Peter & Ross Beames together with David Rae returned to Canberra in July 2015 to operate as DPR Accountants and Advisers. Having spent 2015 trading from Batemans Bay as part of the contractual restraints of leaving their previous firm all three and their staff were delighted to return to the Canberra region at the start of the 2016 financial year.
The forced ‘sea change’ gave Peter, Ross and Dave the opportunity to re-engineer their respective Practices to focus on their areas of specialisation as well as providing tailored accounting, tax and investment packages to their clients. “Batemans Bay was a wonderful relaxed environment to contemplate the future for our Practice but the time away from family, friends and community kept us eager to return in July 2015. We are all delighted to be back in Canberra full time,” comments Peter.
Do you miss anything about the Bay?
“I miss sitting by the Clyde River to have my lunch each day, there is no more picturesque vista than the view back towards Long Beach with the moored boats bobbing on the tide in the foreground. I also miss the cooling sea breeze on hot summer days and the warmth of the winter sun. But missing those aesthetics pales into in significance compared to the satisfaction we get from positively influencing our clients’ financial lives.”
“BatemansBay was a wonderful relaxedenvironment to contemplate the future for our Practice but the time away from family, friends and community kept us eager to return in July 2015. We are all delighted to be back in Canberra full time” Peter Beames, Director
Have you changed your approach at all after your year away?
“Our market focus remains the same,” volunteers Ross, “We are dedicated to dynamically providing the Canberra region SME market with a suite of services designed to maximise profits and build wealth in the most appropriate corporate structure. “We take the view that assisting a client’s wealth build starts with analysing profit performance and providing insightful profit improvement advice on a timely basis.” Ross Beames, CA, Director Improved profits can then be channelled and tailored to each specific client situation and the goals we assist them in setting. We have also implemented Xero accounting software solutions for the vast majority of our clients and combined that with bolt on modules to enhance the automation and integration of various business functions. Xero have recognised our achievement in this area by making us a Gold Partner, one of only a handful to achieve this status in our region.”
During the 12 months away David was invited to appear on ‘The Investment Series’ TV program which will screen soon on the Sky Business Channel.
“Being invited to present on the show was one of my highlights during what was a difficult year with all of the travel required to the Bay for work during the week. The show has provided a public opportunity for me to demonstrate how I focus on ensuring our clients get the best returns from their investments for the least risk. Our approach mitigates risk by proportionally spreading investments across the appropriate asset classes to suit the specific needs and risk profile of the client. “The last 2 years have been a minefield in the investment markets and we are really pleased with how well our client’s portfolios have performed in the face of global economic volatility,” Dave Rae, Director David explained.
Moving forward DPR continues to plan to compliment its core services with market leading specialisations in:
- Business Valuation
- Business Succession Planning, and
- Wealth Succession Planning.
“Business Succession Planning is the process to guide business owners in optimising the outcomes from the sale or transfer of their business. This process quite often involves transferring to another generation of family members or the management of the business. The process requires empathy for what each party desires to achieve. The whole process can often take several years to successfully engineer and implement the plan. In many cases this avoids the need for a market sale to exit the business. Providing these services calls on all of the skills and experiences of my career and although challenging is terribly satisfying when positive outcomes that change lives are delivered,” Peter outlined.
According to Dave the years leading into and after a client’s ‘retirement date’ are critical from a planning and returns point of view. The decision to retire either through the sale of a business or stepping down from a career brings about a new set of challenges. There is a level of uncertainty due to the shift from salary/business income funding your lifestyle to being reliant on your investment/ superannuation assets. Typically you find yourself asking questions such as:
- How much can I afford to spend every year?
- How long will my money last?
- Can we afford to gift/loan some money to our kid’s or grandkids?
Pre retirement, these decisions don’t take as much thought because you can always work longer. As well as the financial questions, you also need to think about how you want to spend your time? Travel, volunteering, learning, health and fitness etc.
Post retirement we typically see three phases of lifestyle being active (hobbies, family, travel), passive (less travel, possible downsizing) and frail (less mobile, health). The financial requirements for each phase will vary.
“In structuring your strategy, it’s important to ensure that you remain in control of your lifestyle decisions. Take too much risk and factors beyond your control such as global economic conditions could dictate they way you live,” Dave said.
There are a number of planning strategies that can be used to achieve retirement goals and provide peace of mind.
“An example would be using an income stream to fund your needs and investing in growth assets to fund wants. Exploring the alternatives and deciding which is appropriate for each individual client is the key,” says Dave.
DPR has also made sure it has capacity to take on more clients. “We have deliberately put together a team of staff with strong capabilities and the scope to take on more work”, says Ross,” We are open for business and focused on providing our clients, both existing and new, with the best financial outcomes possible.”
It’s not all about the bottom line….
“There is no distinction between how we go about delivering pro bono work and the provision of services to fee paying clients – they are all treated equal and with the same priority. We highly value our engagement with Soldier On and Global Sisters” Ross Beames, CA, Director
“It’s not all about the bottom line!” stated Ross when outlining the significant investment made by DPR Accountants & Advisers in providing pro bono financial accounting and taxation services to the not for profit sector. DPR Accountants and Advisers currently provides a full suite of accounting, taxation, business advisory and consulting services to organisations such as Soldier On and Global Sisters.
Importantly, DPR Accountants and Advisers estimate they have provided approximately $75,000-$100,000 of pro bono services to Soldier On and Global Sisters since the establishment of DPR in September 2014, and the provision of pro bono services to these organisations comes with the same level of prioritisation and service that fee-paying clients receive.
When asked about the cost and sustainability of performing work for organisations such as Soldier On and Global Sisters, Ross is adamant the benefits far outweigh the costs.
“Whilst our level of involvement with Soldier On and Global Sisters is significant, the combination of which places the usual ongoing demand pressures on our skilled resources, it can be of no coincidence that our firm continues to win a significant number of new high end ‘A’ class clients whilst providing these pro bono services. There is also so much to be gained by our staff in working with highly talented individuals who choose a career path in the not for profit sector.”
The principals of DPR encourage all readers of the B2B magazine to check out the amazing work being done by Soldier On and Global Sisters:
DPR are located at Suite 6 Football House 3-5 Phipps Close in Deakin. For more information, please contact Dave, Peter or Ross on 6108 4544.