Directors shouldn’t second-guess asset values: RSM Australia warns

RSM Logo
Regardless of their size, past acquisitions are coming back to haunt the financial statements of a growing number of ASX-listed companies. This is one of the major conclusions within the latest annual Business Acquisition and Impairment Review (2016) by national accounting firm RSM Australia (RSM) which has been assessing the financial reporting impact of recent acquisitions on the financial statements of ASX-300 and non-ASX 300 companies since 2013.

While median acquisition size for all classes of ASX-listed companies has increased in line with the All Ordinaries index, the 2016 review reaffirms the need to reassess future business plans and profitability forecasts in light of post-acquisition financial performance of acquired businesses.

Impact on reported earnings
What’s driving the need to reassess future business plans and profitability forecasts, advises Glyn Yates, Director and National Head of Corporate Finance at RSM, are rising impairment charges that significantly impact an entity’s reported result and net asset position.

Due largely to Australia’s economic recovery, and increased transaction multiples, the 2016 review also reveals a notable uptrend in the percentage of total consideration paid for intangible assets, from 74.1% in 2013 to 82.2% in 2015.

“Given that the bulk of purchase consideration relates to the acquisition of intangible assets – ie non-monetary assets, like goodwill, brands, trademarks, patents, customer contracts and software – the accounting treatment of these assets can and does have a profound impact on reported earnings,” says Yates.

Appropriately recognise impairment
Given that indefinite life assets, like goodwill and brands – which consistently comprise over 80 percent of intangible assets – are not amortised, but instead assessed for impairment annually, the 2016 review identifies a greater requirement to identify intangible assets before acquisitions are made.

This is of particular relevance, adds Yates when companies negotiate banking covenants and the impact on an acquiring entity’s earnings per share (EPS).

“With listed entitles unable to justify asset carrying values, impairment charges continue to be recognised in relation to acquired intangible assets,” says Yates. “It’s important to consider the potential financial reporting impact of these charges and consider downside sensitivity analysis before acquisitions are made to ensure there are no nasty surprises.”

Impairment write-offs
Impairment charges can have a significant impact on an entity’s reported position, and net asset position. Based on three years of review data, the percentage of impairments being recognised has increased from 24.2 percent in financial year 2013 to 30.0 percent in financial year 2015 for ASX-300 companies; and from 16.4 percent to 22.0 percent for non-ASX 300 companies respectively.

Having been an area of focus over the last three years, Yates expects impairment of goodwill and other non-current assets to again come up on ASIC’s radar for the June 2016 reporting period.

Challenge assumptions
Like ASIC, Yates urges directors to exercise professional scepticism and challenge the appropriateness of asset values and assumptions underlying impairment calculations, especially where prior period forecasts haven’t been met.

“The key to getting this right is accurately estimating future cash flows that will be generated by the cash generating unit and then discounting those cash flows at a discount rate that reflects the returns that an investor would require from cash generated unit, based on the related risk of that cash generating unit,” advises Yates.

“While median impairment rates used across various industries don’t vary significantly from sector to sector, there is still a size premium evident in the discount rates applied to non-ASX 300 companies of around 1.6 percent.”

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RSM Bird Cameron becomes ‘RSM’ as RSM International network adopts a single global brand name for all member firms

RSM_Bird_Cameron_Logo@2xRSM Bird Cameron will be rebranding to ‘RSM’ following the global announcement by its international network, RSM International that it is adopting a single global brand. RSM International, the world’s seventh largest audit, tax and consulting network, is adopting ‘RSM’ as its global brand name across all of its member firms worldwide.

RSM Bird Cameron is the ninth largest provider with 28 offices and 1,000 staff in Australia and was a founding member of the RSM International network over 50 years ago.

Kim Hutchinson, National Chairman of RSM Bird Cameron, said, “The decision to move to a global unified brand was a natural extension of the firm’s increased international operations across the network. While the network has been operating together for more than 50 years, this decision provides clarity to the market and importantly, to our clients, about who they are dealing with in 114 countries around the world”.

The adoption of a unified brand reinforces the global network’s position as the adviser of choice to entrepreneurial, growth-focused organisations.

