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Welcome
With more than 50 years experience, Forsythes combines a tradition of business expertise with innovative thinking and state-of-the-art systems in a dynamic commercial environment. Forsythes provides services in Accounting, Assurance & Risk, Financial Planning, Forensic Accounting, Information Technology, Recruitment, and Training to a client-base that is rapidly expanding within and beyond the Hunter.
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Club patronage and profitability
A turning of the tide or calm before the storm?
Forsythes Assurance & Risk has released results from their annual 2011 Hunter & Central Coast Clubs Index showing an overall improvement in financial performance in the region, with 61% of Clubs in the Hunter and Central Coast region making a profit, which is a significant improvement from 51% from the previous year.
“The results of the Index confirm that the local Club industry has made progress by improving its financial performance,” said Forsythes Assurance & Risk Partner, Mr Martin Matthews.
“It is clear that Clubs are making an effort to increase patronage and utilization of their venues. Club revenues have increased by an average of 8.8% across the Hunter and Central Coast Clubs region in 2010/11.
Clubs have been proactive in developing their community profile, providing new amenities and developing patron loyalty programs. These endeavours have paid off with the increased revenues translating to the bottom line and clubs reporting an increase in profits,” Mr Matthews said.
“Adverse profitability effects from the introduction of any pre-commitment technology is the great unknown facing the Clubs industry. Gaming remains the greatest source of revenue for clubs. Our research has shown that a 20% decline in gaming profits will reduce the percentage of profitable clubs from 61% to 23%. There is no doubt that pre-commitment poses the greatest threat to the local Clubs industry,” Mr Matthews said.
Mr Matthews went further to say “Notwithstanding the effect of pre-commitment technology, there is still work to be done. Inorder to prosper, Clubs must diversify their income sources and Boards must be proactive in the Club’s future direction.”
The Forsythes Assurance & Risk 2011 Hunter & Central Coast Clubs Index sets out to benchmark the financial performance and position of the local Clubs industry based on audited financial information.
Forsythes Assurance & Risk is a ClubsNSW Industry Supporter and audits many local Clubs.
The Forsythes Group has an established record of sixty years of service to clients throughout the Hunter & Central Coast. The Forsythes Group boasts a progressive and supportive internal environment and a customer-focused business culture providing services in Accounting, Assurance & Risk, Financial Planning, Forensic Accounting, Recruitment, IT and Training.
For further information about please contact Forsythes Assurance & Risk Partner, Mr Martin Matthews on 02 4926 2699.
RELEASE ENDS
2011 Clubs Index |
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RISQ Free Fraud Health Check App
Organisations around the world lose an estimated five percent of their annual revenues to fraud, according to a survey of fraud experts conducted by the Association of Certified Fraud Examiners (ACFE). It is against this backdrop that the ACFE has urged organisations worldwide to participate in International Fraud Awareness Week, November 6-12, 2011 to help cast a spotlight on this urgent problem. This weeklong campaign encourages business leaders and employees to proactively take steps to minimise the impact of fraud by promoting anti-fraud awareness and education.
As a proud supporter of this important initiative, RISQ is launching its free Fraud Health Check App – www.fraudhealthcheck.com during International Fraud Awareness Week.
"The goal was to produce a free application that small to medium sized businesses (SME's) could access to undertake a high-level risk assessment of the fraud risks within their business. The application will allow users to answer questions covering a number of areas within their business. The answers to these questions are ranked and weighted and at the end a score is provided which provides organisations with an indication of the adequacy of their fraud control environment and which areas of their business are most at risk," said Mr Guy Underwood, RISQ CEO.
"Available as either an Apple or Google/Android App, we believe the Fraud Health Check App will be of great assistance to the most vulnerable of businesses in Australia, to those without sufficient resources to develop a strong fraud control framework. SME's often lack the financial and/or manpower resources and skills to build controls that will protect their businesses from losses through fraud and theft. We are aware of a number of organisations that have gone out of business after suffering a large financial loss as a result of fraud."
"The App is also relevant to larger organisations or business units within those organisations, and as recent examples have shown, no organisation is immune from fraud, either in the public or private sector. History indicates that it is often a “trusted” employee who commits fraud against the organisation. Such frauds generally take an average of 18 months to detect. One such example is the accountant from Clive Peeters who defrauded the organisation of about $20m and was able to go undetected for an extended period of time. This fraudulent action brought the organisation to its knees," said Mr Underwood.
