APL Accounting News March 2018
The long awaited TOP DOGS club has arrived! We know beyond a doubt who the top financial performers are so why not get together and do something completely different that could evoke positive change for the entire profession.
For so many years we have seen attempts by the profession to create a group of ‘top performers’ so that the level of learning can be pitched a bit higher to meet the aspirations of the best businesses and to have a group that will come up with innovative ideas for the profession.
Yes, we see it all the time, practices that have been called ‘top performers’ and even practice owners who are invited to offer advice, only to find that when their financial status is carefully audited and benchmarked, they are no more than ‘average’.
The problem has always been that the selection of such a group has never really been objective or consistently measured. Because we now have a completely objective scoring system, we are now launching the TOP DOGS CLUB. There is no extra cost! Just extra effort because you have to qualify – it’s by invitation only.
If your business meets the criteria you WILL BE invited and receive a welcome pack and certificate, and if you are not, then it’s something to work towards for the next year.
TOP DOGS will be selected using the APL Accountants ‘normalisation’ system to assess profitability, and then only practices falling in the following category will be members:
- Have APL benchmark your practice to see if you qualify
- Have attended at least one APL client day workshop
- In the last 2 years at least one over 18% EBITDA based on APL Benchmarking
- Be consistently proactive in contributing to ideas within the group – no passengers.
Once a member, TOP DOGS will have to be above APL average net profit margin to maintain membership (currently at 15%). This allows for practices that reducing profit in the interest of investing in growth.
TOP DOGS will still be welcome to our annual client days, however they will also be offered a different training/educational stream and the assumption that you have a good working knowledge and understanding of your financial matters. This will allow us to focus on innovative strategies in the profession and non-veterinary financial information and investment. All members will be expected to partake and contribute as we expect at this level that members will be able to teach each other rather than being lectured to.
So hold your breath, because you may receive an invitation to this unique and exciting club within the next few weeks.
March – end of quarter
It’s nearing the end of the quarter so we are getting excited about benchmarking reports, tax planning, BAS and end of quarter celebrations for our theme. Not to mention a celebration of chocolate bunnies, coloured eggs and four day weekends.
To wrap up this quarter, preferably in shiney bunny print foil, we ask that all bookkeeping is finished as soon as possible to not only allow for a positive work flow but to ensure we have plenty of time to prepare your reports if you are a benchmarking client. If you are not a benchmarking client it’s still great to have things finished early so that you know what you owe the ATO and can also budget for the next quarter to be ahead of the game.
If you have any vehicles registered in a company name you will need to record each odometer reading at 31 March and forward this information to us.
I may be small but I have a healthy appetite this is why it’s important I am fed adequate amounts when I ask. If mum waited to the end of the month and just put a full bag of food in front of me I would be beyond hungry, a bit agitated, I wouldn’t be able to finish it, and unpleasant things would happen especially if it wasn’t the correct food that I had asked for.
This is often a similar situation with end of the month bookkeeping. I know some bookkeepers are always asking for information to complete work – sometimes even begging. They can be more persistent than untreated Otitis Externa, more persuasive than a room full of liver treats, although also aware that their email reminders and phone calls are about as welcome as a Pavo outbreak for their busy vet clients.
For those of you who do send your work in on time, we thank you and should probably start sending you a bag of treats in appreciation.
In the name of good dogmanship, I ask for the love of roast chicken, that people please be mindful at the end of the month and send their work as soon as possible. Otherwise, we have a back log of work to complete in a short period of time and it can become stressful for everyone as the deadlines approach.
No one enjoys being backed up …
Please Note: Many of the comments in this publication are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the informations applicability to their particular circumstances. In particular, please note that the APL dogs who often prepare this newsletter do not have opposable thumbs so have to type with their noses.