Jean Stephens, CEO of RSM International, said: “Our clients are becoming ever more global as they seize new opportunities for growth. Leaders of entrepreneurial, growing organisations want advisers that take the time to really understand and care about their business and its drivers, both locally and globally. They want the highest level of service, a trusted relationship and ideas and insight that will really add value to their business. This is what we have been providing to clients for more than 50 years and we see huge opportunity for the development of our client offering and cross-border growth through moving to RSM as our one global brand.”

As a part of RSM’s client-focused strategy to be the adviser of choice to entrepreneurial, growth-focused organisations, the network commissioned a leading independent research firm to conduct extensive study of member firms, clients and prospects internationally. Feedback was received from 18 countries and the research confirmed that RSM is a powerful global brand recognised for a passionate focus on collaboration, deep understanding of what matters most to clients, and insight sharing by senior partners. These values are captured in the network’s new global positioning: “The power of being understood”.

The changes will be effective from 26 October 2015, when all RSM member firms will adopt the unified global name, “The power of being understood” brand positioning, and a new logo, previewed today. The grey of the logo signifies a relationship based on a solid reliable foundation, the green a positive, ideas-driven, responsive approach and the blue symbolises forward movement and the attainment of future goals. The logo reinforces the global network’s dedication to helping clients feel understood and empowered to move forward with confidence.

RSM International is the world’s sixth largest provider of tax services, has the fifth largest firm in the US and the third largest in China. RSM International was the fastest growing top ten global network in 2014, posting an 18% increase in revenue, year-on-year, to US$4.4 billion for the year ending 31 December 2014.

RSM International’s cross-border referral work is continuing to see double digit growth. By uniting under one brand, the network will be able to better promote resources and expertise globally, and provide an enhanced, seamless service offering to clients all over the world.

All member firms will remain independent legal entities within the RSM international network, but will trade as RSM.

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About RSM Bird Cameron 

RSM Bird Cameron is the largest mid-tier accounting firm in Australia with national ownership and profit sharing and offers a full range of specialist advisory services, including business consulting and advisory, assurance and advisory, taxation consulting, corporate consulting and turnaround and insolvency. RSM Bird Cameron is a core member firm of RSM International, the seventh largest network of independent accounting and consulting firms in the world.

About RSM International

RSM International is the seventh largest network of independent audit, tax and advisory firms, encompassing over 110 countries, 730 offices and more than 37,500 people internationally. The network’s total fee income is US$4.4 billion.

In September 2014, RSM was awarded the prestigious Network of the Year 2014 award at the International Accounting Bulletin annual awards. The award recognises networks that have demonstrated strong growth and operational excellence over the past 12 months.

RSM International actively engages in promoting and celebrating the very best in entrepreneurship and business leadership, championing the role of the entrepreneur in today’s world economy. RSM International is the lead sponsor and corporate champion of the European Business Awards promoting commercial excellence and recognition of entrepreneurial brilliance.

RSM International is a member of the Forum of Firms. The objective of the Forum of Firms is to promote consistent and high quality standards of financial and auditing practices worldwide

RSM is the brand used by a network of independent accounting and advisory firms each of which practices in its own right. RSM International Limited does not itself provide any accounting and advisory services. Member firms are driven by a common vision of providing high quality professional services, both in their domestic markets and in serving the international professional service needs of their client base.

www.rsmi.com

Megan Smithies joins RSM Bird Cameron as Director Government Services

RSM_Bird_Cameron_Logo@2xJanuary 19, 2015RSM Bird Cameron, one of the largest mid-tier accounting firms in Australia, has announced that Megan Smithies has joined the firm as Director Government Services, based in the Canberra office.

Megan’s extensive government experience will inform her efforts to build stronger relationships with the public sector. She brings a deep understanding of the challenges that face government agencies. Megan has advised on issues such as budget and economic policy, expenditure and review priorities, capital investment and divestment decisions, service delivery, efficiency and effectiveness reviews, balance sheet management, taxation policy and administration, risk, and governance issues. Megan will work with the different practices across RSM Bird Cameron as an advisor on public sector projects.

Before joining RSM Bird Cameron Megan worked within the government sector for more than 25 years. In her most recent role as Director General for Commerce and Works Directorate for the ACT government, Megan sponsored major reforms to the ACT’s capital infrastructure program (The Capital Framework). This project led to the introduction of a range of new delivery models, improved infrastructure delivery mechanisms, risk quantification and management and better project governance structure.

