Imagine Accounting—2018 Year in Review
2018 – what a year! A few highlights:
• We were a finalist in the 2018 Australian Small Business Champion Awards
• We’ve achieved a total of 613,578 giving impacts via Buy1Give1
• Moved premises, hosted 4 breakfast seminars, launched a new website
• Mark Williams (Managing Director) and Marius Hiu (Client Director) presented at a Lawyer CPD session and Mark presented at a Business Advisory Training Session
• Mark Williams was featured in a book titled “Secrets of Successful Entrepreneurs Exposed” (contact us if you would like a copy)
• Commenced a strategic partnership with The Entourage – with the aim to deliver more value to our business clients
Our overall aim and what drives us everyday remains the same – providing our clients with more time, less tax, better cash flow, and more impact.
Australia and the World Economy
At the start of 2018, the headlines were “low wages, high debts and housing bubble threaten the Australian economy in 2018”. As we head into 2019 we continue to be surrounded by uncertainty, both domestically and internationally:
• Confidence and prices in our housing markets are falling – some are predicting that prices will continue to fall for at least another year
• Household debt is at extraordinarily high levels
• Wage growth is at record lows
• Interest rates are rising
• Upcoming Federal Election and uncertainty around negative gearing and capital gains tax
• China’s economy is slowing down
Although a recession hopefully isn’t on the horizon, the nature of recessions is that they creep up on you when you least expect it. Given the uncertainty of the Australian and world economies you should be planning and ‘recession proofing’ as best as possible.
Business Planning for 2019
• Set targets – Business budgets – short and long term; Cash flow forecast; Establish KPIs; Cashflow Analysis and Scenarios
• Review actual results – Business Performance Review; Assess potential risk areas;
• Strategic planning – lock in a planning or strategy day
• Business succession/ exit planning – Business Valuation; Business Succession Plan;
• Asset protection – consider a review
• Estate planning – review Wills, POA’s
Individual Planning for 2019
• Review your financial situation – is your investment strategy on track?
• Prepare budgets and review personal cash flow management
• Review your debt levels and lenders – consider refinancing
• Review home loan repayments – are you financially prepared if interest rates rise?
• Review your insurances and superannuation
• Is your Will up to date?
NOW is the time to start planning for 2019. Please reach out if we can help in any way.