super fund’s rules, and this may not always be what you desired.

As part of your estate plan, you also need to consider the tax implications of how your death benefit is dealt with. Lump sum payments paid to dependents (as defined under income tax laws) are tax free. Taxable components paid to non-dependents are subject to tax.

Planning for your own future needs

You should also be planning for your own future requirements. For example, there may come a time when you’re unable to make decisions for yourself because of a loss of capacity. To assist here, you need to nominate an enduring power of attorney. This trusted person is someone you appoint to make financial and property decisions on your behalf.

Nominating an enduring power of attorney before you get to the ‘loss of capacity’ stage is important as you can’t nominate one after this happens. Remember that a regular power of attorney becomes invalid upon your death or if you lose the mental capacity to make your own decisions. An enduring power of attorney, however, will allow your trusted person to act on your behalf if this happens and you are no longer able to manage your financial affairs.

You may also wish to nominate a medical power of attorney, also known as an enduring guardian, who can make medical decisions on your behalf.

Testamentary trusts

A testamentary trust is a trust established by someone’s will. It comes into existence only when that person dies. Including a testamentary trust in your will can be useful for making tax effective distributions to beneficiaries under the age of 18, caring for children or a dependent who is incapacitated, and preventing beneficiaries from inappropriately spending their inheritance.

Tax effective estate planning

The disposal of assets in accordance with your will may have tax consequences, including CGT, that you should consider when drafting your will and creating your estate plan. There are many strategies you can use to help make your estate plan as tax effective as possible for your dependents and beneficiaries.

Some of these strategies include:

Tax:

There are many tax time bombs found in estate planning. For instance, an asset you leave one child may be subject to capital gains tax while an asset left to another may be exempt. This could result in each child receiving very different inheritances when you thought you were leaving them equal shares. Also, the tax payable on some benefits may depend on each beneficiary’s personal circumstances.

Asset ownership structures:

Different structures offer different benefits. For example, a testamentary trust comes into effect at the time of your death and can help protect your assets against any claims that arise if your children become divorced or bankrupt. They can also be used to reduce tax and provide for young or disabled children. Other structures include companies, self-managed super funds and family trusts.

Your wishes:

You may want to give additional direction to those you have given powers of attorney. A memorandum of directions is not a legally binding, but morally binding letter to your family of additional things you might want them to do after you pass away. You may also want to spell out your desires regarding your funeral arrangements, rather than have your family second guess what you would have wanted. Or detail what pieces of jewellery go to certain children. Even where the kids go to school.

Estate planning can be complicated, but it’s important to do things properly so that your family can avoid any potential legal or tax issues – especially as regulations change over time.

At a time when your loved ones are coping with a loss, don’t leave them with additional hurdles to overcome.

Our team at Inspire can help you coordinate your Estate Planning. As your accountants, we work hand in hand with our expert Estate Planning legal team to put together your Wills & Estate Plan.

About this service

Getting your business structures right is an important part of both asset protection, estate planning and tax planning.

With the right structure, you can rest assured knowing that you’re set up, ready for what business and life can throw at you.

A sound structure is usually made up of a number of entities including companies, trusts, individuals and self managed super funds.

You could choose a:

  1. Company;
  2. Trust (in its various forms such as family trust, discretionary trust or unit trust);
  3. Sole Trader;
  4. Partnership; or
  5. Self Managed Super Fund.

But it all comes down to the specific purpose for that particular entity. For instance, it is best practice to have business trading entities separate from those that hold assets like an investment property.

The choice of how to structure your business depends on a number of factors:

  1. The type of business you operate;
  2. The regulatory requirements for your industry;
  3. Your existing wealth and income levels;
  4. How large you intend to grow the business; and
  5. Whether you are building the business for lifestyle or eventual sale.

Your budget for a business structure depends entirely on your circumstances and the intended use for the structure. It can cost anything from a few hundred dollars to tens of thousands of dollars to ensure you’re set up in the best structure for your circumstances.
It’s always best to keep the end in mind too when planning your structure out. And it is possible to set up structures in stages, where you can increase the level of asset protection, estate planning and tax planning as you progress.

Here’s a comparison table of the most common questions about Business Structures:

A basic comparison of the most common business structures is provided below:Sole traderPartnershipCompanyTrust
Cost to establish and operateLowMediumHighHigh
ComplexitySimpleModerateComplexComplex
Limited LiabilityNoNoYesYes (with a corporate Trustee)
Do I receive full profits made from the business?YesNoNoNo
Can I employ staff?YesYesYesYes
Do I have to pay myself superannuation?NoNoYesNo
Can I change the legal structure easily?YesNoNoNo
Good ability for tax planning?NoLimitedLimitedYes
Is it easy to raise capital?NoNoYesYes
Is it easy to dissolve or exit?YesYesNoNo

 

Each structure has advantages, disadvantages and responsibilities which need to be considered before making a decision.

The best bet is to engage an adviser who knows the ins and outs of business structures and can help apply their knowledge to your specific circumstances.

If you’re looking for an adviser for a structuring session, do drop us a note or give us a call on 1300 852 747. We can even organise a web session too.

A company is a separate legal entity to the individual business owner(s). Companies are the most familiar choice when business owners are interested in restructuring their operations.

It is fairly well known that a company owns the business assets and provides some form of protection for personal assets. However, there is far more to consider when choosing a business structure than asset protection.

A company is run by a set of rules called the constitution. The constitution is normally set in place when the company is established, which outlines the powers of directors, shareholders, things that the company can do and so on.
Companies are governed by the ASIC (or Australian Securities and Investments Commission) who ASIC also keep a public record of the company’s details on their system. You can access these details for any company in Australia by paying for a company search to be performed.

Each year, ASIC require that a Annual Review Fee is paid for each company in existence.

This fee is currently $243 payable two months following the registration date anniversary.

