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09 Dec 2022

Small businesses are the life blood of Australia’s economy but statistics indicate that too many small businesses fail and don’t reward owners for all their hard work and effort. Elysium assists all our clients with their annual compliance work – what we refer to as the grudge purchase. This entails the lodgement of annual tax returns, and the preparation of annual financials which provides historical information on the performance of the business. For some we also assist with the lodgement of the quarterly Business Activity Statements. This ensures all their lodgement are up to date and done accurately which is an important process but it doesn’t provide timely data on business performance and often is not fully understood by the client.

What these small businesses are missing is an internal financial controller and someone who can not only provide this timely information but also analyse, understand and communicate the messages this data provides to the business owner. Larger businesses often employ these people but it is not cost effective for smaller businesses and so this information is lost. Small business owners often may not have the time to look at this data even if they could obtain and understand it as running the business takes up all of their time.

Elysium believes this is a crucial component that many businesses are lacking and could assist businesses to improve their cash flow and profitability. It can provide warnings that enable decisions to be made to prevent things getting worse and give business owners real time data on how business decisions are impacting their business which will help reduce the chance of that business failing.

Elysium has a partnership with software provider Futurli, which has a brilliant business software which can take the data in your financials and provide accurate forecasts. We are excited about how this can help us assist small businesses moving forward and would welcome the opportunity to show you how it could assist your business.

If you would like to know more, please do not hesitate to contact us.

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