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Perth Business Accountants
Business owners looking to buy, start or improve an existing business need accountants that promptly respond, communicate clearly, help you grow and save you tax!
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Read Key Points & Transcript
Welcome to Munro's - Top Quality Accounting & Business Advisory Services for Every Stage of Business
video key points
- Welcome to Munro’s, an accounting, tax and business advisory firm in Perth dedicated to helping Australians as safely and as easily as possible to:
- Start;
- Grow; and
- Eventually exit,
… million dollar plus businesses.
- In this video we highlight five key pieces of advice with regards to building a million dollar plus business. This includes:
- Business success hinges on a solid model, selling desirable products or services at profitable prices, and always aiming for a market-based Total Return to Owners rate of 15% or more.
- Resilience and willingness to seek external advice are crucial for navigating the ups and downs of business, ensuring you’re not reinventing the wheel.
- Leadership and team development are pivotal; being a great leader and surrounding yourself with effective leaders can significantly influence sustainable growth.
- Embrace continuous learning and improvement to stay ahead, acknowledging that while the world may not change overnight, an openness to adapt is key to business excellence.
- Please explore our website to learn how we can help with:
- Simple or complex tax;
- Wealth protection; and
- Business growth challenges.
- Utilise diagnostics on the Find a Solution pages for clarity on business challenges, without the worry of spam, and consider engaging with Munro’s Business Academy for further insights.
- Gain confidence from more than 100 genuine 5-star client reviews, which place Munro’s in the Top 2% of Australian Accounting Firms.
- Learn about How We Get Started with accounting only, business improvement only or a combination.
- The video ends with a key piece of advice we tell everyone:
- Proactively manage tax obligations for the best chance of significant tax minimisation.
Presented by: Mike Beer, Christine Prasetia, Saul Segal, Drew Pflaum, Ben Paul, Carl Hansen & Rama Yudhistira
References page.
video transcript
Welcome to Munro’s, a business improvement and accounting firm dedicated to helping Australians as safely and as easily as possible to:
- Start;
- Grow; and
- Eventually exit,
… million dollar plus businesses.
In a few moments, we’ll talk about how we think you should build a million dollar plus business.
But firstly, let’s start with some grounded talk.
If you’re looking for an accountant or business advisor, someone you can trust to help solve existing problems and prevent others in the future, those conversations must always be genuine and backed by things that work. So, let’s begin our relationship on the right foot with straight talk.
- Business can be hard, and everyone makes mistakes and is learning as they go;
- You might want to find an easy way to propel your business forward. But, there is no such thing as a “high performance framework”, or ‘6-7 figure’ “formula”, “blueprint” or “masterclass” that will magically solve all your problems; and
- Whilst it would be nice to pay no tax, when you make a profit, there’ll be tax to pay; and that should be celebrated because you’ve made a profit.
Don’t get us wrong.
Our aim is to:
- Legally minimise your taxes and maximise your after tax wealth with exceptional accounting;
- Protect your business and hard earned wealth with asset protection; and
- Make growing and improving your business more rewarding with evidence based business improvement solutions.
It’s just having been in business since 1973, we appreciate immensely that the best advisor client relationships are built on trust and openness and are willing to give, receive and share advice, together.
Now, let’s address how we think you can:
Build a Million Dollar Plus Business.
This advice is backed by a firm’s experience from more than 50 years of service to the Australian business community and backed also by scientific knowledge on what helps a business succeed.
#1 – Above all else, you need a sound business model.
- People often under appreciate this when going into business. You need to be selling something that people actually want. Don’t sell a product or service that people don’t care about; and
- You must be able to sell it at a high enough price, so that you make ongoing profits, year after year, which give you a market based Total Return to Owners rate of 15% or more.
If you’re in business and you don’t know what your market based Total Return to Owners rate is, or you don’t know if you’re outperforming competitors, we can help.
#2 – You’ve got to have an inner drive to keep going and know when to seek help.
At times, things in business will be easy, but more often things may be tough.
The challenges that you face when running a business have most likely been encountered by others in the past, so seek out help to avoid reinventing the wheel.
There are several ways you can do this, such as:
- reading business books;
- getting direct professional help; and
- being involved in business groups and communities.
#3 – You’ve got to be a great leader and surround yourself with great leaders.
Businesses are made up of people and people need to be led. Knowing how to effectively delegate, train, motivate, hire and fire people is imperative for sustainable growth.
Leadership is a skill you can learn, enhance and share with your team. There are courses you can take and coaching you can receive.