Companies are owned by members or shareholders.

Yes, certain types of companies are allowed by ASIC to only have one director. These include Pty Ltd companies.

It is also important to note that the constitution must allow for the company to have one director.

FAQs

Unfortunately companies aren’t eligible for the discount.
We would rarely recommend that an investment that was to be considered a Capital Gains Tax Asset (or CGT Asset) be purchased by a company. Ideally CGT Assets are held in the name of a family trust, individual, or self managed super fund which can all access the 50% CGT discount.

Yes, the ATO has made it clear that directors fees and wages require superannuation to be paid on them. This is because the company is classed as their employer.

There are a few ways of bringing money out of a company as the owner.
This also has to be done within the rules set out:

  1. Drawings – Drawings are easy to take out, although you must be sure not to treat the company as an atm without considering other consequences. The main consequence is what is called “Division 7A”. This is where there is an outstanding loan owed from a shareholder (or their associate) back to the company. If these loans aren’t treated correctly, it can mean a nightmare to the shareholder who has drawn the loan.
  2. Wages or Directors Fees – Wages or Directors fees are the most simple and straightforward way of bringing money out of a company. You are treated similarly to the company’s employees, where super is payable and tax is withheld from the payments.
  3. Dividends – Dividends require that there are retained earnings in the company. (Retained earnings are profits that the company has made in prior years.) This also in most cases creates franking credits, which attach themselves as a sort of prepaid tax to those who receive the dividend.

Discretionary Trusts, otherwise often known as family trusts, are a popular business structure in Australia.
The main advantages of a discretionary trust are the way in which the profits are distributed, while still providing for asset protection if you’re using a corporate trustee.

A discretionary trust also does not stand alone – it requires what is called a ‘trustee’. In simple terms, the trustee controls the trust. You can choose this to be you (or more than one person) as an individual, or you can choose to have a company act as trustee.
A discretionary trust is a separate entity to you as an individual as long as you have a corporate trustee. This means it runs its own books, and the business is distinguishable from the person running the business.

To distribute profits, the trust acts as a ‘funnel’ if you will. What I mean by this is that profits come into the trust, building up over the financial year.
They shouldn’t remain in the trust at the end of the financial year, otherwise the trustee of the trust will be responsible for paying the top marginal rate of tax (currently 47%) on the income of the trust.

Before the financial year finishes, a distribution minute is drafted and signed, which discloses to whom the profits are going to be distributed for the financial year.

This depends on the trust’s deed.
If the trust deed allows for separation and distribution of different classes of income, then this is acceptable.

You may be able to separate the income into groups like:

  • Franked dividends;
  • Business income;
  • Capital gains;
  • and a catch all “other income” group.

We wouldn’t recommend that you set up a discretionary trust on its own to work with a business partner.
There are other options for this such as a company, unit trust or even a partnership of discretionary trusts where you can set up the rules of working with the business partner.

Absolutely.
But please do not run a business AND hold investments in the same trust. This exposes the investments to the risk of the business, as it is controlled an existent in the same entity.

The Family Trust, commonly set up and sometimes referred to as a discretionary trust, are a popular business structure in Australia.

The main advantages of a family trust are the way in which the profits are distributed, while still providing for asset protection if you’re using a corporate trustee.

At the end of the day, “discretionary trust” and “family trust” are more often than not interchangeable.

For tax purposes though, a trust is not considered a “family” trust until a “Family Trust Election” is made.

A family trust election (abbreviated to FTE) is recommended in one of four scenarios:

  1. If the trust is carrying forward tax losses;
  2. If the trust owns a company that contains losses;
  3. If the trust receives franking credits on dividends; or
  4. If the trust distributes to another trust.

A Family Trust Election is something that your accountant prepares in your tax return in the year it is required as a once off. It is also disclosed each financial year after that on the front page of the tax return.

A family trust also does not stand alone – it requires what is called a ‘trustee’. In simple terms, the trustee controls the trust. You can choose this to be you (or more than one person) as an individual, or you can choose to have a company act as trustee.

 family trust is a separate entity to you as an individual as long as you have a corporate trustee. This means it runs its own books, and the business is distinguishable from the person running the business.

To distribute profits, the trust acts as a ‘funnel’ if you will. What I mean by this is that profits come into the trust, building up over the financial year.
They shouldn’t remain in the trust at the end of the financial year, otherwise the trustee of the trust will be responsible for paying the top marginal rate of tax (currently 47%) on the income of the trust.

Before the financial year finishes, a distribution minute is drafted and signed, which discloses to whom the profits are going to be distributed for the financial year.

This depends on the trust’s deed. If the trust deed allows for separation and distribution of different classes of income, then this is acceptable.

You may be able to separate the income into groups like:

  • Franked dividends;
  • Business income;
  • Capital gains;
  • and a catch all “other income” group.

We wouldn’t recommend that you set up a family trust on its own to work with a business partner.
There are other options for this such as a company, unit trust or even a partnership of family trusts where you can set up the rules of working with the business partner.

About this service

Personal Insurance protects you in the ideally rare situation where you can’t work for a short amount of time (or for the rest of your life) – and in worst case, you pass away. No one wishes their loved ones inherit a property portfolio, but also inherit a $10,000 per month debt repayment.Nor do you want to have an unfortunate accident, not be able to work, and also not be able to take care of yourself.

Life, TPD or Income Protection Insurance, we can have our Personal Insurance partner look at some options for you.

The first step is a 45 minute conversation with one of our partners, to work out these 3 things:

There’s no cost to you up front for this to happen – just the insurance premiums should you wish to go ahead.

The great part is most, if not all of this could be paid from your superannuation balance.

About this service

Whether you are seeking finance to fund the purchase of your new home or investment property, or if you are seeking to refinance your existing loan and possibly consolidate existing debts, our referral partners can source the right finance for you.

