The accounting industry is a strange one. No one likes to change accountants for some reason. I don’t know if people are to scared, they think it is hard to get all the important information off the old accountant or people just hate change. There are plenty of great accountants out there at … [Read more...] about Loyalty Tax
Stop making it more complex than it has to be. Here is a really simple formula to follow. REVENUE less EXPENSES = PROFIT. Revenue – has unlimited upside. The number has no limits. You can grow this technically till infinity. Expenses – you can shrink these to a point (it has to stop at some … [Read more...] about How do I grow my profit?
Something all qualified accountants probably take for granted is their accounts payable process. We are taught pretty much from day 1 of Uni how it should work and what checks and balances are needed. It is then reaffirmed each semester all the way through to graduation then through the CA … [Read more...] about What does your accounts payable process look like?
When looking at if you should hire someone in-house (employee) vs outhouse/outsourced (external provider) I think in this day in age outsourced wins by a country mile. I talk about this in the context of accounting (assuming most of the role is non-core to the business and not client … [Read more...] about In-House vs Outsourced (Outhouse)
When appointing a book keeper people often choose a trusted person (family member) to do the task rather than a qualified person. When looking at someone to do your accounts you need both: Trusted (given the access & information they see)Qualified – They need to know what they are doing … [Read more...] about Family Member running the accounts
When it comes to accounting and professional services, you generally get what you pay for. Cheapest is not always best. (Of course, every industry has some outliers. I am talking generally) I will give you an example. I sat down with a client recently who was struggling with their cashflow due … [Read more...] about You get what you pay for
The main thing I see businesses struggle with is stakeholder management. Investor reporting is a big problem for the owners. Often the owner knows the business like the back of their hand & they assume everyone else knows it in the same detail. News flash…. they don’t. Communicating … [Read more...] about Investor Reporting
In regards to the main Ledger System everything feeds off. Xero is hands down the best accounting software for small business. Its reporting functionality, simplicity to use and consistent upgrades far exceeds any other players in the market. When comparing it to MYOB - It is chalk and … [Read more...] about Accounting Software – What should you be using?