# Virtual CFO, Accounting, Bookkeeping, Payroll, EMDG > provide news about the business movement and change to keep up to date of business world- we share artificial from varies source that help to help business --- ## Pages - [PACKAGES & PRICING](https://www.kgbm.com.au/services/packages-pricing/): Explore XERO, MYOB, ZOHO, and Quickbook subscription options to find the best fit for your business needs today. - [Taxation Service](https://www.kgbm.com.au/services/tax-accountant/): Trust our tax service to handle your income tax returns efficiently, ensuring you meet all ATO requirements easily. - [Terms & Conditions of Use](https://www.kgbm.com.au/terms-conditions-of-use/): Terms & Conditions of Use Welcome to our Web Site. If you continue to browse and use this Web Site... - [Privacy Information](https://www.kgbm.com.au/privacy-information/): Privacy Information KG Business Management is committed to protecting your Privacy in accordance with National Privacy Principles. We recognise the... - [REGISTER TRADEMARK](https://www.kgbm.com.au/corporate-services/register-trademark/): Register Trademarks & Patents. Easy Online Application & Free Quote for Review Get Tailored Quotes. No Hidden Fees. Easy to Use Legal Docs. - [Australian Business Company Package](https://www.kgbm.com.au/corporate-services/australian-business-company-package/): Explore the advantages of business company setup with our comprehensive packages tailored for local and international entrepreneurs. - [Australian Branch or Subsidiary Company](https://www.kgbm.com.au/corporate-services/australian-branch-or-subsidiary-company/): Australian Branch or Subsidiary Company - Jump to Set up an Australian subsidiary company - The foreign company establishes an Australian company. - [Australian Resident Director](https://www.kgbm.com.au/corporate-services/australian-resident-director/): Experienced Resident Directors for Your Australian Compliance & Governance. Services: Resident Director, Resident Public Officer, Registered Office - [Australian Company Registration](https://www.kgbm.com.au/corporate-services/australian-company-registration/): Super easy company registration service- Professional and economical company formation and incorporation services for Australian companies - [CORPORATE SERVICES](https://www.kgbm.com.au/corporate-services/): Corporate services provided to commence business in the Australian market - company registration, resident director,branch or subsidiary - [Financial Analystic and Reporting](https://www.kgbm.com.au/virtual-part-time-cfo-services/cfo-services/cfo-support-service/financial-analystic-reporting/): Financial Analytics & Reporting - We undertake through review of financials, provide detailed analysis, and help designing finance reports - [CFO Support Service](https://www.kgbm.com.au/virtual-part-time-cfo-services/cfo-services/cfo-support-service/): As a CFO of a large company you may be faced with challenges of executing various assignments - we help them to prepare MIS and month end reports - [Turnaround Managment](https://www.kgbm.com.au/services/turnaround-managment/): TURNAROUND MANAGEMENT There is a famous saying: "When the going gets tough, only the tough get going". When companies go through tough situations, cashflow - [MIS and Board Reporting](https://www.kgbm.com.au/virtual-part-time-cfo-services/cfo-services/cfo-support-service/mis-board-reporting/): MIS and Board Reporting -We undertake designing and preparation of detailed MIS reports for internal as well as external reporting purposes. - [OTHER SERVICES](https://www.kgbm.com.au/support-services-asic-emdg-rd-tax-trademark-i-software/): We customise our services to meet your needs. Every business is not the same, so we tailor our services and fees to fit your budget. - [Audit Preparation](https://www.kgbm.com.au/services/operational-support/audit-preparation/): Audit Preparation If you are suddenly faced with multiple audits - be it bank audit, HO audit, tax audit, transaction audit - [Board and Management Reporting](https://www.kgbm.com.au/services/operational-support/board-management-reporting/): Board and Management Reporting Good Management Reporting helps your team in taking the right business decision. And good Board Reporting - [Month End Closes](https://www.kgbm.com.au/services/operational-support/month-end-closes/): It encompasses the standard weekly, monthly and quarterly reports. we will enter the financial data on a weekly basis and close your books at month end. - [Ongoing Financial Reporting](https://www.kgbm.com.au/services/operational-support/ongoing-financial-reporting/): Receive regular detailed financial MIS reports to support decision making and a better understanding of your business' health. - [Operational Support](https://www.kgbm.com.au/services/operational-support/): From establishing appropriate processes, systems and reporting mechanisms to handling day-to-day operations accounting and finance function. - [Budgeting and Forecasting](https://www.kgbm.com.au/virtual-part-time-cfo-services/cfo-services/1040-2/budgeting-and-forecasting/): To be a successful player in today's environment, one has to have robust budgeting & forecasting system. budgeting-and-forecasting - [Strategic Planning](https://www.kgbm.com.au/virtual-part-time-cfo-services/cfo-services/1040-2/): Strategic planning - Business Plan Assistance, Corporate Planning and Structure, Forecasting & Sensitivity Analysis, Budgeting & Forecasting. - [Business Plan Assistance](https://www.kgbm.com.au/virtual-part-time-cfo-services/cfo-services/1040-2/business-plan-assistance/): All businesses start with a bright Idea. But it is execution that distinguishes successful entrepreneurs from the rest.needs to plan and strategize well. - [Forecasting and Sensitivity](https://www.kgbm.com.au/virtual-part-time-cfo-services/cfo-services/1040-2/forecasting-and-sensitivity/): Drawing up detailed financial forecasts, with sensitivity scenarios and ratio analysis helps you in setting targets for business performance - [Corporate Planning and Structure](https://www.kgbm.com.au/virtual-part-time-cfo-services/cfo-services/1040-2/corporate-planning-structure/): When undertaking Corporate Planning & Structuring exercise - Corporate planning is the act of creating a long-term plan to improve your business. - [Full Time CFO](https://www.kgbm.com.au/virtual-part-time-cfo-services/full-time-cfo/): CFO provides full time recruitment solutions, Financial Controllers and senior finance professionals.placement of CFOs - [Special Purpose CFO](https://www.kgbm.com.au/virtual-part-time-cfo-services/special-purpose-cfo/): This can and does put a lot of load on the mind of the existing CFO, who may find it increasingly difficult to do justice to all the projects. - [Interim CFO](https://www.kgbm.com.au/virtual-part-time-cfo-services/interim-cfo/): Companies require someone to take over the responsibilities of their CFO immediately. interim cfo services can help - [Virtual CFO](https://www.kgbm.com.au/virtual-part-time-cfo-services/cfo-services/): A Virtual CFO: the financial leadership of a large corporation at a fraction of the cost. KGBM Business Advisory to access this advantage. - [ASIC Agent](https://www.kgbm.com.au/corporate-services/asic-agent/): corporate administration requires experience and as registered agent with ASIC; appointment as local agent for foreign registered. - [Export Market Development Grants (EMDG)](https://www.kgbm.com.au/support-services-asic-emdg-rd-tax-trademark-i-software/export-market-development-grants-emdg/): Registered Austrade EMDG Grant Consultants. Let us maximise your refund! Free eligibility check. No upfront fee. EMDG experts. - [R&D Tax Incentive](https://www.kgbm.com.au/support-services-asic-emdg-rd-tax-trademark-i-software/rd-tax-incentive/): R&D Tax Incentive-financial assistance via tax offsets to companies who engage in eligible research and development activities. - [Accounting Software](https://www.kgbm.com.au/support-services-asic-emdg-rd-tax-trademark-i-software/online-accounting/): We support online software such as Xero, Zoho book, Reckon One and Quickbook. We help you migrate data to your preferred online system. - [PAYROLL SERVICES](https://www.kgbm.com.au/payroll-services/): Discover KGBM's contractor payroll services that guarantee your payday, reduce costs, and free you from administrative headaches. - [Accounting Services](https://www.kgbm.com.au/services/accounting-services/): We provide Accounting bookkeeping services, payable, receivables and reconciliation. Accountants in Sydney to maintaining financial transaction records in books. - [CFO SERVICES](https://www.kgbm.com.au/virtual-part-time-cfo-services/): Virtual & outsource CFO, interim virtual chief financial officer services offer to small to medium size business to exceed sales in Sydney. - [Management Consultancy](https://www.kgbm.com.au/services/management-consultancy/): We are a local business that will be with you throughout the process of discovering and implementing the solutions important to your business. - [HOME](https://www.kgbm.com.au/): Find out how an accounting firm can help you achieve your financial goals and improve your overall business operations. - [BLOG](https://www.kgbm.com.au/blog/): provide news about the business movement and change to keep up to date of business world- we share artificial from varies source that help to help business - [SOLUTIONS](https://www.kgbm.com.au/services/): Transform your accounting with our Turnaround Accounting Service, customized to align with your unique financial goals. - [CONTACT US](https://www.kgbm.com.au/contact-us/): Get in touch with us We’d love to work - [ABOUT US](https://www.kgbm.com.au/about-us/): The Virtual CFO is a relatively new idea. It’s a way for businesses to get remote support from a part time CFO that they wouldn’t have been able to afford --- --- ## Posts - [Franchise Ownership Mastering Tax Essentials!](https://www.kgbm.com.au/franchise-ownership-mastering-tax-essentials/): Explore Franchise Ownership Mastering Tax Essentials! and learn vital tax strategies for successful franchise management. - [ASIC : Pay your annual review fees in advance and save](https://www.kgbm.com.au/asic-pay-your-annual-review-fees-in-advance-and-save/): ASIC: Pay your annual review fees in advance and save Here’s a summary of the key points: Advance Payment Option:... - [AI and fraud: Should Know](https://www.kgbm.com.au/ai-and-fraud-should-know/): AI and fraud: Should Know The threat landscape of fraud has significantly evolved with the advent of AI, heightening the... - [Tracking the top trends in fraud](https://www.kgbm.com.au/tracking-the-top-trends-in-fraud/): Tracking the top trends in fraud The threat landscape for fraud has evolved significantly, and Accountants play a crucial role... - [TYPES OF PAYROLL FRAUD](https://www.kgbm.com.au/types-of-payroll-fraud/): TYPES OF PAYROLL FRAUD 1. This is a more sophisticated form of fraud that often involves salaries being disbursed to... - [Insights and tips for strategic revenue planning](https://www.kgbm.com.au/insights-and-tips-for-strategic-revenue-planning/): Insights and tips for strategic revenue planning Effective revenue planning allows you to set realistic goals and identify opportunities to... - [Tips for third-party vendor management](https://www.kgbm.com.au/tips-for-third-party-vendor-management/): Tips for third-party vendor management Mitigating risks associated with third-party vendors is an important aspect of an organization’s enterprise risk... - [Steps to transition to a subscription-based business model](https://www.kgbm.com.au/steps-to-transition-to-a-subscription-based-business-model/): Steps to transition to a subscription-based business model Since Salesforce disrupted the software industry at the turn of this century,... - [2023/24 Federal Budget](https://www.kgbm.com.au/2023-24-federal-budget/): 1. Personal income tax measures 1. 1 Increasing the Medicare levy low-income thresholds The Government will increase the Medicare levy... - [How to address goal-cascading pitfalls](https://www.kgbm.com.au/how-to-address-goal-cascading-pitfalls/): How to address goal-cascading pitfalls The goal-cascading process can be derailed by personal biases and other issues along the chain... - [Tips for financing sustainable transformations](https://www.kgbm.com.au/tips-for-financing-sustainable-transformations/): Tips for financing sustainable transformations Don’t limit your thinking to borrowing money or issuing new stocks or shares. Apply a... - [ASIC Announces Extension To Reporting Deadlines For Unlisted Entities](https://www.kgbm.com.au/asic-announces-extension-to-reporting-deadlines-for-unlisted-entities/): ASIC Announces Extension To Reporting Deadlines For Unlisted Entities The Australian Securities and Investments Commission (ASIC) announced that it will... - [ATO Focus On Rental Property Income And Deductions](https://www.kgbm.com.au/ato-focus-on-rental-property-income-and-deductions/): ATO Focus On Rental Property Income And Deductions Income And Tax Deductions From Rental Properties Is One Of The Four... - [ATO’s New Crackdown On Discretionary Trusts](https://www.kgbm.com.au/atos-new-crackdown-on-discretionary-trusts/): ATO’s New Crackdown On Discretionary Trusts T he ATO has just updated its guidance around trust distributions made to adult... - [How CFOs are grappling with increasing complexity in M&A market](https://www.kgbm.com.au/how-cfos-are-grappling-with-increasing-complexity-in-ma-market/): How CFOs are grappling with increasing complexity in M&A market The rapidly shifting economic landscape is driving changing approaches to... - [Are You Ready for the New Director IDs?](https://www.kgbm.com.au/are-you-ready-for-the-new-director-ids/): Are You Ready for the New Director IDs? Who? All directors of a company registered Australian body, a registered foreign... - [Businesses need innovation now more than ever - How CFOs can enable innovation](https://www.kgbm.com.au/businesses-need-innovation-now-more-than-ever-how-cfos-can-enable-innovation/): Businesses need innovation now more than ever – How CFOs can enable innovation Organisations in every corner of the economy... - [Trust Set Up: Frequently Asked Questions](https://www.kgbm.com.au/trust-set-up-frequently-asked-questions/): Trust Set Up: Frequently Asked Questions What is the difference between a Family Trust and a Unit Trust? A Family... - [Supporting businesses to retain jobs](https://www.kgbm.com.au/supporting-businesses-to-retain-jobs/): Supporting businesses to retain jobs The Government is introducing a subsidy program to support employees and businesses. The JobKeeper Payment... - [Boosting cash flow for employers - Additional Information from ATO](https://www.kgbm.com.au/boosting-cash-flow-for-employers-additional-information-from-ato/): Boosting cash flow for employers – Additional Information from ATO Eligibility You will be eligible to receive the cash flow... - [Economic Stimulus - Up to now](https://www.kgbm.com.au/economic-stimulus-up-to-now/): Economic Stimulus – Up to now As you may be aware, the Australian Federal / State Government has announced an... - [PERSONAL LIABILITY FOR GST STARTS 1/04/2020](https://www.kgbm.com.au/personal-liability-for-gst-starts-1-04-2020/): PERSONAL LIABILITY FOR GST STARTS 1 APRIL Like PAYG, non-payment of GST will attract personal liability for Directors under the... - [Integrated business planning - How to successfully use it !](https://www.kgbm.com.au/integrated-business-planning-how-to-successfully-use/): IBP finance process - kgbm - [Problem-solving - Creating a culture of blameless ](https://www.kgbm.com.au/problem-solving-creating-a-culture-of-blameless/): Problem-solving – Creating a culture of blameless Companies that fail exceptionally have the potential for greatness. Finance is complex, and... - [Finance innovators- Watchlist for future](https://www.kgbm.com.au/finance-innovators-watchlist-for-future/): Future Finance innovators - Kgbm - [The No. 1 job billionaires and multimillionaires held before they got filthy rich](https://www.kgbm.com.au/the-no-1-job-billionaires-and-multimillionaires-held-before-they-got-filthy-rich/): The No. 1 job billionaires and multimillionaires held before they got filthy rich And why it’s important for all of... - [Decision Making - Quantitative Intuitive](https://www.kgbm.com.au/decision-making-quantitative-intuitive/): Decision Making Intuitive - kgbm - [Trends to look out for in 2019](https://www.kgbm.com.au/trends-to-look-out-for-in-2019/): Business data trends - Kgbm - [Using advance Tech for predictive analytics in employee retention](https://www.kgbm.com.au/using-advance-tech-for-predictive-analytics-in-employee-retention/): Employee data analytics - kgbm - [High demand for board positions for CFO’s](https://www.kgbm.com.au/high-demand-for-board-positions-for-cfos/): CFO audit board - kgbm - [Strategies to use analytics for competitive advantage](https://www.kgbm.com.au/strategies-to-use-analytics-for-competitive-advantage/): Strategies to use analytics for competitive advantage Organisations are building momentum for the use of Big Data by integrating data... - [TOP key concerns keeping directors up at night AND How board can address them](https://www.kgbm.com.au/top-key-concerns-keeping-directors-up-at-night-and-how-board-can-address-them/): TOP key concerns keeping directors up at night AND How board can address them Concerns on board members’ minds are... - [Think finance is about to get more stressful - CFOs](https://www.kgbm.com.au/think-finance-is-about-to-get-more-stressful-cfos/): Think finance is about to get more stressful - CFOs, 5 TACTICS TO COUNTER STRESS - KG Business management - Outsource CFO Service Company - [The problem is the solution](https://www.kgbm.com.au/the-problem-is-the-solution/): The problem is the solution The four-step process for better problem solving If you strip any project down to its... - [10 ways to generate and deliver great insights](https://www.kgbm.com.au/10-ways-to-generate-and-deliver-great-insights/): Business data insights - kgbm - [How To Predict Which Of Your Employees Are About To Quit](https://www.kgbm.com.au/how-to-predict-which-of-your-employees-are-about-to-quit/): cfo data analytics - kgbm - [The habits of highly innovative companies](https://www.kgbm.com.au/habits-highly-innovative-companies/): CFO innovators data - kgbm - [How to develop a global mindset](https://www.kgbm.com.au/develop-global-mindset/): Develop global mindset - Kgbm - [Take a hike: Ending client relationships](https://www.kgbm.com.au/take-hike-ending-client-relationships/): Take a hike: Ending client relationships Consider this scenario: A key deadline is nearing, and the client is just now... - [Delegating like a boss](https://www.kgbm.com.au/delegating-like-boss/): Cfo business delegate - Kgbm - [9 tips for being more responsive to clients](https://www.kgbm.com.au/9-tips-responsive-clients/): Business management clients - kgbm - [Workplace Health and Safety a Vital Component of Mature Risk Management](https://www.kgbm.com.au/workplace-health-safety-vital-component-mature-risk-management/): Workplace risk management - [Keys to Embracing Disruptive Technology](https://www.kgbm.com.au/keys-embracing-disruptive-technology/): Technology disruption in business - kgbm - [Chinese airlines poised for windfall as in-flight broadband fosters sky-high e-commerce](https://www.kgbm.com.au/chinese-airlines-poised-windfall-flight-broadband-fosters-sky-high-e-commerce/): Airlines broadband business - kgbm - [Single Touch Payroll Program Lead at Australian Taxation Office](https://www.kgbm.com.au/single-touch-payroll-program-lead-australian-taxation-office/): Single Touch Payroll Program Lead at Australian Taxation Office Single Touch Payroll is a game changer for tax and super... - [Personal Liability for Unpaid GST raised with introduction of Director Identification Number](https://www.kgbm.com.au/personal-liability-unpaid-gst-raised-introduction-director-identification-number/): Director identification number - kgbm - [Six Ways to Curb the Costs of a Data Breach](https://www.kgbm.com.au/six-ways-curb-costs-data-breach/): Six Ways to Curb the Costs of a Data Breach You can’t lose a customer’s or an employee’s data if... - [10 Keys For Executives To Manage Reputation Risk](https://www.kgbm.com.au/10-keys-executives-manage-reputation-risk/): Management reputation crisis - Kgbm - [4 best ways to use advanced analytics](https://www.kgbm.com.au/4-best-ways-use-advanced-analytics/): Best analytics company - kgbm - [These five countries are conduits for the world’s biggest tax havens](https://www.kgbm.com.au/five-countries-conduits-worlds-biggest-tax-havens/): Corporate tax services - Kgbm - [Amazon has big plans to disrupt the payments industry](https://www.kgbm.com.au/amazon-big-plans-disrupt-payments-industry/): Amazon business payments - kgbm - [Productivity techniques to conquer your to-do list](https://www.kgbm.com.au/productivity-techniques-conquer-list/): Productivity techniques to conquer your to-do list - [Why everyone’s in sales](https://www.kgbm.com.au/why-everyones-in-sales/): Business sales job - kgbm - [How to incentivise executives to take a long-term view](https://www.kgbm.com.au/incentivise-executives-take-long-term-view/): Business performance bonus - kgbm - [How cost-competitive are mature markets?](https://www.kgbm.com.au/cost-competitive-mature-markets/): Cost competitive markets - kgbm - [7 ethics questions finance professionals should ask prospective employers](https://www.kgbm.com.au/7-ethics-questions-finance-professionals-ask-prospective-employers/): CFO business professionals - Kgbm - [How to reassure your staff in times of uncertainty](https://www.kgbm.com.au/reassure-staff-times-uncertainty/): How to reassure your staff in times of uncertainty The UK’s vote to exit the EU has left UK employees... - [How to manage a short-term currency fluctuation risk](https://www.kgbm.com.au/manage-short-term-currency-fluctuation-risk/): Foreign currency management - kgbm - [How to stop expense reimbursement fraud](https://www.kgbm.com.au/stop-expense-reimbursement-fraud/): How to stop expense reimbursement fraud Expense reimbursement fraud schemes are among the most common types of fraud, accounting for... - [4 ways to write a LinkedIn profile that attracts recruiters’ attention](https://www.kgbm.com.au/4-ways-write-linkedin-profile-attracts-recruiters-attention/): Linkedin profile management - kgbm - [Top M&A pain points: Technology, followed by people](https://www.kgbm.com.au/top-ma-pain-points-technology-followed-people/): Top M&A pain points: Technology, followed by people Southwest Airlines’ acquisition of smaller US carrier AirTran was first proposed in... - [4 strategies to recruit and retain young professionals worldwide](https://www.kgbm.com.au/4-strategies-recruit-retain-young-professionals-worldwide/): Retain young professionals - kgbm - [How boards can better drive long-term value creation](https://www.kgbm.com.au/boards-can-better-drive-long-term-value-creation/): Boards of directors management - kgbm - [How to get more value out of your finance team](https://www.kgbm.com.au/get-value-finance-team/): Finance team value - kgbm - [Hiring, onboarding, and management strategies for young professionals](https://www.kgbm.com.au/hiring-onboarding-management-strategies-young-professionals/): Millennials employees management - kgbm - [Are you a scorekeeper or a business partner?](https://www.kgbm.com.au/617-2/): Finance business partner - KGbm - [What you need to know before interviewing with a CFO](https://www.kgbm.com.au/need-know-interviewing-cfo/): CFO candidates interview - kgbm - [How CFOs can adapt to disruptive forces](https://www.kgbm.com.au/cfos-can-adapt-disruptive-forces/): cfo disruptive forces - Kgbm - [3 ways to improve your vendor management](https://www.kgbm.com.au/3-ways-improve-vendor-management/): Vendor management services - kgbm - [10 Things That Abruptly Happen When Real Leadership Shows Up](https://www.kgbm.com.au/10-things-abruptly-happen-real-leadership-shows/): Real Leadership success - kgbm - [How to avoid common mistakes during high M&A activity](https://www.kgbm.com.au/avoid-common-mistakes-high-ma-activity/): CFO business management - kgbm - [How Compensation Impacts Your Business](https://www.kgbm.com.au/compensation-impacts-business/): compensation pay companies -kgbm --- # # Detailed Content ## Pages > Explore XERO, MYOB, ZOHO, and Quickbook subscription options to find the best fit for your business needs today. - Published: 2020-05-29 - Modified: 2025-05-29 - URL: https://www.kgbm.com.au/services/packages-pricing/ Packages & Pricing     Individual Tax Return Growing Business (Most Popular) Start-Up Business Custom (Medium-Sized Businesses) From $120 AUD each $600 AUD/month $345 AUD/month TBD Property Schedule: Additional $120 each Xero /MYOB/ Quickbook/ZOHO Subscription Xero /MYOB/ Quickbook/ZOHO Subscription Xero /MYOB/ Quickbook/ZOHO Subscription Business Schedule: Additional $120 each Suitable for up to 7 employees Suitable for up to 2 employees Suitable for up to 7 employees Capital Gains Tax Schedule: Additional $120 each Monthly Profit and Loss Monthly Profit and Loss Monthly Profit and Loss Quarterly BAS preparation and lodgement Quarterly BAS preparation and lodgement Quarterly BAS preparation and lodgement Quarterly management accounts with a meeting or phone call to discuss the results. Quarterly management accounts with a meeting or phone call to discuss the results. Quarterly management accounts with a meeting or phone call to discuss the results. Tax Planning prior to year-end Tax Planning prior to year-end Tax Planning prior to year-end Annual Financial Statements Annual Financial Statements Annual Financial Statements Annual Tax Returns for the company and the directors Annual Tax Returns for the company and the directors Annual Tax Returns for the company and the directors Phone calls or meetings when required Phone calls or meetings when required Phone calls or meetings when required Monthly KPIs for Revenue/Cash Flow Analysis CFO Advisory Call Every Month Strategic Business Advice and Consulting Quarterly CFO Meeting to Review QTR KPIs Six-monthly Strategic Tax Planning Reviews     Note: Unlike many other companies, we do not charge call or call-out... --- - Published: 2019-06-04 - Modified: 2024-12-30 - URL: https://www.kgbm.com.au/support-services-asic-emdg-rd-tax-trademark-i-software/recruitment-service/ We are a highly experienced network of professionals within the Recruitment and Tech sectors. We work together to offer you the best advice, support and expertise across these areas. Accounting Get the best contractors quickly and access the highest quality talent looking to make their next permanent move for both non and fully qualified