One way their loan advice can save you lots of money is to review and optimise any current loans to see if you can use a “split loan” to keep non-tax deductible debt separate to tax deductible debt – and then come up with a plan for you to pay off the non-tax deductible debt much faster. Nothing like saving on tax!

Many small business owners love to leverage the power of other people’s money in the process of converting business profits into business wealth. Our referral partners are qualified brokers which means they can get our clients the best rates and because we already have your numbers and information ready to share with your permission, the process is seamless.

They can help you with:

Interested in this service? Don’t hesitate to get in touch with our team!

About this service

In the world of SUPERANNUATION, there are Drivers and there are Passengers. More and more Passengers are opting to become a Driver themselves in order to have better control over their financial future. Put simply, they are becoming SMSF Millionaires.

Self Managed Super Funds are to retail funds what UBER is to the taxi industry – DISRUPTORS. As of march 2016, there was $589 Billion in SMSF assets (compared to $531 Billion in retail funds) and that number is expected to grow to $100 Billion by 2020.

A self-managed superannuation fund (SMSF) is a popular option for investors seeking flexibility and greater control of their superannuation.

There are many advantages of using a SMSF, and there are also many obligations that you need to be aware of.

If you proceed to set up a SMSF, your new SMSF can reimburse you for this amount so you won’t have to use any of your personal funds.

When we set up your SMSF, we will take care of the following for you:

Any information and content on our website is general in nature only. It does not take into account the objectives, financial situation or needs of any particular person. So before acting on anything to do with your finances, you need to consider your financial situation and needs before making any decisions based on this information.

FAQs

Family means the world to us so we only work with business owners who believe that family is their most important business.

What’s the point of great financial success if it comes at the cost of precious moments with those who we love most?

We work with clients who want to better understand the numbers that grow their business and as a result we have clients who are –

  • Dentists, Doctors, Psychologists, Physiotherapists and Psychiatrists
  • Property Developers, Project Managers and Builders
  • Personal Trainers, Gym Owners and
  • Marketing Agencies, Educators & Online Retailers
  • Lawyers, CFO’s, Directors and CEO’s

But most importantly our clients see themselves primarily as proud –

  • Mums & Dads
  • Husbands & Wives
  • Boyfriends, Girlfriends & Life Partners
  • Sons & Daughters
  • Nans & Pops
  • Cousins, Aunties & Uncles

In fact we don’t call our clients ‘clients’, they are affectionately known as our Inspire Family.

You might like to know that our clients are located all over Australia with a strong presence around Brisbane, Sydney & Melbourne.

We help entrepreneurs and business owners:

  • Understand the Numbers that Drive their Business
  • Structure Effectively for Business Growth
  • Carry out Strategic Tax Planning
  • Implement Cloud Business Solutions
  • Keep Tax and Accounting Lodgement Obligations Squared Away
  • Set up and Run Self Managed Super Funds

We’re best known for 2 game-changing small business services –

“It’s all sorted” – a proactive small business tax and accounting service that pays for itself in tax savings. Our average tax savings for 2017 was $27,000 per client which is a 3.5 x return on their investment in our service.

“Get Cashed Up” – an 18 month business development service for business owners to double their profit and double their days off. Based on the 7 step method to pull more money, time and happiness from your business from the book “Cashed Up: 7 Steps To Pull More Money, Time and Happiness From Your Business”.

Yes, we more than cover your standard accountant’s’ role, and our clients say we’re set apart by two main things:

  1. Our ability to provide peace of mind through explaining the why and not just the what; and
  2. That we’ve “bought in” to their business, shoulder to shoulder, with intention to grow together.

We have a unique approach to providing insight into the numbers for entrepreneurs and business owners.

We want you, the business owner, to really understand the numbers behind what is going on in your business.

We work with you either on a monthly or quarterly basis, not just providing the numbers to you, but helping you to be able to use them in a meaningful way in the day to day management of your business.

We do not charge by the hour (so we aren’t rewarded for being inefficient), but rather we charge a fixed price that you know up front for the value that we provide.

It’s a different conversation and the focus for both of us is where the value is (rather than ‘let’s be quick and get this over with’ under the archaic hourly rate model).

When you come to us, we will agree on a price for any work to be undertaken at the start, then agree to a monthly ongoing amount moving forward. If there’s anything that pops up along the way, we will always agree on a price before we begin.

Oh, and we do not charge for every little phone call and email – this is just part of a working relationship!

In fact 9 times out of 10 your investment in our Tax & Accounting service pays for itself in tax saved. Sometimes 5 – 10 x times over!

That’s taking money that otherwise would have gone to the tax man and putting it towards building a family first business. Woohoo!

p.s. the 1 out of 10 exception to this rule represent the startups who aren’t earning enough money yet to make a significant tax saving!

We’ve heard some pretty bad horror stories of old school accountants taking days, weeks and sometimes even months to get back to your questions.

Our response time to phone calls and emails is key number that we focus on – and we measure it in hours, live on our website.

We successfully keep this number less than 24 hours on average for our clients.

The dream that we are working towards is getting this response time down to zero. How? We’ve anticipated your needs so well, and provided so much proactive advice that you’d never have to email or call.

We’ll get there one day!

‘Turnaround time’ is another key number that the team measures closely.

We aim to have any urgent projects and work turned around within 10 business days, so that we’re able to achieve the outcome without ridiculous delays.

Like a workflow tango, turnaround time on your tax work is a two way street – we need you to work with us too when it comes to getting us the info we need on time.

Cloud accounting

The adoption of cloud accounting software is saving businesses thousands of dollars, and hours of bookwork every week.

We work with multiple cloud accounting providers and dozens of their add-ons but we believe Xero are the absolute best solution for small business.

As a result almost all our clients are use (and love!) XERO so our team know it like the back of our hand (Xero even certified Inspire CA as their Gold Partners)

Ultimately the smart use of technology is all about saving you time.

