Elaine Lewan & Associates

At Elaine Lewan & Associates, we strive to ensure our team, our clients and our community reach their full potential. This is our vision.

We look for every opportunity to provide the best solution to our clients, whether you are a high-salary earner, independent contractor, business owner or corporation.

We provide our clients with personalised accounting advice that comes from many years of experience and work across different industries.

TAXATION
Accounting and taxation go hand in hand in managing a business’s financial health. Tax regulations can impact accounting practices, influencing how financial data is recorded and reported. Understanding these nuances is crucial for accurate tax filings and compliance with laws. Proper accounting practices can also help in minimising tax liabilities and maximising deductions, ensuring a business remains financially efficient.

• Leave your Tax Return to the Professionals

We can assist with all aspects of taxation for individuals and business including Income Tax, Goods and Services Tax (GST) and Pay As You Go (PAYG) – and lodge the return on your behalf.

• Structure You For Success

Trust us to help you unlock your business’s full potential and protect it for years to come. With the right structure in place, you’ll not only be able to take advantage of tax benefits but also safeguard your valuable business assets.

• Keep More of What You Earn

With our experienced team of tax professionals, you can rest assured that you’re getting every benefit you’re entitled to. We will help you plan ahead to minimise your future tax burden as well. Don’t let taxes drain your bottom line – choose us to help you keep more of what you’ve earned

CORPORATE COMPLIANCE

Ensuring compliance with regulations and laws is crucial for businesses. It helps build trust with stakeholders and protects the company’s reputation. Compliance also reduces the risk of legal penalties and leads to sustainable growth and long-term success for the company.

Benefits of Corporate Compliance:

• Demonstrate your commitment to your compliance obligations
• Improve your customer relations by acting in accordance with your obligations
• Enhance your reputation as a business who treats its consumers and competitors fairly
• Effectively assess and manage the risk of breaching your compliance obligations
• Remedy any breach of compliance obligations that may occur and reduce the risk of legal proceedings
• Increase your staff awareness about fair trading laws and obligations

BUSINESS ADVICE

Why ask an accountant for business advice? Accountants are a great insight into business strategy. After all, you want to make your business profitable — so it makes sense that you would speak to someone who understands finances. Your accountant can work with you to focus on your business goals, and provide you with strategies to achieve these goals.

• Business strategy

We will work with you to focus on your business goals, and provide you with strategies to achieve these goals. We will determine the necessary KPIs to work towards, establish what you can spend, (and where) – ultimately boosting your revenue and enable your business to grow.

• Cash flow support

We will help you weather the changing market, and ensure your business is able to manage its cash flow successfully. As professional financial strategists, we will work with you to forecast your cash flow, put processes and spending plans in place to ensure you’re always on top of your expenditure.

• Manage your debt

We can look into how your debt is structured and develop a strategy to help you manage it in a sustainable way, provide advice on bank borrowing strategies and help you determine the bank and loan that’s suitable for your business.

• Support for loan applications

When it comes to applying for loans or securing funding, your accountant understands what lenders want to see in an application. They can help you create a presentation that pulls together your financials, forecasts, business history, and your overall business goal, into one compelling story.

• Budgeting

We are experts at managing your finances, so we can provide you with an accurate, future-focused budget that provides you with a factual picture of your business’ incomings, expenses, and growth. We can also help you identify all your costs, get accurate forecasts of your sales, and monitor your budget to ensure you stay in line with your financial goals.

• Boost efficiencies

Unbeknownst to you, there’s probably a lot of inefficiencies hiding in your business. It could be things like staff hours and irregular payments, not monitoring your utilities, or even in the physical (or digital) space that you occupy. We can look at all your costs strategically, and help you identify any inefficient or unnecessary expenses. They’ll be ruthless; but with their help, your business will be trimmed to its most agile and efficient form possible.

• Support in setting up a new business

There’s a lot involved with setting up a new business, but did you know that your accountant can support you in this too? Your accountant can help you navigate your way forward, and provide advice on business structures, ASIC registration, GST and tax obligations. We can also help you develop strategies to make your new endeavour tax-effective, and ensure proper compliance.

BOOKKEEPING & PAYROLL

Bookkeeping involves recording financial transactions, maintaining accurate records, and organising financial data. Payroll, on the other hand, deals with processing employee salaries, taxes, and benefits. Both are crucial aspects of running a business efficiently and ensuring compliance with legal regulations. Proper bookkeeping helps track income and expenses, while accurate payroll ensures employees are paid on time and taxes are handled correctly. Together, they form the financial backbone of a successful organisation.

• Let someone else take Care of the Books

Bookkeeping can be really hard work. And after a long day running your business, the last thing you want to do is crunch numbers and balance books. That’s where we come in – our expert bookkeeping services take the headache out of financial management, so you can focus on what you do best: running your business.

• Prevent fraud or theft

Keeping detailed records of all expenses and transactions is key to a good fraud prevention process. When you understand your cash flow, you know how much is coming in and out of the business. This makes producing accurate financial statements easier, as well as identifying anything that doesn’t add up.

• Simplify your taxes

Good record keeping practices will help you pay your taxes accurately and on time, avoiding nasty letters from the ATO. As a startup or SME business owner, every dollar counts and it’s important to stay on top of all the financials.

• Control your cash flow

Cash flow is the lifeblood of any successful business, and our team is here to help you keep yours flowing smoothly. With our expert guidance, you’ll be able to create cash flow budgets and forecasts that will keep you ahead of the game and prevent any unexpected surprises.

• Save time and costs

A good record keeping system can save time and money. Don’t waste time looking for receipts. If you kept good digital records, they’ll be easily accessible meaning you stay compliant with regulations and deadlines. By storing all documents and records online, you increase operational efficiency, reduce transportation and storage costs, search records faster and easily access records from multiple digital devices.

• Close loopholes. Increase oversight

Record keeping can help to justify and explain why certain decisions were taken. So many businesses fail because they simply run out of cash. Having consolidating records will enable businesses to make better decisions. With your business survival at stake, having loopholes and poor oversight can lead to money being wasted or misused.

FINANCIAL ADVICE FOR FAMILIES

Financial planning is essential for every family, helping to create security, achieve long-term goals, and protect wealth for future generations. By taking proactive steps today, you can ensure a more stable and prosperous future for yourself and your loved ones.

We can help protect your families’ wealth by :

• Setting Financial Goals
• Budgeting
• Debt Management
• Risk Management (insurance and health cover)
• Investments
• Will & Succession Planning
• Teaching your children Financial Literacy

Contact Elaine Lewan & Associates on 08 8586 3411