positions. Roles that we recruit for include: Payroll Accounts Receivable Collections Accounts Payable Assistant accountants Shared services managers Bookkeepers Accountants Finance Managers Financial Controllers C. F. O’s Technology Tap into our extensive candidate database of highly skilled technology talent across all disciplines. Roles/Areas that we recruit for include CIO/CTO/ Heads of & Management Data science & Analysis Infrastructure Project management Cloud & DevOps Testing --- > Trust our tax service to handle your income tax returns efficiently, ensuring you meet all ATO requirements easily. - Published: 2019-05-05 - Modified: 2025-05-29 - URL: https://www.kgbm.com.au/services/tax-accountant/ Taxation Services - What we offer Tax Returns Income Tax Returns Income Tax Returns must be lodged annually for all taxpayers, reporting taxable income for the year. The Australian financial year runs from 1 July to 30 June. However, with ATO approval, companies can adopt a different accounting period known as a ‘substituted accounting period’ (SAP). A SAP is granted in limited circumstances, such as being a subsidiary of a foreign company with a different tax year. For instance, an Australian subsidiary of a US company may opt for a 31 December year-end with ATO approval. The due dates for lodging tax returns depend on whether the taxpayer is an individual or a company and the year-end. Individual income tax returns are generally due by 31 October. For companies with a 30 June year-end, the due date is 28 February of the following year. The ATO publishes the lodgement due dates annually. Fringe Benefits Tax Returns A Fringe Benefits Tax (FBT) return must be lodged with the ATO, reporting fringe benefits provided from 1 April to 31 March. The FBT return is due by 31 May. --------------------------------------------------------------------------------------------------------------------------- Australian Taxation New businesses setting up in Australia commonly encounter several taxes, including Income Tax, Goods and Services Tax (GST), Fringe Benefits Tax (FBT), and Superannuation. Income Tax Taxation of Companies An Australian resident company is subject to Australian tax on its income from all sources, both domestic and international. Companies incorporated in Australia are generally considered Australian residents. Companies with a turnover... --- - Published: 2019-03-12 - Modified: 2024-12-30 - URL: https://www.kgbm.com.au/terms-conditions-of-use/ Terms & Conditions of Use Welcome to our Web Site. If you continue to browse and use this Web Site you are agreeing to comply with and be bound by the following Terms and Conditions of Use, which together with our Privacy Policy governance KG Business Management’s relationship with you in relation to this Web Site. Definitions “KG Business Management” means KG Business Management Pty Ltd, its successors and assigns or any person acting on behalf of and with the authority of KG Business Management Pty Ltd. “User” means any advertiser and/or job seeker (the person/s requesting the use of the Web Site and KG Business Management’s Services) who, under this Agreement, has been furnished by KG Business Management with Access Details that allow the use of the Web Site and KG Business Management’s Services. If there is more than one person requesting the Services, the term User is a reference to each person jointly and severally. “Web Site” means a location, owned by KG Business Management, which is accessible on the Internet through the World Wide Web and which provides the Content. “Services” means all Services (including any advice or recommendations, or Content obtained from the Web Site) provided by KG Business Management via the Web Site to the Advertiser and/or Job Seeker. “Content” means any content (including, Resume Profiles, resumes, Advertisements, etc. ), posted via the Web Site, by the Advertiser and/or Job Seeker. “Access Details” means the pieces of confidential information (such as usernames and passwords) supplied... --- - Published: 2019-03-12 - Modified: 2019-03-20 - URL: https://www.kgbm.com.au/privacy-information/ Privacy Information KG Business Management is committed to protecting your Privacy in accordance with National Privacy Principles. We recognise the importance of privacy protection, and also recognise that when you choose to provide us information about yourself that you trust us to act responsibly and in your best interests therefore we have the following policies in place to protect your personal information. The information we collect from you will depend on how you use our website. You can be certain that the information we receive about you will be treated as strictly confidential. Our policy for dealing with any information you might disclose to us while visiting this website is explained below. Storing Your Information We will take all reasonable steps to ensure that your information held by us is accurate up-to date, complete, applicable, is not misleading and will only be used for the purposes stated in this Privacy Policy. We will maintain security safeguards to protect your information and will take all reasonable steps to ensure that your information is not disclosed to any unauthorised person or entity. Securing Your Information When making a payment transaction through this website your information will pass through a secure server using SSL (secure sockets layer) encryption technology. The encryption process ensures that your information can not be read by or altered by outside influences. Information We Collect When you log on to the website, or download information, our Internet Service Provider/Hosting Provider records your server address, domain name, the date and... --- > Register Trademarks & Patents. Easy Online Application & Free Quote for Review Get Tailored Quotes. No Hidden Fees. Easy to Use Legal Docs. - Published: 2018-08-21 - Modified: 2024-12-30 - URL: https://www.kgbm.com.au/corporate-services/register-trademark/ REGISTER TRADEMARK We are proud to unveil our new range of customised fixed fee trademark protection packages, which are designed to meet your specific trademark needs, whether you are a hobbyist, a start-up, an established business or a market leader. Our packages start from $550 (incl. GST and government fees) and are all geared towards providing you with the right protection and ongoing support for the life of your brand. If any of those packages sound like the right fit for you, please let us know and we can provide you with more detailed information explaining exactly what services are included in those packages and a fixed fee to implement it. Package Who is it for? What do you get? Fast Track Package: The best way to identify and fix problems with your application early on - About to - launch Recently - launched Don’t Want to Wait - Avoid waiting 3-4 months for examination- Identify potential issues early - Rectify issues before finalising lodgement Brainstormer Package: Secure a trademark which is free from registration problems and third party threats - First Timers - New Enterprise - Undecided on a brand - Avoid investing in an unprotectable trademark - Avoid infringement and opposition risks - Identify potential strategies to get the trademark you want Why use KGBM? Through many years of experience, we have custom-created a unique trademark service which focusses on creating valuable and usable trademarks with simple and affordable pricing. Unlike other operators, we are not a file-and-forget... --- > Explore the advantages of business company setup with our comprehensive packages tailored for local and international entrepreneurs. - Published: 2018-08-03 - Modified: 2025-05-29 - URL: https://www.kgbm.com.au/corporate-services/australian-business-company-package/ Australian Business Company Package Our full business packages are designed for local and international businesses or entrepreneurs seeking a complete solution. Why waste valuable time and money researching different service providers and resources when KGBM Corporate Services has done all the hard work for you? Australian Turn-key Business Company Package We cater to a wide range of local and international clients, understanding precisely what to include in our packages and presenting additional options as needed. From the start, you'll have everything you need to get down to business with your new Australian company. Several critical aspects of setting up a new Australian business typically require travel to Australia and certifying and sending documentation from overseas. Our packages eliminate many of these frustrating and difficult processes. Without Our Turnkey Solutions: Register a new Pty Ltd Australian Company: 1 to 2 days if you have a director in Australia; impossible without one. Apply for an Australian Business Number (ABN): Up to 28 days with certified documentation sent by courier to the Australian Business Register. A Public Officer residing in Australia is required. Apply for an Australian Tax File Number (TFN): Possible only after registration of your ABN, with other registrations to consider. Open a company bank account with a major Australian bank: 1 to 2 weeks, requiring a personal visit and interview at an Australian branch of your chosen bank. Avoid these delays with a KGBM Corporate Services Turn-key Business Company Package. Services Included in the Base Package: Australian Pty Ltd registered... --- > Australian Branch or Subsidiary Company - Jump to Set up an Australian subsidiary company - The foreign company establishes an Australian company. - Published: 2018-08-03 - Modified: 2024-12-30 - URL: https://www.kgbm.com.au/corporate-services/australian-branch-or-subsidiary-company/ Australian Branch or Subsidiary Company Among many other professional company services, KGBM Corporate Services specialises in assisting overseas corporations, business people, investors, and entrepreneurs to access the diverse, prospering, and highly respected Australian market by establishing an Australian branch or subsidiary. We will not be beaten on quality of service or commitment to client satisfaction. Regardless of the size of your existing business, KGBM Corporate Services acts as your gateway to Australia, providing comprehensive representation. We also assist in registering new Australian companies and offer corporate service packages for those without an existing overseas business or where establishing a new company would be advantageous. “In addition to providing a local agent or resident director (as required by law) and a registered address for your Australian branch, our virtual, serviced, or fully leased office facilities will enhance your business’s credibility and presence, enabling you to have an international branch located in Australia even before full operational setup. ” Benefits of Establishing a Branch or Subsidiary in Australia There are numerous reasons to consider setting up an Australian branch or subsidiary. Here are some key benefits: 1. Reputation of Corporate DomicileBy entering the Australian market, your business gains significant trust and confidence from potential clients or partners. With KGBM Corporate Services, your business can leverage the prestige of being domiciled in Australia, which ranks among the top 15 in the World Bank's “ease of doing business” index. 2. Secure and Stable LegislationClients feel secure dealing with a business registered in Australia, which... --- > Experienced Resident Directors for Your Australian Compliance & Governance. Services: Resident Director, Resident Public Officer, Registered Office - Published: 2018-08-03 - Modified: 2024-12-30 - URL: https://www.kgbm.com.au/corporate-services/australian-resident-director/ Australian Resident Director For all private companies registered in Australia, ASIC (Australian Securities and Investments Commission) requires that a local Australian resident be appointed as a director of the company at all times. This regulation is designed to help ensure that the company remains compliant with its regulatory obligations. The director residency rule can be a major hurdle for overseas businesses wishing to establish a subsidiary or other business presence in Australia. KGBM Corporate Services has designed a cost-effective and seamless solution, which in many overseas jurisdictions is referred to as a ‘Nominee Director’. Refer to the Corporations Act, ASIC and the ATO (Australian Taxation Office) for more information on the applicable regulations and requirements. Due to the regulations in Australia, a company director is responsible for certain aspects of the business regardless of whether he or she is appointed in a nominee capacity, or as an actual managing director. For this reason, we use the term “Resident Director” for all directorship appointments that our pool of directors provides. Appointing a Resident Director can be a complex matter, with so many obligations, questions, regulations and rules to be aware of. KGBM provides you with fast access to a pool of directors who have passed our standard background, credit and police record checks. --- > Super easy company registration service- Professional and economical company formation and incorporation services for Australian companies - Published: 2018-08-03 - Modified: 2025-01-09 - URL: https://www.kgbm.com.au/corporate-services/australian-company-registration/ Australian Company Registration Registering a new company in Australia is a complex process that requires careful consideration of various regulations and compliance requirements. KGBM Corporate Services assists professional domestic and international clients in navigating these complexities, starting with the registration of a new company. When you are ready to do business in Australia, the preferred corporate structure is a Proprietary Limited (Pty Ltd) company. However, there are other company types available, and it’s crucial to determine which type best suits your planned business activities. Benefits of Australian Company Registration KGBM Corporate Services offers a variety of solutions for clients with diverse needs. The benefits of incorporating an Australian company include: Professional Business Image: Operating in a highly regulated jurisdiction like Australia often necessitates a company structure to ensure liability and accountability are transparent. Using just an ABN or Partnership may undermine your credibility with clients and associates. Diversity of Company Activities: An Australian company can engage in multiple business activities by simply adding a trading or business name to the existing company ABN. This flexibility is one of the many advantages KGBM Corporate Services can help you leverage. Protection of Personal Assets: A company structure helps separate personal assets from business liabilities, offering protection if unforeseen circumstances arise. With limited liability, you are generally shielded from business debts, and with suitable insurance, this protection is enhanced. Ease of Business and Expansion: Whether your business activities are local, interstate, or international, operating as an Australian registered company provides a reputable platform... --- > Corporate services provided to commence business in the Australian market - company registration, resident director,branch or subsidiary - Published: 2018-08-03 - Modified: 2025-01-09 - URL: https://www.kgbm.com.au/corporate-services/ Corporate Services As an Australian corporate structuring and administration professional with comprehensive experience, KGBM Corporate Services will provide your organisation premium corporate services with the resources and support required for you to efficiently and diligently commence business in the Australian market. Our corporate services have been developed by our management team with critical foresight, detail and strategy in mind so that our clients do not waste any time searching for multiple separate solutions. Let more than 75 years of combined experience guide your Australian business. Incorporate your new Australian business efficiently and professionally with our Company Registration service and gain access to the many additional corporate support services we offer. For unmatched presentation, ask about our Corporate Boxed Documents Package options. We are proud to unveil our new range of customised fixed fee trademark protection packages, which are designed to meet your specific trademark needs, whether you are a hobbyist, a start-up, an established business or a market leader. Every Australian company must have at least one Director who ordinarily resides in Australia. With our active or passive Australian Resident Director service, this unavoidable requirement need not prevent you from bringing your business or brand to Australia today. KGBM as ASIC Registered Agents act as intermediaries between officeholders of Australian companies and ASIC to help companies meet their lodgement obligations more efficiently A seamless and professional gateway into the Australian market, regardless of the size of your existing or proposed business. Your Australia Branch or Subsidiary Company can be established... --- > Financial Analytics & Reporting - We undertake through review of financials, provide detailed analysis, and help designing finance reports - Published: 2017-08-07 - Modified: 2024-12-30 - URL: https://www.kgbm.com.au/virtual-part-time-cfo-services/cfo-services/cfo-support-service/financial-analystic-reporting/ Financial Analytics & Reporting We undertake through review of financials, provide detailed analytics, and help designing finance reports. We perform our analysis using ratios, trends, comparisons, detailed financial scrutiny, industry compare, sensitivity, etc. We also undertake specialized analytics to help you with your BOD and Investor Meetings. --- > As a CFO of a large company you may be faced with challenges of executing various assignments - we help them to prepare MIS and month end reports - Published: 2017-08-07 - Modified: 2024-12-30 - URL: https://www.kgbm.com.au/virtual-part-time-cfo-services/cfo-services/cfo-support-service/ CFO SUPPORT SERVICE As a CFO of a large company you may be faced with challenges of executing various assignments that require not just another consultant, but someone who can understand your pains and can execute various projects, with leadership skills. KGBM provides support services to CFO's of large companies, which allows them to focus on bigger and more strategic matters. Some of our services include: We undertake through review of financials, provide detailed analytics, and help designing finance reports. We perform our analysis using ratios, trends, comparisons, detailed financial scrutiny, industry compare, sensitivity, etc. We also undertake specialized analytics to help you with your BOD and Investor Meetings. We undertake designing and preparation of detailed MIS reports for internal as well as external reporting purposes. At the time of drawing up various MIS reports, we look at all available parameters and build Intelligent Dashboards for senior management to monitor KPI's (Key Performance Indicator's) closely. --- > TURNAROUND MANAGEMENT There is a famous saying: "When the going gets tough, only the tough get going". When companies go through tough situations, cashflow - Published: 2017-08-07 - Modified: 2024-12-30 - URL: https://www.kgbm.com.au/services/turnaround-managment/   TURNAROUND MANAGEMENT "When the going gets tough, only the tough get going. " When companies face tough situations like cash flow crises, major losses, or shutdowns, they need seasoned professionals to handle these delicate scenarios. KGBM is your strategic partner, with a core team of CFOs experienced in managing turnaround requirements. Our three-point strategy ensures a comprehensive approach to business recovery. Our Three-Point Turnaround Strategy 1. Analysis We begin with a detailed analysis to understand the root cause of the problem. This includes: Identifying critical areas to address. Evaluating the sensitivity of various crisis matters. Reviewing financials and contracts to safeguard assets and ongoing business operations. 2. Short-Term & Long-Term Plans We develop strategic action plans tailored to extinguish major issues and stabilize operations: Short-Term Plans: Immediate actions to address urgent crises, including negotiations with bankers, lenders, and other stakeholders for approval of the business strategy. Long-Term Plans: Day-to-day business strategies to ensure smooth execution of critical functions, tight cash flow monitoring, new business conversion, and cost management. 3. Stabilize and Grow Once the crisis is managed, we focus on stabilizing and growing the business: Building on strengths and implementing growth strategies. Senior CFO Partner involvement to devise the right action plan. Support from an experienced team as required. We also assist in raising funds, leveraging our contacts with banks and investors, as this is often a critical business requirement. Our Services We offer a comprehensive suite of services tailored to Turnaround Management: Budgeting & Forecasting: Including sensitivity analysis... --- > MIS and Board Reporting -We undertake designing and preparation of detailed MIS reports for internal as well as external reporting purposes. - Published: 2017-08-07 - Modified: 2024-12-30 - URL: https://www.kgbm.com.au/virtual-part-time-cfo-services/cfo-services/cfo-support-service/mis-board-reporting/ MIS and Board Reporting we undertake designing and preparation of detailed MIS reports for internal as well as external reporting purposes. At the time of drawing up various MIS reports, we look at all available parameters and build Intelligent Dashboards for senior management to monitor KPI's (Key Performance Indicator's) closely. --- > We customise our services to meet your needs. Every business is not the same, so we tailor our services and fees to fit your budget. - Published: 2017-07-10 - Modified: 2024-12-30 - URL: https://www.kgbm.com.au/support-services-asic-emdg-rd-tax-trademark-i-software/   Services We customise our services to meet your needs. Every business is not the same, so we tailor our services and fees to fit your budget. KGBM offers R&D Tax Incentive services for any size company. The R&D Tax Incentive reduces the cost and risk of undertaking research and development (R&D) activities for your business. The benefit helps companies doing eligible work to create new or improved products, processes and services by reducing their tax. The Export Market Development Grants (EMDG) scheme is a key Australian Government financial assistance program for aspiring and current exporters. Let us help you make the right choice of accounting software. A decent accounting system will help you keep track of your cash flow and let you complete GST returns easily. --- > Audit Preparation If you are suddenly faced with multiple audits - be it bank audit, HO audit, tax audit, transaction audit - Published: 2017-06-09 - Modified: 2024-12-30 - URL: https://www.kgbm.com.au/services/operational-support/audit-preparation/ Audit Preparation If you are suddenly faced with multiple audits - be it bank audit, HO audit, tax audit, transaction audit, etc. ; leverage on KGBM strength to successfully complete this quickly. --- > Board and Management Reporting Good Management Reporting helps your team in taking the right business decision. And good Board Reporting - Published: 2017-06-09 - Modified: 2024-12-30 - URL: https://www.kgbm.com.au/services/operational-support/board-management-reporting/ Board and Management Reporting Good Management Reporting helps your team in taking the right business decision. And good Board Reporting helps establish good governance as well as it improves investor confidence. --- > It encompasses the standard weekly, monthly and quarterly reports. we will enter the financial data on a weekly basis and close your books at month end. - Published: 2017-06-09 - Modified: 2024-12-30 - URL: https://www.kgbm.com.au/services/operational-support/month-end-closes/ Month End Closes Fast track your month-end close process with assistance from KGBM. --- > Receive regular detailed financial MIS reports to support decision making and a better understanding of your business' health. - Published: 2017-06-09 - Modified: 2024-12-30 - URL: https://www.kgbm.com.au/services/operational-support/ongoing-financial-reporting/ Ongoing Financial Reporting Receive regular detailed financial MIS reports to support decision making and a better understanding of your business' health. --- > From establishing appropriate processes, systems and reporting mechanisms to handling day-to-day operations accounting and finance function. - Published: 2017-06-09 - Modified: 2024-12-30 - URL: https://www.kgbm.com.au/services/operational-support/ OPERATIONAL SUPPORT Representative services include : Receive regular detailed financial MIS reports to support decision making and a better understanding of your business' health. Fast track your month-end close process with assistance from KGBM. Good Management Reporting helps your team in taking the right business decision. And good Board Reporting helps establish good governance as well as it improves investor confidence. If you are suddenly faced with multiple audits - be it bank audit, HO audit, tax audit, transaction audit, etc. ; leverage on SuperCFO's strength to successfully complete this quickly. --- > To be a successful player in today's environment, one has to have robust budgeting & forecasting system. budgeting-and-forecasting - Published: 2017-06-08 - Modified: 2024-12-30 - URL: https://www.kgbm.com.au/virtual-part-time-cfo-services/cfo-services/1040-2/budgeting-and-forecasting/ BUDGETING AND FORECASTING   To be a successful player in today's environment, one has to have robust budgeting & forecasting system. Following are some of the key benefits from this exercise: Knowing your cashflow and other resources requirement. Planning and preparing for any contingencies. Setting goals and targets for key management personnel Drawing up growth strategy and identifying milestones. This is a very important function and if you are planning to raise funds (be it bank debt or PE/VC funding or IPO), you need to have a robust budgeting system that allows you to provide accurate forecasts to your investors & lenders. This cannot be achieved overnight, and comes only through sound planning and undertaking serious budgeting & variance analysis internally, every month. KGBM assists in drawing up detailed forecast model which starts with brain storming and discussions with all key stakeholders. We then evaluate information currently available on hand and provide the same in comparable format to take informed decision for forecasting purposes. Thereafter we engage with the senior management team in discussing