We go into a bit more detail on cloud accounting over here.

We’re big fans of throwing around ideas on a whiteboard in the boardroom. But what about for the in between time?

We use technology such as Zoom to enhance web meetings and to describe concepts and run scenarios from our computers. We can share our screens and run you through diagrams using LucidChart.

We’ve also adopted online signing software, DocuSign, which is a dream to get documents signed and lodged.

To be able to provide real insights to your business, we need to be in contact with you many times over a year.

Ideally, we would catch up in some form at least every month, but if that is too regular for your stage in business, we can also catch up on a quarterly basis. (Any less than every quarter and we can’t provide as much value to you.

We’re a team of 20 who punch well above our weight in terms of adding value. Amongst our team are chartered accountants, business owners & serial entrepreneurs, ex-bankers, bookkeepers, CFO’s & educators.

We also engage a global team of experts when we need some extra hands on deck.
Why don’t you come on over and I’ll introduce you to the team…

Inspire Accountants was founded by Ben Walker at the age of 23 with nothing but a borrowed printer, a laptop and a simple idea: what if, instead of just doing tax and reporting on history, accountants could give game changing advice that could help people write a better future for their business and their family?

Four years on, Inspire Accountants has been showcased as a global example of what an Accounting firm should be, thanks to Ben’s disruptive approach to throwing out timesheets & charging by the hour, his challenge of the traditional ‘old school’ model of the accounting industry and belief that Accountants change lives.

Ben is a winner of the coveted Anthill Online 30under30 award for 2014, was named a finalist in the Brisbane Young Entrepreneur of the Year awards and has been featured in many publications including the Courier Mail, Small Business Big Marketing Podcast with Tim Reid, Brisbane Business News & the Dent Podcast.

Today, while he continues to lead Inspire Accountants as CEO & Founder, Ben’s goal is to inspire others create a business that gives them the freedom to put family first and to make a positive difference in the world.

Budget $500 / month for our proactive tax and accounting service called “It’s all sorted”. We aim for this service to pay for itself in tax savings and in 2017 Financial Year our average tax savings per client was $27,000. That’s a 4.5x Return on Investment.

So my question to you is, is your accountant taking money or making money?

We are proud of our team of 20; 12 Accountants, 4 Admin team, 3 Marketing team, and 1 Executive Assistant.  Although we are small (compared to the faceless monoliths the founders used to work in before starting Inspire) we truly believe in the words of Margaret Mead who said “Never doubt that a small group of thoughtful, committed citizens can change the world; indeed, it’s the only thing that ever has.” In fact in 2016 we were the ONLY accounting business to be named Top 100 Companies in Australia in the coveted annual anthill online Cool Company Awards.

Yes absolutely. We have access to a team of qualified accountants offshore who help us churn through all the low level data entry work. Unfortunately this outsourcing model is no cheaper to us than having more local accountants but it does enable us to be free of all the lower value transactional tasks, leaving us free to do higher level tax and profit strategy with our clients.

Interested in this service? Don’t hesitate to get in touch with our team!

BAS or Business Activity Statements

The government requires small business owners to prepare certain forms and reports throughout the year to calculate how much tax you either need to pay or that the ATO owes to you.

The business activity statement (BAS) is a tax reporting requirement for businesses issued by the ATO on either a monthly or quarterly basis. It’s used for reporting and paying goods and services tax (GST), pay as you go (PAYG) instalments, PAYG withholding tax and other tax obligations.

When you register for an Australian business number (ABN) and GST, we will automatically send you a BAS when it is time to lodge.

All businesses registered for GST are required to lodge a BAS by the due date.

Tax Returns & Financial Statements

Tax can either been seen as a necessary evil or an opportunity. When prepared, financial reports and tax returns can be seen as a snapshot of your business and can prompt a number of questions of which the answers can potentially save you money. Accurate and detailed financial information gives owners the information and confidence they need to make the right decisions.

When you are a client of Inspire we include the preparation of all the info the ATO requires, which is why we say “we’ll keep you out of jail, but help you keep as much of your hard earned cash as possible”.

FAQs

Family means the world to us so we only work with business owners who believe that family is their most important business.

What’s the point of great financial success if it comes at the cost of precious moments with those who we love most?

We work with clients who want to better understand the numbers that grow their business and as a result we have clients who are –

  • Dentists, Doctors, Psychologists, Physiotherapists and Psychiatrists
  • Property Developers, Project Managers and Builders
  • Personal Trainers, Gym Owners and
  • Marketing Agencies, Educators & Online Retailers
  • Lawyers, CFO’s, Directors and CEO’s

But most importantly our clients see themselves primarily as proud –

  • Mums & Dads
  • Husbands & Wives
  • Boyfriends, Girlfriends & Life Partners
  • Sons & Daughters
  • Nans & Pops
  • Cousins, Aunties & Uncles

In fact we don’t call our clients ‘clients’, they are affectionately known as our Inspire Family.

You might like to know that our clients are located all over Australia with a strong presence around Brisbane, Sydney & Melbourne.

We help entrepreneurs and business owners:

  • Understand the Numbers that Drive their Business
  • Structure Effectively for Business Growth
  • Carry out Strategic Tax Planning
  • Implement Cloud Business Solutions
  • Keep Tax and Accounting Lodgement Obligations Squared Away
  • Set up and Run Self Managed Super Funds

We’re best known for 2 game-changing small business services –

“It’s all sorted” – a proactive small business tax and accounting service that pays for itself in tax savings. Our average tax savings for 2017 was $27,000 per client which is a 3.5 x return on their investment in our service.

“Get Cashed Up” – an 18 month business development service for business owners to double their profit and double their days off. Based on the 7 step method to pull more money, time and happiness from your business from the book “Cashed Up: 7 Steps To Pull More Money, Time and Happiness From Your Business”.

