A new financial year is upon us and that means that it’s time to check the accuracy of your financial information in your accounting software for the past financial year, and to gather the documentation that we, as your accountant, will need to finalise your accounts and file your tax returns.

Our Cashflow Management Coaching service has been designed to treat the underlying causes of poor cashflow and help you develop the most practical and real ways for you to grow your business.

Write off a bad debt by creating a credit note against the relevant invoice. This is just one way to account for bad debts. We recommend you ask your accountant or bookkeeper for the best method for your organisation.

The bright-line test means if you sell a residential property within a set period after acquiring it you will be required to pay income tax on any profit made from the property increasing in value. The current bright-line test is 5 years.

When your income tax is due it is so confusing as it often crosses over 2 years. We have created a visual guide to assist clients being able to see what taxes they have payable and when they can expect to pay these.

Debtor days is the average number of days taken for a business to receive payment for goods or services. Keeping track of the average number of days for a business to receive payment is important in understanding the cashflow gap you might experience and the impact on cashflow planning and budgets.

Excess inventory can be a result of purchasing decisions, marketing or a change in the marketplace. However, there are a number of things you can do to sell or liquidate your slow-movers.

Your profit and loss statement (P+L) helps you understand your business performance and profitability over time. It’s sometimes called an Income Statement and its main purpose is to list income and expenditure.

If cashflow is the lifeblood of your business, then working capital is the health check you should regularly undertake to keep your business alive. Regularly checking working capital will play an essential part in maintaining business success during these times of greater economic insecurity.

 Accountants do more than you think. They can give you strategic advice and come up with clever ways to save money or boost revenue.  So what does an accountant do? The question is what don’t they do.

Have you ever heard of the Upper Limit Problem? I hadn’t either until I watched this interview by Susie Moore with Gay Hendricks – author of “The Big Leap”.

Work-related burnout is a real issue. I speak with numerous business owners and, this may surprise you, but not all are trying to grow their bottom line. Some want more time out of their business and to gain more of a work-life balance.

As business owners this can be crippling and result in being held back by these limiting beliefs. These are thoughts that stop owners from progressing because of something that “might” happen – but what if it doesn’t happen?

Feeling like a slave to your business? Your business is there to serve you – not you to serve the business. It’s your business, you make the rules. No more excuses! What do you need to do to regain control?

We all have the same 1,440 minutes each day, and so many tasks to complete in this ever busy world. But some of us achieve so much more than others in a day. So the question becomes how can we free up time to help lead a better business and ultimately achieve a happier life?

Do you understand the difference between profit and cash? Check out our previous blog posts and video’s on the difference between profit v cash. Are you improving your profits but not seeing an improvement in your bank balance?

The reality is, even profitable businesses can go broke if they run out of cash. Understanding and managing your working capital cycle frees up your cash and helps you build a cash war chest to get you through tougher times.

Cash is King. It is the lifeblood of any business. The purpose of a business is to make money, and that means you have to know the difference between profit and cashflow.

You went into business because you are good at what you do, right? Now there is another aspect of the business you need to learn – no shortcuts, start to understand the story your business is telling. Do you understand your Balance Sheet?

There are certain items of equipment, machinery and hardware that are essential to the operation of your business – whether it’s the delivery van you use to run your home-delivery food service, or the high-end digital printer you use to run your print business.