and debating on the numbers to validate all assumptions, after which we build a detailed forecast model. Our involvement doesn't stop there. From thereon, we help the company in implementing the budgeting system and also hand-hold the company's accounting team with generating monthly variance report for a cycle or two, until they are comfortable generating reports on their own. To simplify the process for the accounting staff we also provide exhaustive templates, with simple data input... --- > Strategic planning - Business Plan Assistance, Corporate Planning and Structure, Forecasting & Sensitivity Analysis, Budgeting & Forecasting. - Published: 2017-06-08 - Modified: 2024-12-30 - URL: https://www.kgbm.com.au/virtual-part-time-cfo-services/cfo-services/1040-2/ STRATEGIC PLANNING Strategic Planning include : Your business is your most valuable asset and therefore your business plan has to be rock solid to ensure that you not only survive in this competitive world but also emerge as a distinguished leader. At KGBM, all our CFO partners have multiple years of experience in strategizing a good Corporate Structure, considering Compliances, Capitalization, Funding , International Operations and Finance & Accounting Controls & Processes. Drawing up detailed financial forecasts, with sensitivity scenarios and ratio analysis helps you in setting targets and establishing milestones for business performance. It also demonstrates what you need to do to achieve various goals and prepares you for any eventuality. Building a robust Budgeting and Forecasting system in a company is vital to winning Investor Confidence. It also allows you to plan your resources appropriately and provides setting up performance benchmarks for the company's management team. --- > All businesses start with a bright Idea. But it is execution that distinguishes successful entrepreneurs from the rest.needs to plan and strategize well. - Published: 2017-06-08 - Modified: 2024-12-30 - URL: https://www.kgbm.com.au/virtual-part-time-cfo-services/cfo-services/1040-2/business-plan-assistance/   BUSINESS PLAN ASSISTANCE   All businesses start with a bright Idea. But it is execution that distinguishes successful entrepreneurs from the rest. And for excellence in execution, one needs to plan and strategize well. Companies that invest adequately in planning & strategizing are the ones that execute the best. Remember, your business is your most valuable asset and therefore your business plan has to be rock solid to ensure that you not only survive in this competitive world but also emerge as a distinguished leader. Drawing up a good Business Plan has multiple benefits. Some of these are: ◊ It helps you in setting up budgets and targets for your team. ◊ It helps you in planning your resources requirements - be it funding, manpower, or technology. ◊ It helps you in defining your business objectives & resultant strategies to achieve them. ◊ It is the most important document required for any fund raising; be it Debt or Equity. ◊ It helps you in tracking your business performance, when undertaking reviews. ◊ A thorough planning exercise, coupled with regular reviews, helps you in strategizing corrective actions, if any. One can derive significant benefits from a Business Plan if the same is prepared professionally. ◊ Some of the ingredients of a good Business Plan are:◊ Executive Summary◊ Company Overview◊ Products and Services Offering◊ Market Analysis and Plan◊ Management Team◊ Financial Overview◊ Specific Milestones & Targets While the above is an illustrative list, one needs to be simple, specific, realistic and... --- > Drawing up detailed financial forecasts, with sensitivity scenarios and ratio analysis helps you in setting targets for business performance - Published: 2017-06-08 - Modified: 2024-12-30 - URL: https://www.kgbm.com.au/virtual-part-time-cfo-services/cfo-services/1040-2/forecasting-and-sensitivity/ FORECASTING AND SENSITIVITY   Drawing up detailed financial forecasts, with sensitivity scenarios and ratio analysis helps you in setting targets and establishing milestones for business performance. It also demonstrates what you need to do to achieve various goals and prepares you for any eventuality. We begin our exercise with a detailed brainstorming session with the company's senior management team. Thereafter we undertake brief research about the company, their products/services, industry benchmarks and competition financials (wherever available) to build detailed financial model, including sensitivity scenarios and ratio analysis to ratify various business statements. Moreover, we undertake Sensitivity Analysis to evaluate the Company's funding requirements (under different scenarios). This also helps the Company in drawing up Cashflow Forecast and in agreeing on Collection and Payables Policy. Based on the final forecast model, we build simple working files for use by the company as Budgeting Tracking Dashboard. Note that all our financial models are built in XLS and we provide these in open format to allow the company to use the same for their ongoing requirements. --- > When undertaking Corporate Planning & Structuring exercise - Corporate planning is the act of creating a long-term plan to improve your business. - Published: 2017-06-08 - Modified: 2024-12-30 - URL: https://www.kgbm.com.au/virtual-part-time-cfo-services/cfo-services/1040-2/corporate-planning-structure/ CORPORATE PLANNING AND STRUCTURE   When undertaking Corporate Planning & Structuring exercise, there is no one size fits all approach. There is a common saying: "What is good for the Goose is not necessarily good for the Gander". History has shown how companies have tried to mimic successful business models and corporate planning systems of rival companies, yet failed to do so. The reason for that is very simple, and it lies in the need to evolve a solution that is tailored to individual specific needs. The East and the West both have several successful business models across several different spheres and verticals and they have all flourished simply because they stayed true to their ideals and true to their needs. At KGBM, we assist companies with:   Business Plan: Building detailed business model to identify resources required, as well as proposed action plans to achieve desired business goals. Corporate Structuring: Deciding what is the best form of legal entity structure considering multiple factors like business risks, resources requirements, fund raising need, local regulatory requirements, tax efficiency, size of the business, compliance costs, etc. Business Arrangements: Review and assistance in finalizing commercial structure and format of different business arrangements be it manpower, property, vendors, franchisee partners, bankers and clients. Funding Strategy: Having the right quantum of debt and equity in your business helps you in keeping your equity dilution to the minimum, while still providing growth capital which effectively enhances your valuation gains. A Company needs to strategize the 'how,... --- > CFO provides full time recruitment solutions, Financial Controllers and senior finance professionals.placement of CFOs - Published: 2017-06-02 - Modified: 2024-12-30 - URL: https://www.kgbm.com.au/virtual-part-time-cfo-services/full-time-cfo/ Full Time CFO KGBM CFO provides fulltime recruitment solutions for CFOs, Financial Controllers and senior finance professionals. Our executive placement for Senior Finance professionals is distinctive in the sense that it offers a functional expert's dimension to the regular process of recruitment followed by a conventional HR headhunting firm. This differentiates us from Headhunters. We like to define ourselves as specialized facilitators for the placement of CFOs and Controllers in client firms across the industry spectrum. We are staffed by proficient financial experts who serve us as CFO partners. These CFO partners, due to their deep subject knowledge can understand the exact nature of the client's requirement and can source the right CFO talent from the market and thus efficiently calibrate the Client/CFO requirements precisely. In this way, KGBM CFO's fulltime CFO recruitment solutions, is a niche business vertical catering to the career aspirations of senior finance professionals across industries. Our expert in house team leverages on functional talent at its disposal and sources excellence in the form of exclusive CFOs and Controllers for our client mandates based on our attributes of expertise, global reach, multiple sourcing, rich database of financial talent, a highly alert, proactive team, and continuous value addition of primary and ancillary service offerings. As a niche Talent Management and Search solutions provider for senior level CFO personnel, KGBM CFO fosters exclusive insights, gives exceptional advice and proffers tailored solutions that will have a constructive ramification on the businesses of our valued clients across the immediate to... --- > This can and does put a lot of load on the mind of the existing CFO, who may find it increasingly difficult to do justice to all the projects. - Published: 2017-06-02 - Modified: 2024-12-30 - URL: https://www.kgbm.com.au/virtual-part-time-cfo-services/special-purpose-cfo/ Special Purpose CFO There are times when a rapidly growing company is handling multiple projects simultaneously. This can and does put a lot of load on the mind of the existing CFO, who may find it increasingly difficult to do justice to all the projects due to acute paucity of time. This limitation in management bandwidth makes it tough for companies to implement these important special projects. Has your company faced such a situation before or is it on the anvil of facing one? Worry not! Let KGBM CFO step in and resolve the quandary for you. Our Special Purpose CFO, will step in and work with your existing senior management team, including your fulltime CFO, and help in expediting and executing these multiple projects with efficiency.   --- > Companies require someone to take over the responsibilities of their CFO immediately. interim cfo services can help - Published: 2017-06-02 - Modified: 2024-12-30 - URL: https://www.kgbm.com.au/virtual-part-time-cfo-services/interim-cfo/ Interim CFO Many a times, companies require someone to immediately takeover the responsibilities as their CFO. This could happen when the incumbent CFO suddenly quits. On occasions, he may fall sick for a long period of time. Or there may be times, when the company needs a seasoned senior Finance and Accounts professional with a rich CFO experience, in order to handle a specific project such as implementing a new ERP system or negotiating on a transaction with investors. In such a scenario, you could either engage a head-hunting firm and spend loads of cash, as search fees and allocate signing bonuses for the new candidate, and still wait at least for about 3 months (on an average) until the new recruit starts working for your company and not do anything until then or Engage a CFO from KGBMCFO team, as your Interim CFO. This will help the company tide over the gap formed by the departing CFO, and the joining period for the incoming CFO. --- > A Virtual CFO: the financial leadership of a large corporation at a fraction of the cost. KGBM Business Advisory to access this advantage. - Published: 2017-06-02 - Modified: 2025-01-06 - URL: https://www.kgbm.com.au/virtual-part-time-cfo-services/cfo-services/ Virtual CFO As an entrepreneur, to manage your growing business, you need a strategic partner to lead & manage fund raising, financial reporting, budgeting, monitoring cash flows, contract negotiations, implementing systems & controls, compliances, BOD & Investor reporting and to strengthen your finance & accounting team. CFO provides Virtual CFO services, wherein, similar to a full-time CFO, CFO acts as your company's CFO, except for not being your full-time employee. He may not be on-site, but is always available. In certain situations, CFO carries your company's visiting card, as an integral team member, when interacting with your clients, vendors and bankers. Depending on the size and the growth stage of your company, we provide a flexible engagement model, enabling you to increase/decrease engagement levels, thereby giving you the opportunity of having the best CFO talent assisting you, based on your needs. Our ongoing Virtual CFO retainer engagements can be as low as 2 hours a week and can go as high as 35 hours a week. This flexible engagement model also helps you keep your CFO costs variable and low. We must mention that all our CFO's have rich work experience and in most cases they act as good mentors to our client companies. As a CFO of a large company you may be faced with challenges of executing various assignments that require not just another consultant, but someone who can understand your pains and can execute various projects, with leadership skills. KGBM provides support services to CFO’s of large... --- > corporate administration requires experience and as registered agent with ASIC; appointment as local agent for foreign registered. - Published: 2017-02-09 - Modified: 2025-01-17 - URL: https://www.kgbm.com.au/corporate-services/asic-agent/ ASIC Services by Registered Agents Registered ASIC Agents We are authorized ASIC agents equipped to handle your ASIC needs efficiently. Monitoring ASIC Notices We keep track of ASIC notices on your behalf, ensuring you're always informed. Electronic Lodgments: We facilitate the electronic lodgment of various documents, including: 484 Change of Company Details: Notify ASIC regarding changes like address, officeholder appointments, name alterations, share structure modifications, etc. 205A Notice of Resolution: Inform ASIC about changes in company name resolutions. 361/362 Registered Agent Changes: Effectively handle appointments or cessations of registered agents. 370 Resignation of Officeholder: Lodge notifications for officeholder resignations. 410B/410F Change of Company Name Reservation: Manage reservations and extensions for company name changes. 485 Statement of Company Solvency: Declare your company's solvency status. 492 Request for Correction: Rectify errors in previous submissions. 5100A Registration of Managed Investment Scheme 6010 Voluntary Deregistration of a Company 902 Supplementary Document RA61/RA67/RA71 Reports: Request and manage various reports like review date reports, company debt reports, and adhoc company statements. Financial Statements: 388 Copy of Financial Statements and Reports 388 Amendment of Financial Statements of Directors Reports Product Disclosure Statements: FS88 PDS In-Use Notice FS89 Notice of Change to Fees and Charges in a PDS FS90 Notice that a Product in a PDS has Ceased to be Available ASIC: Pay your annual review fees in advance and save Here’s a summary of the key points: Advance Payment Option: Companies can pay annual review fees 10 years in advance at a discounted rate. Fee Protection: Paying... --- > Registered Austrade EMDG Grant Consultants. Let us maximise your refund! Free eligibility check. No upfront fee. EMDG experts. - Published: 2017-02-09 - Modified: 2025-02-10 - URL: https://www.kgbm.com.au/support-services-asic-emdg-rd-tax-trademark-i-software/export-market-development-grants-emdg/   EMDG Round 4 Applications closed   As you would be aware from our December email, applications for Round 4 closed on the following dates: Representative bodies, opened 10am AEDT on 6 November 2024 and closed 5pm AEDT on 20 December 2024. Tier 1 – ready to export, opened 10am AEDT on 12 November 2024 and closed 5pm AEDT on 20 December 2024. Tier 2 – exporting within existing markets, opened 10am AEDT on 12 November 2024 and closed 1:30pm AEDT on 12 November 2024. Tier 3 – exporting to new key markets, opened 10am AEDT on 12 November 2024 and closed 5pm AEDT on 20 December 2024. EMDG changes EMDG has changed following extensive reviews, analysis and stakeholder consultation. We expect to offer approximately 1,900 grants in Round 4 in total across the tiers. Maximum grant amounts are set at a meaningful level per grant tier and are outlined in the Grant Guidelines. Grant amounts will be known in advance. Applications will be assessed and grants will be offered in the order we receive applications. A grant round will close once the available funding is allocated to eligible applicants. This change, which is consistent with other commonwealth grant programs, means it is possible that not all applicants will receive funding. Eligibility criteria has changed Eligibility criteria for small and medium sized enterprises (SMEs) has changed to better reflect characteristics of successful exporters. Changes include: minimum annual business turnover requirements per grant tier. These are: Tier 1 - more than... --- > R&D Tax Incentive-financial assistance via tax offsets to companies who engage in eligible research and development activities. - Published: 2017-02-09 - Modified: 2024-12-30 - URL: https://www.kgbm.com.au/support-services-asic-emdg-rd-tax-trademark-i-software/rd-tax-incentive/ R&D Tax Incentive The R&D Tax Incentive is an Australian Government initiative designed to encourage innovation in Australia, by providing financial assistance in the form of tax offsets to companies who engage in eligible research and development activities. It is jointly administered by AusIndustry (on behalf of Innovation Australia) and the ATO. A simple question with a not so simple answer! The eligibility criteria is complex and an interview process with our R&D team is the best way to sort through the jargon. An hour of your time will allow us to do an initial analysis of your company’s investment into new areas of innovation and business growth. Often companies are not aware that their funded process improvements or software development may be eligible for the R&D tax incentive. That’s why a meet and greet with us is an excellent opportunity to find out what is covered under the scheme and how you can benefit. If you are an Australian company for income tax purposes, are generating new knowledge through the development of new or improved materials, products, processes or services, and are spending greater than $20,000 on eligible research & development expenditure you could be eligible.   The best way to assess your eligibility is to meet with us as the definition and scope of eligible activities is both large and diverse. Eligible business investments can include improvements and/or developments in products and processes to improve performance, useability and efficiency and better service external clients. Often companies are not... --- > We support online software such as Xero, Zoho book, Reckon One and Quickbook. We help you migrate data to your preferred online system. - Published: 2016-02-23 - Modified: 2025-02-18 - URL: https://www.kgbm.com.au/support-services-asic-emdg-rd-tax-trademark-i-software/online-accounting/ Online Accounting Choosing the Right Accounting Software for Your Business   Let us help you make the right choice of accounting software. A decent accounting system is crucial for keeping track of your cash flow and simplifying the process of completing GST returns. However, with over sixty accounting packages available in Australia, choosing the right system for your business can be challenging. Why Choose KG Business Management Pty Ltd?   Expertise and Experience At KG Business Management Pty Ltd, we understand that every business has unique needs. That's why we invest considerable resources into ongoing staff training. Our experts stay up-to-date with the latest advancements in accounting software to ensure we can recommend the best solution for your business. Comprehensive Software Options We work with a variety of leading accounting software providers, including: Intuit QuickBooks: Known for its user-friendly interface and powerful features, QuickBooks is ideal for small to medium-sized businesses. MYOB: A versatile option that offers comprehensive financial management tools. Xero: A cloud-based solution that provides real-time financial data and collaboration features. Saasu: A straightforward, no-nonsense accounting package perfect for businesses looking for simplicity. Reckon: Offers robust functionality with a focus on customization and scalability. ZOHO Books: A cost-effective solution that integrates well with other ZOHO applications. Employmenthero: Ideal for businesses that need integrated HR and payroll solutions. Our Approach Assessment: We start by understanding your business needs, goals, and current challenges. Recommendation: Based on our assessment, we recommend the most suitable accounting software tailored to your specific requirements.... --- > Discover KGBM's contractor payroll services that guarantee your payday, reduce costs, and free you from administrative headaches. - Published: 2016-02-22 - Modified: 2025-05-29 - URL: https://www.kgbm.com.au/payroll-services/ Payroll Processing Services KGBM’s brand promise is to ensure that you have a guaranteed payday. This allows you to manage your finances and it removes any uncertainty as to when you will be paid. If your timesheet is late; don’t stress. Just let us know and you will still have the same guaranteed payday. We pay you before we are paid by organisations or agencies and this gives you security. Payroll Service for Organisations & Agencies - We provide full outsourced engagement, payroll and HR management of your contingent workforce and it will help to reduce costs, mitigate risk and increase their recruiter of choice status through our best practice, hassle free solutions. Service Contractors - Complete back of house administrative support that ensures regulatory compliance, equals more free time, more money and no more headaches for our contractors Our Fees for Payroll Processing 'Pay-Upon-Payment' fee - 1. 70% 'Pay-Upon-Payment -Weekly Pay' option - 2. 20% ** We do fund contractors. Your don't need to worry about another funding company because all done in house. Because we are a local business and a service accounting firm, our knowledge of the payroll process ensures quality and accuracy, and provides your business with the individual attention you need. Contingent Workforce Management is a strategic approach to managing an organisation’s casual workforce. Providing reduced cost and increased accountability across engagement, management and reporting whilst also providing effective risk management. KGBM has the experience, technology and infrastructure to effectively manage your contingent workforce. This... --- > We provide Accounting bookkeeping services, payable, receivables and reconciliation. Accountants in Sydney to maintaining financial transaction records in books. - Published: 2016-02-22 - Modified: 2024-12-30 - URL: https://www.kgbm.com.au/services/accounting-services/ Business Accounting Services Our philosophy is to PARTNER with you to provide timely and informative financial statements that are easy to understand and accompanied with a summary letter that’s written in “Plain English”. The summary letter will highlight aspects of the financial statements that we feel are important to understand your current business situation. Monthly Bookkeeping Services We believe that it is important to spend time with you explaining the financial statements so that you, the business owner, can make educated business decisions. We provide this service on a monthly, bi-monthly or quarterly basis to clients, and take the time to explain their current business profit picture and help them make sound business decisions. Our Accounting and Bookkeeping solution Our Accounting / Bookkeeping solution is ideal for those businesses that want to keep themself away from hassle of data-entry for their day-to-day financial transactions and also want to incorporate technical compliance and commercial disciplines into their business. For a preset monthly fee or an hourly fees rate, we provide accounting solution including data entry, financial analysis and reporting. Services provided by Bookkeeping team includes: Accounting software set-up and data entry; Accounts payable and receivable; Payroll setup / processing including super, payroll tax and PAYG; Inventory control Month and year end book closing and reporting Bank and credit card reconciliations Profit and loss statements Invoicing Filing and other general office duties How does it work? Starting Bookkeeping setup: Assessed services required for your business based on the number of transactions, your... --- > Virtual & outsource CFO, interim virtual chief financial officer services offer to small to medium size business to exceed sales in Sydney. - Published: 2016-02-22 - Modified: 2024-12-30 - URL: https://www.kgbm.com.au/virtual-part-time-cfo-services/ Virtual CFO / Outsource CFO The idea of ‘Virtual CFO’ is quite new in the financial management of businesses. Outsourcing Virtual CFO helps businesses manage internal finances as well as offer strategic guidance. It's kind of support from part-time CFO that small and medium companies can get remotely. Virtual CFO has made it easier for businesses to manage transparency in their finances that substantially save the cost of business for hiring a full-time in-house CFO. In Australia, the average salary of full-time in-house CFO is estimated to be $250,000 annually. Businesses can get a similar experience via virtual or outsource CFO that an in-house CFO gives to them. KGBM aims to provide its clients with part-time qualified and experienced CFO at affordable prices. Many businesses specifically small and medium businesses cannot reach CFO. Whereas accessing virtual CFO can be beneficial for your business growth. The decision of hiring CFO is critical as it helps you survive in the market. Majority of the businesses fail in their initial three years. This failure is attributable to multifarious reasons such as failing to make business distinctive from competitors, and failing to adopt a sustainable and profitable business model. At KGBM, you can benefit from Virtual CFO to help set clear and attainable financial goals. A virtual CFO will guarantee your business is on the path to profitability. To remotely perform the duties similar to traditional CFO on part-time. To assess and monitor the financial wellbeing of your business via a combination of practice... --- > We are a local business that will be with you throughout the process of discovering and implementing the solutions important to your business. - Published: 2016-02-22 - Modified: 2024-12-30 - URL: https://www.kgbm.com.au/services/management-consultancy/ Management Consultancy Our experts will listen first, then, using our 20 plus years of experience, we will work with you to help your business succeed. Having worked with number of different businesses, we’ve been able to define consulting as listening first and talking second. KGBM understands that our ability to consult or help you with your business is based on our understanding of your business situation. Understanding your business has to start with us listening to your thoughts, concerns and needs regarding your business. Only after we have taken the time to listen and digest that information, do we attempt to provide advice that will help you accomplish your goals. We have management consulting services that cover a broad scope of business issues. What is important to you is that we are a local business that will be with you throughout the process of discovering and implementing the solutions important to your business. Every consultation is unique and is treated as such, what works for one company may not for another. Please call us to discuss how we can help your business succeed. Listed below are some of the specific areas in which we can assist your business. --- > Find out how an accounting firm can help you achieve your financial goals and improve your overall business operations. - Published: 2016-02-22 - Modified: 2025-06-17 - URL: https://www.kgbm.com.au/ Specialised in small & medium business Specialised in ICT & Professional Services Specialised in Transport & Logistics Services Specialised in Medical Professionals Services Specialised in Construction & Engineering business  Virtual CFO Services We serve as your virtual CFO, ensuring your business keeps its financial goals clearly in sight. We help you manage financial risks through meticulous financial planning, financial reporting, and record-keeping. m Accounting Services Our team of finance experts assists you with bookkeeping, managing financial statements, and a range of accounting services, all delivered promptly.  