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.

Using the flywheel concept to grow your business

The Holistic Accountant

10/08/24 • 12 min

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In this episode, Stuart and Mena explore the powerful Flywheel concept, originally developed by Jim Collins, and how it can drive sustainable growth in business. They explain that great companies don’t rely on one key strategy but instead build momentum through a series of interconnected, reinforcing activities that create a cycle of success. The episode delves into the components of the Flywheel, using real-world examples to demonstrate how it works in practice.
Stuart highlights the importance of continuous improvement and iteration, showing how companies can refine their processes and grow over time. Mena walks listeners through the steps a company can take to discover its own Flywheel, from identifying core values and customer insights to mapping key activities that drive growth.
This episode is perfect for business owners and entrepreneurs looking to unlock scalable, resilient growth. Stuart and Mena show how understanding the Flywheel can offer a more sustainable and effective approach than traditional strategies. Whether you’re familiar with the concept or learning about it for the first time, this episode provides valuable insights and actionable steps to help your business build lasting momentum.

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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SPECIAL OFFER: Buy a one of Stuart's books for ONLY $20 including delivery. Use the discount code blog here.
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.

Business planning for a new year

The Holistic Accountant

07/02/24 • 10 min

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In this episode, Mena and Stuart explore key strategies for planning your business for a successful new year. They start by emphasising the importance of reviewing the past year's performance through a thorough analysis of financial reports and key performance indicators, while also evaluating strengths, weaknesses, opportunities, and threats. They highlight the need to define clear, SMART goals that align with your business vision, and the importance of breaking down these goals into actionable projects and tasks.
The discussion then moves to resource allocation and budgeting, ensuring you have the financial, human, and material resources necessary to implement your plans. Mena and Stuart stress the value of involving your team in the planning process to gain insights and increase commitment. They also delve into creating a detailed financial forecast to project revenue, expenses, and cash flow, and identifying potential risks to develop effective contingency plans.
Additionally, they underline the importance of setting key performance indicators to measure progress and scheduling regular review sessions to keep your plan relevant and effective. By documenting your plan in a concise, written format, you'll ensure clear communication and easy reference.
Listen in for practical advice on making incremental improvements that add up to significant gains, and prepare your business for a thriving financial year.

How do franking credits work?

The Holistic Accountant

11/15/22 • 6 min

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This week, Mena and I discuss how franking credits (aka imputation credits) work and how integral they are when it comes to tax planning including:

· Their aim is to avoids double taxation.

· Provides you with a tax offset so it’s important to keep track of your Company’s franking account.

· Sometimes paying tax sooner, so you can pay a franked dividend can reduce your overall tax.

· Distribution/dividend strategy - streaming franking credits to beneficiaries or shareholders with low taxable income and to receive a tax refund.

Offering customers discounts – should you, when, how and why?

The Holistic Accountant

02/27/24 • 9 min

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Embark on a strategic journey to business excellence with Stuart and Mena in this enlightening episode, where they unravel the intricacies of understanding and enhancing your business model. Offering a comprehensive breakdown of the nine vital components, the hosts provide a roadmap for entrepreneurs keen on refining their business structure. From crafting a compelling value proposition to navigating distribution channels and revenue streams, this episode serves as a practical guide for entrepreneurs at any stage. Stuart and Mena delve into the key factors that contribute to a robust business model, emphasising elements such as a strong value proposition, sustainable revenue streams, scalability, and adaptability to market changes. The hosts introduce the 3 P's—Product, Process, and People—as crucial benchmarks for evaluating the strength of your business model, offering actionable insights that resonate with both seasoned entrepreneurs and startup enthusiasts. This episode becomes a reflective space, encouraging entrepreneurs to assess the effectiveness of their current business model and explore avenues for improvement. Through thought-provoking questions like "How strong is your business model?" and "How can you make it stronger?" the hosts empower listeners to adopt a proactive approach to business strategy. Tune in for a harmonious blend of theoretical wisdom and practical considerations as Stuart and Mena demystify the complexities of business modeling. Whether you're navigating the startup landscape or steering an established enterprise, this episode provides invaluable advice to fortify your business foundation and guide you through the dynamic terrain of entrepreneurship. Don't miss the chance to gain insights that could redefine the trajectory of your business journey!

How to read a set of financial statements

The Holistic Accountant

10/31/23 • 7 min

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In this episode, Stuart and Mena share tips on how to read a set of financial statements.

Familiarise yourself with the 2 to 3 main statements being a profit and loss, balance sheet, trading statements.
Profit and loss will give you an insight into the cost structure and profitability of the business.
The balance sheet tells you about the health of the business.
Cash flow consideration – focus on operating cash flow.
Calculate key financial ratios and compare periods and look for warning signs such as declining revenue, increasing debt levels, or inconsistent cash flow. Consider industry benchmarks.

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.

How to scale your business to multiply your profits

The Holistic Accountant

05/27/21 • 15 min

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Knowing how to scale your business is the fastest and most successful way to multiple your business’ profitability. That is why it’s important to consider if your business lends itself to scaling and if so, how to do it. In this episode, Mena and Stuart discuss:§ Three examples of how business’ achieve saleability including building a well-known brand, productisation and build-in the desire/incentive to ‘share’ in your product.§ Some businesses don’t lend themselves to sharing, and of course that’s fine, but those business’ should consider the ‘smallest viable audience’ concept popularised by Seth Godin.§ How your holistic accountant can help you to scale your business including understanding your numbers, different business models, structures and asset protection considerations.

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'.

Should you own a car through your business?

The Holistic Accountant

03/05/24 • 6 min

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In this episode, Stuart and Mena dive into a critical question: Should you own a car through your business?
Building on a previous discussion from March 2023 (S03-E09), they dissect the pros and cons of business ownership versus personal purchase. The episode delves into pivotal considerations like whether to register the car under your business name, exploring complexities such as GST implications and the potential for losses or gains upon sale.
Additionally, they unravel the intricacies of Fringe Benefits Tax (FBT) and weigh the merits of different vehicle types, from utes to electric vehicles to conventional cars. The discussion extends to financial strategies, weighing the benefits of borrowing against leasing or mortgage loans while factoring in borrowing capacity considerations.
This episode offers a comprehensive examination of a crucial decision many entrepreneurs face, providing invaluable insights to guide listeners towards informed choices regarding their business vehicle ownership.

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 104 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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