Lume Accounting & Assurance
35 Cotham Road, Kew VIC, Australia
35 Cotham Road, Kew VIC, Australia
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With technology such as Zoom & Skype we are able to work remotely with clients across Australia. Cloud based applications such as Xero & MYOB allow seamless book-keeping tasks to be completed from anywhere.
Management Accounting & Book-keeping
Lume can tailor Financial Reports for your small business to suit your needs.
Whilst some clients prefer only a Profit & Loss Statement and Balance Sheet to meet their statutory tax obligations, Lume has the capabilities to measure many financial aspects of your small business.
​These include measures such as staff utilisation, analysis of various cost items within the business and profitability of individual projects, products or clients.
​With over 20 years experience working with small business clients, the Lume team have the ability to meet your full Management Accounting and Book-keeping needs.
​Alternatively, our flexibility also allows us to work hand-in-hand with your internal book-keeper to translate financial data into meaningful and actionable Financial Reports.
Business Set-up & Structuring
Lume understands that starting a small business can be daunting.
Our experience allows us to present start-ups with various structuring options and advise on what we think best suits you based on your current and future plans.
We can provide advice on whether you should register your business as a Sole Trader, Partnership or Company.​
We can assist with all ASIC registrations, GST, PAYG and other ATO registrations and Partnership or Shareholder Agreements.
We can advise on any insurances you business is required to have (Workcover etc.) and assist getting them in place.
Our team have a sound working knowledge of Superannuation and can outline what it means for your small business and suggest suitable funds for you to consider.
We can help get your business bank accounts sorted with the bank of your choice.
A few hours with the Lume team will provide a clear and simple picture of how to get your small business up and running.
Income Tax Compliance
All Australian businesses have statutory reporting obligations they need to meet with the Australian Taxation Office (ATO).
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With over 20 year's experience dealing with the ATO for small businesses, Lume is well placed to assist with all of your small businesses taxation requirements.
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If you are registered for GST and/or PAYG, Lume can arrange the preparation and lodgement your BAS statements as required.
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Whether you are registered as a Sole Trader, Partnership or Company, Lume can organise the preparation and lodgement of your annual business tax returns along with any Individual returns for those connected to your business (family members etc.)
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Our vast experience as small business accountants allows us to help you manage your cashflow to meet any ATO installment payments.
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Lume can take the stress away from dealing with the ATO for your small business, allowing you to focus on doing what you do best.
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Lume Accounting & Assurance is a Registered Tax Agent (25976260) under the Tax Agent Services Act 2009.
Budgets & Cashflow
Cash flow is the single most important financial aspect for any small business.
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Poor cash flow is the most common reason for small business failure - with careful planning and forecasting such risks can be reduced and predicted before problems arise.
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Lume can help you plan your cash flow to identify times of cash shortfalls and excesses so you can manage accordingly.
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Setting budgets and financial goals on a regular basis allows small businesses to benchmark their actual performance against tangible measures.
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Lume can work with you to develop such budgets to help you better understand your business as a whole as well as particular areas of over-spend that require greater attention.
Pricing & Profitability Analysis
How you price your products/services will have a great impact on the financial performance of your small business.
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Lume can help review and improve your pricing strategy to achieve the best outcomes for you.
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We have the capabilities to benchmark competitor/industry pricing standards and compare these to your offerings.
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We can perform scenario modelling for your small business to show the impacts of pricing your products/services at various levels (i.e. what does the bottom line look like if your prices were 5% or 10% higher or lower?)
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Being the lowest priced small business in the market does not always result in winning more projects/clients or achieving a sustainable bottom line.
Lume will work with you to ensure the prices you are paid for your products/services are aligned to the value you are providing your clients.
Business Purchase & Sale Assistance
Buying a small business can be a major decision with many aspects to consider to ensure a fair price is paid.
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Lume can help you with your purchase decision by reviewing a seller's financial records in detail and asking the right questions to help determine a businesses true value.
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We look into things such as the Revenue/Profitability trend of the business (are they increasing/decreasing), the quality of any clients being sold with the business, the running costs of the business (salaries, rent etc.), the fair value of any tangible assets to be transferred and so forth.
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We also benchmark the seller's financial statements and reported margins against industry averages to identify any material variances that would need to be better understood.
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Our thorough analysis will allow you to make an informed decision to proceed or not with a small business purchase.
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If you are looking to sell your small business, Lume can assist with helping to facilitate the transaction and liasing on your behalf with interested parties or their representatives.
