Budgeting for survival in tough times

Having tough times in business? When/Why should businesses review their budgets? Budgets should be reviewed monthly.  This can be done by entering a budget into accounting software and printing an Actual versus Budget Profit and Loss Report at the end of each month. A budget is a guide to financial performance of the business and

How more sales can cause cash-flow problems

Looking for ways to fix cashflow problems? The age-old question accountants get asked by business clients is … “How come I’ve made more profit, but I don’t have anymore cash?” The answer to this question lies in the issue of the ‘Cash-flow Cycle’.  The ‘Cash-flow Cycle’ is an issue often overlooked by small business owners
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How to make money in the Profit and Loss without losing it in the Balance Sheet!

What is a balance sheet? Financial Statements can be a bit of a mystery to the uninitiated.  If you begin to glaze over when it comes to looking through your Balance Sheet – you’re not alone.  We are often asked: “What’s the Balance Sheet for and what does it really mean?” It often comes as

Your net income should exceed your gross habits!

Wanting to know what is a drawings account? Your net income should exceed your gross habits!.. or why keep your cash flow separate from the business When asked the key to financial happiness one business owner said –  ‘Your net income should exceed your gross habits!’ Jokes aside, I urge business owners to keep their

End of Financial Year or BOFY?

Looking for better profit in your business? If you’re reading this within three months of the end of the Financial Year your timing’s immaculate! But… I really want to discuss your plans for ‘Beginning of Financial Year’. Your BOFY. Here’s a checklist of what to focus on to ensure sustained and improved profits this year:
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Six steps to better job management and profit

Like to make job management more efficient and profitable? With so much going on in business, it can be a daunting exercise to know what to work on first to create improvements.  Everyone is busy doing their job and trying their best to deliver good service to customers, but it’s not quite working the way
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Lessons learnt last year equals better profit this year

If this or the previous financial year isn’t as good as you’d have hoped, then it’s a good time to start setting a plan to make your next year in business better.  So if you want to improve future results then you need a target to aim for, and a system for monitoring progress. Here
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Boosting Your Bottom Line from the Top

Like to make more sales in your business? Selling more of the same stuff to the same people doesn’t always deliver a profit. Consider boosting your profit by analysing which of your products and services are the most profitable, or which ones can be made more profitable. To do this you need to have good
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Why keep it in the Cloud?

The ‘Cloud’ is a term for describing online software delivery and data housing. Until recent years, most business owners have used software and kept data on their computer hard disk. Software updates had to be downloaded and data had to be backed up and a copy kept offsite for security purposes. Data had to be

How smart business owners manage money

Of the five key areas involved in running most businesses i.e. your product/service, marketing and sales, operations and finance, human resources and customer service – finance is the one that brings many businesses undone!  Some business owners avoid it because they don’t feel comfortable with it.   Here are some tips from successful businesses that