Reid Maddison maximises your financial potential! Some time ago, we developed a program for helping individuals and businesses maximise their financial potential allowing them to regain financial control and giving them the kind of information they’ve always wanted but never had. Here’s that process in brief. Step 1 – Get it up-to-date The first thing we do is spring-clean the books. Your tax returns and financial statements must be accurate, complete and up to date. And there’s a wealth of information, here, about your business’ strengths, weaknesses, opportunities and threats. Step 2 – Protective measures One of the strategic issues we look at is cash flow projection. This helps you iron out seasonality or adjust to leaner times. And if you can predict and manage cash flow fluctuations, you can better prepare for growth. Asset protection is next. Read the article on it in this issue for some tips. But the important thing is that you can isolate your personal assets from business risks, and even business assets from business risks. Step 3 – Proactive measures Now we can get your accounting procedures improved. By adapting them around better practice, you can gear them to save time and money, get more up-to-date information, get more accurate information, and ensure returns and reports are easier and simpler to complete. Call us for tips on how to do this. We also review your compliance practices in relation to CGT, FBT, GST and income tax to minimise the risk from a tax audit. Here we also look at specific tax planning issues covering GST, FBT, CGT and income tax. Step 4 – Exit strategies With a few other strategic issues addressed along the way, the last major area we look at is your future plans. Is your business going to achieve your retirement aims?