Megan has also held roles as Under Treasurer, Treasury, Directorate and Executive Director, Budget Treasury Directorate with the ACT government.

Andrew Sykes, Director of RSM Bird Cameron Canberra, said, “RSM Bird Cameron works with a number of government clients and Megan’s impressive experience will complement the firm’s existing public sector knowledge. There are a variety of opportunities for the firm to help government agencies and Megan’s role is to help create linkages between the firm’s services and capabilities, and government needs, furthering clients’ understanding of how RSM Bird Cameron’s services can benefit public sector organisations.”

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About RSM Bird Cameron
RSM Bird Cameron is the largest mid-tier accounting firm in Australia with national ownership and profit sharing and offers a full range of specialist advisory services, including business consulting and advisory, assurance and advisory, taxation consulting, corporate consulting and turnaround and insolvency. RSM Bird Cameron is a core member firm of RSM International, the seventh largest network of independent accounting and consulting firms in the world.

RSM Bird Cameron’s fraud and forensic capability strengthened with senior appointment

RSM_Bird_Cameron_Logo@2xJanuary 16, 2015RSM Bird Cameron, one of the largest mid-tier accounting firms in Australia, has strengthened its fraud and forensic capability with the appointment of Roger Darvall-Stevens as Partner in the Melbourne Audit and Assurance practice.

Roger will also take on the role as the National Head of Fraud & Forensic Services. Roger joins RSM Bird Cameron from Ernst & Young bringing more than 25 years of forensic experience working with a range of public and private companies.

Kim Hutchinson, national chairman, RSM Bird Cameron, said, “Roger’s appointment will strengthen the firm’s capabilities in forensic investigations and forensic accounting, fraud, bribery and corruption, control including prevention, detection and response, related training, forensic IT, compliance and corporate security.”

RSM Bird Cameron has also promoted Katie O’Connor and Brad Loftus as Principals.

Katie is part of the RSM Bird Cameron team in Melbourne and provides business advisory services to a broad range of private clients and small to medium-sized businesses.

In December 2011, Brad joined RSM Bird Cameron in Sydney as part of the Guild Accountants merger. Brad advises SMEs across a broad range of sectors, in particular the childcare sector, and provides support to both SMEs and peak industry bodies.

Kim Hutchinson, said, “The appointment of Roger and promotions of Katie and Brad reflects recent growth and confidence the firm has in the national team.”

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About RSM Bird Cameron
RSM Bird Cameron is the largest mid-tier accounting firm in Australia with national ownership and profit sharing and offers a full range of specialist advisory services, including business consulting and advisory, assurance and advisory, taxation consulting, corporate consulting and turnaround and insolvency. RSM Bird Cameron is a core member firm of RSM International, the seventh largest network of independent accounting and consulting firms in the world.

RSM Bird Cameron awarded ‘Transfer Pricing Team of the Year’ in Thomson Reuters Tax & Accounting Excellence Awards

RSM_Bird_Cameron_Logo@2xNovember 24, 2014RSM Bird Cameron, one of the largest mid-tier accounting firms in Australia, has been awarded ‘Transfer Pricing Team of the Year’ in the Thomson Reuters Tax & Accounting Excellence Awards.

The awards aim to recognise excellence across all firms and individuals in the expertise of tax and accounting in Australia.

Anthony Hayley, Transfer Pricing Principal, RSM Bird Cameron, said, “RSM Bird Cameron is privileged to receive this award.

“Transfer pricing is the number one commercial, fiscal and risk management issue currently facing multinational business. This is largely driven extremely volatile and dynamic transfer pricing regimes both domestically and internationally. This challenging environment is compounded by the OECD’s base erosion and profit shifting (BEPS) initiative. It is therefore essential that clients have in place a coherent strategy to deal with these challenges and opportunities.

“This award is testament to RSM Bird Cameron’s cohesive and flexible transfer pricing team which brings together skills from all its Australian offices to service clients on a local, regional and global level.”

