We all know the importance of having healthy relationships with our family, friends, and loved ones.
But with your accountant…?
Let me explain.
Read on about one of our clients, James (name changed for confidentiality), and how his healthy relationship with the Central Coast accountants at MYC Partners helped him realise his dreams of owning his own business and investing for his future.
Nervous Beginnings: The Café Purchase
James approached our Central Coast business advisory service here at MYC Partners Accountants when considering purchasing a small business, a café.
James was only in his early 20s and was a little nervous about making such a big investment.
We met with James several times to inform him of all the steps involved in considering and purchasing a small business.
Once James felt comfortable working with us, we assisted him in reviewing his current financials and connected him with a finance broker and a lawyer needed for the purchase.
Why Engage With A Business Advisor?
Our business advisory service helped James to review the contract to purchase the business, and we then acted on his behalf for the purchase transaction of the cafe.
Our help didn’t end there, though…
Setting The Foundations For Growth
Just like a new plant requires nurture and care to thrive, so does a new business.
Once the transaction had gone through, we continued to work with James to help him establish his cafe.
Here are just a few of the many things we put in place to help give James’ newly acquired business the best possible start:.
- We assisted in having the lease on the property signed to James
- Advised James on the various insurances he needed.
- We worked closely with James to establish suitable business structures and processes for the cafe’s smooth running.
- We also advised him on appropriate software for his business, including Point of Sale (POS) software.
Outsourcing The Bookkeeping - A Good Idea!
James was keen to do the bookkeeping on his own, and for the first year, he managed to do this as well as running his busy cafe.
After a year of doing the books himself, James felt overloaded and asked us to take this task on for him.
We were happy to do so, knowing it frees up James to maintain the business he loves and enjoy his free time without having to slave over numbers (that’s our job!)
Being A Ongoing Partner In James’ Success
MYC Partners Accountants Central Coast has continued working with James, managing his ongoing bookkeeping and having regular appointments to touch base with his financials.
James has found these quarterly meetings really useful as it is a good opportunity for him to ask any questions regarding his finances, and receive advice when he is considering changing his business or personal investments.
Regular meeting with our business clients is essential because we can resolve any financial queries ahead of time instead of waiting until the end of the year – and update our clients on relevant tax or financial legislation changes.
James’ Business Future Is Bright
Fast forward to today:
James has now been in business for over five years, and his business is booming!
He’s paid off all his loans and even managed to buy an investment property. We are so happy for James and wish him continued success in the future.
Now, think about how we can help you… Call us today to receive the expert and friendly financial advice you have been looking for.