There is quite a difference in what your bookkeeper can do for your business and what your accountant will do for your business. A bookkeeper deals with the source documentation of your business. They record data for payments and receipts, they reconcile your bank account, in some cases they can deal with your customers e.g. […]
Do you know what your financial position is going to be like in three months’ time?
October 4, 2011 by 1 Comment
Most business owners do not know what their financial position will be next month let alone three, six or twelve months in advance. What impact would knowing where your business will be financially in say, three months’ time have on your business? Here are five steps to get you on the road to foretelling the […]
Why is there a difference between my Profit and Loss Statement and my cash flow?
September 27, 2011 by Leave a Comment
The most confusing area for small business owners can be understanding what is actually happening in their accounts. Product based industry The biggest challenge that product based industries face is the actual product they sell – stock. The key element to understanding the difference between your profit and your cash flow lies in a number […]
The Missing Link Syndrome
September 20, 2011 by Leave a Comment
Did you know that more than 87% of small business failures are because they do not understand the money side of their business? That is a scary statistic isn’t it. And one that should not be taken lightly! This statistic is the basis of my ‘Missing Link Syndrome’. Most business owners do not have a […]
Why doesn’t my accountant give me more information on how my business is performing?
September 13, 2011 by 1 Comment
Your accountant’s responsibility is to tie your figures together for the year, to make sure that you’re complying with all legal requirements in terms of the Australian Securities and Investment Commission (ASIC) and also to ensure you’re deducting the correct amounts and paying the right tax. So, your accountant’s core focus in terms of what […]
