The Holistic Accountant

Stuart Wemyss & Mena Abraham

A holistic accountant goes beyond tax returns, aiming to offer proactive advice to maximise clients' wealth after all taxes. Stuart Wemyss and Mena Abraham explore multifaceted considerations weekly, highlighting the need for a holistic approach. Each episode is succinct and to the point with no fluff or sales pitches. For further details, check out www.prosolution.com.au.

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Top 10 The Holistic Accountant Episodes

Goodpods has curated a list of the 10 best The Holistic Accountant episodes, ranked by the number of listens and likes each episode have garnered from our listeners. If you are listening to The Holistic Accountant for the first time, there's no better place to start than with one of these standout episodes. If you are a fan of the show, vote for your favorite The Holistic Accountant episode by adding your comments to the episode page.

Customer feedback surveys: everything business owners must know

The Holistic Accountant

06/04/24 • 12 min

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In this episode, Stuart and Mena dive into the world of customer feedback surveys, uncovering essential insights for business owners. They explore the Net Promoter Score (NPS) introduced by Fred Reichheld, a straightforward yet powerful tool for gauging customer loyalty and forecasting business growth. NPS segments customers into Promoters, Passives, and Detractors, each offering unique insights into customer satisfaction and areas for improvement.
Key takeaways include the importance of keeping surveys short, typically no more than 2-3 questions, and always acknowledging feedback to show customers their input is valued. The hosts discuss strategies like asking targeted questions to pinpoint high-value needs and responding effectively to negative feedback. Drawing inspiration from companies like Zappos, known for their exceptional customer service, they highlight the importance of addressing common service weaknesses and testing survey questions for clarity.
Stuart and Mena also debate whether businesses should always heed customer feedback, citing Apple’s success in maintaining a premium product focus despite demands for cheaper options. They introduce a compelling alternative to the NPS question based on Seth Godin’s recent blog, urging listeners to assess whether their customers are actively sharing their experiences.
Tune in to discover how to leverage customer feedback surveys to drive business growth and enhance customer loyalty.

If this episode resonated with you, please leave a rating on your favourite podcast platform. It helps us reach more incredible listeners like you. Thank you for being a part of the journey!
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Work with Mena & Stuart's team: At ProSolution Private Clients we encourage clients to adopt a holistic and evidence-based approach when making financial decisions. Visit our website.
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IMPORTANT: This podcast provides general information about finance, taxes, and credit. This means that the content does not consider your specific objectives, financial situation, or needs. It is crucial for you to assess whether the information is suitable for your circumstances before taking any actions based on it. If you find yourself uncertain about the relevance or your specific needs, it is advisable to seek advice from a licensed and trustworthy professional.

How can you tell if your accountant is doing a good job or not

The Holistic Accountant

03/21/23 • 8 min

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This week, Mena and Stuart discuss how to tell whether your accountant is doing a good job or not. We discuss:

The fact that fees tend to be either end of the spectrum I.e., too cheap or too expensive.
Some signs to look out for are:
- Shares/units owned personally or operate as a sole trader
- No distribution strategy i.e., large retained profits in business.
- No discussion about exist strategy – if you are close to selling/retirement
What to do if you think your accountant isn’t doing a great job.

If you would like us to cover a particular topic, please email us at 'advice at prosolution dot come dot au'.

The key to business success is fanatical discipline

The Holistic Accountant

10/15/24 • 13 min

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In this episode, Stuart and Mena discuss the importance of fanatic discipline in achieving long-term business success. Drawing a parallel with health and fitness, Stuart explains that, just like staying in shape requires consistent effort over time, business success is driven by small, simple tasks executed with unwavering discipline over months and years.
They explore the concept of "fanatical discipline," a term coined by Jim Collins, which refers to a business’s commitment to following specific practices and maintaining focus on long-term goals despite any external challenges. Mena highlights key characteristics of discipline, such as consistency, accountability, and long-term focus, which are essential for maintaining high performance.
The episode also outlines practical ways small businesses can apply this discipline, including defining core values, creating simple processes, encouraging accountability, and fostering consistent leadership. Stuart shares insights on how a disciplined culture can lead to sustained performance, resilience, and team cohesion, while Mena discusses actionable steps for implementing these practices.
Listeners will leave with a clear understanding of how fanatic discipline when embraced at every level of an organisation, can lead to sustainable growth and success.

