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Save yourself some headaches later in the year!

For many businesses in New Zealand, we are approaching our financial year end at the end of this month. Now is the time to review your accounts to ensure they are clean and there are no skeletons lurking in the cupboard! Sometimes, issues get left in the too hard basket, or the business can’t bring themselves to deal with an awkward situation. So to help you have a clean set of books ready for presentation to your accountant, think about the following: Are all of your banks reconciled up to...

March 31, 2020

Why knowing your Gross Margin is so important

As all business owners know (or should know), the gross margin of a business is calculated as follows: income less direct costs = gross profit (dollars) gross profit / income = gross margin (percentage) While the gross profit in dollars will fluctuate depending on the value of sales and costs in the period, the gross margin should stay reasonably consistent. The gross profit must be sufficient to cover the overheads of the business, otherwise it will make a loss. Consequently, the gross margin i...

March 31, 2020

Financial Year End Review

As we approach the end of the financial year, now is the time to review the data in your financial systems to make sure that it is accurate, complete and up-to-date. It is essential that any outstanding issues are dealt with before the accounts for the year are closed. This is important for your own understanding of your accounts, and will also ensure that the accounts information you provide to your Accountant is as clean as possible. Dealing with problems now will reduce the possibility of you...

March 31, 2020

There is a saying that work is 10% inspiration and 90% perspiration.

For many businesses, day-to-day activities involve running the through same processes again and again. But, as a business owner, how confident are you that those processes are efficient (i.e. cost-effective) and meet the needs of the business? Any sort of double -handling of information is time-wasting and costly. Often, processes develop organically across the organisation over years and are devised by the persons operating them for their needs rather than the needs of the business as a whole. ...

February 24, 2020 Posts 26-29 of 29 | Page prev