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Winners will be announced tonight: Accountants Daily Australian Accounting Awards 2018

Tailored Accounts has been shortlisted for the Accountants Daily Australian Accounting Awards in April 2018. Tonight Tailored Accounts will attend the winner announcement event at Hyatt Regency Sydney.

Harry Hoang has been chosen as a finalist of CEO Of The Year and Tailored Accounts has become a finalist of Innovator Of The Year. This is the third time Tailored Accounts is shortlisted for these prestigious awards.

“On behalf of the team at Accountants Daily, sincere congratulations to all the deserving finalists in this year’s Australian Accounting Awards,” said Accountants Daily managing editor Katarina Taurian.

“It’s great to see such a diverse mix of firms, from micro-businesses right up to nationwide networks.

“We are also pleased to be recognising the broader role accountants play in their locales and in the lives of their clients. Accountants are the backbone of small business in Australia, and the community flow-on effect is enormous.”

Tailored Accounts team and Harry Hoang are humbled by the nomination and wishing other finalists all the best!

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How can accountants help you build Wealth?

Most clients only use their accountants to source advice on corporate structure, tax and other financial details. This sorely limits the potential benefits of their expertise. A start-up ourselves, we built Tailored Accounts from scratch and have now created one of the biggest accounting firms in Canberra. How, you ask? Our strategy is the same one we recommend to all our clients. It all comes down to cash management.

There are indicators of wealth in business, including, assets and turnover, size of business and number of clients. Personally, I prefer to monitor wealth based on a company's net cash flow, since the only way to build wealth is to re-invest positive net cash flow back into your business. This allows a company, and the community surrounding it, to grow.

Start-ups, for instance, are considered a great means of boosting wealth in many sectors. Yet many people are confused at how relatively new start-ups facing significant losses are still considered widely successful. Uber and AirBnB both operate at a loss, but are still giants in their respective fields. The simple explanation is that the companies are building wealth through alternate means.

As mentioned above, a prime indicator business of wealth is a businesses' net cash flow over time. Uber and AirBnB are definitely cash flow positive- otherwise they would be facing liquidation! Moreover, job creation is another essential aspect of wealth building. Thousands of jobs have been created by Uber and AirBnB, injecting cash into the community.  Further cash injections from investors are another reason for these businesses' net positive cash flow, even though they trade at a loss. Finally, these companies' intellectual property is a sustainable ongoing source of wealth, since it does not depreciate in value.

So how can Accountants help your business create wealth. We can help you to monitor your cash flow to ensure that you are always cash positive. Accountants have insight into your financial situation, and can thus keep track of your past, current and future cash movements. Furthermore, we also provide analysis to ensure your cash moves according to business plan and offer advice accordingly. Effective planning is the key to successful wealth accumulation!

It’s undeniable- investing in your accounting team is vital to maximise your return and build overall wealth. Consider the potential for your business and invest in your own future wisely!

 

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