Yes, we more than cover your standard accountant’s’ role, and our clients say we’re set apart by two main things:

  1. Our ability to provide peace of mind through explaining the why and not just the what; and
  2. That we’ve “bought in” to their business, shoulder to shoulder, with intention to grow together.

We have a unique approach to providing insight into the numbers for entrepreneurs and business owners.

We want you, the business owner, to really understand the numbers behind what is going on in your business.

We work with you either on a monthly or quarterly basis, not just providing the numbers to you, but helping you to be able to use them in a meaningful way in the day to day management of your business.

We do not charge by the hour (so we aren’t rewarded for being inefficient), but rather we charge a fixed price that you know up front for the value that we provide.

It’s a different conversation and the focus for both of us is where the value is (rather than ‘let’s be quick and get this over with’ under the archaic hourly rate model).

When you come to us, we will agree on a price for any work to be undertaken at the start, then agree to a monthly ongoing amount moving forward. If there’s anything that pops up along the way, we will always agree on a price before we begin.

Oh, and we do not charge for every little phone call and email – this is just part of a working relationship!

In fact 9 times out of 10 your investment in our Tax & Accounting service pays for itself in tax saved. Sometimes 5 – 10 x times over!

That’s taking money that otherwise would have gone to the tax man and putting it towards building a family first business. Woohoo!

p.s. the 1 out of 10 exception to this rule represent the startups who aren’t earning enough money yet to make a significant tax saving!

We’ve heard some pretty bad horror stories of old school accountants taking days, weeks and sometimes even months to get back to your questions.

Our response time to phone calls and emails is key number that we focus on – and we measure it in hours, live on our website.

We successfully keep this number less than 24 hours on average for our clients.

The dream that we are working towards is getting this response time down to zero. How? We’ve anticipated your needs so well, and provided so much proactive advice that you’d never have to email or call.

We’ll get there one day!

‘Turnaround time’ is another key number that the team measures closely.

We aim to have any urgent projects and work turned around within 10 business days, so that we’re able to achieve the outcome without ridiculous delays.

Like a workflow tango, turnaround time on your tax work is a two way street – we need you to work with us too when it comes to getting us the info we need on time.

Cloud accounting

The adoption of cloud accounting software is saving businesses thousands of dollars, and hours of bookwork every week.

We work with multiple cloud accounting providers and dozens of their add-ons but we believe Xero are the absolute best solution for small business.

As a result almost all our clients are use (and love!) XERO so our team know it like the back of our hand (Xero even certified Inspire CA as their Gold Partners)

Ultimately the smart use of technology is all about saving you time.

We go into a bit more detail on cloud accounting over here.

We’re big fans of throwing around ideas on a whiteboard in the boardroom. But what about for the in between time?

We use technology such as Zoom to enhance web meetings and to describe concepts and run scenarios from our computers. We can share our screens and run you through diagrams using LucidChart.

We’ve also adopted online signing software, DocuSign, which is a dream to get documents signed and lodged.

To be able to provide real insights to your business, we need to be in contact with you many times over a year.

Ideally, we would catch up in some form at least every month, but if that is too regular for your stage in business, we can also catch up on a quarterly basis. (Any less than every quarter and we can’t provide as much value to you.

We’re a team of 20 who punch well above our weight in terms of adding value. Amongst our team are chartered accountants, business owners & serial entrepreneurs, ex-bankers, bookkeepers, CFO’s & educators.

We also engage a global team of experts when we need some extra hands on deck.
Why don’t you come on over and I’ll introduce you to the team…

Inspire Accountants was founded by Ben Walker at the age of 23 with nothing but a borrowed printer, a laptop and a simple idea: what if, instead of just doing tax and reporting on history, accountants could give game changing advice that could help people write a better future for their business and their family?

Four years on, Inspire Accountants has been showcased as a global example of what an Accounting firm should be, thanks to Ben’s disruptive approach to throwing out timesheets & charging by the hour, his challenge of the traditional ‘old school’ model of the accounting industry and belief that Accountants change lives.

Ben is a winner of the coveted Anthill Online 30under30 award for 2014, was named a finalist in the Brisbane Young Entrepreneur of the Year awards and has been featured in many publications including the Courier Mail, Small Business Big Marketing Podcast with Tim Reid, Brisbane Business News & the Dent Podcast.

Today, while he continues to lead Inspire Accountants as CEO & Founder, Ben’s goal is to inspire others create a business that gives them the freedom to put family first and to make a positive difference in the world.

Budget $500 / month for our proactive tax and accounting service called “It’s all sorted”. We aim for this service to pay for itself in tax savings and in 2017 Financial Year our average tax savings per client was $27,000. That’s a 4.5x Return on Investment.

So my question to you is, is your accountant taking money or making money?

We are proud of our team of 20; 12 Accountants, 4 Admin team, 3 Marketing team, and 1 Executive Assistant.  Although we are small (compared to the faceless monoliths the founders used to work in before starting Inspire) we truly believe in the words of Margaret Mead who said “Never doubt that a small group of thoughtful, committed citizens can change the world; indeed, it’s the only thing that ever has.” In fact in 2016 we were the ONLY accounting business to be named Top 100 Companies in Australia in the coveted annual anthill online Cool Company Awards.

Yes absolutely. We have access to a team of qualified accountants offshore who help us churn through all the low level data entry work. Unfortunately this outsourcing model is no cheaper to us than having more local accountants but it does enable us to be free of all the lower value transactional tasks, leaving us free to do higher level tax and profit strategy with our clients.

FAQs

Family means the world to us so we only work with business owners who believe that family is their most important business.

What’s the point of great financial success if it comes at the cost of precious moments with those who we love most?

