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Business Strategy and Planning

A crucial part of any successful business is a well thought out and reliable plan. Lockwood and Ward understand the importance of good planning. Whether it is to maximize your profit, expand your business or just increase process efficiency, we are able to help you better understand and manage your business. Our staff will help you discover what your financial goals are and how to achieve them.

Succession Planning

Private business owners at some stage will want to sell their business at the optimum price and in the most tax effective way. Owners have several options when considering the sale of the business including:

  • Sale to family members

  • Management buy-outs

  • Third party sale

  • Franchising

  • Public float

  • Close and sale of assets

Determining the best method is the process of succession planning. Business owners with heirs often believe that the disposal to their family is the option which fulfils all their desires. However, this method of sale can also result in many issues for the family to resolve. Choosing the family member who is best suited, resolving training and handover issues, and ensuring that the business continues are all important to the succession process.

Management buy-outs have the benefit of selling to those that know the business well. The issue most often faced with MBO's is the ability of employees to raise the funds necessary to meet the purchase price. Earn out arrangements are also not the most secure avenue for the vendor of a business to take. The third party sale is often seen as the simplest method of disposal; however this area also requires careful consideration to ensure that the business is sold for the best possible price.

Clearly the sale of the business itself becomes the most important sale of all, and consequently warrants planning. A common misconception is that this planning for sale can be started as little as six months before the required disposal date, this is not true. Preparing a business for sale and creating a market for the business cannot be achieved in a short time frame, in effect planning for the sale of the business in most cases should be an ongoing process, and should span several years.

Tax compliance is a complex procedure. There are frequent changes in rules and legislation, as well as social, economic, political and global influences to be accounted for. If you have any concerns or are worried about tax risk within your organisation, then contact Lockwood and Ward to help minimise your exposure or to clarify any issues.

Potential tax risks can include:

  • Operational risk – day to day risks such as making incorrect tax withholdings

  • Compliance risk – such as making inadequate tax return disclosures

  • Transaction risk – potential taxes arising from, for example, asset sales

  • Financial accounting risk – in disclosing tax assets and provisions for tax payable

  • Personal risk – to directors from, for example, unremitted PAYG and GST

Non-compliance can result in severe consequences. The ATO and state tax authorities regularly audit and investigate companies to ensure tax compliance. Lockwood and Ward will be able to perform a simple and easy tax risk check to ensure you peace of mind and confidence. We can also help reveal ways in which you can save tax!

Services & Support

At Lockwood & Ward, we provide the following Accounting Support services for our clients:

Onsite & Offsite Bookkeeping

  • MYOB Ledger setup & data processing

  • Bank & Credit Card account reconciliations

  • Month End accounts & Year End review

  • Inventory records maintenance

Receivables & Payables Management


  • Processing sales & receiving payments

  • Complete invoicing service including statements

  • Payables entry & payment scheduling

Payroll, PAYG, & Superannuation


  • Employee setup & maintenance

  • Weekly or monthly payroll processing

  • Payment Summaries

  • PAYG & Superannuation

Business Activity Statements


  • BAS and IAS Preparation

  • Electronic lodgement service

  • FBT & PAYG instalments

Management Reporting

  • Job profitability

  • Budgeting and Cash Flow

  • Profit & Loss and Balance Sheet

  • Customised reports to suit your need

Management Reporting

  • Job profitability

  • Budgeting and Cash Flow

  • Profit & Loss and Balance Sheet

  • Customised reports to suit your need

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