OFFERING A FULL SUITE OF ACCOUNTING & BOOKKEEPING SERVICES IN STRATHFIELD
Most small businesses fail within three years of their operations. Lack of financial insight, unskilled in house accountant, inadequate accounting records, no analysis of cash flow and no proper budget or forecast are some of the key reasons for these failures.
MYM Accounting & Business Consultancy provides a broad range of accounting & business advisory services across the Sydney region. Taking advantage of the opportunities presented by virtual services and cloud technology, we offer our services in Strathfield.
As your local accountant in Strathfield, you can get rid of all your time consuming paperwork to our expert team of certified practicing accountants. We will make sure that your books are accurate, manage your cash flow and provide you strategic advice on maximizing your profit.
Our accounting team can help you with the below:
Accrual and Cash basis accounting
Data entry or cleaning up of books
Accounts receivables or payable management
Periodic Management & Financial Reporting for small businesses
Payroll
Bank reconciliations
Monthly, Quarterly or Yearly closing of books
Preparation and compilation of financial statements
We know that every business is at a different stage in its life cycle, which brings its own challenges. We provide you with the right financial service at the stage you happen to be in, so you can make the right decisions at the right time with the right information.
At MYM Accounting & Business Consultancy, we offer a range of bookkeeping packages that meet the specific needs of your business as it moves through its life cycle. We can also create a custom package tailored to your specific business needs.
As your local accountant in Strathfield, we provide the below Accounting & Bookkeeping Packages
New Business / Start up
This package is for businesses that are 1-2 years old. Resources are tight. You are focusing all your time and effort on developing and growing your business. We help you lay the foundation of your accounting and finance function in this stage, to help you scale as you move to the next stage of your business life cycle.
Entrepreneurs & SME
At this stage, your business is a workable business entity with paying customers. Your transactions rises as you shift your focus from mere existence to increasing your revenue and finding cost efficiencies. Apart from basic bookkeeping, you will get monthly Profit & Loss and Key Performance Indicator (KPI) Reporting. As your local Accountant in Strathfield, we also provide you with an experienced Chief Financial Officer (CFO), who will provide you with quarterly insights into your business and financial health.
Medium / Large Businesses
This package is ideal for companies in their growth and maturity stage. The number of transactions per month has significantly increased. Cash is becoming important. Information has become vital to your decision making. You need regular updates on your accounts to ensure that you are on top of your cash management. Apart from day to day compliance, you get Monthly CFO advisory calls with strategic advice and direction on the health of your business.
New Business / Start ups
Ask for Price
Bank Transactions up to 100/month
Monthly Bank Reconciliations
Matching Customer Payments
Matching Supplier Payments
5 Xero / MYOB Payroll
Monthly P&L and Balance Sheet
Quarterly KPI/Performance Reporting
Entrepreneurs & SME
Ask for Price
Bank Transactions up to 200/month
Fortnightly Bank Reconciliations
Matching Customer Payments
Matching Supplier Payments
10 Xero / MYOB Payroll
Monthly P&L and Balance Sheet
Monthly KPI/Performance Reporting
QTR BAS Preparations Lodgements
Annual Tax Return & Lodgements
Financial Statements
Quarterly CFO Advisory Call
Medium / Large Businesses
Ask for Price
Bank Transactions up to 300/month
Weekly Bank Reconciliations
Matching Customer Payments
Matching Supplier Payments
20 Xero / MYOB Payroll
Monthly P&L and Balance Sheet
Monthly KPI/Performance Reporting
QTR BAS Preparations Lodgements
Annual Tax Return & Lodgements
Financial Statements
Monthly CFO Advisory Call
Annual Tax Planning
As your local accountant in Strathfield, we also offer Virtual CFO Services.
CFO is a critical role in any business and its importance cannot be neglected because it serves as the bridge between the management and accounting team. This role becomes even more important for SMEs where risk of fraud and inaccurate financial reporting is comparatively high due to multiple factors including lack of segregation of duties, unqualified or inadequate number of staff.
Who is a Virtual CFO?
A Virtual CFO works with your business on a part-time / ad hoc basis to provide strategic business advice & expertise across all areas of your business. By integrating into your day to day operations, they can keep an eye on reducing cost, increase efficiencies and help you run and grow a profitable business.
