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Chartered Accountants

Trusted advisers of all tax compliance and annual accounting issues facing both individuals and small businesses.

Cash flow statements

Posted on Mar 31, 2016 by editor

Contrary to what some business owners may assume, a cash flow forecast is different from a cash flow statement Cash flow forecasts look forward while cash flow statements look at the past to report cash generated. Cash flow statements are critical financial statements and are very useful in determining the short-term viability of a business; particularly its ability to pay bills. A cash flow statement accounts for the cash that has come into a business over a quarter or year and the cash the owner has paid out. The statement is prepared along with a business’s balance sheet and profit […]

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How to manage debt

Posted on Mar 31, 2016 by editor

While debt can be a useful tool to help start and grow a business, financial events beyond a small business owner’s control can take a business further into the red than planned. So what should business owners do if debt starts to become a problem? Risks are part of running a business. It is virtually impossible to plan for a recession or other adverse events because a ‘too-cautious’ approach will never result in a business succeeding. But then again, sometimes the odds will stack up against you. Business owners who find themselves unexpectedly further in debt than they’d like shouldn’t […]

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Seven steps for business growth

Posted on Mar 31, 2016 by editor

Once your business is up and running, you need to identify and understand what works and what doesn’t. Owners need to take a step back and be strategic about how and when they should grow their business. Opportunities for business growth can be exciting, but turning an idea into a practical reality takes careful research, planning and investment. Here is a short checklist owners can use: Review your cash flow Growing a business starts with reviewing your cash flow. Work out how much money comes in and goes out, and use this information to plan the year ahead. Identify how […]

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FBT on group life insurance, disablement and/or trauma insurance

Posted on Mar 21, 2016 by editor

The Inland Revenue Department (IRD) has begun reviewing employers who claim group life, disablement and/or trauma insurance policies where the risk insured is associated with the wellbeing of their employees. This is to ensure that such policies have been treated correctly for income tax, fringe benefits tax (FBT) and goods and services tax (GST). Where an employer takes out a term life insurance policy and where an employee is the beneficiary, the employer is entitled to a deduction for the premiums paid. The premiums paid are subject to FBT and lump sums paid out on death under a term life […]

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Making the final hour of your workday the most productive

Posted on Mar 21, 2016 by editor

Office productivity is not a sprint; it’s a marathon. And while some people are blessed with the power of concentration, most of us aren’t. By the time the workday starts winding down, a person’s willpower badly needs replenishing. That’s why it is so hard to finish the day as strong as it was started. Luckily, forming habits can help preserve a person’s willpower. Creating and following a specific routine can help you get the most out of your last hour at work without having to think about it too much. Here are six strategies (broken up into two categories) every […]

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Keep customers coming back for more with a great returns policy

Posted on Mar 21, 2016 by editor

Even though customers aren’t always entitled to a return if they simply change their mind, many Australian businesses have recognised that a fair returns policy can help build customer satisfaction and brand loyalty. This, in turn, can potentially turn a smaller product return into a longer and more profitable customer relationship. Having a good returns policy in place is a highly valued service for potential consumers, as it can help give customers the extra confidence needed to make a purchase. However, product returns can place additional pressure and work on customer service teams, particularly during busy periods. Streamlining your business’s […]

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Mistakes that may cost you your business

Posted on Mar 15, 2016 by editor

Sometimes it is better to concentrate on the things owners should never do in business, rather than focus on what they should do. Many businesses owe their failures to being pressured into making massive cuts that work well in the short term but hurts their business performance in the long run. Here are five mistakes that can destroy a business: Failing to engage employees Studies suggest that many of today’s workers are not engaged at their current place of employment, even though it has been proven that engaging employees in their work is a great way to achieve a better […]

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Keeping track of your stock

Posted on Mar 15, 2016 by editor

Stocktakes are essential to stock control and are the best way to keep track of your business’s merchandise.  Implementing an ongoing system for tracking stock and items that have been bought and sold is also an efficient way to keep track of when you need to reorder stock. Performing a stocktake involves making a list or inventory of all the stock a business holds. A business should be able to track each item in its stock by: unique item numbers stored locations selling prices stock numbers and costs supply sources applicable tax point-of-sale details Stocktaking is a valuable practice that […]

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Managing flexible working arrangements

Posted on Mar 15, 2016 by editor

In a rapidly changing business environment, it is essential that owners of small businesses get flexible working schemes right. Today’s employees continue to look for more balance between their personal and work lives. While some employers may think this may have a negative effect on their business, flexible working arrangements have been shown to benefit both the employee and the business they work for. Nonetheless, it remains the employer’s responsibility to address how flexible working arrangements can be implemented in their business so all employees remain happy and satisfied. Here are some suggestions as to how employers can manage flexible […]

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Marketing techniques for a limited budget

Posted on Mar 8, 2016 by editor

For entrepreneurs endeavouring to grow their business, the prospect of marketing on a small budget may seem overwhelming and impractical. However, having a large budget does not always result in success. Fortunately, there are many cost-effective ways to market your products and services, such as the following: Create your own content Optimising digital communications, such as social media and blogs, is a low cost way to engage with your target audiences. Unlike traditional media, social media is built around frequent updates, so posting interesting content regularly can help to stay relevant and top of mind. Encourage your social media followers […]

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Latest news

Business tax bill is now law

Posted on April 12, 2017 by BDS Hughes

The Taxation (Business Tax, Exchange of information, and Remedial Matters) Act 2017 received Royal assent on 21 February 2017. The new legislation focuses on changes to business taxation to make tax simpler. From 1 April 2017, the threshold for self-correction of errors under section 113A of the Tax Administration Act 1994 has increased from $500 to $1000; the use-of-money interest will be reduced or removed for the vast majority of business taxpayers; and most RWT exemption certificates can now be issued for more than one year. For the 2017-18 and later income years: The 63-day rule for employee remuneration has […]

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