Payroll Services We provide comprehensive payroll services for businesses of all sizes. Let us assist you with outsourcing payrolls and contractor payroll solutions. We guarantee a proactive, service-oriented approach to all your business's payroll processes. h Taxation Service Our tax experts help you in improving your business compliance with regulatory bodies. Our services include Individual Tax Returns, and Business/Corporate Tax Returns inclusive of partnership, company, sole trader and trust. --- > Transform your accounting with our Turnaround Accounting Service, customized to align with your unique financial goals. - Published: 2016-02-09 - Modified: 2025-05-29 - URL: https://www.kgbm.com.au/services/ Services We customise our services to meet your needs. Every business is not the same, so we tailor our services and fees to fit your budget. We offer comprehensive taxation compliance services designed to assist you with ATO requirements - Service includes - Individual Tax Returns/Rental property and capital gain advices, Business/Corporate Tax Returns (Incl. Sole trader, partnership, Company, Trust and SMSF),Fringe Benefits Tax (FBT),GST/PAYG withholding Compliances (BAS/IAS), Payroll Tax,Tax planning and advices. We take time to meet with each client to explain their current business profit picture. We stay in contact with you throughout the year to discuss business planning. We take time to meet with each client to explain their current business profit picture. We stay in contact with you throughout the year to discuss business planning. We have consulting services that cover a broad scope of business issues. Every consultation is unique, as what works for one company may not for another. KGBM's finance and accounting professionals are the ideal choice to address your ongoing as well as project based requirements for operational support. From establishing appropriate processes, systems and reporting mechanisms to handling day-to-day operations, KGBM's team can address your needs. --- - Published: 2016-02-09 - Modified: 2024-12-30 - URL: https://www.kgbm.com.au/contact-us/ Get in touch with us We’d love to work with you. Send us an email via the contact form below or give us a call. Office + 1300 998 248 {NSW HQ} Level 24, Three International Towers,300 Barangaroo Avenue, Sydney, NSW-2000 Level 23 | Collins Square Tower Five, 727 Collins Street, Melbourne VIC 3008 Level 54 | One One One Eagle Street, 111 Eagle Street, Brisbane, Queensland 4000 --- > The Virtual CFO is a relatively new idea. It’s a way for businesses to get remote support from a part time CFO that they wouldn’t have been able to afford - Published: 2016-02-08 - Modified: 2024-12-30 - URL: https://www.kgbm.com.au/about-us/ About us Since its inception in November 2014, KG Business Management (KGBM) is committed to providing comprehensive services for our existing and prospective clients who look forward to practicable solutions for their business problems. We pride ourselves in providing each of our clients with friendly and professional services irrespective of the size of clients and services’ fees. Before executing any work, we like to quote in advance. Our team of experts holds extensive experience and has worked with technology, telecoms, recruitment and other service industries and with potential clients across other industries. We offer our clients comprehensive and personalised financial services to help drive business growth. Our clients: Entrepreneurs Business Owners Limited Companies Family Offices High-net worth Individuals Trusts Sole Traders Franchises At KGBM, it is our values that define us. Our core values guide the actions of our people and inspire us to work with collaboration with each other as well as with our clients to improve their engagement with our organisation. Every individual working at KGBM makes numerous choices and decisions that not only influence our relationships internally but also the way our potential clients experience us. Our core values help boost our confidence to ensure that we use similar principles in making decisions throughout our firm and its global operations. Who We Are? Our team of finance experts demonstrates respect and integrity in their work. Our people are energetic, courageous, and enthusiastic. Our people build positive relationships with co-workers and clients How Do We Operate? We like... --- --- --- ## Posts > Explore Franchise Ownership Mastering Tax Essentials! and learn vital tax strategies for successful franchise management. - Published: 2025-05-29 - Modified: 2025-05-29 - URL: https://www.kgbm.com.au/franchise-ownership-mastering-tax-essentials/ - Categories: KG Business Management https://www. youtube. com/watch? v=-bNRrOw7qFw --- - Published: 2024-09-05 - Modified: 2024-12-10 - URL: https://www.kgbm.com.au/asic-pay-your-annual-review-fees-in-advance-and-save/ - Categories: Resources ASIC: Pay your annual review fees in advance and save Here’s a summary of the key points: Advance Payment Option: Companies can pay annual review fees 10 years in advance at a discounted rate. Fee Protection: Paying in advance protects the company from future fee increases. No Refunds: Refunds are not available if company circumstances change after paying in advance. Separate Recording: Advance payments are separately recorded and do not appear as a credit on the company’s account. Notification Requirements: Even with advance payment, the company must review the annual statement and notify changes within 28 days. Solvency Resolution: Company directors must pass and store a solvency resolution within two months of the review date, unless a financial report has been lodged within the last 12 months. Here’s a breakdown of the advance payment fee amounts for 10 years: Type of company or scheme Annual review fee Advance payment for 10 years A public company, except a special purpose company or a small transferring financial institution $1,492 $10,000 A proprietary company, except a special purpose company $321 $2,381 A special purpose company (proprietary) $65 $452 A special purpose company (public) $61 $446 A registered scheme $1,492 $10,000 Corporate Collective Investment Vehicle $1,492 $10,000 (more... ) --- - Published: 2024-05-29 - Modified: 2024-05-29 - URL: https://www.kgbm.com.au/ai-and-fraud-should-know/ - Categories: KG Business Management AI and fraud: Should Know The threat landscape of fraud has significantly evolved with the advent of AI, heightening the complexity and efficiency of fraudulent schemes. Here’s how AI has reshaped these threats, particularly in the context of executive impersonation scams and other fraud types: Executive Impersonation Scams Traditional Approach: These scams typically involved emails where fraudsters impersonated CEOs, requesting urgent fund transfers. Employees were trained to identify red flags such as unusual requests, poor grammar, and inconsistencies in email addresses. AI-Driven Evolution: AI has introduced deepfake technology, allowing fraudsters to create convincing voicemail or video messages that mimic a CEO's voice and appearance. This next-level threat means employees might receive seemingly authentic video calls or voice messages, making detection much harder. Automation and Efficiency in Fraud Schemes Traditional Fraud Schemes: Historically, executing fraud required significant manual effort, including creating fake documents and planning phishing attacks, which limited the scale and speed of operations. AI-Driven Efficiency: AI can automate these processes, allowing fraudsters to execute a high volume of attacks quickly and with minimal human intervention. For instance, AI can generate large quantities of phishing emails or fake documents, significantly increasing the reach and impact of fraudulent activities. Generation of Convincing False Documents Traditional Document Fraud: Fraudsters created fake documents that often contained detectable errors such as poor formatting or incorrect details, which could be identified by vigilant employees. AI-Enhanced Document Fraud: AI can produce high-quality, realistic documents such as invoices, contracts, and bank statements. By analyzing numerous legitimate examples,... --- - Published: 2024-05-29 - Modified: 2024-05-29 - URL: https://www.kgbm.com.au/tracking-the-top-trends-in-fraud/ - Categories: KG Business Management Tracking the top trends in fraud The threat landscape for fraud has evolved significantly, and Accountants play a crucial role in helping businesses mitigate these risks. Here's a summary of the key fraud schemes highlighted and the steps Accountants can take to help their clients: Trending Fraud Schemes in 2024 Vendor Fraud: Skimming Off the Top Nature of the Fraud: Includes invoices for undelivered services, kick-back schemes, and padded invoices. Increased Risk: The rise of remote work has led to less oversight of purchasing processes. Expert Insights: Fred Kohm emphasized the importance of reviewing accounts payable to ensure payments are made to legitimate vendors. Jonathan T. Marks noted the necessity of updating controls to reflect remote work realities. Accountant Actions: Urge clients to tighten controls and increase audits. Train accounts payable departments to recognize suspicious transactions. Use data analytics to flag discrepancies, such as vendors with the same address. Revenue Recognition Fraud: Too Good to Be True Nature of the Fraud: Involves exaggerating or falsifying revenue to meet targets, receive bonuses, or improve corporate appearance. Increased Risk: Often seen in growing companies that haven't updated their controls. Expert Insights: Marks highlighted the role of compensation incentives in driving fraudulent behavior and the increased enforcement. Accountant Actions: Educate clients on maintaining accurate reporting and robust checks. Encourage transparency and accountability in corporate culture. Ransomware: Networks Under Attack Nature of the Fraud: Hackers hold company networks hostage, demanding ransom payments. Increased Risk: The frequency and severity of attacks are rising, though not... --- - Published: 2024-05-13 - Modified: 2024-05-13 - URL: https://www.kgbm.com.au/types-of-payroll-fraud/ - Categories: KG Business Management TYPES OF PAYROLL FRAUD 1. This is a more sophisticated form of fraud that often involves salaries being disbursed to “employees” who do not exist in the company. These could be fictitious employees or former employees whose payroll records have not been terminated. It can also involve using the names of current casual employees to fabricate hours being worked within a business and then making payments based on those falsified casual hours into a third party’s bank account. This type of fraud is commonly linked to businesses involved in outsourced labour hire and with large casual workforces, and it normally involves people with ready access to payroll records. 2. This occurs when employees, either by manipulating time records or through deceit, claim overtime for hours not worked. 3. Employees claim benefits for fake or inflated personal expenses. This may include travel expenses, use of a company credit card, use of a company vehicle, or any extra benefit provided to an employee. 4. This occurs when commission is paid on contracts obtained, sales, or other activities directly linked to their duties. Fraud occurs when inflated sales and/or inflated performance figures are provided to obtain higher commissions. 5. Occurs when an employee (in liaison with someone in the human resources or payroll department) changes their pay rate, leading to higher salaries. 6. This is common in businesses where there is a requirement to record hours worked by clocking in and out of work physically or logging in and out of computer systems... --- - Published: 2024-03-25 - Modified: 2024-03-25 - URL: https://www.kgbm.com.au/insights-and-tips-for-strategic-revenue-planning/ - Categories: KG Business Management Insights and tips for strategic revenue planning Effective revenue planning allows you to set realistic goals and identify opportunities to increase revenue by offering new services or expanding your firm’s client base. Revenue planning based on three factors: net new business, one-time projects, and client losses. Internal and external analysis for revenue planning Detailed data regarding your firm’s expenses and past revenue are two internal factors that inform decisions for your future revenue targets. Additionally, you’ll want to: Identify your target market — Which clientele would your firm like to reach based on the capacity of resources and services you provide? Understand current clients’ needs and preferences — For example, do your clients prefer in-person or online meetings? Assess any changes in accounting standards or procedures that may affect service offerings. Revenue modeling should be reflective of the firm's strategy. We need to have a pretty clear vision of who do we want to serve, what do we want to do for . External factors that will influence your revenue plan include: Market demand, which reflects a client’s interest in your firm Business and industry trends that show market direction Business indicators that reflect how your firm is performing Target audiences that determine clients State and federal regulations that affect the accounting profession Another crucial factor is capacity, which is the ability to offer a service or the amount of services your firm can provide to clients. Key performance indicators to stay aligned with your revenue plan Metrics, such as... --- - Published: 2024-03-25 - Modified: 2024-03-25 - URL: https://www.kgbm.com.au/tips-for-third-party-vendor-management/ - Categories: KG Business Management Tips for third-party vendor management Mitigating risks associated with third-party vendors is an important aspect of an organization’s enterprise risk management strategy. Highlighted the challenges companies face when managing third-party vendors. As a component of enterprise risk management, Companies to adopt formal vendor-management policies that outline procedures for: Identifying and ranking vendors Selecting vendors Assessing vendor risks Performing due diligence Ensuring appropriate language and requirements are included in vendor contracts Vendor management challenges and solutions 1. Lack of accountability with outsourcing Problem: Companies often outsource vendor management, especially when they have limited internal resources. But outsourcing can result in a lack of accountability: Who is responsible for maintaining security and regulatory compliance? And if there is a security breach, who will be held accountable? Solution: Open communication: A balanced approach where the company’s team and vendors share responsibility and maintain open lines of communication to prevent confusion and promptly address problems that arise. 2. Inadequate documentation of the vendor partnership Problem: When companies fail to properly document their vendor relationships — when there’s no integrated system of documenting and archiving such information — that information can be lost when key personnel leave the company. Solution: Use software to create an online system for accurate documentation of vendors that tracks any changes in vendor operations, financial health, business practices and regulatory compliance to ensure they meet evolving standards. 3. Failure to conduct vendor reviews Problem: Inadequate vendor reviews invite negative consequences and can lead to underperformed controls around understanding issues with... --- - Published: 2024-03-16 - Modified: 2024-03-16 - URL: https://www.kgbm.com.au/steps-to-transition-to-a-subscription-based-business-model/ - Categories: KG Business Management Steps to transition to a subscription-based business model Since Salesforce disrupted the software industry at the turn of this century, businesses whose models are based on recurring revenues and cash flows rather than “fire-and-forget” products and services have attracted a lot of attention, particularly from investors. The frequently cited reasons are compelling, not just as a driver of company value but also for the organisations themselves. Greater upselling and cross-selling opportunities and more predictable revenues combined with a vigorous focus on end customers’ needs lead to stronger customer relationships, greater competitiveness, and ultimately higher customer lifetime values. Although often presented as a pricing strategy alone, subscription-based business models inform all aspects of an organisation from finance to IT to culture. Finance is exceptionally well positioned to champion companies along the subscription journey — from building the business case for change, to operationalising strategies, to incentivising culture change and shaping IT. Components of a subscription pricing model At the heart of any subscription pricing model is the idea of customers paying regularly, say monthly or annually, to receive the benefit of a product or service. The most common examples are subscriptions to magazines or streaming services such as Netflix, YouTube Premium, or Spotify. Sometimes, subscription products or services include multiple components and bundling is an important aspect of subscription pricing strategy. For example, a mobile phone sale can involve a device, airtime (minutes, data, and texts), and insurance. Subscriptions typically allow customers to continue, upgrade, downgrade, or discontinue the service contract... --- - Published: 2023-05-10 - Modified: 2023-05-10 - URL: https://www.kgbm.com.au/2023-24-federal-budget/ - Categories: KG Business Management 1. Personal income tax measures 1. 1 Increasing the Medicare levy low-income thresholds The Government will increase the Medicare levy low-income thresholds for singles, families and seniors and pensioners from 1 July 2022 as follows: • The threshold for singles will be increased from $23,365 to $24,276. • The family threshold will be increased from $39,402 to $40,939. • For single seniors and pensioners, the threshold will be increased from $36,925 to $38,365. • The family threshold for seniors and pensioners will be increased from $51,401 to $53,406. For each dependent child or student, the family income thresholds will increase by a further $3,760 instead of the previous amount of $3,619. The increase in the thresholds provides cost-of-living relief by taking account of recent CPI outcomes so that low-income individuals continue to be exempt from paying the Medicare levy. 1. 2 Exempting lump sum payments in arrears from the Medicare levy The Government will exempt eligible lump sum payments in arrears from the Medicare levy from 1 July 2024. This measure will ensure low-income taxpayers do not pay higher amounts of the Medicare levy as a result of receiving an eligible lump sum payment, for example as compensation for underpaid wages. Eligibility requirements will ensure that relief is targeted to taxpayers who are genuinely low-income and should be eligible for a reduced Medicare levy. To qualify, taxpayers must be eligible for a reduction in the Medicare levy in the two most recent years to which the lump sum accrues. Taxpayers... --- - Published: 2023-04-26 - Modified: 2023-04-26 - URL: https://www.kgbm.com.au/how-to-address-goal-cascading-pitfalls/ - Categories: KG Business Management How to address goal-cascading pitfalls The goal-cascading process can be derailed by personal biases and other issues along the chain of command, according to the experts interviewed the World Business Council for Sustainable Development. Here’s how to address key issues. ‘Safety-first’ mentality It’s tempting for managers to focus their efforts on their own areas of expertise. This may lead them to ignore or change goals that force them into new territory. Addressing this bias may require establishing a sense of safety by assuring the employee there is room for error; suggesting ways for the person to improve their skills in a given area; and underlining the importance of a particular goal to the success of the business. Moral hazard Complying with corporate goals often comes with trade-offs for managers and employees. For example, a corporate goal of making a more efficient retail product line-up might require store managers to drop some of the products they prefer. Leaders can respond by assuring these employees that the change won’t affect their chances of a promotion or salary increase; sharing detailed information that shows why the change will benefit the company; and working with employees to create new strategies. Differing interpretations of strategy and goals Especially in a large organisation, the original intent of a goal can be lost in translation. There also may be debates over the best way to achieve a goal. Leaders can avoid confusion by providing specific strategies and tools to achieve goals. They also can engage with employees... --- - Published: 2023-04-26 - Modified: 2023-04-26 - URL: https://www.kgbm.com.au/tips-for-financing-sustainable-transformations/ - Categories: KG Business Management Tips for financing sustainable transformations Don’t limit your thinking to borrowing money or issuing new stocks or shares. Apply a bit of imagination to look for alternative sources of funding that are aligned with what you want your project to achieve: List the positive sustainable benefits the project will achieve and the negative impacts it will avoid. Use this list to search for innovative forms of sustainable funding that match those impacts. Search for industry- or business-specific grants and subsidies that cover the sustainable impacts of your projects. If you feel your project doesn’t fit, consider modifying it accordingly. Search for nongovernmental organisations, charities, or philanthropic foundations that share your aspirations and where there can be a meaningful collaboration. Don’t be afraid to undertake pioneering projects where you can be an exemplar for these organisations. Often funds are available for these innovative, transformative projects. Search for targeted financial products or sources of funding linked to the potential impact of your project, eg, impact investors or sustainability bonds. Consider blended finance products that combine public and private sources of funding. Consider joint ventures with other commercial businesses, as this may make the project more investable for finance providers, eg, by having large enough scale, shared risks, and reduced set-up and monitoring costs. Keep an eye on market innovations, as the finance market is dynamic, agile, and fast-moving. Don’t discount crowdfunding and even consider pre-selling sustainable products. Always consider the after-tax cost of any financial instruments, as different funds and projects may... --- - Published: 2022-08-22 - Modified: 2022-08-22 - URL: https://www.kgbm.com.au/asic-announces-extension-to-reporting-deadlines-for-unlisted-entities/ - Categories: KG Business Management ASIC Announces Extension To Reporting Deadlines For Unlisted Entities The Australian Securities and Investments Commission (ASIC) announced that it will extend the statutory reporting deadlines for unlisted entities reporting at 30 June 2022. The media release cites resourcing pressures as the main reason for the extensions. Many companies and audit firms are battling staff shortages due to travel restrictions, resignations, and increasing COVID-19 cases. Furthermore, current world events and changes in economic conditions may mean that pulling financial reports together will require more work, especially when it comes to making judgements around asset values and provisions. More effort may also be needed to ensure financial reports contain high-quality disclosures that address changes and events that had a significant impact on entities during the reporting period. The one-month extension has the following implications for Chapter 2M lodgement periods of unlisted entities: Full year financial reports unlisted disclosing entities and unlisted registered schemes – extended from three to four months all other unlisted entities (non-disclosing public and proprietary companies) – extended from four to five months Half year financial reports unlisted disclosing entities – extended from 75 days to 75 days plus one month Chapter 7 reporting deadlines have been affected as follows: unlisted Australian Financial Services (AFS) licensees that are bodies corporate and are also disclosing entities or registered schemes – extended from three to four months unlisted AFS licensees that are body corporates and are not disclosing entities or registered schemes – extended from four to five months AFS licensees... --- - Published: 2022-08-22 - Modified: 2022-08-22 - URL: https://www.kgbm.com.au/ato-focus-on-rental-property-income-and-deductions/ - Categories: KG Business Management ATO Focus On Rental Property Income And Deductions Income And Tax Deductions From Rental Properties Is One Of The Four Key Areas That The ATO Is Focusing On This Tax Time. The ATO is urging rental property owners to ensure they carefully review their records before declaring