"Through the launch of the Fraud Health Check App and our support of International Fraud Awareness Week, RISQ is taking a leading role in helping organisations manage their fraud related risks. This not only benefits organisations but the Australian community at large as fraud leads to increased insurance costs; it ties up policing resources and the courts; and can have a significant impact on the financial and mental health of businesses and their owners."
RISQ have an Hunter-based alliance with Forsythes Assurance & Risk who specialise in the provision of audit and risk management services. Collectively, the Risq/Forsythes alliance provides a unique internal audit and risk management service offering to the Newcastle and Hunter market with clients including Port Waratah Coal Services, the University of Newcastle, Country Rail Infrastructure Authority, and Newcastle Port Corporation. “The fraud health check app is an effective way for small to medium sized businesses to understand their fraud risks and put measures in place to mitigate their exposure,” said Martin Matthews, Forsythes Assurance & Risk Partner.
As an organisation, RISQ is admired for its high level of professionalism and client service with offices in Aukland, Brisbane, Hong Kong, London, Los Angeles, Melbourne, Singapore and Sydney. RISQ offers services in investigations and forensics, business intelligence, crisis and security management, risk consulting and technology. For more information please visit… http://risqgroup.com. |
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Forsythes gets creative with Art Exhibition for a cause!
Collectors Care 2011 was a WONDERFUL success, raising over $20,000 for Samaritans. The stunning exhibition of quality works looks to be repeated for 2012.
The generosity of local artists provided a range of quality artworks for this year’s Forsythes’ Collectors Care exhibition, held at the Front Room Gallery from October 5 to 9.
Forsythes’ Collectors Care, supporting the Samaritans Foundation, again offered high quality art works from a variety of artists at reasonable prices.
Gael Davies, formerly of von Bertouch Galleries, worked with Samaritans to curate the exhibition again this year.
“This event is steeped in tradition and its recent success is based on the support from the community and the generosity of the artists in donating their artworks often at a considerably reduced cost,” Ms Davies said.
There was a diverse range of artists again this year including Nicola Hensel, Kerrie Coles, John Morris and Setsuko Ogishi exhibiting paintings, ceramics and glass.
Last year’s exhibition raised over $10,000 for Samaritans, with the money helping to top up funding for programs that are only partially Government funded.
All works in the Forsythes’ sponsored exhibition are for sale and have a maximum price of only $1000, with proceeds donated to the Samaritans Foundation.
For all the details click here
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"Business Renovators" Have you been in business
12 months plus?
If yes, then its time to review your business essentials with the Forsythes experts.
If you were to go to one workshop a year - make it this one!
Focus on opportunities to save money and time in your business while you re-evaluate:
- Business Structure
- Accounting systems
- Business Insurance
- Self Managed Super
- Business Risk
- Financial Literacy
It may not sound sexy but it’s going to save on your bottom line!
Time: 9.30am - 12.30pm
Date: Thursday 20th October
Cost: $70 per person or $35 for Sponsors
Presenter: Warwick Turnbull, Lance Swansbra and Martin Matthews from Forsythes
RSVP to Lance Swansbra via email today or ph: 4926 2699
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30th September 2011
Forsythes announce new presence in the Liverpool Plains
From 1st November 2011 Forsythes Financial Planning and Accounting will operate in the Liverpool Plains for the first time.
On 30th September they exchanged contracts to purchase the Financial Planning business of Crossing Financial Partners in Tamworth. The addition of this business will take the Funds Under Advice of Forsythes Financial Services Funds to well in excess of $300million.
In addition, Forsythes Accounting will also be acquiring a stake, minority initially, in the Crossing Accounting business and will be assisting the principal, Jo Crossing, with a succession plan over the next three years.
Forsythes Financial Services and Forsythes Accounting combined have over 30 professional staff, who will join forces with the 10 staff of Crossing Financial Partners. The broader Forsythes group includes other business units specialising in Forensic Accounting, Assurance & Risk, Recruitment, IT and Training.