RSM Bird Cameron’s transfer pricing team offers advice on issues such as international tax, BEPS and corporate finance, taking into account all relevant factors rather than providing transfer pricing advice in isolation. RSM Bird Cameron has also formed a Global Tax and BEPS Working Group, led out of Australia. A more integrated and holistic approach is essential to our clients in order to provide a seamless multinational service.

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About RSM Bird Cameron
RSM Bird Cameron is the largest mid-tier accounting firm in Australia with national ownership and profit sharing and offers a full range of specialist advisory services, including business consulting and advisory, assurance and advisory, taxation consulting, corporate consulting and turnaround and insolvency. RSM Bird Cameron is a core member firm of RSM International, the seventh largest network of independent accounting and consulting firms in the world.

RSM Bird Cameron celebrates with its global network, RSM International, on their 50th anniversary

RSM_Bird_Cameron_Logo@2xMay 22, 2014RSM Bird Cameron, the Australian independent member firm of leading audit, tax and advisory network, RSM International, is joining in the global celebrations in honour of the network’s 50th anniversary.

Since its foundation in 1964, RSM has grown to become a network with member and correspondent firms in 108 countries who employ over 32,000 people across more than 700 offices. RSM is the sixth largest provider of tax services globally and has top ten member firms in all key economies, including the USA where it is the 5th largest firm, and in China where its member firm is part of the country’s third biggest national firm. RSM also recently announced the admission of Baker Tilly, the 7th largest firm in the UK, to its network.

Running from May through to the RSM World Conference at the end of October, the Global 50th Anniversary Tour will see celebratory events taking place at the network’s regional conferences in Asia Pacific, Middle East and North Africa, Latin America, and Europe, as well as at the RSM Academy and RSM ITAX Academy.

On 18 September, RSM World Day – the network’s annual day of internal and external activities, events and CSR initiatives focused on ‘Connected for Success’ – will see over 70 countries commemorating the occasion with special 50th Anniversary party activities.

Jean Stephens, CEO of RSM International, said: “Celebrating RSM International’s 50th anniversary this year is an important milestone for our network and members. I am honoured and delighted to work with such a strong group of professionals and firms across the world. This is a time for us to thank our clients and colleagues of the past and present for the contributions that every single person has made to the success of the RSM network.”

Jean continued: “We are very proud of the enormous diversity of cultures and backgrounds of people within RSM and of the driving force within the network to provide the very best services to our clients. What makes this possible and binds us together is our relentless focus on having the right people, providing high quality solutions, developing cross-border business opportunities and continuing to build our brand globally.”

For the year ending 31 December 2013, RSM member firms’ total fee income was US$3.7billion, representing a 5% like-for-like increase in local currency terms on its 2012 results. In the past year the network has grown its cross-border referrals by 17%.

RSM has seen significant expansion in the past twelve months with new member firms and correspondents in Brazil, Dominican Republic, Estonia, Finland, Ghana, Isle of Man, Japan, Qatar, Swaziland, Sweden and the UK.

The network accepted the 350th graduate into its RSM Academy programme in 2013 and launched the RSM ITAX Academy, a two-year programme aimed at developing future leaders in international tax.

Stephens added: “We are committed to helping our client base prosper, whether it is a young entrepreneurial business, or a leading multi-national organisation, and look forward to building our network into new countries in order to be in the best position to serve our clients at the highest level wherever they have business needs.”

Kim Hutchinson, national chairman, RSM Bird Cameron, added, “As a founding member, we are very proud to be part of the RSM network and look forward to continuing to play our role in its continued success over the coming years.”

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About RSM Bird Cameron
RSM Bird Cameron is the largest mid-tier accounting firm in Australia with national ownership and profit sharing and offers a full range of specialist advisory services, including business consulting and advisory, assurance and advisory, taxation consulting, corporate consulting and turnaround and insolvency. RSM Bird Cameron is a core member firm of RSM International, the seventh largest network of independent accounting and consulting firms in the world.

About RSM International
RSM International is the seventh largest network of independent audit, tax and advisory firms, encompassing over 100 countries, 700 offices and 32,500 people internationally. The network’s total fee income is US$3.7 billion.

In March 2013, RSM International was awarded the prestigious Editor’s Special Award for Global Initiative of the Year at the International Accounting Bulletin annual awards. The award recognises the outstanding achievement of the RSM network for its global initiative – RSM World Day – which was praised for being a unique and powerful cross-network initiative that enhanced both employee and client engagement. The judges highlighted the campaign as a shining example of how to successfully connect independent member firms around the world under a common vision and set of values.

