Towers Business News, Blogs & Posts

Companies need to be careful in the appointment of Directors and implement a due diligence process, to ensure that a new Director is going to bring the skills and knowledge to supplement the ones supplied by the other directors. A popular process...

Directors of all types of companies have complex responsibilities relating to their company’s operations. “In a world of increasing complexity – where the temptation is to say “just leave it to the experts” – Boards of Directors are tasked with k...

Companies which have a 30 June financial year and undertook R&D activities in 2022/23 have to lodge their R&D Tax Incentive application with AusIndustry by 30 April 2024. This summary requires significant information to be lodged relating...

There needs to be a system of when meetings will be held and the reports to be submitted if a Board of Advice is going to add value to the Director. A system needs to be established for the preparation of reports relating to: Manufacturing or th...

Corporate Governance is an important subject for all businesses, particularly companies. Obviously, private companies must have at least one director (unless the company’s Constitution stipulates there must be more than one director) and many com...

There are a whole range of issues confronting SME business operators, whether they are operating as a sole trader, in a partnership or through a company. An awareness of ‘Corporate Governance’ is very important as this is a key component on the s...

The Predictive Accounting Process incorporates budgets, cash flow forecasts and projected balance sheets. But the link that makes these forecasting functions credible are the ‘KEY DRIVERS’. ‘Key drivers’ relate to items such as: Production targe...

A Business Plan is a ‘wordy’ document. By contrast, the series of documents comprising the Predictive Accounting Reports include numbers to show the ‘financial interpretation of the business plan’. The Budgeting Process is very important for all ...

This should be the aim of any accounting system. The data is not primarily for the accountant or bookkeeper, but for the managers and leadership team members within the business. Business activities obviously occur on a daily basis and I believe...

In our previous post, it was suggested that Accountants/Bookkeepers should be suggesting to their SME clients that they will benefit by modelling their business on larger businesses, preferably in the same industry. Let’s dig deeper into that conc...

All businesses large and small need to be implementing a ‘Culture of Continuous Improvement’ to combat the challenges of 2024 and beyond. Observing and learning how a larger business operates can be very beneficial for an SME operator. Every bus...

This business process commences with the BUSINESS PLAN. The Business Plan should be prepared over a number of sessions with the leadership team, normally with an advisor, to discuss the vision relating to where you would like the business to be a...

When the Leadership Team have completed the “who is this business” document, the next task is to document the VISION. Many SMEs find that assistance from an experienced virtual CFO is beneficial in the preparation of the ‘vision document’ compris...

As a former Chief Financial Officer (CFO) of a listed company, one of the very important things that I learnt was that larger businesses operate as a series of small businesses. However, the important difference is that they have implemented syste...

Various reports have indicated that SMEs require significantly more ‘financial data’ throughout the year, not just at the end of the financial year. The information that is required relates not only to profit and loss account and balance sheet, b...

If your company is seeking to raise capital from the public utilising Section 708 of the Corporations Act, which enables the company to raise a maximum of $2M in a 12 month-period but only from ‘personal offers’, the directors need to ensure that ...