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Stephanie Mellick

Accountant, Consultant & Strategist at

Member Since July 2019

Gold Coast, QLD,

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3 FOLLOWERS

With a background of tax compliance, commerce and corporate finance, I bring a unique set of skills and perspective to any client engagement. My husband and I established our practice, Iron Advisory, to assist niche health, fitness and beauty brands fast track their business growth. We are as knowledgeable and passionate about the wellness industry as we are about assisting our clients, with over 25 years of combined experience to back up our love of the barbell.

Qualified skills

Finance and Accounting
Budgeting and Forecasting
Cashflow Management
Taxation

Reputation

Stephanie Mellick answered this question

What are the most important accounting issues for a small business to consider?

Reconciling services / products provided with cash received Choosing the right software Managing cash flow Managing accounts payable Forecasting sales for the month and year ahead Sitting down with your adviser on a regular basis to go over the numbers and make sure the business is tracking to forecast/business plan 

Stephanie Mellick answered this question

How do you sell to consumers in an environment that hates sales?

If you are genuinely helping consumers you never end up selling, simply helping.  By coming from the view point of 'how can I help this person' you never sell a day in your life.  

Stephanie Mellick answered this question

Why do Australian startups fail?

In my experience, when startups fail its because they haven't answered the "why" question properly.  It always comes back to the "why".  Why am I in business?  Why would my clients choose me?  Why would a client choose me over another?  

Stephanie Mellick answered this question

How much do small businesses really make?

Excellent question Narine.  This is actually a fairly accurate reflection of the size and scale of most small businesses in Australia.  Around 2 million of the total 2.2 million small businesses in Australia employ less than 19 people - 97%. 61 per cent of Australian businesses by number are sole traders with no employees.  Small businesses are a critical yet sometimes underserviced sector in our economy.  

Stephanie Mellick answered this question

Michael Reid CA
Michael Reid CA, Do All The Things! at Michael L Reid CA

Accounting

Do you think MYOB is the worst accounting package in the world?

MYOB has been great features and has been on the market for a long time.  For many years in fact it was the software of choice.  For a client that is well established on MYOB and is using their job costing and inventory systems I would recommend they remain on MYOB (usually).  However, cloud technology is the direction of the future.  For any new clients I would establish them on a cloud package and purchase add ons as needed to suit their business.  

Stephanie Mellick answered this question

Official FAQ
Official FAQ, Inquisitor at SavvySME

Accounting

What are the must-have features in a small business cloud accounting software?

The ability to sync with other systems in use in the business, such as point of sales systems, cash flow forecasting software or inventory systems.  

Stephanie Mellick answered this question

Official FAQ
Official FAQ, Inquisitor at SavvySME

Accounting

What's the best accounting software for a sole trader without employees?

Yes, an excel spreadsheet can work effectively, but this can become complicated if the sole trader is registered for GST.  Tracking GST and submitting BASs can be made much easier by the use of cloud accounting software.  Moreover, financial statements can be generated at the touch of a button, linked directly to a fixed asset register and invoices can be generated and sent directly to clients from the system.  This keeps all data in the one spot in an organised manner. It is also incredibly easy to examine accounts payable and receivable this way.   

Stephanie Mellick answered this question

Official FAQ
Official FAQ, Inquisitor at SavvySME

Accounting

What is the best accounting software for an enterprise?

This is a great question, but one that's not easy to answer.  To  use a classic tax problem answer; 'it depends'.  It depends on the size and complexity of the enterprise, the number of employees, the server or other IT platform the accountant or finance team using the software is on and the type of KPIs that need to be tracked.   

Business Planning

3 Critical Ingredients You Need to Build a Successful Business

Proper planning is an essential ingredient throughout all phases of your business. Challenge your business idea thoroughly and use clever forecasting in your business plan. Consider hiring a business coach who has built a successful business, undestands numbers and gets you to act instead of merely mentoring. Starting a business is an incredible journey, but it’s not one for the faint hearte...

Business Planning

3 Critical Ingredients You Need to Build a Successful Business

Proper planning is an essential ingredient throughout all phases of your business. Challenge your business idea thoroughly and use clever forecasting in your business plan. Consider hiring a business coach who has built a successful business, undestands numbers and gets you to act instead of merely mentoring. Starting a business is an incredible journey, but it’s not one for the faint hearte...

Stephanie Mellick answered this question

What are the most important accounting issues for a small business to consider?

Reconciling services / products provided with cash received Choosing the right software Managing cash flow Managing accounts payable Forecasting sales for the month and year ahead Sitting down with your adviser on a regular basis to go over the numbers and make sure the business is tracking to forecast/business plan 

Stephanie Mellick answered this question

How do you sell to consumers in an environment that hates sales?

If you are genuinely helping consumers you never end up selling, simply helping.  By coming from the view point of 'how can I help this person' you never sell a day in your life.  

Stephanie Mellick answered this question

Why do Australian startups fail?

In my experience, when startups fail its because they haven't answered the "why" question properly.  It always comes back to the "why".  Why am I in business?  Why would my clients choose me?  Why would a client choose me over another?  

Stephanie Mellick answered this question

How much do small businesses really make?

Excellent question Narine.  This is actually a fairly accurate reflection of the size and scale of most small businesses in Australia.  Around 2 million of the total 2.2 million small businesses in Australia employ less than 19 people - 97%. 61 per cent of Australian businesses by number are sole traders with no employees.  Small businesses are a critical yet sometimes underserviced sector in our economy.  

Stephanie Mellick answered this question

Michael Reid CA
Michael Reid CA, Do All The Things! at Michael L Reid CA

Accounting

Do you think MYOB is the worst accounting package in the world?

MYOB has been great features and has been on the market for a long time.  For many years in fact it was the software of choice.  For a client that is well established on MYOB and is using their job costing and inventory systems I would recommend they remain on MYOB (usually).  However, cloud technology is the direction of the future.  For any new clients I would establish them on a cloud package and purchase add ons as needed to suit their business.  

Stephanie Mellick answered this question

Official FAQ
Official FAQ, Inquisitor at SavvySME

Accounting

What are the must-have features in a small business cloud accounting software?

The ability to sync with other systems in use in the business, such as point of sales systems, cash flow forecasting software or inventory systems.  

Stephanie Mellick answered this question

Official FAQ
Official FAQ, Inquisitor at SavvySME

Accounting

What's the best accounting software for a sole trader without employees?

Yes, an excel spreadsheet can work effectively, but this can become complicated if the sole trader is registered for GST.  Tracking GST and submitting BASs can be made much easier by the use of cloud accounting software.  Moreover, financial statements can be generated at the touch of a button, linked directly to a fixed asset register and invoices can be generated and sent directly to clients from the system.  This keeps all data in the one spot in an organised manner. It is also incredibly easy to examine accounts payable and receivable this way.   

Stephanie Mellick answered this question

Official FAQ
Official FAQ, Inquisitor at SavvySME

Accounting

What is the best accounting software for an enterprise?

This is a great question, but one that's not easy to answer.  To  use a classic tax problem answer; 'it depends'.  It depends on the size and complexity of the enterprise, the number of employees, the server or other IT platform the accountant or finance team using the software is on and the type of KPIs that need to be tracked.   

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