SOLD
Accounting Practice - Canberra North Side

This accounting practice, located 10 km north of Canberra’s CBD, was an excellent opportunity for integration into an existing firm or continued operation as a standalone practice. Built on strong client relationships and high standards of service, the firm generated fees of approximately $1.3 million for FY 2018. The highly experienced advisors delivered tailored and contemporary advice to a diverse client base.

Key Highlights:

Client Base:

• Clients included businesses (predominantly IT, construction, and medical specialists), investors, and individuals.
• The top 20 client groups contributed 22% of total fees, with the largest client generating $27K per annum.
• Over half the client groups were long-standing, with many serviced for over ten years.

Revenue Composition:

• Individual returns: 40% of fees
• Trusts: 10% of revenue
• Companies: 17% of fees
• Advisory services: Just over 10% of annual revenue

Lodgements:

• 1,750 tax lodgements in 2017, with an average lodgement fee of $621
• Over 100 BAS completed per quarter

Fee Ranges:

• Annual fees of $200–$1K contributed 24% of revenue
• Fees between $3K–$20K contributed almost 45% of annual revenue

Operations:

• Benchmarks for WIP, debtors, write-offs, charge rates, and salaries were within or better than expected levels.
• Key personnel were expected to remain following the transition.

The vendor sold the practice for health reasons and to relocate with their family, offering reduced transition support for six months. The lease concluded in July 2018, providing flexibility for the purchaser to stay at the current location or relocate.