income or claiming deductions this Tax Time, and for registered tax agents such as KGBM to ask a few extra questions of our clients who own rental properties. As your registered tax agent, we can only work with the information we gather from our clients, and we know some clients won’t know everything they need to tell us (which is understandable). INCLUDE ALL RENTAL INCOME The ATO receives rental income data from a range of sources including sharing economy platforms, rental bond authorities, property management software providers, and state and territory revenue and land title authorities. The amount of data the ATO accesses grows each year, making it easier and faster for them to spot any rental income that you have charged your tenants, but haven’t declared (even unintentionally). When preparing tax returns, all rental income must be included, such as from short-term rental arrangements, renting part of a home, and other rental-related income like insurance payouts and rental bond money retained. Further, income and deductions must be in line with a rental property owner’s ownership interest, which should generally mirror the legal documents. GETTING YOUR EXPENSES RIGHT Not all expenses are the same – some can be claimed straight away, such as... --- - Published: 2022-08-22 - Modified: 2022-08-22 - URL: https://www.kgbm.com.au/atos-new-crackdown-on-discretionary-trusts/ - Categories: KG Business Management ATO’s New Crackdown On Discretionary Trusts T he ATO has just updated its guidance around trust distributions made to adult children, corporate beneficiaries and entities that are carrying losses. Depending on the structure of these arrangements, there is a potential that the ATO may take an unfavourable view on what were previously understood to be legitimate arrangements. Background For various reasons, including legal tax minimisation and asset protection, many business owners operate their affairs through a trust structure. While trust structures are legitimate, the ATO has become increasingly sceptical of the motivations behind the use of trusts which it believes in many cases are motivated chiefly by tax minimisation. In February 2022, the ATO updated its guidance directly focusing on how trusts distribute income, and to whom! Consequently practices which may have once been previously accepted may now not be. This may result in higher taxes for family groups in particular – both going forward, and potentially retrospectively. Target The ATO is chiefly targeting arrangements under s100A of the Tax Act, specifically where trust distributions are made to a low rate tax beneficiary but the real benefit of the distribution is transferred or paid to another beneficiary usually with a higher tax rate. In this regard, the ATO’s new Taxpayer Alert (TA 2022/1) illustrates how s100A can apply to the quite common scenario where a parent benefits from a trust distribution to their adult children. Released at the same time, the ATO’s new draft ruling states that for the new... --- - Published: 2022-08-21 - Modified: 2022-08-21 - URL: https://www.kgbm.com.au/how-cfos-are-grappling-with-increasing-complexity-in-ma-market/ - Categories: KG Business Management How CFOs are grappling with increasing complexity in M&A market The rapidly shifting economic landscape is driving changing approaches to valuations and deal activity. Diligent finance leaders are finding new ways to reduce risks in merger and acquisition (M&A) deals and drive long-term value. They're scrutinising deals in much more detail and finding different valuation metrics, as markets become crowded with hard-to-price startups. This helps finance leaders weigh risks and benefits while moving quickly to avoid missing out in fast-moving markets. A barrage of factors have increased complexity in M&A markets. Rocketing prices for technology firms have threatened the validity of traditional valuation techniques as tech companies' values are often based more on intangible factors and future cash flow potential and less on fundamentals like current cash flow. Economic and supply chain disruptions caused by the pandemic and the ongoing war in Ukraine have made it harder to identify and quantify risks in acquisition targets. Increasing regulation is adding risk and red tape. The shift to remote working slowed the deal-making process by depriving negotiators of the face-to-face meetings that are often critical to building mutual trust and closing deals. CFOs say these complexities are testing their skills as they strive to ascertain fair prices for companies they are trying to acquire. Deriving long-term value from deals continues to be a challenge, with more than half of all mergers underperforming, according to PwC. Addressing all these complexities is a critical issue, given that 62% of companies indicated their growth would... --- - Published: 2021-11-02 - Modified: 2021-11-02 - URL: https://www.kgbm.com.au/are-you-ready-for-the-new-director-ids/ - Categories: KG Business Management Are You Ready for the New Director IDs? Who? All directors of a company registered Australian body, a registered foreign company or Aboriginal and Torres Strait Islander corporation will need a director identification number (director ID). What? A director ID is a unique identifier you need to apply for once and will keep forever, regardless of whether you change companies. Why? It will help prevent the use of false or fraudulent director identities and identify and eliminate director involvement in unlawful activity, such as illegal phoenix activity. Thank goodness! When? If you were already an existing director under the Corporations Act on or before 31 October 2021, you must apply for your director ID by 30 November 2022. If you become a director between 1 November 2021 and 4 April 2022 you must apply within 28 days of appointment. If you become a director from 5 April 2022 you must apply before appointment. If you don’t meet your obligations, you may be issued with an infringement notice or there may be civil or criminal penalties. How? The fastest way to do this is to apply online. You will need: Your tax file number Residential address held by the ATO Two documents to verify your identity Once you have done this, you can login and apply for your director ID. The application process should take less than 5 minutes. https://www. abrs. gov. au/director-identification-number/apply-director-identification-number --- - Published: 2020-12-17 - Modified: 2020-12-17 - URL: https://www.kgbm.com.au/businesses-need-innovation-now-more-than-ever-how-cfos-can-enable-innovation/ - Categories: KG Business Management Businesses need innovation now more than ever - How CFOs can enable innovation Organisations in every corner of the economy are focusing with renewed intensity on innovating to anticipate and meet new customer expectations accelerated by and arising from the pandemic. We are not going back to the way things were pre-2020. The pressure is on to transform business models from top to bottom and acknowledge that innovation, far from being "cool stuff" or an off-to-the-side, not-always-measurable set of activities, is core to any business's strategy in this rapidly changing, uncertain, and unpredictable world. CFOs, by virtue of their role in an organisation, their platform, and their relationship to the board, the CEO, and their C-suite colleagues, are uniquely positioned to enable an organisation's innovation results. Their ability to exercise innovation leadership at this moment may be vital to their business's future. This article presents recommendations on what they can do to enable the innovation agenda and how to ensure their actions translate into results. (For a look at whether an organisation could benefit from devoting one executive to the innovation function, see the sidebar "The Pros and Cons of Appointing a Chief Innovation Officer". ) Defining 'innovation' — a word that sparks admiration and controversy The word "innovation" itself can be polarising. It conjures up coolness and threat, inevitability and unpredictability, attraction and avoidance. Few will debate that innovation is essential — yet it fails more often than it succeeds and can be easily derailed by the forces of... --- - Published: 2020-11-03 - Modified: 2020-11-03 - URL: https://www.kgbm.com.au/trust-set-up-frequently-asked-questions/ - Categories: KG Business Management Trust Set Up: Frequently Asked Questions What is the difference between a Family Trust and a Unit Trust? A Family trust, also known as a Discretionary Trust, give the trustee the discretion to decide who recieves distrubitons, how much and how often payouts occur. They tend to also include clauses that allow distribution to extend to family members of the Specified Beneficiaries. A Unit Trust (also known as a Fixed Trust) differs from a Family Trust in that the trustee generally does not hold discretion over the distribution of assets to beneficiaries. These structure divide the trust property into units, similar to shares of stock. Each beneficiary (known as a "unit holder") owns a given number of those units, and at the end of each year, he or she receives a distribution from the trust, based on the number of units held. Ideal when multiple families are involved, Unit Trusts operate somewhat like a company. What is the role of a Settlor? The settlor must hand over the settled sum to the trustee to be held on the terms of the trust for the benefit of the beneficiaries. The settlor does not have to reside in Australia, however they must be present when the trust deed is settled because he/she is responsible for the trust asset becoming vested in the trustee. Once they sign the deed, therefore putting the trustee in charge of the trust assets, the settlor then steps out of the picture. It is advisable to limit the... --- - Published: 2020-03-30 - Modified: 2020-03-30 - URL: https://www.kgbm.com.au/supporting-businesses-to-retain-jobs/ - Categories: KG Business Management - Tags: CFO, Economic Stimulus, outsource CFO Supporting businesses to retain jobs The Government is introducing a subsidy program to support employees and businesses. The JobKeeper Payment is designed to help businesses affected by the Coronavirus to cover the costs of their employees’ wages, so that more employees can retain their job and continue to earn an income. Keeping Australians in work and businesses in business will lay the foundations for a stronger economic recovery once the Coronavirus crisis passes. JOBKEEPER PAYMENT Summary Under the JobKeeper Payment, businesses significantly impacted by the Coronavirus outbreak will be able to access a subsidy from the Government to continue paying their employees. This assistance will help businesses to keep people in their jobs and re-start when the crisis is over. For employees, this means they can keep their job and earn an income – even if their hours have been cut. The JobKeeper Payment is a temporary scheme open to businesses impacted by the Coronavirus. The JobKeeper Payment will also be available to the self-employed. The Government will provide $1,500 per fortnight per employee for up to 6 months. Eligibility Employers (including non-for-profits) will be eligible for the subsidy if: their business has a turnover of less than $1 billion and their turnover will be reduced by more than 30 per cent relative to a comparable period a year ago (of at least a month); or their business has a turnover of $1 billion or more and their turnover will be reduced by more than 50 per cent relative to... --- - Published: 2020-03-26 - Modified: 2020-03-26 - URL: https://www.kgbm.com.au/boosting-cash-flow-for-employers-additional-information-from-ato/ - Categories: KG Business Management Boosting cash flow for employers - Additional Information from ATO Eligibility You will be eligible to receive the cash flow boost if you are a small or medium business entity, including not-for-profit organisations, sole traders, partnership, company or trust that: held an ABN on 12 March 2020 and continues to be active has an aggregated annual turnover under $50 million (generally based on prior year turnover) made eligible payments you are required to withhold from (even if the amount you need to withhold is zero). Eligible payments include: salary and wages director fees eligible retirement or termination payments compensation payments voluntary withholding from payments to contractors. In addition, you must also have either: derived business income in the 2018–19 income year and lodged your 2019 tax return on or before 12 March 2020 made GST taxable, GST-free or input-taxed sales in a previous tax period (since 1 July 2018) and lodged the relevant activity statement on or before 12 March 2020. We will generally determine whether you are a small or medium business entity based on your most recent income tax assessment for a prior year. However, where you do not have any income tax assessments for prior years, you may still be eligible if we are satisfied, based on other information we hold, that you are in business and would have an aggregated annual turnover under $50 million. We may also give you further time to provide us notice that business income or supplies were made. This will generally... --- - Published: 2020-03-22 - Modified: 2020-04-28 - URL: https://www.kgbm.com.au/economic-stimulus-up-to-now/ - Categories: KG Business Management - Tags: Economic Stimulus Economic Stimulus - Up to now As you may be aware, the Australian Federal / State Government has announced an economic response to the Coronavirus and its threat on the Australian economy. This has resulted in the introduction of various taxation and cash reliefs. Please see below for a breakdown of the stimulus package and determine whether or not you or your business can benefit. We have summaries varies governments initiative for your benefit. We only focused on business benefits. Fed Govt Economic Stimulus - 2 The Government is providing up to $100,000 to eligible small and medium sized businesses, and not‑for-profits (including charities) that employ people, with a minimum payment of $20,000. (100 per cent of PAYG withheld, with a minimum $20,000 payment and up to a cap of $100,000 over 9 months) Coronavirus SME Guarantee Scheme - Under the Scheme, the Government will guarantee 50 per cent of new loans issued by eligible lenders to SMEs. Providing temporary relief for financially distressed businesses - Temporarily increasing the threshold at which creditors can issue a statutory demand on a company and the time companies have to respond to statutory demands they receive. The package also includes temporary relief for directors from any personal liability for trading while insolvent. Fed Govt Economic Stimulus - 1 Increasing the instant asset write-off Lifting the threshold to $150,000 (from $30,000). Investment Offering businesses a time-limited incentive to invest, by accelerating depreciation deductions. Supporting apprentices and trainees Wage assistance to help small businesses to... --- - Published: 2020-02-28 - Modified: 2020-02-28 - URL: https://www.kgbm.com.au/personal-liability-for-gst-starts-1-04-2020/ - Categories: KG Business Management PERSONAL LIABILITY FOR GST STARTS 1 APRIL Like PAYG, non-payment of GST will attract personal liability for Directors under the Director Penalty Regime in 2 ways: Unavoidable liability Fail to lodge Business Activity Statements (BAS) and Income Activity Statements (IAS) within 3 months of the due date for lodgement. Lock down Director Penalty Notice will attach Personal Liability to a Director immediately and regardless of the appointment of a liquidator, the liability will be unavoidable. Avoidable liability Lodge BAS and IAS within 3 months of due date for lodgement but not remit payment Personal Liability for Company tax liability will be avoidable if a Director Penalty Notice is acted on within the 21 day period allowed. This change to the Law passed both houses of Parliament on 17 February 2020 under the Treasury Laws Amendment (Combating Illegal Phoenix) Bill 2020 Other Significant Changes in the Bill Introduction of the Creditor-Defeating Disposition s588FBDB (the Phoenixing Provisions) Enables ASIC, at its discretion, to void phoenix transactions upon request by a Company liquidator, if such a transaction occurred when a company was insolvent and it occurred during the 12 months immediately preceding the date of liquidation. ASIC may then order the return of the property subject of the disposition to the insolvent Company. ASIC may order the person to pay an amount that in ASIC’s opinion, represents some or all of the benefits that person received directly, or indirectly, because of the transaction. In making these types of orders, ASIC must have regard... --- > IBP finance process - kgbm - Published: 2019-03-14 - Modified: 2019-07-11 - URL: https://www.kgbm.com.au/integrated-business-planning-how-to-successfully-use/ - Categories: KG Business Management - Tags: CFO, CFO as service, CFO Service, Management Consulting, outsource accounting, outsource CFO, outsource payroll Integrated business planning - How to successfully use it ! The adoption of integrated business planning (IBP) over the last ten years has allowed organisations to develop an agile approach to planning and execution in an increasingly challenging external environment. It has also demonstrated its value in enabling the finance function to deliver excellence in its emerging role as a business partner across the organisation. Whilst the deployment of IBP represents a significant organisational change, considerable insight on the key success factors for the execution of IBP has now been accumulated. This deployment learning is crucial when planning the adoption of IBP, and, as outlined below, the finance function plays a key role in this. IBP as presented in this article is not integrated thinking or integrated reporting, as they might be used in developing an integrated report using the International Integrated Reporting Council’s Integrated Reporting Framework. The use of the terms “sustainable” and “sustainability” in the context of this article refer to adoption of an IBP approach as outlined in the article and not the adoption of a multi-capital approach to sustainable management. IBP is a specific process for using specific business goals to develop precise financial and operational resource requirements with the goal of minimising risk and maximising either cash flow or profit. As presented in this article, IBP is an operational planning system with origins in supply chain planning systems. Sustainable growth in IBP refers to the maximum rate of growth that a company can support without... --- - Published: 2019-02-04 - Modified: 2019-07-11 - URL: https://www.kgbm.com.au/problem-solving-creating-a-culture-of-blameless/ - Categories: Resources - Tags: Accounting, CFO, CFO Service, Management Consulting, outsource accounting, outsource CFO, Payroll, Strategic Decisions, virtual CFO Problem-solving - Creating a culture of blameless Companies that fail exceptionally have the potential for greatness. Finance is complex, and whenever you have complication and uncertainty, it is a given that things will go wrong at some point. When they do, the best way to deal with those mistakes is to use them to learn and grow. And the only way an organisation can be aware of issues while they’re still small-scale is to create an environment in which employees and managers at all levels feel safe voicing their concerns and thoughts. “The reality is human beings will make mistakes,” said Amy C. Edmondson, Novartis professor of leadership and management at Harvard Business School and author of The Fearless Organization: Creating Psychological Safety in the Workplace for Learning, Innovation, and Growth. “When we’re in novel settings, beyond just mistakes, we’ll also have failures that aren’t, strictly speaking, mistakes because no one’s ever been in that situation before. The most important thing is that you hear about what went wrong in a timely way because that’s how you can jump on it and avoid larger-scale problems. ” Companies that foster a culture of blameless problem-solving have the potential to learn from what goes wrong, and also to innovate, through smart experimentation, while companies that habitually blame individuals are in danger of running into large-scale disasters without a hint of impending doom, according to Edmondson. Here are some tips for creating a workplace environment in which people feel they can speak up... --- > Future Finance innovators - Kgbm - Published: 2019-02-04 - Modified: 2019-07-11 - URL: https://www.kgbm.com.au/finance-innovators-watchlist-for-future/ - Categories: Resources - Tags: Accounting, bookkeeping, CFO as service, IT contractor payroll, Management Consulting, outsource payroll, Payroll, payroll services Finance innovators - Watchlist for future At a recent accounting conference in Malaysia, the chief executive of the Malaysian Institute of Accountants opened the first panel discussion by presenting statistics from a World Economic Forum report on the future of jobs. In the report, accountants and auditors are classified under “redundant roles” that will see steep decline in demand over the next few years due to automation. Minutes later, one of the most popular questions from the audience was “How accurate are those statistics? ” It reflects a sense of incredulity amongst professionals in the accounting and finance industry. Change can’t be that soon, can it? You may share the same sentiment. You may have heard buzzwords like automation and artificial intelligence generate chatter in the office or at networking events. They have become ubiquitous in our business vocabulary, yet they are minimally understood. Perhaps you can’t help wondering, “How many of these new technologies are truly ‘disruptive’ and not passing fads? ” (History tells us: Whatever is practically useful and reaches a tipping point in adoption survives). Experts are saying that these new tools are not an evolution of current technology. Rather, it’s a revolution. Klaus Schwab, executive chairman of the World Economic Forum, wrote that the scale, scope, and complexity of this revolution is “unlike anything humankind has experienced before”. And these changes are not limited to technology. Climate change is also affecting the availability of natural resources like water and arable land. It is forcing businesses to... --- - Published: 2019-01-29 - Modified: 2019-07-12 - URL: https://www.kgbm.com.au/the-no-1-job-billionaires-and-multimillionaires-held-before-they-got-filthy-rich/ - Categories: Resources - Tags: Accounting, bookkeeping, CFO, CFO Service, outsource payroll, payroll services The No. 1 job billionaires and multimillionaires held before they got filthy rich And why it’s important for all of us to do that job, too Many now-uberwealthy people held sales jobs before they made their millions. There are billions of reasons to do this job. Many of today’s self-made billionaires and multimillionaires held a sales job, or jobs, when they were younger — a fact they consider crucial to their current success, according to research conducted by sociologist and historian Rainer Zitelmann and published in his recent book “The Wealth Elite. ” Zitelmann interviewed 45 individuals, whose net worth ranged, on the low end, from 10 million to 30 million euros (roughly $11. 4 to $34. 2 million) to, on the upper end, several billion euros (more than $3 billion), and whose wealth was either entirely self-made or built on inheritances that were later multiplied. “To date, researchers have either underestimated or totally ignored the critical role of sales skills in self-made, ultra-high-net-worth individuals,” Zitelmann tells Marketwatch. “Among those in our study, it was the factor they themselves considered played the most important role in their success. ” Indeed, roughly two in three said that their talents as sales people had been a “significant” factor in their financial success. More than one in three said they owed 70% or more of their success to their sales talents. So what sales jobs did they have early on? They sold everything from costume jewelry and cosmetics to used car radios and... --- > Decision Making Intuitive - kgbm - Published: 2019-01-29 - Modified: 2019-07-11 - URL: https://www.kgbm.com.au/decision-making-quantitative-intuitive/ - Categories: Resources - Tags: Accounting, CFO, IT contractor payroll, outsource accounting, outsource CFO, outsource payroll, Payroll, payroll services Decision Making - Quantitative Intuitive How managers can develop the ability and confidence to ask the right questions, spot patterns, and process that information in parallel with an understanding of the wider business situation. At the heart of good decision making in today’s fast and complex environment is the ability to see how things fit together—and perhaps more crucially, spot when things do not have a good or logical fit—quickly and effectively, and leverage these connections to derive insights and make prompt data-driven decisions. Together with my colleagues, Chris Frank, a senior executive at American Express, and Paul Magnone, at Google’s cloud platform, (see also Chris and Paul’s book, Drinking from the Firehose) we have noticed that managers and executives are often fearful of relying on quantitative data in making business decisions. There seems to be a misconception that in order to be able to effectively make data-driven decisions, you have to be a ‘quant’ or a ‘math wiz’. We believe that this misconception generates a lot of unnecessary stress and, more importantly, a lot of good business decisions are not being taken. What sets apart better leaders is the ability to see the same data as others (and everyone sees lots of similar data these days) but make some different conclusions and derive different insights from it. The key to doing so is to learn to quickly and effectively synthesize, rather than merely summarize, the information presented. We believe and show that this does not require you to be... --- > Business data trends - Kgbm - Published: 2019-01-10 - Modified: 2019-07-11 - URL: https://www.kgbm.com.au/trends-to-look-out-for-in-2019/ - Categories: Resources - Tags: CFO, CFO as service, outsource accounting, outsource CFO, outsource payroll, Payroll, payroll services, virtual CFO Trends to look out for in 2019 What will the year ahead bring for you and your business? What developments will we see in the business landscape over the next 12 months? We asked some of our faculty to look ahead and, well, there’s good news and bad... On the plus side: exciting new opportunities to do things differently and get results. Better stop reading now, though, if you’re hoping for quick fixes. 