Spring has sprung – Here are some spring cleaning tips you can use for your business
Spring has definitely sprung and is sending some gorgeous rays our way.
- September 19, 2020
Just as you might do some spring cleaning around your home. Why shouldn’t we do the same for our businesses? Especially now that the dreaded tax time is out of the way. We have put together just a few little spring cleaning tips to help you keep your business in order.
When was the last time you spoke to your Insurance Broker, Accountant and Financial Planner to make sure that everything was above board?
After a conversation with our Insurance Broker last week to make sure that everything was all hunky dory on our end he told us about a client of his that he managed to save $30,000 on Worker’s Compensation! That is an incredible win! We also had no idea of how different some policies can be. We were also told of a story where a tradie was insured for Public Liability Insurance as a concretor but it didn’t cover anything other than house slabs, so if he if he did any works on a footpath or driveway and someone slipped and hurt themselves he wasn’t covered! He didn’t even know that this was all he was covered for!
We thought it was definitely a good idea to let everyone know that a Spring Clean over your business is definitely a good idea.
So here are a few spring cleaning tips for you to look over.
There are 3 key people to get in touch with to review everything within your company. They are your Insurance Broker, Accountant and Financial Planner. Here are some things you should be covering and asking them to look over.
Do you have the right cover for your trade type? Whilst some policies may cover your business, they may not be the most comprehensive for your trade – use the story above as an example of how horribly wrong this could go. Are your wages declared correctly for your employees on your Worker’s Compensation? This could be costing you a small fortune if not done correctly. Have you claimed the stamp duty exemption? If your company has turned over less than $2 million you are eligible for this. Do you have the right cover for your business? As tradies we often “give advice” to our customers, if you haven’t already you should definitely look in to Professional Indemnity Insurance as well.
You’re accountant should be your everything tax and company structure related guru. The right accountant could save you thousands by making sure your company is structured the right way. So make sure you ask them about that. We have recently heard of an accountant doing some spring cleaning of his own and helped a company with a restructure saving them hundreds of thousands of dollars over the next 5 years. You will also want to check what their fees are and what they entail. A good accountant will also be able to advise you on various tax incentives and other financial opportunities available to you during the COVID-19 pandemic; such as the instant asset tax write off that is available at the moment. If you’re claiming jobkeeper for your employers it is also a really good time to make sure you are claiming and processing it correctly too.
Your financial planner is who you speak to about your personal finances. Financial Planners help you with things like Life Insurance and Wills as well. Do you know if you even have life insurance? Some Super Funds provide you with life insurance, so it’s a good idea to find out what kind of cover you actually have. When was the last time you updated or at least looked over your Will? If you can’t remember the answer or don’t even have one. Now is the time to ask someone!
If you are wanting to speak to one or all of the 3 people above but don’t know who to call, we have a great team that we can give you the details of. They have even offered to help any MyTradie Tradies with this by doing the reviews completely free of charge. You just have to let them know that we sent you. If you’d like any of their details feel free to get in touch with us. We’re more than happy to help.
We hope our little Spring Cleaning Tips help you out! It was definitely an eye opener for us hearing these stories.
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