The key performance indicators (KPIs) for one company will invariably be different from the KPIs of another firm. What both hypothetical companies share however, is the challenge of selecting which KPIs are best suited for measuring the goals and progress of their particular business model.
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Topics: business, Firm News, Uncategorized, accounting, accounting systems, be your own boss, Blog
We now look at eight characteristics important to successful businesses. International researchers who have studied many small businesses have found that these characteristics consistently play a part in the success of small companies. The eight characteristics are:
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Topics: business, Firm News, success, Blog, leadership, small business
When things are hectic, most small business owners wish they could find a way to get more than 24 hours into a day.
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Topics: business, Firm News, improve accounting, be your own boss, Blog
The current perception is that there are many businesses that deal in cash – particularly the service industry and many of us are aware of the scenario of a business offering a discount for cash transactions. This is what is known as the ‘hidden economy” – it benefits neither the provider nor the receiver to be involved in these transactions which amount to a fraudulent activity and the Inland Revenue has targeted this ‘hidden economy’ with heavy penalties.
In fact a month ago, the Revenue Minister announced that ‘compliance activity for ‘hidden economy’ tax evasion gave a return of $45million, $5.60 for every dollar spent” – that was in 2013. This means that ensuring compliance is really worthwhile for the IR and they will continue to invest in this area.
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Topics: benefits of Xero, business, Firm News, accounting, Blog, Inland Revenue, TAX, cash flow
Most small businesses experience cash flow problems from time to time and urgently need working capital. Many business owners immediately think of the bank or loans when they’re short of money. But there are other resources you can tap before you ask for that expensive overdraft or overdraft extension. The money you need might already be there—locked up in inventory, assets or your debtors’ book.
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Topics: business, Firm News, accounting, Blog, income, cash flow
As a small business owner it’s hard to juggle your work and outside responsibilities. It’s important to run your business effectively and still have a life outside the office.
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Service Businesses are hard to value and sometimes struggle to get their price at sale time and a prospective owner can have a lot of questions before taking on a new business.
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Topics: CRM system, Firm News, accounting, Blog, Marketing, sell your business, Website
I was trying to demonstrate how the accounting industry and accounting function in business has changed in past years so we came up with this illustration - the Evolution of Accounting.
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Topics: Firm News, improve accounting, accounting in the stone ages, accounting systems, Blog, modern accountant, xer add ons, xero accountant, accounting technology, evolution of accounting
Do you rent out your holiday home or bach?
The new rules on mixed-use assets could affect you.
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Topics: Firm News, rental property, bach, Blog, mixed use assets, mixed use holiday homes, rental, tax, holiday home
In the five years Xero has been on the market it has quickly gained a reputation as being the easiest accounting system around. Xero is a cloud based system which means that you can log into it securely from any computer with an internet connection anywhere in the world. It also means you won’t need to buy costly accounting packages and upgrades ever again and it even eliminates the need for backups – if your computer crashes you won’t lose your accounting data! In addition to these practical benefits using Xero has many advantages that can give your business an edge:
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Topics: benefits of Xero, Firm News, online accounting, small business accounting, xero, accounting, Blog