We work with clients who want to better understand the numbers that grow their business and as a result we have clients who are –

  • Dentists, Doctors, Psychologists, Physiotherapists and Psychiatrists
  • Property Developers, Project Managers and Builders
  • Personal Trainers, Gym Owners and
  • Marketing Agencies, Educators & Online Retailers
  • Lawyers, CFO’s, Directors and CEO’s

But most importantly our clients see themselves primarily as proud –

  • Mums & Dads
  • Husbands & Wives
  • Boyfriends, Girlfriends & Life Partners
  • Sons & Daughters
  • Nans & Pops
  • Cousins, Aunties & Uncles

In fact we don’t call our clients ‘clients’, they are affectionately known as our Inspire Family.

You might like to know that our clients are located all over Australia with a strong presence around Brisbane, Sydney & Melbourne.

We help entrepreneurs and business owners:

  • Understand the Numbers that Drive their Business
  • Structure Effectively for Business Growth
  • Carry out Strategic Tax Planning
  • Implement Cloud Business Solutions
  • Keep Tax and Accounting Lodgement Obligations Squared Away
  • Set up and Run Self Managed Super Funds

We’re best known for 2 game-changing small business services –

“It’s all sorted” – a proactive small business tax and accounting service that pays for itself in tax savings. Our average tax savings for 2017 was $27,000 per client which is a 3.5 x return on their investment in our service.

“Get Cashed Up” – an 18 month business development service for business owners to double their profit and double their days off. Based on the 7 step method to pull more money, time and happiness from your business from the book “Cashed Up: 7 Steps To Pull More Money, Time and Happiness From Your Business”.

Yes, we more than cover your standard accountant’s’ role, and our clients say we’re set apart by two main things:

  1. Our ability to provide peace of mind through explaining the why and not just the what; and
  2. That we’ve “bought in” to their business, shoulder to shoulder, with intention to grow together.

We have a unique approach to providing insight into the numbers for entrepreneurs and business owners.

We want you, the business owner, to really understand the numbers behind what is going on in your business.

We work with you either on a monthly or quarterly basis, not just providing the numbers to you, but helping you to be able to use them in a meaningful way in the day to day management of your business.

We do not charge by the hour (so we aren’t rewarded for being inefficient), but rather we charge a fixed price that you know up front for the value that we provide.

It’s a different conversation and the focus for both of us is where the value is (rather than ‘let’s be quick and get this over with’ under the archaic hourly rate model).

When you come to us, we will agree on a price for any work to be undertaken at the start, then agree to a monthly ongoing amount moving forward. If there’s anything that pops up along the way, we will always agree on a price before we begin.

Oh, and we do not charge for every little phone call and email – this is just part of a working relationship!

In fact 9 times out of 10 your investment in our Tax & Accounting service pays for itself in tax saved. Sometimes 5 – 10 x times over!

That’s taking money that otherwise would have gone to the tax man and putting it towards building a family first business. Woohoo!

p.s. the 1 out of 10 exception to this rule represent the startups who aren’t earning enough money yet to make a significant tax saving!

We’ve heard some pretty bad horror stories of old school accountants taking days, weeks and sometimes even months to get back to your questions.

Our response time to phone calls and emails is key number that we focus on – and we measure it in hours, live on our website.

We successfully keep this number less than 24 hours on average for our clients.

The dream that we are working towards is getting this response time down to zero. How? We’ve anticipated your needs so well, and provided so much proactive advice that you’d never have to email or call.

We’ll get there one day!

‘Turnaround time’ is another key number that the team measures closely.

We aim to have any urgent projects and work turned around within 10 business days, so that we’re able to achieve the outcome without ridiculous delays.

Like a workflow tango, turnaround time on your tax work is a two way street – we need you to work with us too when it comes to getting us the info we need on time.

Cloud accounting

The adoption of cloud accounting software is saving businesses thousands of dollars, and hours of bookwork every week.

We work with multiple cloud accounting providers and dozens of their add-ons but we believe Xero are the absolute best solution for small business.

As a result almost all our clients are use (and love!) XERO so our team know it like the back of our hand (Xero even certified Inspire CA as their Gold Partners)

Ultimately the smart use of technology is all about saving you time.

We go into a bit more detail on cloud accounting over here.

We’re big fans of throwing around ideas on a whiteboard in the boardroom. But what about for the in between time?

We use technology such as Zoom to enhance web meetings and to describe concepts and run scenarios from our computers. We can share our screens and run you through diagrams using LucidChart.

We’ve also adopted online signing software, DocuSign, which is a dream to get documents signed and lodged.

To be able to provide real insights to your business, we need to be in contact with you many times over a year.

Ideally, we would catch up in some form at least every month, but if that is too regular for your stage in business, we can also catch up on a quarterly basis. (Any less than every quarter and we can’t provide as much value to you.

We’re a team of 20 who punch well above our weight in terms of adding value. Amongst our team are chartered accountants, business owners & serial entrepreneurs, ex-bankers, bookkeepers, CFO’s & educators.

We also engage a global team of experts when we need some extra hands on deck.
Why don’t you come on over and I’ll introduce you to the team…

Inspire Accountants was founded by Ben Walker at the age of 23 with nothing but a borrowed printer, a laptop and a simple idea: what if, instead of just doing tax and reporting on history, accountants could give game changing advice that could help people write a better future for their business and their family?

Four years on, Inspire Accountants has been showcased as a global example of what an Accounting firm should be, thanks to Ben’s disruptive approach to throwing out timesheets & charging by the hour, his challenge of the traditional ‘old school’ model of the accounting industry and belief that Accountants change lives.

Ben is a winner of the coveted Anthill Online 30under30 award for 2014, was named a finalist in the Brisbane Young Entrepreneur of the Year awards and has been featured in many publications including the Courier Mail, Small Business Big Marketing Podcast with Tim Reid, Brisbane Business News & the Dent Podcast.

Today, while he continues to lead Inspire Accountants as CEO & Founder, Ben’s goal is to inspire others create a business that gives them the freedom to put family first and to make a positive difference in the world.