#4 – You and your leaders should have a continuous learning mindset, constantly looking for ways to improve your business.
We’re not one to say that “the world is constantly changing fast, and you need to adapt or die”.
Rather, what we’re trying to say here is that you need to have an open mind and awareness and constantly on the lookout for ways to improve your business because no business is ever truly perfect.
If you don’t know where to start with improvement, please complete Initial Improvement Sprint.
Before we mention one final piece of advice that we give to everyone in business, this is our suggestion of what you can do as you explore our website.
On the Who We Help page, we mentioned that whether you need help with:
- Simple or complex tax;
- Wealth protection; or
- Business growth challenges, such as revenue stalls, underperforming staff, and leadership enhancement,
… we can help.
We’ll be a great fit with one another if you’re anywhere in Australia, and you have an existing business, or plan to go into business, with revenue ambitions of a million dollars or more.
Go and explore the Find a Solution pages to see how we might be able to assist you. As you go through these pages, you’ll come across diagnostics. We encourage you to take 3-5 minutes to complete at least one of them.
All the diagnostics have been built to help you see your problem with more clarity, providing focus so you can get to the optimum solution as soon as possible.
Importantly, the diagnostics are spam free, which means that we won’t add you to our mailing list, unless you explicitly opt in.
To give you a good level of comfort that we can genuinely help, we share the more than 100 5-star reviews submitted by our clients on Google. Based on an assessment we did in December 2023, these rank us in the Top 2% of Australian Accounting Firms.
There’s the Experience Success page, which is where amongst other things, we talk about six specific areas of business you may wish to pursue excelling in, given that scientific research has shown it can give a better than 90% chance of being a top performing business.
It’s quite insightful and intriguing, given in the research, the companies found to be top performers across all six areas were significantly more profitable over a 10 year period than similar businesses.
You’d like to learn practical ways to improve your business, then please feel welcome to start that journey by signing up for the free tier of the Munro’s Business Academy.
When you’re ready to have a chat and explore how we can help you, please go to the How We Get Started page.
We can get you started with:
- Accounting only;
- Business improvement only; or
- A combination.
Finally, the last piece of advice we tell everyone:
Tax minimisation often requires you to be PROACTIVE.
If you wait until the financial year has finished, until after the transaction has happened, there is often very little you or anyone can do to minimise the tax.
Instead, mitigating tax often requires you to:
- Get structuring right from the beginning; and
- Plan for tax minimisation well before a transaction happens or the financial year closes.
Therefore, please proactively attend to your tax mitigation strategies.
Congratulations Munro’s… on your 50th year celebration.
It has been a pleasure working with you, since we opened our business 8 years ago. In particular, Ben Paul has been supporting us for the whole journey so far and we can highly recommend his expertise & friendly service.
Geoff, Doug & Yvonne Harwood
Drew, Simon and the team at Munro’s have been our family and business accountants for many years now. They provide excellent service and advice. We would not hesitate to recommend them to others.
Whether you are
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Buying An Established Business
Buying a Business
See our Advice from Accountants for Buying a Business page.
Read Key Points & Transcriptvideo key points
- Due diligence is essential in uncovering the truth about a business’s claims, facts, and overall situation, aiding in determining its worthiness for purchase.
- Comprehensive due diligence, encompassing tax and legal aspects, financial analysis over several years, customer and supplier analysis, and key dependency risks, is advocated over limited due diligence to mitigate substantial financial risks.
- Limited due diligence may highlight immediate financial health but could miss critical issues like customer dependency risks, leading to potential major revenue losses post-purchase.
- Examples illustrate the dangers of limited due diligence, including operating against local laws unknowingly, which can result in severe consequences for the business.
- Always opt for comprehensive due diligence to uncover hidden risks and ensure the business has the best chance for long-term success; consider revisiting negotiation or exploring alternative options based on findings.
Presented by: Mike Beer
video transcript
Transcript available on the Due Diligence Advice page.
Buying a Business
See our Advice from Accountants for Buying a Business page.
video key points
- Due diligence is essential in uncovering the truth about a business’s claims, facts, and overall situation, aiding in determining its worthiness for purchase.
- Comprehensive due diligence, encompassing tax and legal aspects, financial analysis over several years, customer and supplier analysis, and key dependency risks, is advocated over limited due diligence to mitigate substantial financial risks.
- Limited due diligence may highlight immediate financial health but could miss critical issues like customer dependency risks, leading to potential major revenue losses post-purchase.
