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 …
Ramanie de Zoysa, Love to Grow’s Tax and Business Services Manager, has selected highlights from the opening address of the Revenue Minister Hon Stuart Nash at the Chartered Accountants Australia New Zealand (CAANZ) Annual Tax Conference 2017. Details below.
Minister Nash spoke about the Government’s priorities in the tax space for the first 100 days. …
If summer is not your best trading time, then planning your cash flow is especially important for you.
Remember – profit IS NOT the same as cash flow!
One of the most important lessons business owners have to learn, often painfully, is that cash really is critical. We’re not talking about actual paper money – we’re talking about cash flow.
Winning an award is always a great experience and it affirms the work put in to achieving our goals and passions.
For us, I know that diversity is one of our key strengths. Our 8 staff have 5 different nationalities. Add in a few contractors and our Advisory Board, we live on 3 continents, plus NZ as …
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 …
How do you keep your business sustainable? Of course there is more to it then LUCK – check out how this acronym can help create positive results in your business.
Business Competencies and Business values have direct impact on the financial results you achieve. These aspects are interrelated with both the Profit you earn and the long …
As a part time CFO (Chief Financial Officer) for small/ medium businesses, I meet people who struggle with dealing with slow paying debtors. The extra time needed to chase up people who should have already paid, although both frustrating and inefficient, is a critical process for the overall success of a business, solopreneur or contractor.
Left alone, …