Omnis Group health industry case study

Health professionals case study

Despite working with advisors who purported to be medical industry experts, by the time Registered Nurse Elle and her Specialist husband were introduced to Justin and Daniel at Omnis Group, they were desperate for useful advice and practical assistance to enable them to effectively manage their successful medical practice, and the increasing workload it was generating.

“We started our business in 2007 after my husband completed his training and set up private rooms from scratch,” says Elle. “At that time we engaged the accountants who had been doing my husband’s tax since Med School. They set up a corporate structure, told us to get QuickBooks and then left us to it.”

When Elle asked them for help, she was then told they didn’t understand the nuances of Quickbooks and recommended they employ a bookkeeper.

“I was overwhelmed with the accounting, management and compliance requirements, together with the rapid growth of the practice. Five years into our practice we were hit with payroll tax resulting from having a corporate structure that hadn’t kept up with the growth of the business.”

The accountant was unapologetic, shrugged his shoulders and they had to wear it. The workload was also high.

“I was doing the bookkeeping, debtors, creditors, BAS and payroll for 14 staff and four entities with an inflexible accounting system. We knew we needed a new accountant and a consultant mentioned Omnis Group,” says Elle.

The moment they met Omnis in 2015, Elle (then seven months pregnant) and her husband were immediately relieved.

“Omnis Group listened. They spent the time getting to know our business, what we wanted, what we needed and restructured our business reporting so that it became useful and timely, rather than just figures printed out for the ATO every quarter.”

“Justin and his team upgraded our accounting and bookkeeping to an online system and trained me in effectively using the Xero software. Omnis then offered us the option of additional business support with assistance with daily, weekly and/or monthly transactions and reporting, which was critical as I was about to be absent from the day-to-day practice with a new baby.”

Their accounts are all online now and they can access their current financials at any moment.

“Berna Lyn looks after our bookkeeping – data entry, creditor runs, payroll, BAS, IAS and all compliance, including employee superannuation. She is overseen by and works closely with Justin and Rory, who not only manage our personal and business taxation planning and requirements, but also review our business financials to provide monthly reports detailing the exact state of cash flows – highlighting and analysing variations and contacting me directly if there is anything that requires review or action.”

Daniel works alongside Justin and Rory to provide us with personal and practice Financial Planning. He arranges financing and re-financing of business loans, insurance, superannuation and wealth planning. He is brilliant to work with. We now know the point that we can comfortably retire and how we can get to that point earlier if we want to!”

Having Omnis Group on tap, according to Elle, is a massive benefit.

While her husband is busy with the business of patient care, he trusts only the ‘royal we’ to manage their business and finances, so the buck stops with Elle.

“The best thing is that I can pick up the phone anytime and say, ‘I want to bounce this off you’ and I receive prompt, personalised, practical advice. I have a whole team that talks to each other and who know our business and us intimately. Omnis Group are proactive and have given us the knowledge and confidence to stop being reactive and become proactive ourselves in our business.”

Another positive of working with Omnis Group has been reducing their debt.

“We have been absolutely focusing on paying off and streamlining debt to be the most cost effective and tax effective,” says Elle.

Justin and Daniel also spotted a legitimate claim for insurance that had not been picked up by their previous advisers, which resulted in a six-figure outcome for the couple.

“The best thing about working with Omnis Group is that they understand how our desire to achieve a work-life balance guides our end goals.”

“We feel in more control, no surprises,” Elle added. “I now have confidence in our position and in our ability to make informed decisions.”

The plan for the future is looking strong with debt reduction still a focus. Omnis Group now acts as the conduit for all debt, superannuation and finance-related decisions.

“Justin and the team have an unparalleled ability to listen and provide solid, practical and timely advice. Omnis Group really understands and supports us and our health business.”

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