- Examples illustrate the dangers of limited due diligence, including operating against local laws unknowingly, which can result in severe consequences for the business.
- Always opt for comprehensive due diligence to uncover hidden risks and ensure the business has the best chance for long-term success; consider revisiting negotiation or exploring alternative options based on findings.
Presented by: Mike Beer
video transcript
Transcript available on the Due Diligence Advice page.
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Starting A Business
Starting a business
See our Advice from Accountants for Starting a Business page.
Read Key Points & Transcriptvideo key points
- When establishing a business, foundational decisions can significantly impact tax efficiency, grant accessibility, capital funding and liability safeguarding.
- Viability and value proposition of the business idea must be critically assessed, considering customer willingness to pay and the scale and sustainability of the market.
- Start-up entrepreneurs should aim for agility and a deep connection with the entrepreneurial ecosystem, while being vigilant of both visible and hidden costs.
- Business ownership demands skills beyond domain expertise, including demand creation, team building, and cash-flow management, which are essential for growth and sustainability.
- Join Munro’s Business Academy for guidance on your entrepreneurial journey, and remember the importance of seeking professional advice early for a proactive approach to business challenges.
Presented by: Mike Beer
video transcript
Transcript available on the Are you pursuing a viable and worthwhile endeavour? business academy article.
Starting a business
See our Advice from Accountants for Starting a Business page.
video key points
- When establishing a business, foundational decisions can significantly impact tax efficiency, grant accessibility, capital funding and liability safeguarding.
- Viability and value proposition of the business idea must be critically assessed, considering customer willingness to pay and the scale and sustainability of the market.
- Start-up entrepreneurs should aim for agility and a deep connection with the entrepreneurial ecosystem, while being vigilant of both visible and hidden costs.
- Business ownership demands skills beyond domain expertise, including demand creation, team building, and cash-flow management, which are essential for growth and sustainability.
- Join Munro’s Business Academy for guidance on your entrepreneurial journey, and remember the importance of seeking professional advice early for a proactive approach to business challenges.
Presented by: Mike Beer
video transcript
Transcript available on the Are you pursuing a viable and worthwhile endeavour? business academy article.
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Need Help With Tax
Bare Minimum Tax
See the Advice from Accountants for Minimising Business Tax page.
Read Key Points & Transcriptvideo key points
- Tax management can be reactive, dealing with obligations after the fact, or proactive, strategising for future success to minimise tax and compliance hassle.
- Initial business structuring is crucial for tax minimisation, with ongoing support to navigate tax obligations and strategies to reduce tax liabilities.
- Close of the financial year involves strategic advice to understand and potentially reduce upcoming tax bills, followed by orderly tax return preparation and lodgement.
- Munro’s prioritises clear, understandable solutions, ensuring clients can make informed decisions, supported by our high client satisfaction and Top 2% ranking among Australian Accounting Firms.
- To further explore how to manage your tax obligations proactively and benefit from expert guidance, consider reaching out as your next step.
Presented by: Christine Prasetia
video transcript
Transcript available on the Business Tax Planning page.
Bare Minimum Tax
See the Advice from Accountants for Minimising Business Tax page.
video key points
- Tax management can be reactive, dealing with obligations after the fact, or proactive, strategising for future success to minimise tax and compliance hassle.
- Initial business structuring is crucial for tax minimisation, with ongoing support to navigate tax obligations and strategies to reduce tax liabilities.
- Close of the financial year involves strategic advice to understand and potentially reduce upcoming tax bills, followed by orderly tax return preparation and lodgement.
- Munro’s prioritises clear, understandable solutions, ensuring clients can make informed decisions, supported by our high client satisfaction and Top 2% ranking among Australian Accounting Firms.
- To further explore how to manage your tax obligations proactively and benefit from expert guidance, consider reaching out as your next step.
Presented by: Christine Prasetia
video transcript
Transcript available on the Business Tax Planning page.
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Raising Capital
Raising Capital
See our Startup Accounting, Tax & Business Advisory Services.
Read Key Points & Transcriptvideo key points
- Building a startup requires transitioning from an idea to a minimal viable product (MVP), assembling a team, and finding product-market fit, all while considering funding to fuel growth.
- Founders must decide whether to bootstrap, pursue debt funding, or raise capital, understanding the implications of each choice on business ownership and direction.
- It’s essential to determine the purpose of raising funds, the minimum viable amount needed, and the maximum necessary to avoid diluting ownership unnecessarily.
