Provisional Tax. Love it or loathe it, it’s not going away any time soon. So it makes sense to understand it and work with it.
As you know, there’s a lot more to running a business than just the numbers. There’s the relationships, the communication, the products, the services, the marketing, the sales, the systems, the visual merchandising…
You get the idea.
But those numbers play a part in every aspect of your business. And the more relevant they seem, the more you can use them to your advantage.
Business owners and their accountants put a lot of emphasis on having an end-of-financial-year checklist to make sure everything gets done on time. But I think a start-of-financial-year checklist is just as valuable. It’s a great way of planning for the new financial year, and making sure you’re prepared for all the changes being introduced.
2016 has been a year of change here at Astute Mode. For our customers the most visible change is the people you deal with.
This is a question, I often get asked. My very short answer to this usually is absolutely. Why? They manage the payment of your staff keeping accurate records, they also manage the lodgement and payment of your Employee Deductions liabilities with Inland Revenue.
Technology has given accountants tools to provide services in a more streamlined and efficient way – making the How we do things very different to the How in the past. The services accountants provide to their clients are the most important and always have been.
Gone are the days when a bookkeeper’s role was only to process invoices and reconcile the bank account. The accounting and bookkeeping industry is constantly being disrupted by improvements in technology. Keeping up with changes in your own industry is difficult enough – how do you know if your finance and administration is realising the benefits that technology brings?
We all have those annoying friends who are “Super Prepared” for the Christmas and New Year period. However from a smart business and accounting perspective, its not so silly to be prepared for the silly season! Or at the very least being aware of what the implications are.
The lead up to the Christmas and New Year holiday period can be a hectic one, no matter what type of business you run. How busy your business becomes, depends on the type of industry you are in. Some of us are gearing up for a crazy three weeks in December, getting everything ready for a two to three week shutdown for the holiday season, whilst servicing customers who must have that appointment in the week before Christmas. Others spend the Spring months getting stock and staff ready for the onslaught that Christmas in retail brings.
One of the vital elements of any business is the relationships you build. Therefore when it comes to managing and understanding your business as a whole, it is the relationships with those business parties such as your accountant that should receive the regular attention they deserve. As a valued client of Astute Mode, you will receive at least one Complimentary Client Review (CCR). In fact, this is an annual event for a number of our clients.
It has never been easier to take time out to learn how to understand exactly what your financial reports tell you. With software such as Xero, it has become easier for you to have your financial information at your fingertips. Maybe you are already using Xero, have been for years or maybe you are contemplating the move. Which ever position you find yourself in, if interpreting financial reports has never been your forte, perhaps it is time to make this a focus. Cloud software like Xero means you have access to your key business information, anywhere and everywhere but what good is that if you don’t understand what they mean.