There’s a bunch of ways we’ve developed over the years to help our clients. It’s formed into two bundles of services which collectively help clients not just comply with the rules and regulations but to truly achieve the outcomes they desire. We’ve been doing this so long that it’s become second nature. It’s only when new clients admiringly tell us “Gee, my old accountant never talked to us about this” that we stop and reflect on the key role we play in shaping their outcomes.
In this section, we’d like to share a brief overview about how we help our clients. In short, we keep TABS on how clients are going and provide a CREW to get them to their destination.
In this section, we’d like to share a brief overview about how we help our clients. In short, we keep TABS on how clients are going and provide a CREW to get them to their destination.
The Hansens Framework
TABS
T. Taxation. It’s our view that completing and lodging your tax returns is “proof of the pudding”, but not the only aspect to your taxation matters. To us, “Tax planning starts on 1 July” by which we mean the most effective part of our advice comes well before a return is even due to be lodged.
It’s why we for example take the time to read the constituent documents of your legal entities, to ensure that beneficiaries are actually entitled to receive distributions. It’s why we carefully consider which entity should run your business and which should hold the other assets you acquire. Getting such decisions correct from the outset can have substantial benefits later on – for example, minimising the CGT applicable to gains on sale.
So expect us to provide you with proactive, long term management of your tax responsibilities, rather than simply prepare and lodge returns.
A. Accounting. Getting the accounting right, and not just taking the ‘lazy’ way out - reporting the results accurately and promptly assessing the outcomes is at the heart of our approach to accounting.
It’s why we zero in on the accuracy of classifying transactions and the way in which the results are reported. In much the same way as elite athletes pay attention to their training numbers, we carefully analyse the results reflected in the reports extracted from clients’ accounting systems. We focus particularly on emerging trends, having adequate working capital available and transactions outside normal parameters.
B. Budgets, Cashflow & Performance. Without exception, every one of our successful clients has a current Hansens 3-way budget for their business. The budgets we construct tell clients in detail what’s coming up over the next 12-month period – profit, cashflow and balance sheet. Often, this detailed analysis is complemented by a two, three or even five-year macro plan which sets out the intended direction, after allowing for intended major initiatives occurring throughout this period. It’s remarkable the motivation our clients get from setting and then achieving their budget objectives!
Because we view profit as an outcome, but not the sole indicator of business health, for every client business we tailor a range of specific key indicators to progressively gauge its performance. Time and time again, we see how bringing such critical aspects to our clients’ attention leads to improved focus, innovation and ultimately, better results.
S. Succession. Start with the end in mind – every Business owner has an end point, so we work with you to identify when that is, and what you want you Business to look like, when that time comes to hand it over….. this also applies to succession in your personal life and who you want to benefit from your life’s achievements!
It’s why we for example take the time to read the constituent documents of your legal entities, to ensure that beneficiaries are actually entitled to receive distributions. It’s why we carefully consider which entity should run your business and which should hold the other assets you acquire. Getting such decisions correct from the outset can have substantial benefits later on – for example, minimising the CGT applicable to gains on sale.
So expect us to provide you with proactive, long term management of your tax responsibilities, rather than simply prepare and lodge returns.
A. Accounting. Getting the accounting right, and not just taking the ‘lazy’ way out - reporting the results accurately and promptly assessing the outcomes is at the heart of our approach to accounting.
It’s why we zero in on the accuracy of classifying transactions and the way in which the results are reported. In much the same way as elite athletes pay attention to their training numbers, we carefully analyse the results reflected in the reports extracted from clients’ accounting systems. We focus particularly on emerging trends, having adequate working capital available and transactions outside normal parameters.
B. Budgets, Cashflow & Performance. Without exception, every one of our successful clients has a current Hansens 3-way budget for their business. The budgets we construct tell clients in detail what’s coming up over the next 12-month period – profit, cashflow and balance sheet. Often, this detailed analysis is complemented by a two, three or even five-year macro plan which sets out the intended direction, after allowing for intended major initiatives occurring throughout this period. It’s remarkable the motivation our clients get from setting and then achieving their budget objectives!
Because we view profit as an outcome, but not the sole indicator of business health, for every client business we tailor a range of specific key indicators to progressively gauge its performance. Time and time again, we see how bringing such critical aspects to our clients’ attention leads to improved focus, innovation and ultimately, better results.
S. Succession. Start with the end in mind – every Business owner has an end point, so we work with you to identify when that is, and what you want you Business to look like, when that time comes to hand it over….. this also applies to succession in your personal life and who you want to benefit from your life’s achievements!
CREW
C. Chief financial officer. This follows on from the Budgeting and Performance Monitoring services outlined above. The family businesses we work with require sophisticated, timely advice about how their enterprise is running yet don’t have the scale to warrant the in-house expertise enjoyed by public companies. By meeting with our clients at set times throughout the year to review results, resolve current issues and plan for upcoming events, Hansens becomes a catalyst for better business decision making.
R. Restructuring. Usually, there’s an incredible value in the initial review we undertake of the legal structure employed by incoming clients. Although tax efficiency is of course part of our assessment, we take a much more holistic approach. Key considerations are asset protection and the ultimate business sale. Happily, we are well versed in the Capital Gains Tax rollover provisions, which often enable us to fix up the problems inherent is the structures we inherit from previous advisers. Unknown changes in tax and Company legislation require us to be fluid and adaptable in our knowledge and the services we provide, and is conveyed to our clients in an empathetic way.
E. Estate planning. The clients we work with require an estate planning solution which goes far beyond their personal wills. Such a solution must take into account the various entities – trusts, companies, super fund – that comprise the family group, along with inter-entity loan balances and shareholdings. Businesses in particular require a plan in the event that something befalls a key person – staff and suppliers still need to be paid, work must get done and sales made. We ensure that adequate arrangements are made to keep the business ticking over whilst decisions are being made regarding its future.
W. Wealth Protection. Particularly relevant to the families we work with, our clients need to protect their assets and account for a range of beneficiaries, each with differing needs and expectations. Children with disabilities provide a good example as do children working in the family business. The process we employ enables us to work through such issues thoroughly and with sensitivity, to arrive at satisfactory solutions.
R. Restructuring. Usually, there’s an incredible value in the initial review we undertake of the legal structure employed by incoming clients. Although tax efficiency is of course part of our assessment, we take a much more holistic approach. Key considerations are asset protection and the ultimate business sale. Happily, we are well versed in the Capital Gains Tax rollover provisions, which often enable us to fix up the problems inherent is the structures we inherit from previous advisers. Unknown changes in tax and Company legislation require us to be fluid and adaptable in our knowledge and the services we provide, and is conveyed to our clients in an empathetic way.
E. Estate planning. The clients we work with require an estate planning solution which goes far beyond their personal wills. Such a solution must take into account the various entities – trusts, companies, super fund – that comprise the family group, along with inter-entity loan balances and shareholdings. Businesses in particular require a plan in the event that something befalls a key person – staff and suppliers still need to be paid, work must get done and sales made. We ensure that adequate arrangements are made to keep the business ticking over whilst decisions are being made regarding its future.
W. Wealth Protection. Particularly relevant to the families we work with, our clients need to protect their assets and account for a range of beneficiaries, each with differing needs and expectations. Children with disabilities provide a good example as do children working in the family business. The process we employ enables us to work through such issues thoroughly and with sensitivity, to arrive at satisfactory solutions.
