William Buck New Zealand
As a fully integrated firm of Chartered Accountants and advisors, William Buck provides a complete solution. Putting you at the core of the business, our advisors work together to ensure that careful consideration is given to your business and personal wealth affairs.
Working closely with you and your team, our Business Advisors can help you plan and implement contemporary business strategies and practices to meet your business’s full potential.
Our commercially minded tax specialists offer clear, responsive advice to manage your tax risk, address local and international issues, and develop strategies to optimise your tax position.
Our highly experienced team of liquidators and trustees use their extensive expertise to assist in times of financial distress, achieving the best outcome for all stakeholders.
Our audit team has extensive experience in a range of engagements, giving stakeholders independent and objective assurance on financial information, transactions and processes.
By understanding not only what you want to achieve but why it’s important, our wealth advisors can create strategies attuned to your key priorities. The end result is a plan focused on your life goals.
Our Corporate Advisory team provides objective, strategic and commercial advice across a broad range of business issues. Our work spans the breadth each engagement from the origination of ideas to managing the transaction process, valuation and structuring.
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William Buck has a team of professionals with specialist experience and know-how on a range of industry sectors.
Our advisors understand the risks and opportunities unique to the agribusiness sector. Taking a strategic view of your operations they provide relevant guidance and advice.
Assisting public and private schools, vocational colleges, universities and private training providers, our education specialists provide timely and valuable assurance services together with strategic, financial and management advice.
Our Government and public sector team has substantial experience in assisting all levels of government to review their structures and develop strategies, in line with relevant legislative requirements and accounting and audit standards.
Working with over 1,600 clients in the health sector, our advisors help practitioners and health care corporates achieve their business and personal goals
Our hospitality and tourism team has a working knowledge of the industry which, when combined with our technical knowledge, can assist you in reaching your commercial goals.
By staying on top of changes in the manufacturing sector, our industry experts provide relevant and timely guidance to a broad range of manufacturing business.
Our mining and energy team has the experience and resources to help start-ups, developing businesses and well-established companies to meet their commercial goals.
Integrity and transparency are at the heart of the best Not for Profit organisations. These values re shared by our dedicated Not for Profit team, which helps entities to establish to improve performance and develop strategies for long-term growth.
Our advisors understand the challenges and opportunities facing the professional services sector first hand. This experience together with our expertise helps to determine your strategic objectives and provide concise, relevant advice to help you achieve your goals.
Our property and construction team assist on a wide range of assignments from property development to construction and large infrastructure projects. Their diverse experience, technical expertise and commercial know-how to help you tackle the important issues.
Our retail and wholesale team works with a variety of businesses from family owned operations to franchises and larger chains, to provide advice and guidance on the issues that count.
Our transport and distribution team works with businesses to review their operations, improve efficiency and productivity and ensure compliance with the latest regulatory developments.
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We work with individuals, businesses and community organisations with a particular focus on the mid-market. Drawing on our extensive experience, our advisors will challenge your thinking and re-frame problems to understand their root-cause.
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Life as a CFO can be complex, exciting and demanding. Combining technical excellence with decades of working closely with and listening to the needs of CFOs, our advisors understand the competing demands of your role.
Whatever your needs, we have the expert resources to create the best outcome for you and your business. As our client, you’ll benefit from our integrated services model that puts you at the core of its business.
We create and implement personal wealth plans and tax strategies that give our clients greater certainty that their financial and personal goals will be met.
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By Aaron Trombetta
FINANCIAL ADVISOR, WEALTH ADVISORY | ADELAIDE
Email | LinkedIn
The key to building wealth over the long term is a combination of the following three steps:
Before pursuing any investment opportunity you will need to know how much you can afford to contribute. The easiest way to identify your savings capacity is to establish a budget.
A budget is simply an estimate of your cash flow (income and expenses) over a set period of time.
Cash flow can be positive, negative, or neutral:
Positive — indicates that income is greater than expenditure
Negative — implies that expenditure is greater than income
Neutral — expenditure is equal to income.
It is only through achieving positive cash flow that savings capacity can occur.
Budgets are perceived to be complicated or time consuming but this does not have to be the case. Below are a few tips to help you get started.
Frame your budget
When starting to formulate your budget it’s best to look at an individual 12 month period. Preferably a full financial year, i.e. 1 July to 30 June.
List income and expenses in a frequency that is practical
Although you will need an annual snapshot of income and expenses it’s not an ideal timeframe to work with week to week. You may find it easier to manage your budget week by week if your annual cash flows are also listed in the frequency in which you get paid.
For example if your annual vehicle registration is $612 per year then you will be required to put aside $51 per month ($612/12) from your pay to cover this cost before it falls due.
Separate Income and Expenses into Categories
Ultimately your cash flows will fall into one of three main categories:
This represents funds paid to you (i.e. salary less tax*, interest, dividends, rent received)
*if you are receiving salary from an employer, tax is automatically debited from your pay. If you are self-employed or have a complicated tax return you may have to adjust your budget to cover forecast income tax liabilities.
Are living expenses you must incur on a regular basis (i.e. home loan repayments, utilities, insurances, groceries, healthcare, professional memberships)
Discretionary expenses (i.e. entertainment, leisure activities, gifts, travel, alcohol, fashion)
This represents non-essential or lifestyle expenses that you choose to incur.
Set a limit to your discretionary expenses
The majority of your income and fixed expenses can be easily identified via bank statements and past bills however discretionary (non-essential) expenses are much harder to track and will vary based on how social you are or how much you like to spend on lifestyle expenses.
As this figure is difficult to forecast, try setting yourself a limit instead. For example; if your income after tax is $100,000 per year, fixed expenses are forecast to be $60,000 and plan to save $25,000 then limit your discretionary expenses to $15,000 per year. If your discretionary expenses exceed $15,000 then you will be eating into your savings goal.
Use technology were possible
Unless you are using cash to pay for everything, a trail of fixed and discretionary expenses will be tracked by your credit and debit cards. Use EFTPOS facilities where possible and limit cash withdrawals as there will be no record of where these funds are spent!
A number of the large banks provide their customers with online budgeting tools that source data straight from your accounts. There are a large number of apps also available to track expenses. Investigate these options and if they suit your needs, utilise them first. Otherwise I have found downloading your account data and using a spreadsheet will provide you with all the flexibility you need.
Summarise your findings
Once you have forecast income and expenses using the above mentioned categories you can now use this information to:
Glenn & Maggie require a $70,000 deposit to purchase an investment property.
Glenn & Maggie’s combined income per year is $120,000 (after tax) and they have fixed expenses of $50,000. They have decided to set a limit of $30,000 for discretionary expenses. This results in a savings capacity of $40,000 per year and therefore it would take them approximately 1 year and 9 months to achieve their goal.
Maintain your budget and monitor your progress
Once you have established a working budget, the majority of the hard work is done. All that is left to do is to update income/expenses and check your progress along the way.
For example, if after 6 months Glenn and Maggie found that they had only been able to save $10,000 (instead of a projected $20,000) then they would need to revisit their budget and identify what additional expenses have impacted their savings capacity.
As you can see, a working budget can provide critical information that will help you take the first step towards building wealth over the long term.
Remember, a sound budget will ensure you have enough money for the things you need so you can save for the things you want.
Should you require further information on the benefits of budgeting or wish to discuss long term wealth building strategies please don’t hesitate to contact a qualified financial advisor.
About the author:
Aaron has recently become a father of one and is a Financial Advisor at William Buck. He’s good listener and eager to help clients achieve peace of mind no matter what their financial circumstances are or stage of life. Aaron enjoys travelling and digital photography.
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