It’s true IRD has more power than the police. Unlike our justice system where you are innocent until proven guilty, IRD takes a position and it’s up to you to prove otherwise this can prove very expensive. IRD audit activity is ramping up. It is monitoring tradies and those operating restaurants, bars, cafes and takeaways …
Gross Profit On your Profit and Loss Statement, gross profit is the difference between revenue and the cost of goods sold (or services provided). It generally appears before administrative expenses and general overheads are accounted for. Ideally, gross profit covers your overheads as well as generating your targeted profit, your net profit. Net Profit Net …
How is your business going, here are some indicators to use to assess it. Read More
For many investors the impact of phased removal of interest deductibility is still sinking in. In this article we explore some of the consequences of the change that may not have been apparent at first glance. Firstly, a recap on the government’s announcement. For acquisitions of residential property after 27 march 2021 interest will only …
Flow on consequences of the removal of Interest deductibility Read More
Reconciliation is a fundamental accounting process that will ensure your financial records are accurate and complete. But it is surprising how many businesses do not undertake them. What is it? Reconciliation is the process of comparing accounting records to supporting documentation (for example, the bank balance on the balance sheet to the bank statement) to …
Be aware of what you are signing up for Over Christmas, on two occasions we had clients sign contracts without really reading or understanding what they were signing and on both occasions It meant that legally we could not act for them after the contracts were signed, when this was explained to them they simply …
Do you need to come into the office? Okay so now you have secured sufficient funding to carry you through the Christmas period, ask yourself the question, do I (or any staff) really need to come into the office over Christmas? Many years ago we considered this question, not because of Christmas but we wanted …
The year is coming to a close, and as a business owner you need to start thinking about the holiday season, how your cash flow will be impacted and how you’re going to kick off 2021. Below we discuss some of the ways people and businesses create revenue and the things you need to think …
It’s November, Have You Thought About Your Finances? Read More
There certainly is an argument to be made that no debt is good debt, but borrowing money and taking on debt is the only way many people can afford to purchase big-ticket items like homes and cars. While such loans usually are justifiable and bring value to the person taking on the debt, there is …