Budget from $600 p/m for our proactive tax and accounting service called “It’s all sorted”. We aim for this service to pay for itself in tax savings and in 2017 Financial Year our average tax savings per client was $27,000. That’s a 4.5x Return on Investment.

So my question to you is, is your accountant taking money or making money?

We are proud of our team of 20; 12 Accountants, 4 Admin team, 3 Marketing team, and 1 Executive Assistant.  Although we are small (compared to the faceless monoliths the founders used to work in before starting Inspire) we truly believe in the words of Margaret Mead who said “Never doubt that a small group of thoughtful, committed citizens can change the world; indeed, it’s the only thing that ever has.” In fact in 2016 we were the ONLY accounting business to be named Top 100 Companies in Australia in the coveted annual anthill online Cool Company Awards.

Yes absolutely. We have access to a team of qualified accountants offshore who help us churn through all the low level data entry work. Unfortunately this outsourcing model is no cheaper to us than having more local accountants but it does enable us to be free of all the lower value transactional tasks, leaving us free to do higher level tax and profit strategy with our clients.

Interested in this service? Don’t hesitate to get in touch with our team!

Inspire is well known for its famous Tax Planning service.

Tax planning is a proactive process whereby an accountant will sit down with a business owner prior to the end of the financial year and explore every available strategy to legally reduce your tax.

Unfortunately not many accountants proactively do a tax planning process with their clients and as a result, small business owners pay millions in tax that they don’t need to. Remember that paying tax means that you are earning profit so the goals isn’t to pay ZERO tax, but rather the intention of proactive tax planning is to ensure you don’t pay a dollar more than you need to.

Popular tax planning strategies that will save business owners tax include:

When you are a client of Inspire, Tax Planning happens in April, May and June of each year. While you will make a small investment into our tax advice and lodgment service, we aim for our services to pay for themselves in tax saved. Tax Planning is the time of the year and the way that we have saved our clients on average $27,416 in tax in 2016.

FAQs

Family means the world to us so we only work with business owners who believe that family is their most important business.

What’s the point of great financial success if it comes at the cost of precious moments with those who we love most?

We work with clients who want to better understand the numbers that grow their business and as a result we have clients who are –

  • Dentists, Doctors, Psychologists, Physiotherapists and Psychiatrists
  • Property Developers, Project Managers and Builders
  • Personal Trainers, Gym Owners and
  • Marketing Agencies, Educators & Online Retailers
  • Lawyers, CFO’s, Directors and CEO’s

But most importantly our clients see themselves primarily as proud –

  • Mums & Dads
  • Husbands & Wives
  • Boyfriends, Girlfriends & Life Partners
  • Sons & Daughters
  • Nans & Pops
  • Cousins, Aunties & Uncles

In fact we don’t call our clients ‘clients’, they are affectionately known as our Inspire Family.

You might like to know that our clients are located all over Australia with a strong presence around Brisbane, Sydney & Melbourne.

We help entrepreneurs and business owners:

  • Understand the Numbers that Drive their Business
  • Structure Effectively for Business Growth
  • Carry out Strategic Tax Planning
  • Implement Cloud Business Solutions
  • Keep Tax and Accounting Lodgement Obligations Squared Away
  • Set up and Run Self Managed Super Funds

We’re best known for 2 game-changing small business services –

“It’s all sorted” – a proactive small business tax and accounting service that pays for itself in tax savings. Our average tax savings for 2017 was $27,000 per client which is a 3.5 x return on their investment in our service.

“Get Cashed Up” – an 18 month business development service for business owners to double their profit and double their days off. Based on the 7 step method to pull more money, time and happiness from your business from the book “Cashed Up: 7 Steps To Pull More Money, Time and Happiness From Your Business”.

Yes, we more than cover your standard accountant’s’ role, and our clients say we’re set apart by two main things:

  1. Our ability to provide peace of mind through explaining the why and not just the what; and
  2. That we’ve “bought in” to their business, shoulder to shoulder, with intention to grow together.

We have a unique approach to providing insight into the numbers for entrepreneurs and business owners.

We want you, the business owner, to really understand the numbers behind what is going on in your business.

We work with you either on a monthly or quarterly basis, not just providing the numbers to you, but helping you to be able to use them in a meaningful way in the day to day management of your business.

We do not charge by the hour (so we aren’t rewarded for being inefficient), but rather we charge a fixed price that you know up front for the value that we provide.

It’s a different conversation and the focus for both of us is where the value is (rather than ‘let’s be quick and get this over with’ under the archaic hourly rate model).

When you come to us, we will agree on a price for any work to be undertaken at the start, then agree to a monthly ongoing amount moving forward. If there’s anything that pops up along the way, we will always agree on a price before we begin.

Oh, and we do not charge for every little phone call and email – this is just part of a working relationship!

In fact 9 times out of 10 your investment in our Tax & Accounting service pays for itself in tax saved. Sometimes 5 – 10 x times over!

That’s taking money that otherwise would have gone to the tax man and putting it towards building a family first business. Woohoo!

p.s. the 1 out of 10 exception to this rule represent the startups who aren’t earning enough money yet to make a significant tax saving!

We’ve heard some pretty bad horror stories of old school accountants taking days, weeks and sometimes even months to get back to your questions.

Our response time to phone calls and emails is key number that we focus on – and we measure it in hours, live on our website.

We successfully keep this number less than 24 hours on average for our clients.

The dream that we are working towards is getting this response time down to zero. How? We’ve anticipated your needs so well, and provided so much proactive advice that you’d never have to email or call.

We’ll get there one day!

‘Turnaround time’ is another key number that the team measures closely.

We aim to have any urgent projects and work turned around within 10 business days, so that we’re able to achieve the outcome without ridiculous delays.

Like a workflow tango, turnaround time on your tax work is a two way street – we need you to work with us too when it comes to getting us the info we need on time.

