Hire and Rental News - May 2018

20 HIRE AND RENTAL NEWS • MAY 2018 INDUSTRY NEWS o be released in time for HIRE18, the Accounting & Business Advisory Net will be accessed by members via a resources website and dedicated hotline where members can receive initial advice. Members then have the opportunity to engage additional services at a specially negotiated member only rate, James Oxenham HRIA CEO said. “This new free service for HRIA members provides a portal for financial advice; a service we know will help members whether they are tax planning, considering business succession or will and estate planning,” James said. “Helping members to understand if they in FOCUS New HRIA member benefits – Accounting and Advisory service The HRIA has entered a new partnership agreement with leading accounting and business advisory firm HLB Mann Judd to provide new membership benefits in the form of business advisory services around accounting, taxation, debt advisory and wealth management. are meeting their financial obligations is a crucial role and the HRIA is pleased to welcome HLB Mann Judd to the HRIA’s stable of member benefits.” The Accounting and Business Advisory Net service will provide valuable information and advice around essential services for member businesses like compliance with year end statutory financial accounts requirements; managing tax obligations and exposure, forecasting, budgeting and development of business and strategic plans, cash flow forecasting systems; asset protection and wealth maximisation advice; business succession, will and estate planning; out- sourced accounting and payroll services; performance measurement; business health assessments; as well as virtual CFO roles, finance function reviews and debt advisory in terms of lending and investing readiness and more. Members can contact HLB Mann Judd directly by contacting Head of Clients and Business Development, Kim Kelloway. Kim will then refer members to the most appropriate HLB Mann Judd office/representative. Or HRIA members can contact HLB Mann Judd directly through the link on the HRIA website. HLB Mann Judd will respond to the enquiry within 24 hours by telephone assistance or a complimentary meeting. Business improvement programs will also be available to members including: • a Family Business Evolution Program of workshops that will enable a Family Business to ‘professionalise‘, grow efficiently and achieve both business and family goals; • MYSOUNDINGBOARD – a powerful sharing economy network for women in business which offers a complimentary ‘Mysoundingboard‘ Linkedin Community and a half day Business Essentials Workshop designed for new businesses. The Accounting & Business Advisory Net Business Help line is 02 9020 4348 or members can contact Kim Kelloway directly on 02 9020 4285 or via email at: kkelloway@hlbnsw.com.au The new Accounting and Advisory service is live and the link can be found in the member area of HRIA and EWPA sites at: www.hireandrental.com.au/member- services/hria-accounting-and- advisory/ With growth expected to continue to grow consistently in the United States over the next five years, the American Rental Association’s (ARA) latest five year forecast predicts equipment rental industry revenue to $59.6 billion in 2021. Some of the positive expectations in the US are a result of the Tax Cuts and Jobs Act taking effect in 2018. “John McClelland, ARA’s Vice President for Government Affairs and Chief Economist said:“Tax cuts generally provide fiscal stimulus to the economy, which can lead to more investment by businesses and higher employment. This can push wages higher, pushing up consumer spending on goods and services as well as leisure activities. US equipment rental industry to grow to nearly $60 billion by 2021 “The greatest concern we have is of rising inflation that could result from an extremely tight labor market and rising prices for goods and services,” he said. “If inflation begins to move quickly to the upside, the Federal Reserve would be forced to tighten monetary policy with increases in interest rates beyond the 3.5% in our forecast. We believe this type of scenario would take some time to unfold, if it does at all, which is why we continue to expect increases in rental revenue” John said. Investment in rental equipment by equipment rental companies is projected to increase. “In 2019, we also expect a bump up in energy prices and increased demand for equipment in the energy patch leading to a larger bump in investment in 2019, which also reflects the older fleet that will then be in use,” he said. Visit: www.ARArental.org T