Budgeting and cash flow forecasting: key to your business success

If enhancing your business strategies is on your list of New Year’s resolutions, now is a good time to revitalise your approach and set the stage for success in the upcoming year. In the unpredictable world of business, finding a little certainty can make all the difference and tools such as budgeting and cash flow forecasting can significantly reduce the level of uncertainty, allowing you to anticipate challenges, learn from…  Read more

Strategies for boosting your startup’s cash flow

In the unpredictable world of startups, maintaining a cash surplus can be a lifesaver. It provides a safety net in case sales don’t meet expectations or unexpected expenses arise. Aside from providing security, surplus cash also paves the way for expansion opportunities, handling large bills, or purchasing essential equipment. While injecting personal capital or taking out a loan can aid in creating a cash surplus, let’s explore some other effective…  Read more

Tier 3 not-for-profit financial statements: a beginner’s guide

Many not-for-profit organisations fall under the Tier 3 standard which is a specific set of accounting standards designed for smaller entities, usually organisations with relatively simple financial structures and limited resources.  These standards are issued by the External Reporting Board (XRB) which is a Government Agency. The Tier-3 standard applies to Public Benefit Entities (PBEs) that do not have public accountability and have expenses less than or equal to $2…  Read more

Rising interest rates: impact on small businesses and mitigating those effects

In the world of business, one constant factor you are likely to encounter is change, particularly in the financial landscape. One such change that can bear significant implications for small businesses is rising interest rates. Understanding how this impacts your business and identifying solutions to counteract these effects can be key to sustaining and growing your business. With the election out of the way, business people and mortgage holders are…  Read more

5 important financial ratios for your small business

As a small business owner, you’re likely already wearing many hats. But the hat of a financial analyst might seem a little oversized, particularly if your background isn’t in finance or accounting. However, understanding financial ratios can be a game-changer for your business, helping you assess your business’s financial health and make informed decisions. Financial ratios: what are they? Think of financial ratios as a thermometer for your business’s financial…  Read more

What is a fractional accounting team?

A fractional accounting team or fractional accountant, is a finance department or professional that works on a part-time, retainer, or contract basis. They bring the experience and expertise of a high-level accounting team to your business – without the cost of hiring full-time, in-house employees. Fractional accounting teams service several clients at once typically on a part-time, retainer, or contract basis. Their specialty is providing outsourced accounting, tax and bookkeeping…  Read more

Guide to Fringe Benefit Tax (FBT)

Fringe benefit tax (FBT) is tax payable on non-cash benefits provided to employees including shareholder employees.  It is separate to income tax and charged according to the taxable value of the fringe benefits provided. Employers can make a deduction on the cost of providing the benefits as well as on the FBT tax that they pay. These benefits include: motor vehicles available for private use low-interest loans free or subsidised…  Read more

End of financial year check up for your business

With financial year end coming up soon, now is a good time to tidy up the books and review. But it shouldn’t just be about the numbers, it’s also a good time for a mental health check-in for staff and yourself. To help you out, Xero has put together some handy resources, like webinars, a tax calendar, tools for wellbeing and more. Keep reading to make sure your business is…  Read more

5 steps to early retirement

For some people, early retirement is a choice. For others, it’s a necessity. If you are running your own business, a retirement plan is probably the last thing on your to do list. Regardless of which group you fall into, there are some steps you can take to help make early retirement a reality and live the life you dream about. 1. Know your goals Before you know exactly how…  Read more

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