- Different stages of startup funding attract distinct types of investors and funding amounts, with considerations for equity distribution and strategic investor relationships.
- Entrepreneurs are advised to be prepared for investor negotiations, understand the legal and regulatory implications of raising funds, and maintain transparent communication with investors post-funding.
Presented by: Drew Pflaum
video transcript
Transcript available on the Startup Capital Raising page.
Raising Capital
See our Startup Accounting, Tax & Business Advisory Services.
video key points
- Building a startup requires transitioning from an idea to a minimal viable product (MVP), assembling a team, and finding product-market fit, all while considering funding to fuel growth.
- Founders must decide whether to bootstrap, pursue debt funding, or raise capital, understanding the implications of each choice on business ownership and direction.
- It’s essential to determine the purpose of raising funds, the minimum viable amount needed, and the maximum necessary to avoid diluting ownership unnecessarily.
- Different stages of startup funding attract distinct types of investors and funding amounts, with considerations for equity distribution and strategic investor relationships.
- Entrepreneurs are advised to be prepared for investor negotiations, understand the legal and regulatory implications of raising funds, and maintain transparent communication with investors post-funding.
Presented by: Drew Pflaum
video transcript
Transcript available on the Startup Capital Raising page.
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Having Trouble Growing Your Business
Business Growth Improvement
See our Business Advisory Services.
Read Key Points & Transcriptvideo key points
- Truly unlocking business growth requires delving into the root cause of issues, ensuring long-term progress by addressing these foundational problems directly.
- Addressing the root causes not only resolves the immediate problems but also prevents multiple related issues, creating a multiplier effect that benefits the entire business.
- Enhancing internal capabilities to tackle these root causes grants businesses a competitive advantage, enabling them to avoid similar problems in the future.
- Sustained success in business is achieved by leaders committed to understanding and permanently resolving the core issues, a trait surprisingly rare yet immensely valuable.
- If you’re facing challenges with sales growth, staff performance, or talent shortages, visit the Unlock Business Growth and Build a Sustainable Competitive Advantage pages for insights.
- Book a free meeting through the How We Get Started page to explore tailored solutions for you.
Presented by: Drew Pflaum
video transcript
Transcript available on the Fix the Root Cause for Business Growth page.
Business Growth Improvement
See our Business Advisory Services.
video key points
- Truly unlocking business growth requires delving into the root cause of issues, ensuring long-term progress by addressing these foundational problems directly.
- Addressing the root causes not only resolves the immediate problems but also prevents multiple related issues, creating a multiplier effect that benefits the entire business.
- Enhancing internal capabilities to tackle these root causes grants businesses a competitive advantage, enabling them to avoid similar problems in the future.
- Sustained success in business is achieved by leaders committed to understanding and permanently resolving the core issues, a trait surprisingly rare yet immensely valuable.
- If you’re facing challenges with sales growth, staff performance, or talent shortages, visit the Unlock Business Growth and Build a Sustainable Competitive Advantage pages for insights.
- Book a free meeting through the How We Get Started page to explore tailored solutions for you.
Presented by: Drew Pflaum
video transcript
Transcript available on the Fix the Root Cause for Business Growth page.
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Ready To Scale To Bigger Business
Scaling a Business
See our Advice from Accountants for Growing & Scaling a Business page.
Read Key Points & Transcriptvideo key points
- Businesses often struggle to adapt their small business strategies effectively as they transition into larger operations, leading to growth stagnation.
- A common pitfall during this transition is the temptation to adopt the latest business management fads, which promise quick fixes but often fail to deliver substantial growth.
- Proven research suggests focusing on six key areas known to significantly impact business growth, emphasising the importance of excelling in these areas simultaneously for success.
- The challenge lies in consistently applying best practices across these critical business areas to achieve a “Winner” success rate of over 90%.
- To navigate these challenges and enhance business growth, engaging with Munro’s Business Academy provides access to evidence-based knowledge.
- Book a Get To Know Each Other meeting for personalised assistance tailored to your business needs.
Presented by: Drew Pflaum
References page.
video transcript
Transcript available on the Evidence-based Approach to Business Growth page.
Scaling a Business
See our Advice from Accountants for Growing & Scaling a Business page.
video key points
- Businesses often struggle to adapt their small business strategies effectively as they transition into larger operations, leading to growth stagnation.
- A common pitfall during this transition is the temptation to adopt the latest business management fads, which promise quick fixes but often fail to deliver substantial growth.
