#businesstips

Is DIY accounting really saving your business money?

When you’re starting a business, it’s natural to look for ways to keep costs down. Many business owners decide to manage their own bookkeeping, GST, payroll and tax because it feels like an easy way to save money. After all, if you can issue invoices, pay bills and reconcile your bank account yourself, why pay […]

How Can an Accountant Support Your Financial Performance?

How Can an Accountant Support Your Financial Performance? Most business owners know they need an accountant to prepare financial statements, file tax returns and keep them compliant. But a good accountant can do much more than report on what has already happened. The role of an accountant has changed significantly over the last few years. […]

Reduce Business Spending Without Hurting Growth

Running a business costs money. There are always overheads, supplier bills and unexpected expenses that can slowly chip away at your cash position. In the current economic climate, many New Zealand businesses are feeling the pressure of rising costs, tighter margins and slower customer payments. That’s why keeping a close eye on your spending is […]

Understanding Your Balance Sheet

To understand the financial position of a business at a specific point of time, look at the balance sheet. The balance sheet may also be called the statement of financial position. Together with the Profit and Loss Statement, and possibly other reports such as the Statement of Cash-flow, these reports provide a complete understanding of […]

Understanding Your Profit and Loss Statement

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. Whereas a balance sheet is a snapshot in time, the P&L shows transactions over a specific period of time. This can be a […]

Understanding margin compression and its impact on your revenue

With operational costs escalating and the market still sensitive to price rises, you’ll have seen the term ‘margin compression’ being thrown around in many small business forecasts. But what exactly is margin compression? And how does this financial phenomenon impact your sales revenues and overall profitability as a business? Here’s how to identify and tackle […]