When you own a small business, it’s vital you understand how money flows into and out of it. At a basic level, you need to know where your income comes from and what your expenses are. At a deeper level, knowing how money moves through your business can help you make strategic decisions about growth, invoicing, and debt management. The consequences of not understanding money can be drastic—poor financial management is one of the main reasons businesses fail.
XO Accounting in conjunction with The Proven Group are hosting an update session for our business clients or those involved with HR Management.
Topics: xero accountant
The move to the cloud is often not a question of if it will occur but more likely when it will occur, for most small businesses. So what is the reason for so many businesses embracing online cloud software?
Back in early April the Four Corners program aired a segment on the conduct of the ATO. A large portion of the program was devoted to the ATO management's instructions to staff to ignore their own guidelines and issue more Garnishee Notices as they were behind on the year end revenue targets.
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.
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.
Today the new tax changes come in for those of us still left in the rental property market. It’s the start of a new financial year and it doesn’t feel so new anymore. We are all in the throes of electing to change to LTCs, we know about the depreciation changes and we know that our rental property losses won’t have such an effect on our tax this year – but what about this year? What is going to happen to the rental property market, particularly in Auckland where one of the biggest shows in town is going to arrive in a few months time?