Getting your business ready for sale

The Holistic Accountant

12/05/23 • 7 min

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In this episode, Stuart and Mena discuss strategies that can optimise your sale proceeds and the marketability of your business, including:

Financials – this is the first component that any prospective purchaser assesses.
Operations – businesses that are reliant on the current owner or their respective reputation are less desirable to purchase than those who have the Goodwill associated with the brand.
Get rid of dead weight – stock and staff
Customers – purchasers are weary if your customer base is heavily weighted to a small group
Structuring – Michael Tselepis's example
CGT concessions

How to minimise land tax

The Holistic Accountant

03/12/24 • 6 min

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In this episode, Stuart and Mena unravel the intricacies of minimising land tax, a looming concern expected to rise in the foreseeable future. They demystify the concept of land tax, emphasizing its assessment based on property holdings as of December 31st. The hosts advise listeners to scrutinise notices carefully upon receipt, underlining the significance of proactive examination.
The discussion delves into the financial barriers of changing ownership due to stamp duty and Capital Gains Tax (CGT), prompting consideration of alternative strategies such as grouping and discretionary trusts. Stuart and Mena explore actionable tactics to reduce land tax burdens and the feasibility of justifying associated costs against anticipated investment returns. Moreover, they ponder the viability of investing interstate as a means to mitigate land tax exposure.
This episode serves as a strategic guide for property owners and investors, offering practical insights into navigating the complexities of land tax while optimising financial outcomes in a shifting regulatory landscape.

Making the most of the 1 July tax cuts

The Holistic Accountant

03/19/24 • 6 min

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In this insightful episode, Stuart and Mena delve into strategic approaches for maximising the benefits of the 1 July Stage 3 tax cuts. They highlight the advantageous shift in the average tax rate, emphasising that in the financial year 2024, a $165k income corresponds to a 30% average rate, increasing to $200k in the next financial year (2025). Post-1 July, individuals can potentially take an extra $35k in their name.
The hosts explore the implications of the concessional cap increasing to $30k, enabling a post-1 July annual intake of $230k. They deliberate on the wisdom of delaying income to FY25 and offer a cautionary note about Div 293, advising listeners to keep income below $250k if feasible.
A key takeaway is the heightened importance of placing ungeared investments in the name of the person with the lowest income. The episode concludes with practical advice, urging individuals to bring forward any deductions in the current financial year (2024). This episode serves as a timely guide for viewers seeking to optimise their financial strategies in light of the upcoming tax changes.

Identifying what business failure looks like

The Holistic Accountant

10/22/24 • 14 min

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In this insightful episode, Mena and Stuart tackle the crucial signs of business failure that every owner should watch for. They reveal how stagnation can be just as detrimental as negative profit margins. Key indicators include a loss of employee morale, where high turnover and low engagement signal deeper cultural issues. Customer dissatisfaction, evident through increased complaints and declining loyalty, can also jeopardise growth.

The hosts delve into operational inefficiencies, highlighting the impact of ineffective leadership and process breakdowns. They explore the erosion of company culture, where a toxic environment stifles innovation and collaboration. Mena and Stuart also discuss brand erosion, explaining how a decline in market relevance and unclear messaging can dilute a business’s identity.

Additionally, they warn against strategic paralysis, where a failure to adapt or innovate leaves companies vulnerable to competitors. The episode concludes with a focus on the dangers of over-reliance on key individuals and the need for strong, visionary leadership. Don’t miss this essential discussion—recognising these signs early could be the difference between thriving and merely surviving!

