Accounting

Another Satisfied Client With Our Value-Based Business Steering or VBBS Accounting Services

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Today completed a Business Review Meeting with a client for his group of companies, with each company in the group just closed different fiscal year ends.

The Meeting started with critical reviews of the respective Profits attained for the fiscal years just ended and the respective net Cash generated.

The Meeting then went on to perform Profits and Tax planning for the fiscal periods just closed, leveraging on the benefits of having different fiscal year ends of respective entities, over fiscal periods within an entity and across entities over time.

To complete the Profits planning, the Meeting went on to do a Financial Budget for the following 12 months for each entity to better understand the positioning of the Profits for the current fiscal period just ended.

Once Profits were planned and locked in, the Meeting went on to balance between Corporate and Individual Income Taxes between the company and the shareholders of the companies to optimize overall tax exposures via Directors’ Fees which leveraged on the benefits of difference between the fiscal period for the company for corporate income tax and calendar year for the shareholder as an individual subjecting to Individual Income Tax. The result of this exercise was overall reduction in the tax leakages.

Finally, the Meeting went on to do Cash forecast into the new fiscal year to have a better visibility of the peak and lull cash utilizations, getting the client better prepared with detail Cash Actions Plan to avoid “surprises”.

At the end of the Business Review Meeting, the client was utterly convinced of the actions he needed to take in the coming 12 months.

The client left my office with more enlightened and guided options of his business direction, and better prepared with “Plan B” and “Plan C” for the “risk areas” and possible “road blocks” ahead of him.

He thanked my team profusely for taking time to conduct this 2-hour Meeting, which made him wiser for the next 12 months.

Unknown to this client, my team and myself spent 3 days to prepare for this 2-hour Meeting.

This is our VBBS Accounting.

If you need help, feel free to contact us at :

(M) +65 90880669

(E) [email protected]

www.corporatebackoffice.com.sg

Written by Kelvin Loh