Most clients of Crossing will see little difference initially - the Tamworth office will continue to provide high quality Accounting and Financial Planning services to clients from the North-West, but with the added support of the full resources of the Forsythes group behind them. In a clear indication of Forsythes’ commitment to the new venture, they have announced that Craig Semmler from the Newcastle Financial Planning group has been promoted to the position of Account Manager and will be permanently relocating to Tamworth to join the Crossing team.
According to Forsythes’ Director John O’Connor, the two firms are extremely well aligned, with both groups having a culture that is professional, progressive and client-focussed. Staff of the two firms also have complementary skill sets – the Newcastle office client base is focused in the service industries, mining and manufacturing, whilst Tamworth focuses on service and agricultural entities.
Mr O’Connor said this is an exciting opportunity for Forsythes to expand geographically. “We are confident that this is a region which will enjoy significant growth and development over the coming decade,” he said “and we welcome the opportunity to participate and assist in the growth of the Liverpool Plains area.”
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Vital professional boost for local small businesses
Leading business services firm, Forsythes and The Business Centre have come together to provide regular workshops to assist local small businesses.
The workshops will run on a monthly basis and will provide information on a wide range of topics such as the right business structure, how to best work with your accountant, protecting the value of your business, how superannuation can help your business and staffing solutions.
Narelle McClelland, General Manager of the Business Centre is excited about the workshops and said, “It’s great to work with a team like Forsythes and to be able to provide vital assistance to growing businesses.”
Kellie Wright, Partner of Forsythes welcomed the opportunity saying, “Forsythes has a long history of helping local small businesses and we’re excited to see this continue through these workshops with The Business Centre.”
The first workshop will take place on the 9th of August at the Business Centre and bookings can be made by calling 02 4925 7700.
The Business Centre is a not-for-profit organisation established to provide services designed to assist people who wish to start their own business and to operators of small and medium size enterprises who wish to expand, develop or better manage their existing business. |
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Forsythes go thirsty in July and raise thousands for the Mater Hospital!
Twenty staff from Forsythes participated in Dry July again this year, with over $5,000 raised for adult cancer patients.
Click to view
Forsythes has been a Business Partner of Dry July since inception, with the provision of pro bono audit and business advisory services to Dry July. Forsythes Assurance & Risk Partner, Martin Matthews and Senior Manager, Martin Le Marchant, were guests at the cheque presentation at the Mater in early October.
Forsythes’ contribution to the success of Dry July was recognised during the presentation by the Dry July founders, Brett McDonald and Phil Grove.
The Mater was thrilled to receive the funds which have been used to improve facilities for adult cancer sufferers. Equipment purchased included 94 state-of the-art mattresses and a bladder scanning machine.
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Brad Nichols Scholarship
Upon Forsythes Partner, Brad Nichol’s passing almost two years ago, Forsythes has instituted a scholarship at the University of Newcastle in his honour.
The scholarship sets out to support a commerce student who is similar in nature to Brad, sports-mad, community aware and gregarious in nature. We were thrilled with the response from the University receiving numerous applications, with the scholarship finally awarded to Evan Brownsmith. Our congratulations to Evan and our thanks to Suzanne Delbridge-Bailey, Bill Tonkin and one of Brad’s favourite clients, Howard Davies, for their significant input in selecting Evan from the strong field of candidates.
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The Fourth Edition of the Forsythes Family Law Value Handbook is now available!
ON POINT - ON TIME - ON BUDGET
Forsythes Family Law Value Handbook provides invaluable support to practitioners needing immediate access to user friendly information including:
- Valuation methodology and cases
- Tax implications
- Superannuation
- Holiday and school term dates to 2012
- Employee stock options
The Handbook also includes other handy assessment tables and information checklists.
Forsythes Forensic Accounting provides expert assistance in the areas of Family Law and commercial valuation, quantification, investigation, settlement structuring and tax advice.
To order copies of the Forsythes Family Law Value Handbook
click here to download the order form or for more information contact the Forsythes Forensic Accounting team on 02 4926 2699 or
1300 262 699 or email forensics@forsythes.com.au |
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Training - IT, Professional Development & Applications
Through Forsythes IT & Training's business partnership with New Horizons Australia, we offer a diverse range of training options for our clients. For more information on these services, click on the Forsythes Information Technology & Training tab at the top of this page.
Current Course Schedule |
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