Getting to Know… Nicole Canale of Canale Tax and Accounting

Nicole Canale is the owner of Canale Tax and Accounting, which provides tax and accounting services for individuals and businesses. Based in Putney, her practice is family friendly and she has enjoyed assisting many Inner West Mums over the years.

Tell us about yourself.
I am a daughter, a sister, a wife and a mother. I am married to a hardworking dedicated husband and have two young boys, who are three and one, and one step-daughter, who’s twelve. We live in Ermington, just outside the Inner West. I love spending time with my family, and on the weekends around scheduled work we try to spend as much time with the kids as possible whether it be lying on the bedroom floor playing Star Wars or running around at the local park. I own an accounting business, based in Putney.

When did you set up Canale Tax and Accounting?
I decided to set up my own practice in 2010 and began working from home. I learned a lot in those early days about structuring and running your own business. Halfway through being pregnant with my firstborn, I decided it was time to make the next leap and open up an office in Five Dock. I didn’t know if this was going to work but I thought I would give it a go. It’s been a massive stepping stone to get this far. My son was never the greatest sleeper unless he was in bed with us. From the nights working up late to the nights working in bed just so he would sleep I managed to slowly build up my business. I now have two other people in the business – a bookkeeper and an administration assistant, whom I value highly. Expanding the team has thankfully allowed me to spend a bit more time with my family.

Inner West Mums was my first port of call for advertising and I have been lucky to meet so many mums, dads and bubs from this wonderful community. It’s a family-friendly practice, so I always make sure that mums know that they are welcome to bring their kids to their appointments or I can come out to see them to make it easier.

What inspired you to start your own business?
From a very young age I could always see myself opening up my own business one day. Growing up as kids we always had things but my parents had to go without to give those things to us which I was grateful for. Starting my own business was my opportunity to be able to produce streams of income for my family that they and my husband and I could benefit from. Whilst some may think that business owners have the best life ever, it’s definitely not for the faint-hearted! Running your own business takes dedication and unfortunately no one sees the late nights you continually put into your work but at least you can see success at the end.

What are the various services you offer?
We provide a full range of tax and accounting services for all types of organisations. We do bookkeeping (we have a full-time bookkeeper in house), income tax returns for individuals, local businesses, trusts and self-managed superannuation funds. In addition, we can help set up structures and strategies for trusts, not-for-profits or companies. Recently we have been approved by the Law Society to examine trust accounts for solicitors, lawyers and barristers.

What can clients expect from your services?
We are friendly, down-to-earth professionals, who are willing to listen and provide thorough, informed advice.

What do your clients have to say about your services?
Many clients find managing their tax and finances stressful. We get lots of compliments from our clients for making their lives easier, and of course everyone is thrilled when they make a saving! I like everyone to succeed – I would rather spend the time with the client trying to help them increase their revenues as then it is a win-win for everyone.

Best piece of advice you can offer mums wanting to start their own business?
I think it’s important to acknowledge that running your own business is not easy. It’s definitely got its ups and downs! It can provide flexibility for family life but can also add a lot of pressure to it as well. I think it’s important not to get too down when you have a negative experience, say with a customer. I always try to think about how to turn any negative experiences around as a positive.

As a mother yourself, what advice can you offer other mums?
My advice to other mums is this: there’s no right or wrong. Others will always have advice about how we should do things but at the end of the day we have to go with our instinct.

Favourite places in the Inner West?
We love the Inner West. It is such a great community to be a part of. From the patisseries to the coffee shops to the people, it is just awesome. We love to hang out at the local parks, eat great food and just be present in as many activities as we can be!