RSM International actively engages in promoting and celebrating the very best in entrepreneurship, championing the role of the entrepreneur in today’s world economy. RSM is the lead sponsor and corporate champion of the European Business Awards promoting commercial excellence and recognition of entrepreneurial brilliance.

RSM International is a member of the Forum of Firms. The objective of the Forum of Firms is to promote consistent and high quality standards of financial and auditing practices worldwide.

RSM International is the brand used by a network of independent accounting and advisory firms, each of which practices in its own right. RSM International Limited does not itself provide any accounting and advisory services. Member firms are driven by a common vision of providing high quality professional services, both in their domestic markets and in serving the international professional service needs of their client base.

www.rsmi.com

RSM Bird Cameron voted top choice in three categories at Client Choice Awards

RSM_Bird_Cameron_Logo@2xFebruary 20, 2014RSM Bird Cameron has once again been recognised for its commitment to clients, winning the BRW Client Choice Awards for “Best Tax Provider”, “Best Western Australian firm” and “Most cost-conscious firm” at an awards ceremony in Sydney last night.

Kim Hutchinson, National Chairman of RSM Bird Cameron, said, “RSM Bird Cameron is delighted to be recognised in the BRW Client Choice awards again this year. These awards reflect the firm’s national commitment to excellence in client service and the staff’s dedication to providing this service.”

Commenting on winning the “Best Tax Provider” award, Con Paoliello, National Head of Tax at RSM Bird Cameron said, “The national tax team is thrilled to be recognised by clients in this category. This is a highly competitive market and it is too often presumed that tax services can only be provided by the large legal and accounting firms.”

RSM also took out the award for “Best Western Australian Firm”.

James Komninos, Managing Partner – Perth, RSM Bird Cameron, said, “What sets RSM Bird Cameron apart is a demonstrable commitment to client service delivered through the firm’s 18 offices across Western Australia.

“RSM Bird Cameron has built a very strong practice in the state based on more than 90 years of excellent service to clients, ranging from family-owned entities to large listed companies. Some of the firm’s clients have been with RSM Bird Cameron for three generations.”

Mr Hutchinson believes that the awards are a tribute to the firm’s policies of recruiting great people, training them well and creating a cohesive work environment that lets it deliver outstanding client service.

“Being transparent and communicating with clients about the return on investment and value they are getting while delivering exceptional service creates a relationship built on confidence and trust.

“RSM Bird Cameron’s commitment to delivering the highest standard of service will remain a cornerstone of the firm’s culture as it continues its national growth.”

The BRW Client Choice Awards are awarded based on a survey of more than 41,000 respondents rating over 120 professional services firms. The survey is conducted by Beaton Consulting and respondents are typically CEO’s, CFO’s and in house lawyers.

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About RSM Bird Cameron
RSM Bird Cameron is the largest mid-tier accounting firm in Australia with national ownership and profit sharing and offers a full range of specialist advisory services, including business consulting and advisory, assurance and advisory, taxation consulting, corporate consulting and turnaround and insolvency. RSM Bird Cameron is a core member firm of RSM International, the seventh largest network of independent accounting and consulting firms in the world.

RSM Bird Cameron advises business owners to be proactive in a rapidly-changing sales environment

RSM_Bird_Cameron_Logo@2xNovember 28, 2013 – There is a significant shift happening in business-to-business (B2B) sales that will have a major impact on business and the wider economy according to RSM Bird Cameron.

Andrew Graham, national head of business solutions, RSM Bird Cameron, said, “Evolving consumer buying behaviours and preferences are changing the face of how business approaches its selling function. Gone are the days of business owners simply waiting to take orders from customers as decreased consumer demand leaves a gaping void.

“As a result, business owners are less optimistic about their medium-term prospects and the success of their business. This is demonstrated by the findings of thinkBIG 2013, which showed Australia’s difficult economic conditions are continuing to take a toll with business owners in general feeling their business is less successful than in 2012.”

“The most successful businesses will be those that address the rapidly-changing sales environment by recognising growth opportunities, ensuring due diligence and financing is appropriate and engaging their workforce to drive productivity.”

