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Chartered Accountants

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

Understanding credit scores

Posted on Apr 12, 2017 by editor

Credit scores are an impact factor in determining an individual’s credit worthiness. When an individual applies for a loan, such as a mortgage or car loan, a credit provider will use a credit score to help them decide whether to lend the money, the amount to lend and the interest rate. An individual’s credit score is calculated using the individual’s personal details; the type of credit providers used and amount of credit borrowed; any unpaid debts; the number of credit applications made and considers any debt or personal insolvency agreements relating to bankruptcy. A credit score is rated on a […]

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What investors will look for when funding a startup company

Posted on Apr 4, 2017 by editor

Ultimately, every investor is different. However, when looking to invest in any startup company, there are a number of boxes you will need to check regardless of who decides to invest in you. You need to know the market. How big is the market? How populated is the market? Is your product or idea doing the same as every other product on the market? How does your product stand out in the existing market? What sets it apart? Having a strong business plan is essential. No one will want to back you if you do not have a solid plan […]

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Tips to prevent business fraud

Posted on Mar 23, 2017 by editor

Business fraud is a significant and growing issue for small business owners. Although fraud is not completely unavoidable, there are ways businesses can protect their private and confidential information. Here are five tips to help secure your business information: IT security. Using effective IT measures, as well as ensuring websites are secure and safe for individuals to use. Physical security. Regulating access to the workplace and securing workshops and storage areas. Testing. Regular testing of security systems to identify any weaknesses that require attention. Screening applicant’s past history. Ensure to complete appropriate background checks before hiring a new staff member, […]

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Understanding financial ratios

Posted on Mar 8, 2017 by editor

Financial ratios are useful tools for business owners to monitor, analyse and improve their business performance. A financial ratio contains one or more financial figures and is expressed as a ratio, rate or percentage. Financial ratios are used to measure profitability, cash flow and liquidity, risk and return, and stock turnover and sales. Here are some common financial ratios used in business to: – Measure profitability Gross profit margin is a percentage of gross profit on sales. To work out: (Gross profit x 100) divided by sales. Net profit margin is a percentage of net profit on sales. Method: (Net […]

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Budgeting for growth

Posted on Feb 21, 2017 by editor

It may seem obvious that business growth can only occur when there is money available for reinvestment. However, many businesses do not consider this when budgeting and planning their long-term finances. One of the biggest impediments to growth is access to finances that will fuel the investments that are needed to support growth. Therefore, it is important that a business obtains healthy and robust profit margins to prepare for any future expansions. If a business is planning to fund investment in its own infrastructure it will only be able to do so with appropriate profit margins. Without this, the firm […]

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Tips to get out of debt faster

Posted on Feb 8, 2017 by editor

An overwhelming majority of people will face debt at some point in their life. Uncontrolled debt can easily snowball and severely impact an individual’s lifestyle and financial freedom. Fortunately, debt is manageable and is often contingent upon an individual’s motivation to get rid of debt fast. Tackling debt is often a process of managing expenses against income and formulating a plan of attack. Here are three ways to get out of debt faster: Stick to a budget If you are looking to get out of debt quickly, it is critical to stick to a budget. A budget can help you […]

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Strategies to manage investment risk

Posted on Jan 12, 2017 by editor

Exposure to risk is a big part of investing and although individuals cannot eliminate risk completely, they can implement strategies to manage risk and achieve their financial goals. Managing investment risk is particularly beneficial in times of increased volatility and unfavourable economic conditions as well as ensuring investors meet their long-term investment goals. Here are three ways to manage investment risk: Asset allocation Including different asset classes (i.e shares, cash, property) in your portfolio can help to balance risk and return based on an individual’s age, risk tolerance, goals and investment time frame. As different asset classes will perform better […]

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Improving your accounts receivable

Posted on Dec 15, 2016 by editor

Freeing up working capital can help businesses fund growth, reduce debt levels and lower costs. One way to improve working capital is by managing your accounts receivable. Many businesses fall into the trap of poor accounts receivable management – from extending credit to customers to ignoring payment terms to guarantee a new sale, these types of behaviour can quickly bring your cash flow to a halt. Here are a few ways to improve your accounts receivable process: Create a clear customer credit approval policy Assign credit limits, payment terms, discounts and return policies to specific customers. Introduce a system to […]

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Setting sales targets

Posted on Nov 29, 2016 by editor

Setting realistic sales targets is a key factor in improving performance and maximising profits. Realistic sales targets can help improve cash flow, increase motivation of sales staff and meet your overall business goals. Sales targets can be used for products and services, regions or even for particular types of customers. For a business to continually grow, business owners must set sales targets in areas that will boost growth and development. When setting sales targets, here are three things to keep in mind: Tailor for your business Every business is different and sales goals will vary depending on the stage of […]

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Fixed vs variable loans

Posted on Nov 15, 2016 by editor

When choosing between a home loan with a fixed rate of interest and a home loan with a variable rate of interest, it is important to take both your personal and financial circumstances into consideration. While both options offer certain advantages and disadvantages, individuals should consider what they will gain and lose through either option. Fixed-rate home loans are often set for a certain period of time. They remain at the same rate over this period, regardless of whether the interest rate rises or falls. This can be both a good and a bad thing; if the interest rate rises, […]

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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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