1. Companies will own lessTammy Erickson, Adjunct Professor of Organisational Behaviour2019 will be the year in which we’ll begin to see companies step up to the “own less” reality: identifying resources (functions, facilities, people) it makes sense to “own” and embracing a variety of flexible arrangements for others (rent, contract, share). Notice the rapid growth of companies that rent ever-changing wardrobes, allowing customers to have exactly the clothing they need for this week’s activities. Or the number of teens and twenty somethings who are not learning to drive, content to rely on just-as-needed transport options. Watch how young people arrange to meet – not through pre-established commitments, but rather through real-time coordination, based on immediate need and convenient availability. These behaviours make sense. Economists, beginning with Ronald Coase in the 1930s, predicted that as communication costs fell, we would own less. Today it’s easy – and virtually free – to get what you want, when and where you need it. Smart companies will continue to own or employ full-time certain categories of resources: those that are extremely... --- > Employee data analytics - kgbm - Published: 2018-12-04 - Modified: 2019-07-11 - URL: https://www.kgbm.com.au/using-advance-tech-for-predictive-analytics-in-employee-retention/ - Categories: Resources - Tags: CFO, CFO as service, CFO Service, Management Consulting, outsource accounting, outsource CFO, outsource payroll, Payroll, payroll services, Strategic Decisions Using advance Tech for predictive analytics in employee retention This technique can help managers reduce attrition costs. The future of human resources is changing. Like the rest of the business world, chief human resource officers (CHROs) and their teams are beginning to find that they need to focus on building a robust analytics capability to best prepare for the data-driven world. "CHROs have said that they feel as the only ones not bringing data to the table. The business is expecting HR to have similar numbers to marketing, though maybe not finance or operations," observed Andrew Marritt, CEO of OrganizationView, a people analytics practice based in St Moritz, Switzerland. According to Marritt, the data-centric modern HR leader needs to know not only what has happened, but what is likely to happen. A key HR concern for businesses is employee retention. There are significant financial and intangible costs associated with losing loyal and high-performing employees. Investments need to be made to find, hire, and train their replacements. There could also be a negative impact on the stakeholders they worked with regularly such as suppliers, colleagues, and customers. Some companies are starting to look to predictive analytics to increase their ability to mitigate the risk of employee turnover and increase retention. Investment in building a people analytics capability need not be big at first, and businesses can benefit greatly from it. "Our research shows that the financial costs associated with attrition can range anywhere between 13% and 23% of annual compensation depending... --- > CFO audit board - kgbm - Published: 2018-11-13 - Modified: 2019-07-11 - URL: https://www.kgbm.com.au/high-demand-for-board-positions-for-cfos/ - Categories: KG Business Management - Tags: Accounting, bookkeeping, CFO, CFO Service, outsource accounting, outsource CFO, outsource payroll, Payroll, payroll services High demand for board positions for CFO’s CFOs to participate on corporate boards is increasing. Seventy-nine per cent of CFOs are experiencing increased demand for their expertise on corporate boards, according to an Ernst & Young survey of 800 global finance chiefs. CFO and Beyond: The Possibilities and Pathways Outside Finance communicated the results of the survey and a study of 347 companies worldwide with annual revenue over $5 billion. Current or former CFOs make up 14% of board members of the companies studied, up from 8% in 2002. And 41% of audit committee chairs are current or former CFOs, up from 19% in 2002. The desire on the part of CEOs to have finance professionals look beyond their functional silo to collaborate effectively on strategic decisions was revealed in the CGMA report Rebooting Business: Valuing the Human Dimension. Those same skills are sought by corporate boards, and CFOs are supplying them. Jim Ladd, CPA, CGMA, senior vice president of finance and operations at the Institute for Systems Biology in Seattle, estimated that he has served on about 18 boards during his career. His current board responsibilities include an audit committee role for a New York Stock Exchange-listed company, a lead independent director position with a privately owned company in Seattle, and participation on two not-for-profit boards. He said finance executives can contribute a lot to boards. “They’re generally sought out initially because of finance background and a knowledge of financial reporting and audit risks and that sort of thing,”... --- - Published: 2018-11-07 - Modified: 2019-07-11 - URL: https://www.kgbm.com.au/strategies-to-use-analytics-for-competitive-advantage/ - Categories: KG Business Management - Tags: Accounting, bookkeeping, CFO, CFO as service, CFO Service, IT contractor payroll, outsource accounting, outsource CFO, outsource payroll, Payroll, payroll services Strategies to use analytics for competitive advantage Organisations are building momentum for the use of Big Data by integrating data analytics into their strategy in small projects that deliver substantial results, according a new report. Almost all respondents – 96% – said that analytics will become more important to their organisations in the next three years, according to a Deloitte report based on a mix of 100 online surveys and 35 interviews conducted with senior executives at 35 companies in North America, the UK and Asia. Although analytics already is an important resource for many companies, analytical technology remains immature and data under-utilised, according to the report. Getting buy-in for further projects is essential, so analytics leaders are starting small. “Projects that demonstrate analytics’ ability to improve competitive positioning help these initiatives gain traction across the enterprise,” Deloitte Touche Tohmatsu Limited’s Global Analytics Leader Tim Phillipps wrote in the report. Companies can prepare themselves to use analytics for competitive advantage, according to the report, by using the following strategies: Acquire the right talent now. Talent for analytics and Big Data is in high demand. Talent shortages may become more of a barrier to analytics implementation as more companies use data to drive more processes and decisions. Tie analytics to decision-making. Better data and analysis don’t necessarily result in better decisions. Specific initiatives to improve decision cultures and processes, along with changing the understanding and behaviours of front-line workers, lead to better decisions, the report says. Apply analytics to marketing and... --- - Published: 2018-11-05 - Modified: 2019-07-12 - URL: https://www.kgbm.com.au/top-key-concerns-keeping-directors-up-at-night-and-how-board-can-address-them/ - Categories: KG Business Management - Tags: bookkeeping, CFO as service, CFO Service, IT contractor payroll, outsource CFO, outsource payroll, Payroll, payroll services TOP key concerns keeping directors up at night AND How board can address them Concerns on board members’ minds are similar across the globe, the surveys suggest. Here are the top four: Managing cybersecurity. “In my opinion, and as reflected in the two surveys referenced, cybersecurity is an area of focus for most boards,” Pickering said. New digital technologies and cybercrime were two of the three top concerns amongst respondents in the InterSearch survey. The PwC survey found that cybersecurity is top of mind for US directors, with 95% of respondents saying their board is preparing for cybersecurity incidents and two-thirds (67%) saying their board is receiving more reports on cybersecurity metrics. Among the tactics boards are using to address gaps are increasing cybersecurity budgets (57%), engaging third-party consultants or advisers (56%), and providing directors with additional education opportunities on cybersecurity (66%). The PwC survey suggests that increasingly, directors want the entire board to oversee cybersecurity instead of allocating the responsibility to a smaller group, such as the audit committee. In 2017, half of directors said the audit committee was responsible for overseeing cybersecurity, but in 2018, that number fell to 43%. In 2018, more than a third (36%) said the full board has taken responsibility for cybersecurity, up from 30% last year. In Pickering’s experience, cybersecurity has best been overseen by the risk committee. “It’s such a specialised area, we really need people who are involved in risk oversight on a more regular basis,” she said, adding that the... --- > Think finance is about to get more stressful - CFOs, 5 TACTICS TO COUNTER STRESS - KG Business management - Outsource CFO Service Company - Published: 2018-09-24 - Modified: 2019-07-12 - URL: https://www.kgbm.com.au/think-finance-is-about-to-get-more-stressful-cfos/ - Categories: Uncategorised Think finance is about to get more stressful - CFOs Concerns about stress were widespread amongst executives in 13 countries, the survey suggests. In the UK, for example, 78% of CFOs predicted that finance jobs would get more demanding. The results were similar in countries such as Germany, Chile, and Singapore. The vast majority of CFOs expect work for finance employees to become more stressful by 2020, according to a global survey Robert Half UK conducted with 1,800 respondents. Despite the executives’ grim expectations, relatively few companies had taken action, according to Robert Half UK. Only 34% of respondents said that their departments regularly discussed health and wellness. About 53% allowed flexible work schedules, while 39% encouraged employees to give feedback to management. Stress on the job is already prevalent amongst finance professionals. The looming deadlines, overlapping priorities, ever-recurring monthly close, quarterly financial statements, and tax time they face can even lead to sleeplessness, especially amongst younger employees. 5 TACTICS TO COUNTER STRESS To counter the increase in stress, Robert Half suggests these tactics: Take breaks. Short breaks can offer big health benefits. Set your alarm to force yourself to get up from your desk at regular intervals. Go on occasional head-clearing strolls, preferably outside. Stretch and do some light exercise. Refill your water bottle. Meet a co-worker in the break room for a snack and some chitchat. True breaks are needed to fully recharge and recalibrate your approach to the job. Studies have shown that people are happier and... --- - Published: 2018-04-12 - Modified: 2021-10-18 - URL: https://www.kgbm.com.au/the-problem-is-the-solution/ - Categories: Resources - Tags: CFO, Management Consulting, outsource accounting, outsource CFO The problem is the solution The four-step process for better problem solving If you strip any project down to its essence, you’ll find there are two fundamental tasks. The first is defining the problem that you're trying to solve, and the second is actually setting out to solve it. It sounds pretty intuitive, but I think that first step usually receives short shrift. In my experience, people are so geared up to get in there, roll up their sleeves, and come up with ideas, that they forget to really set the stage and understand why a client even needs their help in the first place. What is their marketplace situation like? How is their business performing? What are they setting out to achieve, and what’s getting in their way? Asking yourself “What solution should I recommend? ” is the worst first step. Before you can answer that question, you need to do four things. 1. DEFINING THE PROBLEM All effective problem solving starts with effective problem defining. Too often, people jump right to solving without knowing exactly what they are solving. The big challenge here is figuring out how to separate the symptom from the disease. Many of us address the symptom only to find the solution to be a temporary fix. A great way to uncover the root cause of any problem is to go through the "Five Whys" exercise. "Five Whys" is a technique that was developed by Toyota to identify manufacturing issues and solve them in the... --- > Business data insights - kgbm - Published: 2018-04-05 - Modified: 2019-07-11 - URL: https://www.kgbm.com.au/10-ways-to-generate-and-deliver-great-insights/ - Categories: KG Business Management - Tags: Accounting, bookkeeping, CFO, Management Consulting, outsource payroll 10 ways to generate and deliver great insights A model helps organisations deal with the data deluge and provide insights that support robust decision-making. In a world where uncertainty is the new norm, where technology is getting smarter, where robots are automating and simulating human activity, and where big data is getting bigger, the pace of winning and losing is getting even faster. The margin for error for organisations is now even smaller, meaning high-quality decisions grounded in insight have never been more important. It's true: Technology is capable of automating a lot of what we used to do when it comes to analysing data. It can even take this a step further and simulate some of our thought processes. That said, technology has one shortfall: It is not human, and generating insights is an inherently human process that needs human traits to interpret what is happening. Faced with a deluge of data, finding a way to combine these human qualities with the tools on offer will provide organisations with more opportunities to make high-quality decisions grounded in great insights. I propose a ten-step approach to accelerate the process of generating and delivering insights, which forms the basis of the Define-Determine-Deliver model. The model draws on a number of sources. First and foremost, it is based on my experiences of working with some of the largest insight-driven companies in the UK and US. (Deloitte defines an insight-driven organisation as "one which has succeeded in embedding analysis, data, and reasoning into... --- > cfo data analytics - kgbm - Published: 2018-03-21 - Modified: 2019-07-11 - URL: https://www.kgbm.com.au/how-to-predict-which-of-your-employees-are-about-to-quit/ - Categories: KG Business Management - Tags: Accounting, bookkeeping, CFO, Management Consulting, outsource accounting How To Predict Which Of Your Employees Are About To Quit You’ve got more data on how your team members are behaving, thinking, and feeling than you probably realize. Here’s how (and why) to tap into it. “People analytics” may sound daunting, expensive, and difficult—something the ordinary manager can’t possibly concern herself with even if she’d like to. But the field isn’t necessarily as high-tech as you might imagine. There’s more untapped data, of some kind or another, floating around your workplace than you probably think. With a little extra effort to spot behavioral patterns, you may be able to get ahead of some of the more common issues, like employee attrition, that can hurt your workplace and your organization’s bottom line. Here’s how. PHONING IT IN Turnover tends to be high at call centers, where many people take jobs temporarily, then quit when once they’ve earned enough to return to school or cover a big expense. Lower attrition means higher performance, so managers are interested in predicting and reducing attrition. My company helped one call center analyze some basic data that it was already collecting: the length and number of calls operators were taking, and how often those calls got escalated or resolved. At the end of each shift, employees received a “report card” reflecting those data points. Since the call center employees’ compensation was linked directly to that performance data, they were highly incentivized to earn good marks. But a low overall score wasn’t necessarily a sign that... --- > CFO innovators data - kgbm - Published: 2018-03-06 - Modified: 2019-07-11 - URL: https://www.kgbm.com.au/habits-highly-innovative-companies/ - Categories: Resources - Tags: CFO, Management Consulting, outsource CFO, outsource payroll The habits of highly innovative companies While companies continue to focus on in-house innovation, they understand that good ideas can come from anywhere. With technology quickening the pace of business change, research and development is taking on new meaning as it goes increasingly outside company walls. Businesses are creating venture capital arms to mine for on-the-rise companies or new technologies that can be integrated into their operations. In the first half of 2016, 53 new corporate venture capital units made their first investment, according to CB Insights data, the most recent available. That was on pace to continue a full-year growth trend that started in 2011. And some investment in innovation is through acquisition. Microsoft bought LinkedIn for $26 billion, and Facebook bought Instagram. Some lesser-known deals also help companies advance strategic efforts. For instance, Under Armour, a US-based athletic apparel company, has branched out into technology through the purchase of personal fitness applications Endomondo and MyFitnessPal. The acquisitions, combined with the company’s existing app MapMyFitness, give Under Armour data on the exercise habits of about 120 million users from around the world. That sort of insight can help the company tailor products to everyday athletes. The Boston Consulting Group (BCG) annually ranks top corporate innovators, and more and more of those innovators are looking far afield. General Motors’ investment in tech start-ups such as Cruise Automation, which GM said in March would add “deep software talent and rapid development capability” to the company’s development of self-driving vehicles, was listed... --- > Develop global mindset - Kgbm - Published: 2018-01-23 - Modified: 2019-07-11 - URL: https://www.kgbm.com.au/develop-global-mindset/ - Categories: Resources - Tags: CFO, Management Consulting, outsource accounting, outsource CFO, outsource payroll, Payroll How to develop a global mindset Today’s business world is a far cry from yesteryear. An increasing number of organizations operate worldwide, and they are more diverse internally. And that means professionals — including CPAs — must be adept at dealing not only with employees from various backgrounds, but with workers and clients in different countries as well. But how do leaders ensure that they and their organizations are culturally savvy and prepared to deal with diversity? This was the subject of “Developing Your Global Mindset,” a one-hour talk given by Kim Drumgo, director of Diversity & Inclusion at the Association of International Certified Professional Accountants. Drumgo’s talk was the second in a series of CPA Diversity & Inclusion webcasts aired by the Association. “In this digital age, geographical borders are no longer clearly defined, so having a global mindset while working globally has become critically important for the success of business leaders, especially in the accounting profession,” Drumgo said following her talk. Drumgo defines “global mindset” as the “ability to adapt to a culture and influence individuals or groups whose ways of doing business are different than your own. ” By having this mindset, by asking questions and engaging in dialogue with others, leaders can improve employee morale, generate greater insight into untapped markets, and gain more credibility with clients. Those who do not develop a global mindset could miss out on client and talent potential, she noted. She outlined three work environments: Multicultural environments contain several cultures or... --- - Published: 2018-01-19 - Modified: 2019-07-11 - URL: https://www.kgbm.com.au/take-hike-ending-client-relationships/ - Categories: Resources - Tags: Accounting, CFO, Management Consulting, outsource accounting, outsource CFO, outsource payroll Take a hike: Ending client relationships Consider this scenario: A key deadline is nearing, and the client is just now returning your calls and emails. But instead of responding to the open issues, the client indicates there is no real problem and irately demands that services be completed immediately. It is clearly time to end this client relationship. Many accountants confess to daydreams of uttering "Take a hike! " to a less-than-ideal client. While it may seem like a good idea in the moment, such phrasing is not the most desirable way to terminate a client relationship. However, the process of telling a client to take a hike provides a useful analogy to guide a more professional, less risky end to contentious and cooperative client relationships alike. Treat a client termination as if it were a hike through uncharted lands. STEP 1: PREPARE FOR THE JOURNEY Most journeys take expert planning and attention to detail. A client termination requires similar efforts. It is important to remember that both good and bad client relationships may need to end unexpectedly. No signpost indicates when a client relationship takes a wrong turn. The following are tools that may be useful in preparing for an unforeseen client termination: Termination provisions: Including a clear termination provision in an engagement letter, indicating an engagement can be terminated without completion for any reason, can provide significant latitude, if termination becomes necessary. By including such a provision, the CPA firm may reduce the likelihood of a client asserting... --- > Cfo business delegate - Kgbm - Published: 2018-01-19 - Modified: 2019-07-11 - URL: https://www.kgbm.com.au/delegating-like-boss/ - Categories: Resources - Tags: Accounting, bookkeeping, CFO, outsource CFO Delegating like a boss The most effective leaders don't do everything themselves: They delegate, freeing up time for more essential work while giving others the chance to develop. It isn't always easy. Delegating can be difficult because many people link accomplishments with working hard. They may also fear being viewed as bossy or lazy. But delegation can help advance careers. "If you're focusing on the most important things that need your attention, you're going to make more impact on the organization and more impact on your career success," said Joel Garfinkle, an executive coach and author of Getting Ahead: Three Steps to Take Your Career to the Next Level. "Shift the mindset from 'I'm going to do everything myself' to 'I'm going to let people learn. '" Here's how to get started: Think about what you can give up. Consider what only you can do and keep that. Anything confidential, essential, or sensitive likely needs to stay with you. Client meetings might be kept, but scheduling those meetings could be passed along to someone else. But don't focus on just the mundane tasks, Garfinkle said. Delegate things that will help colleagues enrich their jobs and feel empowered. Identify to whom you can delegate. People have to have the "skill and the will," said Lisa Barrington, a workplace strategist and speaker based in Phoenix. An employee with more experience may not be interested, but a lower-level staffer may be willing to take on the task. You can also consider peers at... --- > Business management clients - kgbm - Published: 2018-01-19 - Modified: 2019-07-11 - URL: https://www.kgbm.com.au/9-tips-responsive-clients/ - Categories: Resources - Tags: Accounting, CFO, Management Consulting, outsource accounting, outsource CFO 9 tips for being more responsive to clients Developing strong relationships with clients is a key to attracting and retaining new business. That's one reason why it's vital for CPAs to be both available and responsive. "One of the top reasons accountants lose clients is because they are not responsive enough," said Edward Mendlowitz, CPA, partner at WithumSmith+Brown in New Brunswick, N. J. But being responsive isn't always easy. CPAs and their firms face daily pressures and have hectic schedules. Clients contact them via phone, email, and text. Multiple clients may want attention simultaneously. And clients may expect their CPAs to be on call day and night. If communication is light or lacking, sometimes CPAs do not realize that clients are dissatisfied with their level of responsiveness. How can CPAs and their firms ensure they are being sufficiently responsive to their clients? Leaders in the profession offer the following advice: Return calls, emails, and texts in a timely manner to establish trust. It's all too easy to push things off until the next day. Many firms have a 24-hour rule, stressing the importance of callbacks or returned emails or texts within that time frame. "I try to return every client phone call by the end of that day," Mendlowitz said. "Returning phone calls is an indication of availability. Clients want to know that you are there if they have a real serious problem. If a client calls you at an inconvenient time, ask them when you can call them back.... --- > Workplace risk management - Published: 2017-10-03 - Modified: 2019-07-11 - URL: https://www.kgbm.com.au/workplace-health-safety-vital-component-mature-risk-management/ - Categories: Resources - Tags: Accounting, bookkeeping, CFO, Management Consulting, outsource accounting, outsource CFO, outsource payroll, Payroll Workplace Health and Safety a Vital Component of Mature Risk Management Businesses of all types are being transformed by technology, and so are the many kinds of workplaces that support their operations. Changing business strategies and increased productivity lead to rapid changes in process, which often means that executives lack a full understanding of the impact on the health and safety of employees and third parties. Workplace health and safety risks are among the most critical to address, as they can result directly in loss of life and limb—not to mention chronic injury and illness, work stoppage, lawsuits, and damage to brand reputation. Traditionally, workplace health and safety matters have been addressed by dedicated safety teams working apart from the business, and risk management teams relying on spreadsheets, checklists, and incident reports as tools of the trade. As the number and interdependence of risk factors increases, this is no longer a sustainable approach—the cost of managing each regulation, requirement, change, or incident out of siloed programs will continue to rise, while effectiveness erodes. The growing influence of international standards for risk management (e. g. , ISO 31000, ISO 9001 and ISO 45001), and emphasis on integrated risk management as a key factor in cultivating business resiliency have created prime opportunities for workplace safety professionals to raise