The Banjar Group, who assists businesses improve their sales strategy and outcomes, recently released a Sales Shift 2020 whitepaper, supported by RSM Bird Cameron, which provides valuable insights to improve sales effectiveness with a focus on revenue growth, rather than simply relying on reducing costs for long-term, sustainable profitability.

Graham said, “In the current economic environment, many businesses are confronted with the dilemma of whether to invest for growth or cut costs to maintain profits. The paper looks at the importance of changing the sales culture as a way for companies to be more successful in the future and is therefore highly timely.”

The Banjar Group suggests the following questions to help business owners analyse their real sales needs
* Is the current strength of your organisation’s products and services enough to guarantee success or will the future capability of your organisation’s sales function  be critical? 
* Do you need salespeople who can succeed in complex environments or are your salespeople equipped only with the tools they need to be successful in a relatively stable marketplace? 
* Are your recruitment strategies delivering the high-calibre, sales-focused people your business really needs? 
* Is your sales function fully integrated with the rest of your business and working collaboratively to deliver customer value?
* Is your organisation capable of disrupting the market with game-changing insights and advice?
* Are your sales processes in-tune with your customers buying processes?
* Is your current investment in sales training delivering you the value you need?

Graham said, “RSM Bird Cameron encourages businesses to address these questions and start preparing for a sales environment in 2014 and beyond that will be inherently different to today’s to ensure their business is sustainable and successful in the future.”

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About RSM Bird Cameron
RSM Bird Cameron is the largest mid-tier accounting firm in Australia with national ownership and profit sharing and offers a full range of specialist advisory services, including business consulting and advisory, assurance and advisory, taxation consulting, corporate consulting and turnaround and insolvency. RSM Bird Cameron is a core member firm of RSM International, the seventh largest network of independent accounting and consulting firms in the world.

14 things business owners should do before 2014

RSM_Bird_Cameron_Logo@2xOctober 8, 2013RSM Bird Cameron, one of the largest mid-tier accounting firms in Australia, offers 14 suggestions for business owners to think about before 2014 to improve profits, cash flow and reduce stress levels.

Andrew Graham, national head of business solutions, said, “Many industries are still experiencing difficult times. The retail sector faces challenges such as the battle for online sales, decreased consumer confidence and unemployment. Resources, mining and manufacturing are encountering challenges caused by exchange rates and the high cost of doing business in Australia.”

The latest RSM Bird Cameron thinkBIG study showed that 64 per cent of SMEs are optimistic and believe their business will grow in the next 12 months.

Graham said, “To make the most of this optimism and ensure they have a clear path to growth business owners need to have strategies in place to end the year and start the new one in the best shape possible. This will also ensure that business owners can make the most of the holiday period.”

14 things business owners should do before 2014

1. Review the products and services you sell. Tailor the mix to appeal to changing customer needs for the holiday and new year season. Also, start considering and planning for other times in the year when customers’ needs change, for example Easter.

2. Review pricing structures to ensure competitiveness and profitability. Put formal procedures in place to monitor and proactively respond to competitor pricing changes.

3. Review stock levels. Make sure you can satisfy customer demand for profitable product and service lines. Identify slow moving stock that can be liquidated as “bargain buys” or bundled with other products as a value-add.

4. Review sales, marketing and promotion plans. Make sure plans are optimised to help achieve the best results not only during the holiday season but well into the new year. Ensure staff are aware of the targets for each week and be proactive in monitoring and addressing shortfalls.

5. Review staffing plans and confirm acceptance of the rosters by all staff. For non-retail businesses, annual leave plans need to be balanced and finalised as early as possible to ensure the business continues to operate effectively. Consider a shutdown period if the Christmas and New Year period is traditionally not busy to use up staff annual leave balances during this quieter time.

6. Review fraud and theft protection systems. Ensure all staff are reminded of their responsibility to be vigilant as customer traffic increases and the pressures of Christmas expectations can motivate increased customer and staff theft.

7. Review debtor lists and actively chase all overdue accounts. Any amount not collected by December 23 is unlikely to be collected until February or later. Collecting money owed to you is critical particularly over this period when the cash cycle tends to tighten.

