Business Benchmarking Tool
The ‘Business Benchmarking Tool’ turns your simple covering letter enclosing income tax returns into a meaningful document that compares your clients’ business performance against ATO industry benchmarks.
A number of years ago the ATO released a large number of industry benchmarks that captured details of revenue, profit and wages for most industry types. The benchmarks for each industry were categorised by the type of business structure and the annual turnover of the business.
The process is very simple. You inputg the historical data of the business including revenue, wages and net profit for the last few years. From the drop down menus you then select the industry, type of business structure and annual turnover range. At the click of a button you can then import the data into the letter and it will automatically embed graphs comparing the business' performance against the ATO benchmarks.
The program is available for $199 and to order the program simply complete y our details below and click on 'Order Product'.
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The key graph is the comparative benchmarks which is designed to c
reate a conversation with your client. Clearly, if the client's chart (in te middle) mirrors the ATO’s figures it it would suggest that the client is in the ‘normal’ range and unlikely to attract audit scrutiny based purely on the data. However, if the chart looks abnormal it will create some additional points for discussion and possibly highlight the likelihood of an audit. This in turn presents the opportunity for you to ‘sell’ audit insurance to the client or take action to correct the anomaly.