If you suspect your business may require some significant financial analysis and potential restructuring, the task can seem a daunting one to tackle alone. And there is no need to do so when the experts at MGB Accountants are standing by to give you the benefit of decades of experience in the industry. Whether you need a full assessment of your business from top to bottom or more specific, targeted assistance, we can help with any aspect of your financial dealings and business structures in Sydney, including:
We have teams of financial planning advisors in Sydney, stationed at Wetherill Park, Rosebery, and Campbelltown for your convenience and to give you an open, honest appraisal of your business or any issues you have been experiencing.
An astonishing 95% of all companies are estimated to be incorrectly or at least inefficiently structured, making it a leading cause of the failure of many Australian businesses. The top two reasons are:
Business structures in Sydney typically consist of several departments, each operating separately whilst contributing to the vision and forward momentum of the business as a whole. These usually include:
Many businesses employ a chief executive officer (CEO), and the owners and other investors form a board of directors to oversee proceedings. Variations on this standard structure exist and are found in most successful businesses across Australia.
The main corporate structures found in huge numbers of businesses across the globe are:
Many corporations opt for a hybrid structure, combining elements from the different models, albeit with one dominant, over-arching strategy.
Choosing the best structure for any company is key to how it moves forward, and seeking the advice of professionals with corporate structuring expertise before embarking on any new business endeavour is highly recommended.
This model most closely resembles the aforementioned structure, where businesses are divided into separate departments. It is particularly appropriate for smaller organisations and single-program concerns. A functional structure groups employees based on their specialisations, and all contribute to the bigger picture.
Divisional structures base themselves around certain products, projects, or services. Employees are no longer grouped according to their specialisations. Each product or service has a team of employees containing members from each of the departments mentioned above. Effectively, each product line acts independently, like a microcosm of the larger business.
Frequently used by international, multi-site organisations, a geographic business structure sees businesses set up working units and offices in several different locations, able to operate unilaterally and report back to the hub.
Complex matrix structures are typically found in large corporations where greater volume and coordination are required. Teams report to a series of rotating supervisors and can realign to new products and projects rapidly. It is effective at encouraging collaboration and internal communication but can also slow down decision-making, creating conflict and disproportionate workloads. It is best avoided unless exceptionally well planned/executed.
Logical, long-established business structures can help any business by assisting with some of the following outcomes:
This is where the MGB Accountants structural advisory team is ready to step in and take the reins. Offering as much advice and guidance as is required to secure the basic foundational building blocks and put any business back on track, from the ground upwards if necessary.
In everything from the tax implications of business structures to the issue of asset protection in business structuring, it is preferable to seek the assistance of MGB accountants’ structural advisory team and make sure all the bases are covered. The potential for catastrophic, uninformed decision-making is high and can affect everything that follows, from Sydney corporate compliance and setup to the fundamentals of business scalability and structural strategy.
If you feel the time has come to avail yourself of premium accounting services in Sydney, please contact us as soon as possible, and we can get the ball rolling in the right direction. Together, we can start the process of business structural review and transition, assessing your business from all angles and drawing conclusions on the most effective way to proceed. In the meantime, we have gathered some frequently asked questions for your perusal.
The implications of each business structure play a part in the amount of tax you may be liable to pay but it is an exceptionally complex subject to try and fit into a few succinct words. Rest assured, as your trusted small business tax return accountant, you can rely on MGB Accountants to guide you towards the best structure for your exact circumstances.
Opinions vary, but the accepted wisdom is you should assess and review your business structure as often as every 6 months and no more than 12.
We take great pride in our services and the fact our MGB Accountants structural advisory team is knowledgeable and experienced. While they are fully versed in international business structures and are up to date with all modern trends and regulations, it is important to remember we specialise in Australian businesses, and extra research may be required.
Let’s get started