[ How We Work ]

Your accountant should be involved before the decision is made.

You should not hear from your accountant only when a return is due or something has gone wrong.

We stay involved throughout the year, keep the financial information current and make time for the decisions that affect cash, tax, people, ownership and growth.

When something important is in front of you, we should already understand the business and be ready to work through it with you.

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A Wakefield Pacific adviser and a business owner working through the numbers together

A different accounting relationship

Good accounting should change what happens next.

Financial statements and tax returns explain what has already happened.

That work still matters. It must be accurate, completed properly and lodged on time.

But business owners also need help while there is still time to make a decision.

That may mean understanding whether the business can afford another employee, how a purchase will affect cash, whether the owners should distribute profit, what tax is likely to be payable or whether a change in structure needs to be considered.

The value is not only in receiving the numbers. It is having people who understand them, explain what they mean and help you decide what to do next.

Getting started

We begin by understanding the business properly.

Before giving advice, we need to understand how the business works.

That includes how it makes money, where cash is committed, how the owners are paid, which parts of the business are performing well and what the owners want the business to achieve.

We also review the current accounting records, tax position, business structure, reporting systems, upcoming obligations and any decisions already approaching.

The purpose is to establish what is happening now, what needs attention first and what a useful relationship should look like from that point forward.

The areas we consider, where relevant

  • Business model and revenue streams
  • Profitability and cash flow
  • Current accounting records
  • Tax obligations and upcoming deadlines
  • Existing business and ownership structure
  • Owner drawings, wages and distributions
  • Debts, finance and repayment commitments
  • Reporting systems and available information
  • Current risks, concerns and decisions
  • Business and personal goals
  • Responsibilities between multiple owners
  • Priorities for the next 90 days and 12 months

Throughout the year

The relationship continues after the accounts are finished.

The timing and depth of the work depend on the service level agreed with each client.

For advisory clients, the relationship may include regular financial reviews, quarterly working sessions, tax-planning meetings and conversations when an important decision arises.

The purpose of regular contact is not to create more meetings.

It is to make sure the right conversations happen while the business can still act on them.

01

Regular financial reviews

We review performance, cash flow, margins, debtors, upcoming commitments and the measures that matter most to the business.

02

Quarterly working sessions

We step back from immediate deadlines, review what has changed and agree on the priorities for the next quarter.

03

Tax-planning meetings

We estimate the expected tax position and consider available actions before the end of the financial year.

04

Decision-specific conversations

Hiring, borrowing, equipment purchases, expansion, ownership changes and new opportunities do not always follow a calendar. We want to discuss them before the business commits.

05

Annual planning and review

We review progress against the owners' goals, what has changed and what the business needs from us over the coming year.

The meeting

You should leave knowing what happens next.

01

Before the meeting

We review the available financial information, compare actual performance with the plan and identify the matters that need discussion.

The meeting should begin with an understanding of the business—not with the client explaining information we should already know.

02

During the meeting

We explain what has changed, discuss the options and work through the financial, tax and commercial consequences of the decision.

Where there is more than one owner, the meeting gives everyone access to the same information and an opportunity to agree on the next step.

03

After the meeting

We record the decisions, actions, responsibilities and relevant deadlines.

The purpose is not to produce another set of meeting notes that nobody uses. It is to make sure everyone knows what was agreed and what needs to happen next.

Before you commit

Some decisions are too important to discuss after the paperwork is signed.

We want clients to involve us before making decisions that could materially affect cash, tax, risk or the future direction of the business.

  • Hiring employees or changing the team structure
  • Purchasing vehicles, equipment or major assets
  • Borrowing or refinancing
  • Opening another location
  • Entering a lease
  • Buying or selling a business
  • Bringing in another owner
  • Changing ownership interests
  • Paying dividends or making trust distributions
  • Moving money between related entities
  • Starting a development or major project
  • Restructuring the business
  • Acquiring property through a business or related entity
  • Planning succession or an eventual exit
  • Responding to a significant tax or cash-flow issue

We may not make the decision for you.

Our role is to make sure you understand the numbers, the risks, the tax consequences and the options before you make it.

Before 30 June

Tax planning should happen while there is still time to act.

A tax estimate delivered after the financial year has ended may explain what is payable, but it gives the business very little opportunity to change the outcome.

Where tax planning forms part of the engagement, we estimate the expected result before year-end and consider the actions that may still be available.

Depending on the client's circumstances, this may include reviewing:

  • expected taxable profit
  • PAYG instalments
  • company tax
  • trust distributions
  • dividends and franking credits
  • director and shareholder loans
  • Division 7A obligations
  • superannuation contributions
  • asset purchases
  • timing of income and expenses
  • tax losses
  • group structures
  • owner remuneration
  • cash required for future tax payments

The objective is not simply to reduce tax. It is to make informed decisions and avoid surprises.

Financial information

You should not be making today's decisions from last year's numbers.

Reliable advice depends on reliable information.

We use Xero and connected systems to improve the quality, timing and accessibility of the financial information available to the business.

Depending on the engagement, reporting may include:

  • profit and loss
  • balance sheet
  • cash-flow position
  • aged debtors and creditors
  • gross-profit margins
  • labour and wage costs
  • overheads
  • budgets and forecasts
  • performance against targets
  • business-specific key performance indicators
  • tax and debt commitments
  • cash-flow forecasts
  • financial position across a group of entities

A report is only useful if the information is accurate, the owner understands it and the discussion leads to a decision or action.

