Help 'Vaccinate' Against Insolvency
With EOFY here, now is the ideal time for you and your clients to pause, ‘take stock’ and plan for the new financial year, with a focus on thriving and staying solvent. And with the recent lockdowns and restrictions imposed around Australia, it’s even more important than ever to plan.
It’s been a challenging year for many businesses. And there are several concerning signs:
- We are increasingly hearing from accountants about business owners/directors dipping into their own funds to shore up their businesses – e.g., investing personal capital via savings, or redrawing the equity in their homes
- There’s an increasing number of payment arrangements with statutory creditors such as the ATO
- With the end of the commercial rental moratoriums, rent deferral payments are falling due
- With the snap lockdowns and restrictions around the country, it means the financial pressure is building up for some businesses, not to mention the mental health toll it’s taking
Before making the decision to reinvest and/or enter payment arrangements, we urge business owners/directors – and their trusted advisers – to explore other options so they can make an informed decision. Which is where we can assist. By having effective strategies and systems in place, or at the ready, a business is more responsive and resilient and therefore better positioned to cope with change and challenges.
At Jirsch Sutherland, we are proud to say we are the Trusted Adviser to Trusted Advisers. We are here to provide specialist support when you or a client needs it. A bit like having that extra club in the bag.
If you or a client need some guidance or just want to pick our brains, please don’t hesitate to contact us on 1300 547 724 or email firstname.lastname@example.org for an obligation-free consultation. It’s the first step to resolving your client’s situation.
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