Cloud accounting

The adoption of cloud accounting software is saving businesses thousands of dollars, and hours of bookwork every week.

We work with multiple cloud accounting providers and dozens of their add-ons but we believe Xero are the absolute best solution for small business.

As a result almost all our clients are use (and love!) XERO so our team know it like the back of our hand (Xero even certified Inspire CA as their Gold Partners)

Ultimately the smart use of technology is all about saving you time.

We go into a bit more detail on cloud accounting over here.

We’re big fans of throwing around ideas on a whiteboard in the boardroom. But what about for the in between time?

We use technology such as Zoom to enhance web meetings and to describe concepts and run scenarios from our computers. We can share our screens and run you through diagrams using LucidChart.

We’ve also adopted online signing software, DocuSign, which is a dream to get documents signed and lodged.

To be able to provide real insights to your business, we need to be in contact with you many times over a year.

Ideally, we would catch up in some form at least every month, but if that is too regular for your stage in business, we can also catch up on a quarterly basis. (Any less than every quarter and we can’t provide as much value to you.

We’re a team of 20 who punch well above our weight in terms of adding value. Amongst our team are chartered accountants, business owners & serial entrepreneurs, ex-bankers, bookkeepers, CFO’s & educators.

We also engage a global team of experts when we need some extra hands on deck.
Why don’t you come on over and I’ll introduce you to the team…

Inspire Accountants was founded by Ben Walker at the age of 23 with nothing but a borrowed printer, a laptop and a simple idea: what if, instead of just doing tax and reporting on history, accountants could give game changing advice that could help people write a better future for their business and their family?

Four years on, Inspire Accountants has been showcased as a global example of what an Accounting firm should be, thanks to Ben’s disruptive approach to throwing out timesheets & charging by the hour, his challenge of the traditional ‘old school’ model of the accounting industry and belief that Accountants change lives.

Ben is a winner of the coveted Anthill Online 30under30 award for 2014, was named a finalist in the Brisbane Young Entrepreneur of the Year awards and has been featured in many publications including the Courier Mail, Small Business Big Marketing Podcast with Tim Reid, Brisbane Business News & the Dent Podcast.

Today, while he continues to lead Inspire Accountants as CEO & Founder, Ben’s goal is to inspire others create a business that gives them the freedom to put family first and to make a positive difference in the world.

Budget $500 / month for our proactive tax and accounting service called “It’s all sorted”. We aim for this service to pay for itself in tax savings and in 2017 Financial Year our average tax savings per client was $27,000. That’s a 4.5x Return on Investment.

So my question to you is, is your accountant taking money or making money?

We are proud of our team of 20; 12 Accountants, 4 Admin team, 3 Marketing team, and 1 Executive Assistant.  Although we are small (compared to the faceless monoliths the founders used to work in before starting Inspire) we truly believe in the words of Margaret Mead who said “Never doubt that a small group of thoughtful, committed citizens can change the world; indeed, it’s the only thing that ever has.” In fact in 2016 we were the ONLY accounting business to be named Top 100 Companies in Australia in the coveted annual anthill online Cool Company Awards.

Yes absolutely. We have access to a team of qualified accountants offshore who help us churn through all the low level data entry work. Unfortunately this outsourcing model is no cheaper to us than having more local accountants but it does enable us to be free of all the lower value transactional tasks, leaving us free to do higher level tax and profit strategy with our clients.

About this service

We all went into business to make a profit, enjoy more freedom and build our wealth. But chances are you are not making the profits that you wanted to. If left unchecked, the growing expenses of a small business can quickly chew away at all your precious profit margins leaving you little or no profit leftover.

There are three things every business needs in order to boost profits (that we can do with you as a client of Inspire).

1. Profit Improvement Potential Plan

Every business needs to know the NEW formula for profit and how much potential their business has to improve its profit and business value. The OLD formula for profit is Sales – Expenses = Profit. This implies there are only 2 ways to boost your profit – increase sales or decrease expenses. The NEW formula for profit provides 7 inspirational ways to boost your profit. It says that,

Leads x Conversion = New Clients + Existing Clients = Total Clients x Retention x How Much x How Often = Revenue x Margin = Profit x Multiple = Value.

When you run your business numbers through the NEW profit formula you get a real command for how your business can actually make a profit. The NEW Profit formula allows you to forecast what small incremental improvements to each of the 7 levers of profit, can make to your overall profit. The future is quite exciting once you know your profit improvement potential and the 7 ways you can make that profit a reality!

2. Profit Assessment

There is a healthy amount of profit based on your revenue. Take too much profit and you’ll starve your growing business of its growth potential. Take too little profit from the business and you’ll starve yourself and your family of a valuable reward for all the effort and hard work you put in. This could lead to burnout and stress. So every business needs a Profit Assessment. A review of the business numbers each quarter to see, as a percentage, how much profit was actually set aside in the profit war chest. Let’s say that last quarter, 15% of every dollar that the business earned went to the profit war chest. But this business could ideally afford to set aside 25% profit. A profit assessment will help assess the profit target for the coming quarter, making sure the profit allocation is the right balance of healthy and sustainable.

3. “Profit War Chest”

A profit war chest is a separate bank account where a small percentage of every dollar that the business earns goes to and is stored safely for distribution to the owners each quarter. Failure to protect your profit in a separate account leaves your profit at risk of being eaten up in your growing day to day expenses. At the beginning of each quarter it is important to budget for all your expenses, including profit. A budget is like you telling your money where to go, instead of wondering where it went. Rather than hoping that we have a profit leftover at the end of the quarter, your projected profit budget is put aside into your profit war chest with each transaction.

Share This

Select your desired option below to share a direct link to this page.
Your friends or family will thank you later.

Share on facebook
Share on twitter
Share on linkedin
Share on pinterest
Share on email