Two Wakefield Pacific advisers discussing a client's numbers before a meeting

After the advice

A good meeting should lead to action.

Advice loses its value when nobody is responsible for what happens next.

Where appropriate, we record:

  • what was decided
  • what needs to be completed
  • who is responsible
  • when it is due
  • what information is still required
  • what needs to be reviewed at the next meeting

Some actions will sit with Wakefield Pacific.

Others may sit with the owners, a staff member, a lawyer, a broker or another adviser.

The important point is that responsibilities remain visible and the conversation continues.

Several owners

Everyone should be making decisions from the same information.

Businesses with several owners often have different responsibilities, priorities and views about what should happen next.

One owner may focus on sales. Another may manage operations. Another may be concerned about cash, debt or personal risk.

Our role is to help ensure the owners understand the same financial position, discuss the consequences of the available options and agree on clear actions.

We do not replace the owners' judgement or resolve every disagreement.

We provide reliable information, ask the questions that need to be answered and help keep the discussion focused on the business and its objectives.

Your Wakefield Pacific team

The relationship does not depend on one person doing everything.

Clients should know who is responsible for their relationship and who to contact when something needs attention.

Behind that lead relationship is a team preparing the work, reviewing the detail, managing deadlines and supporting the advice.

Depending on the engagement, this may involve:

  • Directors
  • Managers
  • Senior Accountants
  • Accountants
  • Client Managers
  • Client Service and administration team members

The structure gives clients continuity and access to the right level of experience without requiring one person to handle every task.

Senior people remain involved where their judgement and experience are required.

Meet the team →

Communication

You should know who to contact and what is happening.

Clients should not need to guess whether a request has been received, who is responsible or when the next step will occur.

Our team uses shared systems and clear responsibilities to keep communication, documents, deadlines and actions visible.

When a matter requires further work, we explain what is needed and who is handling it.

When an issue is important, it should not be left until the next annual meeting.

Modern systems

Technology should create more time for advice, not less time with people.

We use Xero, connected systems, automation and AI to reduce repetitive work, improve access to information and help our team identify matters that need attention.

These tools support the relationship.

They do not replace:

  • professional judgement
  • technical review
  • responsibility for the advice
  • conversations with the client
  • understanding the circumstances behind the numbers

The benefit should be better information, less unnecessary administration and more time spent discussing the business.

Coordinated advice

Important decisions often involve more than one adviser.

A business decision may require input from a lawyer, finance broker, financial adviser, insurance adviser, migration adviser or another specialist.

Where appropriate and authorised by the client, we work with those advisers so the financial, tax, legal and commercial considerations are not dealt with in isolation.

This may involve:

  • providing financial information
  • explaining the group structure
  • reviewing the tax consequences
  • helping prepare forecasts
  • attending joint meetings
  • clarifying responsibilities
  • ensuring the agreed structure is reflected correctly in the accounts

We do not provide legal, financial-product or other specialist advice outside our professional scope.

Our role is to keep the accounting, tax and business implications connected with the broader decision.

The technical work

The advice depends on the work being done properly.

The conversations may be the most visible part of the relationship, but they rely on disciplined accounting and tax work being completed in the background.

Depending on the engagement, this may include:

  • annual financial statements
  • income-tax returns
  • BAS and IAS preparation
  • PAYG instalment reviews
  • tax planning
  • FBT
  • payroll-tax reporting
  • Division 7A reviews
  • trust-distribution documentation
  • group and inter-entity reconciliations
  • fixed-asset and depreciation reviews
  • business structures and restructures
  • company and ASIC administration
  • management reporting
  • budgets and cash-flow forecasts
  • compliance calendars
  • ATO correspondence and payment arrangements
  • year-end and balance-sheet reconciliations

The scope of this work depends on the service agreed with each client and their circumstances. Not every client receives every item.

The technical work is not separate from the advice.

It is what allows the advice to be based on information that is complete, current and properly considered.

The practical difference

The relationship should make the business easier to understand and manage.

Working this way should mean:

  • the owners have access to more current information
  • important financial issues are identified earlier
  • tax is discussed while there is still time to act
  • major decisions are considered before commitments are made
  • several owners work from the same financial position
  • meetings address matters that affect the business
  • actions and responsibilities remain visible
  • the adviser already knows the history behind the question
  • the technical work and commercial advice remain connected
  • the business is not relying on one annual conversation

The right level of support

Not every business needs the same relationship.

Some clients need reliable tax and compliance work completed properly.

Others need regular reporting, tax planning and structured review meetings.

Some require deeper support with cash flow, forecasts, major decisions, finance, growth or the responsibilities shared between several owners.

The scope, timing and level of senior involvement depend on the service agreed with each client.

We explain what is included before the engagement begins so both sides understand:

  • the work to be completed
  • the meeting frequency
  • the reporting provided
  • the people involved
  • the responsibilities of the client
  • the agreed fee
  • what falls outside the scope

A client engaged for annual compliance work is not promised a quarterly advisory relationship. The inclusions of each service are set out before we start.

See what each service includes →

The first conversation should be useful too.

Tell us what is happening in the business, what decisions are approaching and what you need from your accountant.

We will explain how we would work with you, what level of support may be appropriate and whether the relationship is the right fit.

Book an introductory call →View our services

Questions about working with us →