Accounting For Miners & Mining Industry Professionals
One thing that owners of mining related companies can count on is the industry’s unpredictability. Fluctuations in growth, the rise and fall of supply and demand, and changes to commodity prices are just some of the factors that make it difficult to improve your financial success. At Pherrus, we understand the unique challenges to mining professionals. Our industry-specific services include accounting for miners and investment advice to help protect your financial future.
Successful mining accounting requires business accountants who are also strategists. Mining businesses present unique challenges to the accountants that serve them. For every project a business handles, the mining accounting team must help them understand the best steps to take to make it successful.
In addition to mining business owners, there are also a number of businesses that offer services to these businesses. Accounting for miners and related businesses in this industry includes strategies to help them meet financial challenges and overcome the risks that are often associated with this sector. In a business where the short- term and long- term outcomes cannot be easily predicted, failing to base your financial decisions on solid information can easily result in losses.
The professionals from Pherrus are familiar with the mining industry and the current trends that apply to finances. Some of the services we provide to mining businesses throughout Australia include:
- Acquiring Working Capital – We help business owners acquire bank and equity funding they need to operate their business. This capital is for paying labour, operating their plant, purchasing new mining equipment, and obtaining additional real estate.
- Regular Contact and Reviews – We consistently contact all of our business clients to consider changes to their tax planning needs. In addition, mining clients often require reviews of depreciation rates, scheduling of mining services that need to be applied to assets that are no longer current, and other changes to your financing needs. Conditions change frequently in the mining industry and so do the needs of the businesses that serve them.
- Current Asset Management – Stock levels require regular inventory and management to ensure your assets are optimised. We provide management services to your assets and inventory and recommend any rotations needed to help you improve your investments.
- Effects of Various Variables on Cash Flow – A lot of factors impact the cash flow into and out of your mining business. Increases and decreases in work schedules, weather or environment conditions, and changes in geographic locations can make a difference in the productivity of employees and the profits coming into your business. We offer professional accounting for miners that includes advice on budgeting and improving your cash flow.
- Expanding and Contracting Your Operation – Expanding or contracting your mining business can be a good decision that improves the balance of cash flow coming in in comparison to your current expenses. We can advise you on whether the time is right to take your business in either direction and how to maintain the same quality of services and get consistent quality of operation.
- Succession Planning – Planning for your business after you are no longer in control of it is one of the most important decisions a business owner makes. A mining accountant expert from Pherrus can help you put a solid succession plan in place.
- Taxation Planning and Audits – Taxation planning is important to the financial success of any business. It is especially important to a mining business where there are so many conditions and rules for meeting compliance and getting your maximum deductions. We help you plan your taxes year round and complete your tax form to ensure you get every deduction that you are allowed. Reducing your tax liability can mean a significant difference in your financial obligation. We will also assist you if you are audited to prove that every deduction you took is a legitimate one.
- Acquiring a New Business – There are a lot of legal issues involved in acquiring a new business or merging with an existing one. Every step of the process also comes with a price tag. We can help you with financing and advise you on the potential financial burden that your new business venture will cause.
- Advice on Environmental Issues – The carbon tax and carbon pricing related to the government’s “Clean Energy Future” legislation can make operating your mining business challenging. We can provide you with expert advice to help you include the legislation in your business plan.
- Developing a Business Model – Setting financial priorities, facilitating cash flow, and determining financial obligations to employees are just some of the features of your business model. Let us help you develop a model that enhances your financial investment and helps you protect your assets.
- Determining Outsourced Support Services – Some of the businesses that serve mining companies are local ones that provide outsourced support services. They may provide supplies, employment, or other services that facilitate your operation. Some of these companies are located internationally. We can help you evaluate the benefits of these services and whether or not they are the best financial options. Sometimes cross border transactions include fees that you may not have considered in the overall value of your business. Many of the services we provide in accounting for miners include advice based on the many details that you rely on to keep your business operating.
- Documentation – Many of the transactions in your business require documentation to protect you and your company. We document all of your financial information, including your tax information. We can also document governance protocols and systems that apply to your business, shareholder agreements, and compliance information. We go a step further in helping you implement them so that your business is always operating according to requirements.
- Disaster Planning – No one wants to think about what would happen to their business if a disaster occurred. Being prepared could mean the difference between a total loss of your business and a mere stumbling block that you can get around. We can help you with disaster recover planning based on reviews that identify the best practices for getting you up and running faster.
Mining businesses have unique challenges that require specialised accounting for miners. Pherrus offers a broad range of advising services to help you make the best decision about your business finances. The mining industry continues to be unpredictable across Australia, making it even more difficult to determine the best choices for now and in the future without professional guidance.
Regardless of the special needs of your business, we offer the advice and services that are right for you. If you need help with anything, from financing to tax planning, we can help.
Contact Pherrus today to learn more about our financial advising and accounting services for miners. You can always count on us for our expert opinion on the best financial decision for you based on your current financial position.
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