Most of my work now is helping owners of recruitment businesses to clearly define their business goals then meet with them monthly to ensure they implement agreed actions on the path to growth, succession or exit.
It is so important to have reliable, regular financial reports to measure progress and track performance and efficiencies.
Unfortunately, I see many recruitment firms referring to sub-standard financial reports which offer very little insight into the current or future direction required and merely represent a simplistic summary of past financial performance.
Here is my checklist of what a quality accounting firm should deliver:
1. They must know the recruitment industry and how important it is to calculate net revenues for temp, perm and contract plus important metrics for consultant utilisation and performance. Also, they must be strong on payroll tax which can catch out recruitment firms with severe penalties if incorrectly calculated.
2. They must meet with you regularly at least quarterly to discuss progress, performance and proactively offer you ideas for improved financial efficiencies.
3. They must do more than simply prepare your BAS and tax returns.
4. They must understand your long term goals are so they can work with you to build sound financial reporting structures to maximise business performance for short term returns or create value for longer term future succession or exit.
5. Finally, they should actively call you with suggestions and respond in a timely manner immediately to any tax or accounting questions or issues that arise.
If your accounting firm is not delivering enough value for money and does not know the recruitment industry, please feel free to give our Captain’s Table supporters William Buck a call to discuss how they work with recruitment companies to provide outstanding value for both personal and business tax and accounting advice. In the electronic age it is now very simple to switch firms and obtain a fresh and objective view of your business.
Senior state William Buck directors:
NSW – Cameron Martin – 02 8263 4000
VIC – Diana Dimitrov – 03 8823 6884
QLD – Angela Jeffrey – 07 3229 5100
Website is: https://williambuck.com/
I hope you find these contacts useful (I receive no referral fees) as I have several clients now that are very happy with the good value recruitment industry specific accounting, tax and advisory services provided by William Buck.