2023 tax planning ideas and tips

The Holistic Accountant

05/30/23 • 5 min

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In this episode, Mena and Stuart discuss the common tax planning matters that you should consider prior to 30 June, including:

Completing trustee minutes and dividend declarations
Super contributions – when, how much, etc.
Importance of doing a stocktake
Forecasting taxable income
Using corporate beneficiaries

To find out more about our holistic accounting firm, ProSolution Private Clients, click here: https://www.prosolution.com.au/

Connect with Mena on LinkedIn: https://www.linkedin.com/in/mena-abraham-99635579/

How to best protect your interests in the event of a relationship breakdown

The Holistic Accountant

08/06/24 • 15 min

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In this episode, Stuart and Mena delve into the crucial topic of protecting your interests in the event of a relationship breakdown, especially when owning a business or investment entity. They discuss proactive steps to take when entering a new serious relationship, including setting up a Binding Financial Agreement (BFA) with the help of a reputable family lawyer, structuring business affairs thoughtfully, and ensuring both partners have independent financial, legal, and accounting advice to avoid conflicts of interest.
For those already in business, Stuart and Mena outline what to expect during a relationship breakdown. They emphasize the importance of a business valuation, particularly if it involves personal goodwill or exertion, and highlight the need to account for taxes in financial splits. They also discuss tax rollovers to guide asset division effectively.
The conversation touches on the emotional toll of a relationship breakdown and the necessity of planning who can manage business affairs during such times. Additionally, they recommend considering buy/sell agreements to stipulate business operations post-breakdown if both partners are involved.
Tune in to gain valuable insights and practical advice on safeguarding your business and financial interests in the event of a relationship breakdown, ensuring you're prepared for any eventuality.

How to fire a bad customer

The Holistic Accountant

06/25/24 • 7 min

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In this episode, Mena and Stuart tackle the challenging but crucial topic of how to fire a customer that doesn’t suit your business. They explore the impact of bad customers, who not only fail to refer new clients but also take longer to serve, increase business risk, and are generally less profitable and enjoyable to work with. Mena and Stuart explain that bad clients can hinder business growth and make it difficult to attract and retain great staff. They stress that success often comes from saying no to certain customers, even though many people find it hard to do so.
The discussion includes identifying what a good target client looks like and ensuring that the whole team understands this. Mena and Stuart provide practical strategies for firing a bad customer, such as increasing prices, setting future deadlines for service completion, or making excuses about capacity constraints. They highlight the importance of having a clear strategy for managing client relationships to ensure long-term business success.
Tune in for valuable insights and actionable advice on maintaining a healthy and profitable client base.

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FAQ

How many episodes does The Holistic Accountant have?

The Holistic Accountant currently has 117 episodes available.

What topics does The Holistic Accountant cover?

The podcast is about Super, Retirement, Wealth, Tax, Entrepreneurship, Property, Investing, Podcasts, Financial Advice and Business.

What is the most popular episode on The Holistic Accountant?

The episode title 'What to look for in a bookkeeper (and how to find a good one)?' is the most popular.

What is the average episode length on The Holistic Accountant?

The average episode length on The Holistic Accountant is 9 minutes.

How often are episodes of The Holistic Accountant released?

Episodes of The Holistic Accountant are typically released every 7 days.

When was the first episode of The Holistic Accountant?

The first episode of The Holistic Accountant was released on Mar 1, 2021.

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The Holistic Accountant

Stuart Wemyss & Mena Abraham

Top 10 The Holistic Accountant Episodes

FAQ

How many episodes does The Holistic Accountant have?

What topics does The Holistic Accountant cover?

What is the most popular episode on The Holistic Accountant?

What is the average episode length on The Holistic Accountant?

How often are episodes of The Holistic Accountant released?

When was the first episode of The Holistic Accountant?

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