Hiring a Virtual CFO provides huge cost savings as compared to hiring a full or part time employee. You won’t have to pay on-costs or provide an office space or equipment. Most importantly, you can focus on your core operations as we monitor the financial pulse of the business.
When do you need a Virtual CFO?
Hiring a Virtual CFO provides huge cost savings as compared to hiring a full or part time employee. You won’t have to pay on-costs or provide an office space or equipment. Most importantly, you can focus on your core operations as we monitor the financial pulse of the business.
Virtual CFO Services
- Company health Check
- Operational Review
- Financial Reporting : Help you understand your financial position
- Cash Flow Management
- Performance Tracking (KPI Reporting)
- Budgeting and Expense Control
- Minimize Business Risk
- Streamlining accounting functions
- Training & Development of Accounting staff
Virtual CFO Packages
As you progress through the various stages of your business lifecycle, your need for financial information will grow and evolve. Accurate financial data is vital to the success of your business. At MYM Accounting & Business Consultancy, we have different packages to suit your needs, from basic transactional reporting to data for strategic business decisions.
We can also create a custom package tailored to your specific business needs.
The Starter CFO
Ideal for: startups or businesses 1-2 years old
What we do:
• set up your initial budget and cash flow for your entire year
• establish your core financial processes and reporting requirements
• inform and educate important stakeholders about the business
• monthly consultations to organise company processes
The Growth CFO
Ideal for: Small to medium enterprises
What we do:
• monthly reports
• improved financial analysis
• cash flow management
• monthly KPI reporting to show progress tracking
• a quarterly budget to actual analysis report for insights into missed forecasts and expenses
• timely data to inform key investment or expansion initiatives
The Established CFO
Ideal for: Businesses in the growth stage experiencing scale and complexity
What we do:
• improved financial analysis
• cash flow management
• monthly KPI reporting to show progress tracking
• a quarterly budget to actual analysis report for insights into missed forecasts and expenses
• timely data to inform key investment or expansion initiatives
• access to detailed monthly reports
The Starter CFO
Ask for Price
Monthly Management Accounts
6 monthly Budget to Actual Analysis
Annual Cash flow and budget forecast
Catch-up calls 1 hour per month
Ad hoc work up to 2 hours per month
The Growth CFO
Ask for Price
Monthly Management Accounts
Quarterly Budget to Actual Analysis
Cashflow Management
KPI Reporting
Financial Dashboard
6 month Cash flow and Budget Forecast
Catch-up calls 1 hour per fortnight
Adhoc work up to 4 hours per month
The Established CFO
Ask for Price
Monthly Management Accounts
Monthly Budget to Actual Analysis
Cashflow Management
KPI Reporting
Financial Dashboard
Quarterly Cash flow and Budget Forecast
Catch-up calls 1 hour per week
Adhoc work up to 6 hours per month
Operational Review
Company Health Check
Startups
The value of a CFO to a start up
As your local accountant in Strathfield, MYM Accounting & Business consultancy works extensively works with new Startups. We can help you create an Initial business plan, cash flow projections, break-even analysis, future forecast to when you actually register your business.
We help our start up clients determine the critical factors that affect their profitability and ability to survive.
Managing cash in those early days of your business is extremely critical. According to Business Insider, 82% of small businesses fail because they experience cash flow problems. We will assist you with constantly monitoring your cash flow, help you understand when cash is available and what strategic decision to make to preserve your cash.
How we can help:
- Business Registration (ABN, TFN)
- GST Registration
- Helping you to decide between cash accounting versus accrual accounting
- Implementing a robust accounting system
- Key business insurances
- Opening your business bank accounts
- Implementing accounting procedures and internal controls
- Business planning
- Outsource accounting & payroll
- Tax compliance
- Financial reports (Dashboard, KPI Reporting)
- Preparing cash flow statements
- Budget & forecasting reports
- Virtual CFO advisory
Our Business Partners
As your local accountant in Strathfield, MYM Accounting & Business Consultancy, we collaborate with IT, HR, legal and marketing professionals to create your “C” suite.
The intention is to have one firm where a group of professionals works together seamlessly, and without the client having to share their requirements several times and educate multiple people on their needs.
At MYM Accounting & Business Consultancy, we have different packages to suit your needs from basic transactional reporting to data for strategic business decisions. We can also create a custom package tailored to your specific business needs.
