How many times have you heard someone refer to their business as their “baby”?
It’s a common analogy and one we can all relate to given the blood, sweat and emotional tears we put into our business, when we decide to take that leap of faith and build our own dreams.
One of our team was using …
What is a Shareholder Current Account (SHCA)?
It sounds simple. You own the shares in your company; you have the cash in the bank so you can just withdraw the cash and spend it how you wish, right?
Actually, it’s not that simple – because your company is viewed as a separate legal entity (person), any money it generates is …
The new financial year is a great time to set New Year’s Resolutions for you and your business.
Resolutions aren’t just for making you accountable to join and go to a gym. They can be very useful in the realm of small business, helping you focus on goals and aspirations for the year ahead. Here’s nine goals to …
Don’t Forget Stock Takes and Write-Offs
For the majority of taxpayers, 31st March represents the end of the tax year. There’s things you can do before the end of the financial year to help minimise your next tax bill and tidy up the books ready for a new year.
IRD requires that stock on hand …
Do You Need a Contingency Plan For Property Investment?
The government is extending the bright line test for property so that residential properties will be taxed on any gains, if they’re sold within five years of purchase (instead of the current two years). The extension will apply to residential investment properties purchased from the date on which the bill …
Thanks to the huge range of accounting applications available for today’s small and medium-sized businesses, it’s easier than ever to keep an accurate record of where your business’s money is going.
While accounting software has made bookkeeping and accounting easier for small businesses, it has also made errors and accounting mistakes much more common. Some accounting mistakes …
The “Why” of getting out of debt
I believe our treasure ships come in over calm seas. So, it is important to reduce uncalming influences. One main uncalming influence is financial stress, which is often created by inappropriately high debt levels.
Reducing your stress around finances improves financial results to a correlated degree. And for the avoidance of …
More businesses fail for lack of cash flow than for lack of profit
We’ve had a number of clients ask for more clarity around this distinction, so we’ve explained this below.
In our article How Can we be Profitable but Without Cash?, we pointed out that most people think in terms of profits instead of cash. Cash flow however, is critical.
The biggest finance-related worry for small business leaders is managing cash flow. Nearly three-quarters of those surveyed cite this issue – as a key concern. There are five key issues affecting small business owners the most:
Managing cash flow
Being as tax efficient as possible
Understanding the profitability of the business
Not having an up to date picture of business performance
Raising finance …
Does your accountant ask to meet to about your goals and the results needed to live the life you want – at least once a year, but preferably more often?
Some accountants are excellent at providing advice and some are scared of doing so. Sometimes this is because of a lack of perceived knowledge/value, or sometimes this …
Having a great accountant is critical to every business
Having a great accountant is critical to every business. Sadly, small business owners are quick to choose an accountant without checking the different ways they can help their business or their knowledge of your industry.
Getting the right accountant means you can focus on running the company and make well-informed decisions based on …
Why do sound business values help you achieve freedom in your business?
I mentioned in the previous article how Business Competencies and Business values have direct impact on the financial results you achieve. Business competencies tie in to the acronym LUCK, which connects with the qualities needed most to be a successful CEO of your …