awareness of their role in risk management and of the impacts of accidents. With the right processes and technology, safety professionals can help protect their organizations from a range of negative outcomes from employee... --- > Technology disruption in business - kgbm - Published: 2017-10-03 - Modified: 2019-07-11 - URL: https://www.kgbm.com.au/keys-embracing-disruptive-technology/ - Categories: Resources - Tags: Accounting, bookkeeping, CFO, Management Consulting, outsource accounting, outsource CFO, outsource payroll, Payroll Keys to Embracing Disruptive Technology In taking stock of potentially disruptive technologies, CEOs should be ready—really ready. Reinhard Fischer, chief of strategy for Audi of America, urges CEOs to “stop denying reality, which is what taxi operators did with Uber. Now Uber has taken about one-third of the taxi traffic in big cities. ” Disruption is happening faster than ever. “Before when you talked about technologies coming, you’d name one or two,” says EY global chief innovation officer Jeff Wong. “Now there are 10, and they’re all relevant and important. That’s what’s really changing for the CEO. ” Here are some key pointers for CEOs looking to embrace disruptive tech solutions: Don’t panic. The world is rife with examples of businesses where technological revolution fell short of its warnings. Early participants in e-learning, for example, still haven’t made money, says Julian Birkinshaw, a professor at London Business School. “Sometimes we forget about industries that haven’t been turned completely, immediately upside down. You have to make an ultimate commitment to new technology, but it’s not like you necessarily have to do that immediately. ” 1. Take a long and broad view. Wall Street may demand rapid returns but woe be unto the CEO who concedes wholesale. “You’ve got to try to optimize for 10 years from now, not even just one to two years ahead,” warns Guo Xiao, CEO of the consulting firm ThoughtWorks. CEOs must also broaden their transformation push to encompass relationships with suppliers, customers and other external constituencies.... --- > Airlines broadband business - kgbm - Published: 2017-10-03 - Modified: 2019-07-11 - URL: https://www.kgbm.com.au/chinese-airlines-poised-windfall-flight-broadband-fosters-sky-high-e-commerce/ - Categories: Resources - Tags: Accounting, bookkeeping, CFO, Management Consulting, outsource accounting, outsource CFO, outsource payroll, Payroll Chinese airlines poised for windfall as in-flight broadband fosters sky-high e-commerce Carriers are expected to gain a significant share of the estimated US$130 billion global in-flight broadband ancillary revenue by 2035 China, the world’s fastest-growing commercial aviation market, is poised to see its airline industry generate greater revenue as more carriers provide e-commerce services to passengers over their in-flight broadband systems. The mainland, which has the world’s largest smartphone and online retail markets, is predicted to corner a considerable share of the estimated US$130 billion of global in-flight broadband-enabled ancillary revenue forecast for airlines by 2035. "Globally, if airlines can provide a reliable broadband connection, it will be the catalyst for rolling out more creative advertising, content and e-commerce packages" “We can expect to see significant growth in China because passengers prefer to bring their personal electronic devices on board to access their choice of content and services, as they would enjoy on the ground,” Otto Gergye, the vice-president for Asia-Pacific at British satellite telecommunications company Inmarsat, told the South China Morning Post on Thursday. “In-flight broadband is able to bring about tremendous customer service and revenue possibilities for airlines, brands and internet companies. ” His comments followed the release on Wednesday of a research study on the emerging in-flight market segment, Sky High Economics, by the London School of Economics and Political Science in association with Inmarsat. Airlines in Asia-Pacific can expect to see the greatest opportunity from in-flight broadband-enabled ancillary services, with total revenue projected to reach US$10.... --- - Published: 2017-09-27 - Modified: 2019-07-11 - URL: https://www.kgbm.com.au/single-touch-payroll-program-lead-australian-taxation-office/ - Categories: Resources - Tags: Accounting, bookkeeping, CFO, Management Consulting, outsource accounting, outsource CFO, outsource payroll, Payroll Single Touch Payroll Program Lead at Australian Taxation Office Single Touch Payroll is a game changer for tax and super reporting and the broader economy. It is an exciting digital initiative as it ultimately unlocks real time salary and wage information for all employees in Australia. For now, it means employers will report payments such as salaries and wages, pay as you go (PAYG) withholding and super information to the ATO directly from their payroll solution at the same time they pay their employees. For employers with 20 or more employees, Single Touch Payroll reporting starts from 1 July 2018. The first year will be a transition, we are keen to help people make this change and accept that there needs to be a bedding in period while everyone gets used to this new process. The Australian Government has also announced it intends to expand Single Touch Payroll to include smaller employers with 19 or less employees from 1 July 2019, subject to legislation being passed in parliament. What will I need to do differently under STP? Single Touch Payroll is a new way of reporting payroll information to the ATO. As you pay your employees through your own payroll process, you will be sending us their tax and super information at the same time. This will align your reporting obligations to your usual pay cycle. In other words, you’ll be interacting with the ATO at the point where you pay your employees. This will typically be through your accounting... --- > Director identification number - kgbm - Published: 2017-09-27 - Modified: 2025-06-07 - URL: https://www.kgbm.com.au/personal-liability-unpaid-gst-raised-introduction-director-identification-number/ - Categories: Resources - Tags: Accounting, bookkeeping, CFO, Management Consulting, outsource accounting, outsource CFO, outsource payroll, Payroll Personal Liability for Unpaid GST raised with introduction of Director Identification Number The Government will soon introduce a unique Director Identification Number (“DIN”) to combat illegal phoenix activity and to curb the activities of pre-insolvency advisors who will also be targeted and potentially held liable for their advice. As part of the reforms, the Government is consulting on widening the scope of directors personal liability to include GST liabilities as part of the Director Penalty provisions. It is likely that personal liability for unpaid GST will operate in a similar way to current Director Penalty Notices that currently affect only unpaid PAYG and Superannuation. That is; If a Director does not report by lodging a BAS return within 3 months of the due date for lodgement, there will be an automatic personal liability for a Company’s unpaid GST debt as well as its unpaid PAYG and Super debts. Where a Director does report within the 3 month window, they will be able to avoid personal liability for the various company tax debts provided the Company is placed into liquidation within 21 days of the date on the Director Penalty Notice. The Government’s consulting on Personal liability for directors with unreported and unpaid Company GST debts is a significant development that all directors must be made aware of. As we discover more, we will keep you informed. Media release from The Hon Kelly O’Dwyer MP (Go here to view complete, unedited release) A comprehensive package of reforms to address illegal phoenixing... --- - Published: 2017-08-21 - Modified: 2019-07-11 - URL: https://www.kgbm.com.au/six-ways-curb-costs-data-breach/ - Categories: KG Business Management - Tags: Accounting, CFO, Management Consulting, Payroll Six Ways to Curb the Costs of a Data Breach You can’t lose a customer’s or an employee’s data if you don’t have it. For those paying attention, 2017 has provided a steady and impressive litany of data breach victims, from video games to hotels to burrito shops to nearly every American voter. This is a direct continuation of the trend from 2016, in which roughly 40% of breached companies had under $100 million in revenue, and only 11% had revenue greater than $1 billion. No matter what size you are, you’re a target. Even as CFOs are increasing spend on IT security technology to prevent incidents, we know security is never guaranteed. It’s now incumbent upon CFOs to take on cyber risk through the lens of damage mitigation, not just prevention. CFOs, however, are often challenged when they try to understand the true cost drivers of a cyber incident. For example, in the health-care industry, we’ve seen one organization receive a regulatory fine of $750,000 for exposing 90,000 patient records and another a fine of $3. 2 million for losing 2,400. This apparent irregularity of costs extends to all industries. While the drivers of data breach costs can sometimes be unexpected, they are not random. Here are six lessons CFOs can learn about breach costs and how to keep them down: You can’t lose what you don’t have. Simply put, you can’t lose a customer’s (or employee’s) data if you don’t have it. While this may seem obvious, it’s... --- > Management reputation crisis - Kgbm - Published: 2017-08-21 - Modified: 2019-07-11 - URL: https://www.kgbm.com.au/10-keys-executives-manage-reputation-risk/ - Categories: KG Business Management - Tags: Accounting, CFO, Management Consulting, Payroll 10 Keys For Executives To Manage Reputation Risk With today’s electronic and social media, the news cycle reporting on the downward spiral of a once-proud organization that has suffered severe reputation impairment is not a pleasant one to watch. Unfortunately, such news events capture our attention all too frequently, leaving an indelible impression about a company’s reputation and brand image. Applied to a business, “reputation” represents an interpretation or perception of an organization’s trustworthiness or integrity. While the truth ultimately prevails over the long term, reputation can be based on false perceptions in the near term. If accurate over time, reputation provides a barometer of how an organization is likely to respond in a given situation. However one defines reputation, everyone agrees it’s a precious enterprise asset and recognizes a reputation that has been damaged beyond repair. We define “reputation risk” as the current and prospective impact on earnings and enterprise value arising from negative stakeholder opinion. To one author, it is “the loss of the value of a brand or the ability of an organization to persuade. ”1Bottom line, reputation is fragile. What takes decades to build can be lost in a matter of days. Below, we explore 10 essential keys for senior executives and directors to consider in managing reputation risk. We classify them in five critical areas – strategic alignment, cultural alignment, quality commitment, operational focus and organizational resiliency. Strategic Alignment #1: Effective board oversight: Reputation risk management starts at the top. Strong board oversight on matters... --- > Best analytics company - kgbm - Published: 2017-08-21 - Modified: 2019-07-11 - URL: https://www.kgbm.com.au/4-best-ways-use-advanced-analytics/ - Categories: KG Business Management - Tags: Accounting, CFO, Management Consulting 4 best ways to use advanced analytics Predictive and prescriptive analytics help companies use the increasing amounts of data to improve their business and financial performance. Predictive analytics use statistical analysis, data modelling, real-time scoring, and machine learning to detect trends for forecasting. Prescriptive analytics rank the trade-offs of different courses of action companies may take to reach certain objectives, for example through scenario modelling. “Traditional analytics such as profit, cash flow, and return on assets don’t really tell the full story,” said Chris Ortega, an artificial intelligence expert and senior finance manager at Emarsys, a global software-as-a-service marketing cloud company. Advanced analytics can increase learning and knowledge throughout the business, produce repeatable analytics to measure success or failure, and hold the business accountable to results, Ortega suggested. While the potential benefits are compelling, most companies face challenges in implementing advanced analytics. They revolve around the classic pillars of any company – people, processes, and technologies. “Some organisations don’t have the right processes driving the data, or the people in place to identify and understand the analytics, or some don’t have the technology in place to make sense of advanced analytics,” Ortega said. The biggest challenges of implementing analytics, according to the Financial Executives Research Foundation, include: Getting quality data out of multiple legacy IT systems that don’t share information, in companies with processes that aren’t standardised, or in companies that rely on spreadsheets. Overcoming cultural resistance to change. Finding qualified data scientists who can work well with IT, understand... --- > Corporate tax services - Kgbm - Published: 2017-08-04 - Modified: 2019-07-11 - URL: https://www.kgbm.com.au/five-countries-conduits-worlds-biggest-tax-havens/ - Categories: Resources These five countries are conduits for the world’s biggest tax havens The Netherlands, Switzerland, the United Kingdom, Singapore and Ireland are among the rich countries that funnel major corporate money into secret offshore tax shelters, according to a new study First came the Panama Papers, then the BahamasLeaks. Journalists continue to shed light on and raise a public outcry over the offshore financial centres that corporations use to reduce their tax bill – something that is still being challenged in court. A new study has now uncovered all the world’s corporate tax havens and, for the first time, revealed the intermediary countries that companies use to funnel their money into these places. Published on July 24 in the academic journal Scientific Reports, the paper Uncovering Offshore Financial Centers: Conduits and Sinks in the Global Corporate Ownership Network shows that offshore finance is not the exclusive business of exotic, far-flung places such as the Cayman Islands and Bermuda. The Netherlands and the United Kingdom also play a crucial – although a heretofore obscure – role in the tax-avoidance game, acting as conduits for corporate profits as they make their way tax havens. What makes a tax shelter Tax havens are a popular, legal and often secret instrument for multinational corporations to move capital across borders. By taking advantage of loopholes in various national legislations and placing operations in countries with low taxes, companies can reduce their tax rate from around 35% to 25% to 15% or lower. Figure 1: The United... --- > Amazon business payments - kgbm - Published: 2017-08-04 - Modified: 2019-07-11 - URL: https://www.kgbm.com.au/amazon-big-plans-disrupt-payments-industry/ - Categories: KG Business Management - Tags: CFO Amazon has big plans to disrupt the payments industry As Amazon prepares to report Q2 earnings today, all eyes will be on its growth in revenue and gross merchandise value (GMV) metrics. But it's worth pointing out that the e-commerce powerhouse is significantly expanding its presence in digital payments. It's not a huge part of the business now, but it's poised for continued growth. Here's how Amazon has been building out a payments ecosystem: It introduced an easy and secure way for consumers to make online payments and merchants' to accept them with Amazon Pay. Users can now make frictionless and secure payments on participating merchants websites by using a one-click checkout, which leverages the payment information the user has saved on his Amazon account. The e-commerce giant further built out this capability by allowing consumers to make convenient payments in-store via Amazon Pay Places. This new feature is allowing users to order ahead and pay for goods in-store via the Amazon app. TGI Fridays will be the first merchant to accept the payment option, but this will likely be rolled out extensively. Although this is very similar to other mobile wallet offerings, it is still another step by Amazon to begin squeezing out traditional payment players by building consumer habits around using the Amazon app for purchases. Consumers then have the opportunity to add cash to their Amazon accounts and the ability to earn rewards, essentially giving these users a banking account. Amazon introduced a service that enables customers... --- > Productivity techniques to conquer your to-do list - Published: 2017-05-06 - Modified: 2019-07-11 - URL: https://www.kgbm.com.au/productivity-techniques-conquer-list/ - Categories: Resources Productivity techniques to conquer your to-do list When feeling overwhelmed by an ever-expanding to-do list, many of us make the mistake of trying to plough through as much as we can, without pausing to think about how best to use our time. Rather than simply firefighting, it’s worth taking time out to consider what is preventing you from being at your most productive and developing a strategy to overcome these obstacles. Are the distractions human or technological? Is the part of the day when your concentration levels are highest regularly spent sitting in a meeting, leaving you struggling to complete higher-priority tasks during an afternoon energy slump? Get planning. Setting aside time to plan your week around your own goals and priorities (rather than those dictated by your email inbox) is an essential investment, says Hayley Watts, a trainer with Think Productive. Create a structure for your week, month, and quarter, especially for repeating tasks. Identify the times in the day when you are most able to focus, block them out in your calendar, and defend them so you have that time to tackle things that need your full concentration. The more mundane, administrative work can be accomplished at your less focused times of the day. Three “must dos”. Before you open your email each morning, identify the three most important tasks that you really want to accomplish that day. From there, match tasks to your energy levels through the day. Batching similar tasks together to do in one session... --- > Business sales job - kgbm - Published: 2017-04-25 - Modified: 2019-07-11 - URL: https://www.kgbm.com.au/why-everyones-in-sales/ - Categories: KG Business Management - Tags: CFO Why everyone’s in sales Everyone is in sales, even if not everyone has the job title of salesperson. Savvy CFOs have figured this out, both for themselves and for their teams: Technical proficiency is not enough. Every member of the finance team must be able to help others understand what they do and how it can have a positive effect on the business. Some might call it business partnering or some other name, but, believe it or not, that’s selling. Any conversation is a chance to demonstrate your team or individual worth. Any interaction is a selling moment, whether it’s delivering the financial data that users need or establishing a track record of paying invoices promptly. Scott Lampe, CPA, CGMA, the CFO of Hendrick Motorsports, has said that finance doesn’t win races for the team, which is a competitor in US stock-car racing. His team helps Hendrick not lose, however, by paying vendors promptly. When a race team’s crew chief calls a vendor in need of a product for the cars, the vendor is more apt to send the product because there’s no outstanding balance on the account. That’s sales culture, the same type of culture that keeps customers coming back because of reputation. Two objections generally pop up amongst finance workers related to adopting a more sales-centric mindset: Not my job, and not my style. Not my job: Controllers, for example, have a job title that would seem to be the antithesis of sales. They are supposed to monitor... --- > Business performance bonus - kgbm - Published: 2017-01-23 - Modified: 2019-07-11 - URL: https://www.kgbm.com.au/incentivise-executives-take-long-term-view/ - Categories: Uncategorised - Tags: CFO How to incentivise executives to take a long-term view Executive pay structures that rely on bonuses can encourage decisions that prioritise short-term gain over the sustainable performance and ethical conduct of the business. This, in part, is why executive pay has become a topic of increasing concern to regulators and shareholders alike. But there are steps boards can take to encourage leaders to focus on the long term, according to Wim Van der Stede, CIMA Professor of Accounting and Financial Management at the London School of Economics. Remuneration committees should take the following factors into consideration when putting together compensation packages, Van der Stede said. When it comes to bonuses, measurability and sustainability are key. Annual bonuses can be quite effective in settings where performance can be adequately measured, especially where there is a direct link between the actions and decisions taken and their results, which can help to alleviate some potential short-term dysfunctional consequences of large bonuses. Because this is a lot to ask from any incentive system, firms should not exclusively rely on short-term, annual bonuses, but rather complement them with other types of incentives, Van der Stede added. Doing so provides the opportunity to mitigate any measurement problems or address any areas where the goals are not aligned with the long-term objectives of the business. Regulators and shareholder groups are increasingly interested in the link between performance and bonus pay, but transparency in this area is also important to internal stakeholders. When employees perceive executive bonuses to... --- > Cost competitive markets - kgbm - Published: 2017-01-10 - Modified: 2019-07-11 - URL: https://www.kgbm.com.au/cost-competitive-mature-markets/ - Categories: KG Business Management, Resources - Tags: CFO How cost-competitive are mature markets? The increasing value of the US dollar in the past year has hampered the cost-competitiveness of the US, according to KPMG’s 2016 guide to international business location costs. Within the North American Free Trade Agreement region and compared with developed economies in Europe and Asia-Pacific, the US is now by far the most expensive market. Among the ten countries in the KPMG guide, ninth-ranked Japan has a 7. 3% cost advantage over the US. Second-ranked Canada’s cost advantage is 14. 6%, and Mexico, the only developing economy in the study, has a cost advantage of 22. 5%. In the two decades KPMG has studied business location costs in the ten countries, “this . . represents the first time that the US has ever placed this low in the ... cost rankings,” the 2016 guide reported. The study uses a set of business operating specifications that are held constant for all locations. The model applies 26 location-sensitive cost factors, including labour and transportation costs, cost of capital, taxes, and incentives, for 19 industries and business operations. Rankings are then based on the business costs in 111 major cities in the ten countries. Mexico, Canada, and the Netherlands retained the top three rankings as most cost-competitive markets in the past two years. Italy came in fourth, up two spots from 2014, followed by Australia, which moved up three places. France was in sixth place, down one spot from two years ago, and the UK, in seventh place,... --- > CFO business professionals - Kgbm - Published: 2017-01-09 - Modified: 2019-07-11 - URL: https://www.kgbm.com.au/7-ethics-questions-finance-professionals-ask-prospective-employers/ - Categories: Resources - Tags: Accounting, CFO, outsource CFO, payroll services, virtual CFO 7 ethics questions finance professionals should ask prospective employers An organisation’s ethical credentials and values are an increasingly important factor in their ability to attract and retain talent, but it’s not easy for candidates to get a handle on organisational culture from the outside. Assessing whether an employer can offer an environment conducive to ethical practices is a crucial part of the decision-making process, especially for professionals such as accountants who must abide by ethics codes. More broadly, being associated with a company with a poor ethics record could have repercussions for a candidate’s future employability. Organisational stigma attaches itself to any company perceived to have acted in a fundamentally flawed or immoral way. A scandal in one section of a firm’s operations could affect prospective employers’ perceptions of that firm’s workers around the world, according to research published in Harvard Business Review. A new CGMA briefing, prepared in conjunction with the Institute of Business Ethics, sets out some steps individuals can take to conduct ethical due diligence on a prospective employer. 