Click Here to Download PDF
Accounting for Importers & Wholesalers
Having an accountant who understands your importing or wholesaling business can give you serious competitive edge. Here at Nexus Accountants we understand the importing and wholesaling 'game' and recognise you face some fairly unique issues including the volatility of the Australian dollar. We can help you navigate your way when dealing with banking institutions, freight forwarding companies, organising overseas payments and balancing cash flow to meet ongoing overheads. Not only that, we can advise you in relation to the complex tax and GST issues associated with importing and wholesaling giftware, furniture, baby products, household items, machinery and equipment.
Over the past decade we have guided a number of importers and wholesalers through the various stages of their business life cycle from start-up to succession and sale. If you import or wholesale goods we can provide you with a range of services to support and grow your business. If you import for the purpose of manufacture we can also assist you with issues including pricing, break even analysis and management accounting services. Comparing your business data against industry benchmarks will let to assess what is working in your business, what isn't working and what needs working on.
You'll find we have a small firm personality with big firm capabilities and no job is too big or small for the team.
STARTING OR BUYING A WHOLESALE OR IMPORT BUSINESS
We are recognised as business start-up specialists and if you are looking to start an importing or wholesaling business there are numerous issues to consider. There is site selection, tax registrations, insurances, the shop or factory lease, fit out and of course finance. We can assist you in all of these areas plus provide advice on HR matters, payroll and the preparation of a business plan.
Over the past two decades our team of accountants have helped a number of importers and wholesalers get their business off to a flying start. We offer you experience, technical tax knowledge and most importantly, an intimate understanding of your industry.
Starting a business is a bit like building a house and you need solid foundations. In a business sense these include the right taxation structure, accounting software, insurances, a marketing plan, website and social media channels. Your choice of business structure is critical and there are a number of different options including a company, sole trader, partnership or trust. When selecting a business structure, asset protection is a key consideration as well as your family situation, forecast level of profit and your future plans to admit new business partners and your eligibility for discount capital gains tax concessions.
Your choice of accounting software is another brick in your foundation wall. The wrong choice can be catastrophic and poor financial records are one of the biggest causes of business failure in this country. Up to date, accurate financial records let you make informed business decisions.Your software program needs to match your business needs with your level of accounting skill because too many business owners use sophisticated double entry accounting programs and produce nothing but 'computerised shoebox' records. One of our priorities is to help you cut the cost of compliance which in some cases includes training you to use the software. We support a number of programs and have a strong preference for cloud based solutions like Xero.
To build a house you also need the right tools and when 'constructing' your business we have developed a number of tools including a
start-up expense checklist broken down into various categories including:
- leasehold improvements
- shop or factory fit out expenses
- information technology costs
- marketing and signage
- equipment and vehicles
- trading stock and raw materials
These figures then slot into a cash flow budget template that let us produce a forecast of your first year's trading results. If you need a vehicle in your business we can assist you with finance by chattel mortgage or lease through one of our affiliate partners. Not only that, you can access fleet pricing on your new car, ute or light commercial van that could save you thousands of dollars.
Through our affiliate partners we can also help you source funds to finance your business purchase, shop fit out, equipment, motor vehicle or van. Pricing is absolutely vital to the success of your operation and we can help you do some price modelling so you know your break even point and understand the financial implications of price increases by your suppliers. We also use benchmarks to compare your business performance against your industry peers so you know what is working in your business, what's not working and what needs working on.
MARKETING YOUR BUSINESS
For small business owners, your marketing can be the difference between gloom, doom and boom.
Most wholesalers and importers rely on their reputation and referrals to grow their business and while these ingredients remain important, you need to shift your marketing focus online. Increasingly local searches like ‘Baby goods Wholesaler Melbourne’ are driving traffic to your website and often your website is the first touch point with a potential new customer. As you know, you only get one chance to make a good first impression and your website is your silent sales person working 24/7 to promote your business.
One of our biggest points of difference compared to other accounting firms is our marketing expertise. We can assist you with your branding (business name, logo and slogan), your corporate brochure and help you harness the power of social media to win more referrals. Over the past few years we have worked with dozens of clients to help them create affordable, quality lead generation websites that are responsive to smart phones and tablets. We can provide advice and guidance with your website content including video production and if your website lacks calls to action or lead magnets we'll help you build them. In addition, we'll introduce you to strategies like re-marketing and search engine optimization to drive more traffic to your website.
If you aren’t using some of these marketing techniques your business probably won't reach its full profit potential.
The marketing process begins with your branding and we have worked through the process with dozens of clients over the years and using some online resources we can help you build a modern brand that resonates with your target market. We can even help you develop your stationery at a fraction of the cost of engaging a graphic artist or marketing consultant.
Our role includes helping you understand the Four Ways to Grow A Business and in the process, identify the key profit drivers in your business. We can talk you through various profit improvement strategies and even quantify the profit improvement potential in your business. Our role is to make sure you don't leave any profit on the table.
Importing and wholesaling in Australia is challenging and we know the pitfalls. We offer you a range of services including:
- Start-Up Business Advice for Importers & Wholesalers
- Advice regarding the Purchase or Sale of your Business
- Spreadsheets and Tools including a Start-Up Expense Checklist, Business Plan Template and Cash Flow Budget.
- Provide Advice and Assistance with the Establishment of Your Business Structure (sole trader, company, trust, partnership etc.) taking into account issues like Asset Protection and discount Capital Gains Tax Concessions
- Business and Tax Registrations for ABN, TFN, GST, WorkCover etc.
- Preparation of Business Plans, Cash Flow Forecasts and Profit Projections
- Accounting Software Selection and Training – Bookkeeping, Invoicing, Quotes & Payroll
- Preparation of Finance Applications for the Bank
- Preparation and Analysis of Financial Statements
- Bookkeeping and Payroll Services
- Tax Returns and Tax Planning Strategies
- Wealth Creation Strategies and Financial Planning Services
- Industry Benchmarking and KPI Management
- Vehicle & Equipment Finance (Chattel Mortgage & Lease)
- Monitoring and Controlling Labour and Sub Contractor costs
- Advice & Assistance with Pricing and Claiming Motor Vehicle Costs
- Recession Survival Strategies
- Advice regarding Employee Relations and Workplace Laws
- Business & Risk Insurances
- Business Succession Planning
As you can see, we are not your typical suburban accounting firm. We are more than just tax accountants, we are business and profit builders who provide a full range of accounting, tax and business coaching services to importers and wholesalers.
If you're an ambitious business owner looking to accelerate your business success we invite you to book a FREE, one hour introductory consultation to discuss your business needs. You can expect to receive practical business, tax, marketing and financial advice designed to help you build your business and grow your wealth. To book a time, contact us today on (03) 9500 8666 or complete your details in the box at the top right hand side of this page. We look forward to helping you create a more profitable, valuable and saleable business.