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
Many people dream of buying a business and turning a small idea into a big success. The attractions are in making large profits, being your own boss, making your own decisions and employing other people to do your work and having time to think of other small ideas to grow… Buying an existing business gives you a kick-start in premises, plant, machinery, staff, plus brands, goodwill, marketing, databases – all assets that are attractive to a prospective buyer.
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Topics: business, buying a business, due dilligence, financial, Firm News, report, xero, be your own boss, Blog, investment, valuation, value, xero accountant, accountant, franchise