7 key questions to ask The authors of the report suggest candidates consider asking the following questions at an interview: How do you assess your culture or values, and how do you assess to what extent the culture and values are embedded? What training do you offer in this area? What routes do you have for escalating any ethical concerns? Do you have “speak up” procedures and, if so, how are they managed? How is individual performance assessed... --- - Published: 2016-12-31 - Modified: 2019-07-11 - URL: https://www.kgbm.com.au/reassure-staff-times-uncertainty/ - Categories: Resources - Tags: CFO How to reassure your staff in times of uncertainty The UK’s vote to exit the EU has left UK employees with numerous concerns, from job security to migration status. Although the terms of the UK’s withdrawal from the EU are beyond their control and concrete information upon which to build their response is scarce, business leaders still need to communicate with staff. However great the unknowns, reassuring concerned staff and being available to respond to their questions is vital to maintaining morale. Steve Bustin, the founder of Vada Media and a regular speaker on business communications topics, provided the following insight and advice: Prepare. “The first mistake leaders tend to make when there’s been a period of uncertainty or trouble is to just blunder in regardless. They don’t actually stop and think about how best to approach it before they start. And that is the worst thing you can do in this situation,” Bustin said. “In times of trouble, you’ve actually got to be preparing twice as hard as you might do when things are going well. ” Be consistent. Before you deliver your speech, sit down with your senior team and agree on what you are going to say because the message has to be consistent. “Talk to all of your senior team before you go into each of their individual team meetings, so the senior manager knows what’s going to be said, and they can be forearmed and forewarned,” Bustin said. “Then you’re also more likely to bring... --- > Foreign currency management - kgbm - Published: 2016-12-31 - Modified: 2019-07-11 - URL: https://www.kgbm.com.au/manage-short-term-currency-fluctuation-risk/ - Categories: Resources - Tags: CFO How to manage a short-term currency fluctuation risk Strategies that mitigate short-term currency fluctuations are routinely part of a multinational company’s enterprise risk management plan. Events such as changes in interest rate policies in countries where the company does business usually trigger these ERM strategies. Thursday’s referendum on the UK’s membership in the EU, commonly known as the Brexit vote, has been a highly unusual and powerful trigger. With a majority of voters deciding to leave the EU, uncertainties abound, and foreign exchange markets hate uncertainty. Just hours after the vote, the British pound had plummeted to a 30-year low against the US dollar. Management accountants the world over are preparing for more uncertainty as talk of referendums similar to the Brexit pop up throughout the world. The runup to the Brexit vote helps provide a road map, illustrating how a shifting currency landscape, if unmanaged in advance, could wreak havoc on a balance sheet. It also illustrates that, despite uncertainty, actions can be taken to defend against currency swings. Firstly, it is difficult to make contingency plans for an unprecedented event, raising questions about the workforce, access to trade, as well as travel, legal, and import costs. Secondly, the time frame in which changes can take effect is often unknown. How can a company protect itself? Hedging is a best practice to manage the two types of foreign currency risk – transaction risk and translation risk. The US Financial Accounting Standards Board governs accounting for transactions and translation through... --- - Published: 2016-12-31 - Modified: 2019-07-11 - URL: https://www.kgbm.com.au/stop-expense-reimbursement-fraud/ - Categories: Resources - Tags: CFO How to stop expense reimbursement fraud Expense reimbursement fraud schemes are among the most common types of fraud, accounting for 14% of all asset misappropriation fraud schemes, according to the 2016 Report to the Nations on Occupational Fraud and Abuse by the Association of Certified Fraud Examiners (ACFE). The organisations that suffer most from expense reimbursement fraud are businesses with fewer than 100 employees, and cases range from a few pounds for non-work related meals to hundreds of thousands in a systematic scheme over several years. This is not surprising given the limited fraud-prevention budgets available to small and mid-size entities (SMEs). About 51. 5% of large corporations have a dedicated fraud department, while only 15. 7% of small businesses have them, according to the ACFE. Case study: Expense fraud at FoodCo I have witnessed many cases of expense reimbursement fraud in the course of my career, and the one that really stood out was an incident at a food company. The company began as a distributor of specialty foods. Its founders brought many years of experience in the food sector to their new venture, where one became managing director and the other a sales director. The rapid growth of the business created an urgent need to scale the workforce up, too. The sales director was able to persuade some of the people he had worked with before to join his company as sales managers. The company also hired an accountant to handle its finances. The company’s client base increased... --- > Linkedin profile management - kgbm - Published: 2016-12-28 - Modified: 2019-07-11 - URL: https://www.kgbm.com.au/4-ways-write-linkedin-profile-attracts-recruiters-attention/ - Categories: Resources - Tags: CFO 4 ways to write a LinkedIn profile that attracts recruiters’ attention LinkedIn serves as a window into your professional capacity, so it’s worth investing time in your profile to create the right impression. But the platform is also being used by employers to post vacancies and recruiters to identify and approach suitable candidates. Duncan Brodie, FCMA, CGMA, a coach, trainer, and speaker at UK-based training provider Goals and Achievements, explains how to present your skills and experience to attract opportunities. Use the headline section to promote skills. Many LinkedIn users dedicate valuable space in the headline area of their profile to describing the organisation they work for. Instead, they should focus on promoting their professional skills here. Brodie often coaches people who have English as a second language. “I encourage them to mention that they are a multilingual management accountant,” he said. “Those language skills grab the attention of a recruiter and could potentially open up opportunities. ” Another aspect to highlight in the headline area is the sectors in which you have experience. “For instance, your headline might read ‘senior management accountant with 20 years’ experience in FMCG/telecoms/public sector,’ ” Brodie said. “If you’ve worked internationally, include that too. “For members in practice, it’s a good idea to mention how you benefit clients. For example, ‘supporting SMEs to improve bottom-line profits’, or to ‘minimise tax liabilities’. Or, if you specialise in cost reduction or finance team transformation, talk about that. ” Offer clarity in the summary. In the summary... --- - Published: 2016-12-28 - Modified: 2019-07-12 - URL: https://www.kgbm.com.au/top-ma-pain-points-technology-followed-people/ - Categories: Resources - Tags: CFO Top M&A pain points: Technology, followed by people Southwest Airlines’ acquisition of smaller US carrier AirTran was first proposed in 2010. The deal closed in 2011, and the last AirTran flight was in 2014. The technological merging of reservation systems continued far longer. Southwest’s most recent annual report, in early 2016, said the airline continued to work on implementation of a reservation system that had to be revamped when Southwest, which had previously flown domestic routes only, took over AirTran’s international routes. The company said a single, new reservation system for international and domestic travel will be implemented in 2017. That sort of challenge is typical after mergers and acquisitions, according to a Robert Half survey of US CFOs. Technology and business systems are the most difficult part of integration during a merger or acquisition, slightly ahead of integrating employees and corporate culture, according to the survey of 2,200 finance chiefs. The CFOs were asked about the biggest mistakes and the most difficult areas to integrate in M&A deals. For both questions, the top choice was business systems and technology, followed by employees and corporate culture. The less serious merger concerns were, in order, budgets and finances, business models, and real estate. Mark Biersmith, CPA, CGMA, a veteran of corporate M&A, said that, in general, only one company’s enterprise resource planning system survives, assuming at least one of the systems can handle the needs of the combined entity. If neither system will suffice, Biersmith said, a new system will need... --- > Retain young professionals - kgbm - Published: 2016-12-28 - Modified: 2019-07-11 - URL: https://www.kgbm.com.au/4-strategies-recruit-retain-young-professionals-worldwide/ - Categories: Resources - Tags: Accounting, bookkeeping, CFO, Payroll 4 strategies to recruit and retain young professionals worldwide People age 34 or younger represent an increasing share of the workforce worldwide. In the US, they make up the largest share of the labour market. But the values of the generation also known as Millennials often don’t align with the values of employers. Companies that want to recruit and retain young professionals with leadership talent need to adjust, Deloitte research suggests. Two-thirds of the young professionals studied – all of them college graduates and most working in companies with more than 100 employees – expect to look for a new job or quit to do something different by 2020, according to Deloitte, which polled almost 7,700 young professionals in 29 countries. Loyalty to the current employer is lowest amongst young professionals in emerging markets. The percentage of respondents who said they want to leave their jobs in the next five years was highest in Peru (82%), South Africa (76%), India (76%), Colombia (75%), South Korea (74%), and Chile (71%). In the UK it was 71%. In the US, it was 64%; in Canada 61%; and in Western Europe 60%. Even young professionals who were heads of departments or divisions, or had a senior management or board position, expressed intentions to change jobs relatively soon. Fifty-seven per cent of respondents in senior positions expected to leave their current employment before the end of 2020. “It’s so easy to look and see what else is out there,” said Shana Kneib, CPA, CGMA,... --- > Boards of directors management - kgbm - Published: 2016-12-28 - Modified: 2019-07-11 - URL: https://www.kgbm.com.au/boards-can-better-drive-long-term-value-creation/ - Categories: Resources - Tags: CFO How boards can better drive long-term value creation More than ever before, corporate shareholders are taking an active role in company performance, and directors are paying attention. Shareholder activism is not new. For more than two decades, shareholders have been exercising their ownership rights to influence corporate behaviour. And modern investors are exerting more influence on how boards and management operate now than ever before, according to the PwC’s 2016 Annual Corporate Director’s Survey. The report shows that directors are becoming more responsive to investor pressure on a wide range of corporate governance issues, including board composition, executive compensation, and risk management, and they are addressing the tension that exists between long-term value and short-term gains. Long-term value creation is a key responsibility for the board and management, but it can be challenging in a world of quarterly earnings reporting. Boards, especially, must be sensitive to balancing short-term results with long-term value. “The theme of this survey is shareholder empowerment,” said Paul DeNicola, managing director of PwC’s Governance Insights Center in New York City. “Companies become targets of activist shareholders who apply pressure on boards to make modifications to long-term plans in order to achieve short-term goals. ” But as boards focus on their fiduciary responsibility to their shareholders, they are beginning to value direct engagement with them. Boards recognise that regularly communicating their long-term strategy and performance to shareholders is an effective way to relieve pressure to capitalise on short-term returns. “This is an overall trend that didn’t exist... --- > Finance team value - kgbm - Published: 2016-12-28 - Modified: 2019-07-11 - URL: https://www.kgbm.com.au/get-value-finance-team/ - Categories: Resources - Tags: CFO How to get more value out of your finance team The tedious and time-consuming nature of traditional accounting tasks often means that people with the ability to provide powerful insights into strategic decision-making have no place at the table. Indeed, one-third of UK business decision-makers at medium and large enterprises believe their financial teams are an underutilised resource, according to a recent survey by accounting software company Blackline. However, there are ways in which businesses can unlock the potential of their finance teams and ensure they contribute to high-value areas. Finance professionals “are overworked in some areas they maybe don’t need to be working in, and not involved in other areas where maybe they could be,” said Elisabeth Saunders, ACMA, CGMA, a finance manager who oversees a team of three at Sussex Oakleaf, a health not-for-profit. People who drive a business need the support of things like accurate invoice processing, Saunders said. “In small teams, you end up focusing on the transactional side without being able to find the time and space to go out and do the business development. ” However, Saunders points out that even the transactional finance people can add bigger-picture value. “They need to understand the implications when they are doing something of why they are doing it and what the implications are of them being behind with their work. ” Where can they add more value? People in finance, by the very nature of what they do, can see what is going on in all... --- > Millennials employees management - kgbm - Published: 2016-05-27 - Modified: 2019-07-11 - URL: https://www.kgbm.com.au/hiring-onboarding-management-strategies-young-professionals/ - Categories: Resources - Tags: Payroll, payroll services Hiring, onboarding, and management strategies for young professionals The largest demographic group in the US labour market is also the least engaged in the workplace, and that’s a problem, according to Gallup research, because poorly engaged employees lower companies’ profitability, productivity, and innovation. The approximately 73 million Millennials (born between 1980 and 1996) make up the largest share of the US labour market, according to a Pew Research Center analysis of U. S. Census Bureau data. About 53. 5 million Americans working or looking for work in the first quarter of 2015 were Millennials, compared with 52. 7 million Generation Xers (born between 1965 and 1979) and 44. 6 million Baby Boomers (born between 1946 and 1964). Of the three generations, Millennials have the highest rates of unemployment and underemployment, Gallup found, and the highest annual turnover rate (21%, or more than three times that of non-Millennials). Lack of engagement drives turnover, especially amongst young employees, who tend to be more transient than Gen Xers and Baby Boomers with families and mortgages. Gallup found that 55% of Millennials are indifferent about work and show up just to put in their hours, compared with 50% of Gen Xers and 48% of Baby Boomers. In the workplace, Gallup Chairman Jim Clifton writes in the report, Millennials look for: Purpose in addition to fair compensation. Development opportunities. Managers who coach them to build their strengths. Ongoing conversations and consistent feedback about their job performance. Employers that give them a chance to do what... --- > Finance business partner - KGbm - Published: 2016-05-27 - Modified: 2019-07-11 - URL: https://www.kgbm.com.au/617-2/ - Categories: Resources - Tags: Accounting, bookkeeping, outsource payroll Are you a scorekeeper or a business partner? The CFO of the future will be less tactical and more strategic, deeply versed in operational finance, and will maintain a keen focus on customers, shareholders, and employees. The finance chief will have worked in functions across the organisation, becoming a masterful manager of people and communicator of results and strategy to a range of audiences. And he or she will foster a team that will accept a lifetime of learning and application of skills. Finance no longer is just about recording and reporting performance. It’s about partnering with the whole organisation to mitigate risks, drive strategy, and add value. The problem: The rising talent pool isn’t evolving fast enough for the new demands of the role. About 68% of US CFOs said it was a challenge to find skilled candidates, according to a 2015 survey by staffing firm Robert Half, which polled 2,100 finance chiefs. Last year, 87% of UK CFOs said they faced challenges finding skilled talent. So finance leaders must venture beyond the once-siloed scope of their department to become business partners critical to the success of the broader organisation. That was the crux of a CGMA panel, “From Conformance to Performance: Developing the Finance Leaders of Tomorrow,” hosted Tuesday by Bloomberg Radio in New York. “The technical skillsets that we have as financial professionals are not adequate anymore,” said Ash Noah, CPA, FCMA, CGMA, vice president–External Relations for Management Accounting at the American Institute of CPAs, who was... --- > CFO candidates interview - kgbm - Published: 2016-05-27 - Modified: 2019-07-11 - URL: https://www.kgbm.com.au/need-know-interviewing-cfo/ - Categories: Resources What you need to know before interviewing with a CFO Scheduling your job interview for first thing in the morning may help you get hired, a survey of CFOs suggests. Sixty-one per cent of the finance leaders polled regard the 9-to-11am slot as the most productive time for interviews. Eleven per cent of CFOs prefer to meet candidates before 9am, and another 11% opt for between 11am and 1pm. Afternoon interviews proved less popular, with just 16% of CFOs conducting hiring interviews after 1pm. Only 2% chose to meet after 5pm, according to the survey of 2,200 US-based CFOs commissioned by recruitment agency Accountemps. “Midmorning is an ideal time for a job interview because it gives the interviewer time to set daily priorities and settle into his or her day before the meeting,” Bill Driscoll, district president for Accountemps, said in a news release. John Mahtani, ACMA, CGMA, CFO of film-processing laboratory Cinelab London, said that by 11am, urgent emails have been dealt with and he can give candidates his undivided attention. He is willing to accommodate candidates who are unable to get away from their current workplace during the day with a 6pm appointment. However, Driscoll advised candidates to “avoid scheduling an interview late in the afternoon when fatigue sets in. Late afternoon is also the time when interviewers may start shifting their focus to personal priorities. ” Taking time off work for the interview whenever possible is the best option. Not only will you be able to catch... --- > cfo disruptive forces - Kgbm - Published: 2016-05-27 - Modified: 2019-07-11 - URL: https://www.kgbm.com.au/cfos-can-adapt-disruptive-forces/ - Categories: Resources - Tags: bookkeeping, CFO as service, CFO Service, outsource accounting How CFOs can adapt to disruptive forces CFOs, like the companies they work for, must adapt quickly to be able to stay ahead of technological changes, ever-growing risks, and increased stakeholder scrutiny and regulation. The role change from scorekeeper to strategist has been ongoing for many years, but the pace of that change has accelerated, according to data from an EY study,The DNA of the CFO. The CFO role is facing pressure on several fronts. More than half of finance chiefs globally say they can’t focus on strategic priorities: Because of time spent on compliance, controls, and costs (56%). By delegating responsibilities because of a lack of necessary skills in the finance team (52%). Because of increasing operational responsibilities (51%). The EY report used the responses of 769 finance leaders around the world to come up with four forces disrupting finance leadership. The four forces are: Stakeholder scrutiny and regulation. Seventy-one per cent say they will increasingly be responsible for the ethics of decision-making in support of their organisation’s purpose. There is no cure-all for increased regulation, which is widely viewed as a top challenge for CFOs. Digital. Fifty-eight per cent of finance leaders say they need to build their understanding of digital, smart technologies and sophisticated data analytics. Robert Fowles, CPA, CGMA, the CFO at Opus One Winery in Oakville, California, said e-commerce has been a growing part of his company’s business. But with e-commerce comes the risk of fraud. If a stolen credit card is used to purchase... --- > Vendor management services - kgbm - Published: 2016-04-18 - Modified: 2019-07-11 - URL: https://www.kgbm.com.au/3-ways-improve-vendor-management/ - Categories: Resources - Tags: CFO, outsource CFO, virtual CFO 3 ways to improve your vendor management Most companies hire vendors in the course of doing business. The vendor could be a supplier of goods, a service company, a technology provider, or a building contractor. Senior management and corporate boards justifiably have questions and concerns about how to protect against vendors’ actions that might produce a loss. Examples that could happen to any organisation include the following: (1) a software vendor’s employee sabotages the hiring company’s records because of personal animus; (2) a vendor hired for window washing has an accident at the hiring company’s building, suffering a crash that injures the vendor’s employees and passersby; or (3) a vendor hired by a doctor to handle medical records leaves files on the train by accident, exposing patients’ confidential personal information. If the vendor will not or cannot cover the cost of losses it creates, either through insurance or liquid assets, then the hiring company will be on the hook for these costs. Even if the hiring company has insurance that will cover the loss, it will likely have to pay a deductible, incur further expenses, and get a rate increase from its insurer at renewal. The financial hit often can be less costly than the reputational damage a company suffers as a result of a vendor’s mistakes or poor judgement. As hiring companies focus on making sure they have protection against vendor risks, they should recognise what they can do well themselves and what they may have to hire experts... --- > Real Leadership success - kgbm - Published: 2016-04-11 - Modified: 2019-07-11 - URL: https://www.kgbm.com.au/10-things-abruptly-happen-real-leadership-shows/ - Categories: Resources - Tags: CFO as service, outsource CFO, virtual CFO 10 Things That Abruptly Happen When Real Leadership Shows Up “There are no bad teams, only bad leaders. ”―Jocko Willink What does the environment around you look like? Is it obvious to you and everyone else what you stand for? Is your benchmark for success clear and understood by all? Do you, as the leader, clearly reflect your vision and standards to such a degree that reading them is unnecessary? Are you consistent in good times and bad times? Are you a master of the basics and technical stuff, or have you lost touch? When you experience failure, do you confront the future or wallow in the past? No Bad Teams There are no bad teams, just bad leaders. Leadership is what determines how successful you and those around you are. If there is minimal success, there is minimal leadership. There are very few real leaders: Who genuinely stand for something and brightly reflect those standards Who are willing to put everything on the line for what they believe in Who create change and lead Leadership is not born, it’s made. If you’re not excited about your current circumstances and success, you have complete power right now to make radical transformations. Until you do, nothing will change. Here’s what abruptly happens when you take ownership of your life and situation: Inject a winning standard of performance before you start winning “How would your life change if you made decisions TODAY as if you were already the person you want to... --- > CFO business management - kgbm - Published: 2016-04-04 - Modified: 2019-07-11 - URL: https://www.kgbm.com.au/avoid-common-mistakes-high-ma-activity/ - Categories: Uncategorised - Tags: CFO, CFO Service, outsource CFO, virtual CFO How to avoid common mistakes during high M&A activity Conditions remain strong for mergers and acquisitions, prompting 63% of CFOs to anticipate pursuing deals in 2016, according to global surveys Deloitte conducted in the fourth quarter of 2015. More than half of the CFOs who expressed interest in an M&A said they are pursuing deals to expand in existing markets, diversify in new markets, or achieve scale efficiencies. Low interest rates, accessible and inexpensive financing, and healthy balance sheets boosted M&A activity to $3. 8 trillion in 2015, surpassing the previous record set in 2007, according to data compiled by Bloomberg. Uncertainty that is curbing the risk appetite in some countries may also slow M&A activity, but exuberance during periods of rapid M&A activity can lead to mistakes that companies aren’t usually prone to make. The three most common are: Lacking a clear strategy as to what role an M&A will play in the company’s growth. Paying too much for a deal because average bid premiums are driving up prices. Resorting to an M&A as a last-ditch option to drive corporate growth. To avoid the mistakes, CFOs can take these five steps: Assess strengths, weaknesses, and opportunities for growth. The CFO and executive management should assess the company’s opportunities for growth in revenue and value and develop a strategy to complement strengths and backfill weaknesses. That may include deciding which customer segments in which geographic locations to serve and how to distinguish the company from its competitors, as well as... --- > compensation pay companies -kgbm - Published: 2016-03-31 - Modified: 2019-07-11 - URL: https://www.kgbm.com.au/compensation-impacts-business/ - Categories: Resources - Tags: IT contractor payroll, outsource payroll, Payroll, payroll services How Compensation Impacts Your Business We compare top performing companies—defined as those who were first in their industry and exceeded revenue projections in 2015—to all respondents, revealing a correlation between modern pay practices and business success. The chart below shows how top performers' pay practices compare to average companies: Top 10 Pay Practices That Set Top Performers Apart #1: Pay Transparency 47% of Top Performing companies intend to be transparent about pay. There has been a lot of buzz about pay transparency, everything from employer driven initiatives to employees taking it into their own hands. Employees increasingly expect transparency around pay from their companies. Take the time now to get your house in order so that when you are ready to make the decision to get more transparent about your pay practices, you’ll be ready. #2: Effective conversations While 82% of employees feel okay about low pay, as long as the rationale is explained, only 17% of companies are confident enough in their managers’ ability to have those tough conversations about pay. Your managers are your eyes and ears, especially when it comes to sentiment about pay. The 'why' matters! Managers have to be able to communicate the why and rationale behind pay decisions, which they can’t do if you either don’t know or haven’t explained to them yet. One of your most helpful tools is a Total Comp Statement, or Total Rewards Statement, which details the cost of all the benefits and compensation you pay out to your employees.... --- ---