- Proven research suggests focusing on six key areas known to significantly impact business growth, emphasising the importance of excelling in these areas simultaneously for success.
- The challenge lies in consistently applying best practices across these critical business areas to achieve a “Winner” success rate of over 90%.
- To navigate these challenges and enhance business growth, engaging with Munro’s Business Academy provides access to evidence-based knowledge.
- Book a Get To Know Each Other meeting for personalised assistance tailored to your business needs.
Presented by: Drew Pflaum
References page.
video transcript
Transcript available on the Evidence-based Approach to Business Growth page.
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Passing To The Next Generation
Structuring for Wealth Succession
See our Advice from Accountants for Family Business Succession Planning page.
Read Key Points & Transcriptvideo key points
- Successful business and investment succession within families can be marred by issues like tax mishandling, divorce, and poor financial decisions, leading to wealth erosion.
- Effective wealth succession planning is crucial in protecting family wealth, involving considerations such as bloodline clauses, fair market remuneration for family members, and the necessity of external financial oversight.
- Proper documentation of historical and future loans and gifts, alongside considerations for family governance, such as a family constitution and board, play pivotal roles in succession planning.
- Estate planning is essential for ensuring a smooth transition of assets, helping preserve wealth following the death of a loved one.
- Recognising the complexity of wealth succession, the encouragement to seek professional advice reflects the importance of having affairs in order and optimally arranged for the future.
Presented by: Saul Segal
video transcript
Transcript available on the Wealth Generation, Protection & Succession for Families page.
Structuring for Wealth Succession
See our Advice from Accountants for Family Business Succession Planning page.
video key points
- Successful business and investment succession within families can be marred by issues like tax mishandling, divorce, and poor financial decisions, leading to wealth erosion.
- Effective wealth succession planning is crucial in protecting family wealth, involving considerations such as bloodline clauses, fair market remuneration for family members, and the necessity of external financial oversight.
- Proper documentation of historical and future loans and gifts, alongside considerations for family governance, such as a family constitution and board, play pivotal roles in succession planning.
- Estate planning is essential for ensuring a smooth transition of assets, helping preserve wealth following the death of a loved one.
- Recognising the complexity of wealth succession, the encouragement to seek professional advice reflects the importance of having affairs in order and optimally arranged for the future.
Presented by: Saul Segal
video transcript
Transcript available on the Wealth Generation, Protection & Succession for Families page.
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Selling Your Business
Selling a Business in Australia
See our Advice from Accountants for Selling a Business page.
Read Key Points & Transcriptvideo key points
- Planning to sell your business requires early preparation, ideally starting several years in advance, to enhance your financial outcomes and mitigate taxes.
- Enhance your business valuation through profit improvement and strategic growth programmes.
- Proactive tax planning before the sale can reduce your tax burden and optimise financial results.
- A thorough plan should also include considerations for tax-effective retirement planning post-sale.
- Visit our Selling a Business page to learn more and when you are ready for our assistance, please book a free Get To Know Each Other meeting.
Presented by: Rama Yudhistira
video transcript
Transcript available on the Selling a Business page.
Selling a Business in Australia
See our Advice from Accountants for Selling a Business page.
video key points
- Planning to sell your business requires early preparation, ideally starting several years in advance, to enhance your financial outcomes and mitigate taxes.
- Enhance your business valuation through profit improvement and strategic growth programmes.
- Proactive tax planning before the sale can reduce your tax burden and optimise financial results.
- A thorough plan should also include considerations for tax-effective retirement planning post-sale.
- Visit our Selling a Business page to learn more and when you are ready for our assistance, please book a free Get To Know Each Other meeting.
Presented by: Rama Yudhistira
video transcript
Transcript available on the Selling a Business page.
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Our Perth-based team of high-quality business accountants and advisors are here to help you with Every Stage of Business
- Tax Structuring & Planning
- Accounting & Tax Returns
- Asset & Wealth Protection
- Business Financial Advice
- Business Growth & Improvement
- What Really Works to Experience Success
Discover Our Key Services & Then Let’s Get Started:
Find out what we can do for you
Solutions & Services
Help for Every Stage of Business
Accounting & Tax (Compliance)
Business Advice (Growth & Improvement)
Asset & Wealth Protection
Tell us about your problem and we’ll respond within 1 business day.
- Call Us 1800 818 924
- Email Us hello@munros.com.au
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Visit Us
308 Fitzgerald Street
Perth WA 6000