8. Review the use of finance products for effectiveness. Overdrafts, premium funding, lease facilities and cash flow funding products can all be excellent tools to help match a business’ cash supply with planned outlays, and may be especially useful in managing cash flow throughout the holiday season.

9. Complete a GST health check. Small businesses are in danger of losing time and money because of unreliable or outdated business systems causing them to incorrectly report GST.

10. Set effective goals. The beginning of the new year is an ideal time to review goals set at the beginning of the financial year, ensure you are on track to achieve them and put in place an action if you can see areas that are not working. Important things to consider include retirement planning, present and future investments, maximising your superannuation scheme and reviewing assets.

11. Update your business plan. Make sure your business plan is updated regularly to reflect changing market and economic conditions. Keep in mind a solid business plan is critical in meeting financing requirements as many industries face increased scrutiny from government and financial institutions requiring a much higher quality of management reporting and strategic planning to support funding applications and reviews.

12. Strategically plan end of year gifts and entertainment to key customers, prospects, suppliers and business partners. This will strengthen relationships into the new year rather than simply being a cost of doing business.

13. Carefully plan end of year staff parties to reward and recognise efforts for the year. Remember your workplace obligations to provide a safe environment for the event in relation to alcohol and discrimination.

14. Remember that you deserve a break as well. Plan to take advantage of any public holidays or other time off to protect your own health and wellbeing and reduce the chance of illness disrupting your business activities.

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About RSM Bird Cameron
RSM Bird Cameron is the largest mid-tier accounting firm in Australia with national ownership and profit sharing and offers a full range of specialist advisory services, including business consulting and advisory, assurance and advisory, taxation consulting, corporate consulting and turnaround and insolvency. RSM Bird Cameron is a core member firm of RSM International, the seventh largest network of independent accounting and consulting firms in the world.

RSM Bird Cameron Melbourne on the move to support growth

RSM_Bird_Cameron_Logo@2xOctober 2, 2013 – Due to continued expansion and market confidence RSM Bird Cameron Melbourne has moved to 55 Collins Street. This move supports the growth of the practice and provides an interactive, collaborative space for staff and clients.

RSM Bird Cameron’s Melbourne office has experienced consistent growth. The team recently welcomed a new partner, Brad Hutchesson, into the business services team. He joined from WHK Crowe Horwath and has more than 20 years’ experience in providing business and tax advice to SMEs and family businesses. This brings the number of Melbourne Partners and Principals to 20 and the total number of employees to over 140.

Robert Miano, Melbourne office Managing Partner, RSM Bird Cameron, said, “The move is a reflection of RSM Bird Cameron’s expected future growth in Melbourne. Many other firms might not consider a move like this in the current economy but the Melbourne Partners and Principals see this as the right time to demonstrate confidence in the business to the market. We have a strong, stable team that is preparing for the next growth phase in the economy.”

“The new office provides a platform for the Melbourne practice to continue to grow, ensuring the team has the facilities and the space to provide the best service for clients now and in the future.”

RSM Bird Cameron worked with PTID Environments to improve the connectedness across the office. This will increase opportunities for communication and collaboration for staff and clients. The design is inviting with an interactive layout, new client and internal meeting rooms, quiet spaces and large staff hub.

Zaiga Padoms, Senior Interior Designer, PTIDEnvironments, said, “The new RSM Bird Cameron facilities at 55 Collins Street, on the 20th and 21st floors, have been designed to take advantage of expansive views and natural light.

“The design provides a range of different work modes in its mix of offices, open plan and informal collaborative spaces. A high-quality finish to the reception and front-of-house meeting rooms creates a premium environment for guests and clients. An internal staircase drives connectivity between the two floors, located adjacent to a dynamic staff hub space to build a community within the office environment.  Support spaces such as print rooms have been centralised, with a range of storage provided in both centralised rooms and compactus, and also localised on the floor close to teams.”

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About RSM Bird Cameron
RSM Bird Cameron is the largest mid-tier accounting firm in Australia with national ownership and profit sharing and offers a full range of specialist advisory services, including business consulting and advisory, assurance and advisory, taxation consulting, corporate consulting and turnaround and insolvency. RSM Bird Cameron is a core member firm of RSM International, the seventh largest network of independent accounting and consulting firms in the world.