Digitize Your Cash Flow Processes
Why should you digitize your cash flow processes to have the best control over your cash? Why is it especially important now? Keeping on top of your cash flow is even more important during tough economic times. With a global slowdown on the cards, energy prices soaring, and supply chain challenges, cash will likely be […]
Improve Year-end Process and Plan for 2023
We’re well into the year’s final quarter, with 2023 just a month around the corner. But are you ready for the year-end? And have you done your homework when it comes to your 2023 business plan and beyond? Let’s look at the key ways to tie up your year-end. Then start the new year with […]
When to Register Your Business for GST
Should you register your business for GST? Many business owners register their businesses from day one, regardless of income. Others, for example, many sole traders, choose not to register for GST until it is mandatory. However, it is common that new businesses don’t realise they have exceeded the income threshold at which they must register! […]
Do You Understand Your Balance Sheet?
To understand the financial position of a business at a specific point in 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 […]
Business Tips: Get in Control of Your Spending
Keeping the business in a positive cash flow position is vital. But you can only do this if your cash inflows; (sales revenues and other income), outweigh your cash outflows; (overheads, supplier costs, and other liabilities like tax costs or loan repayments). One way to re-balance the cash flow scales is to control your spending […]
Cash vs Accrual Accounting
The difference between cash basis and accrual basis accounting comes down to timing. When do you record revenue or expenses? If you do it when you pay or receive money, it’s cash basis accounting. If you do it when you get a bill or raise an invoice, it’s accrual basis accounting. What is cash basis […]
Compliance: Setting up the right foundations
To trade as a business, you need to meet the right compliance requirements. It’s certainly not the most exciting part of creating a business. Still, setting up the right compliance foundations ensures that you’re doing everything by the letter of the law. Let’s look at the main steps to think about when setting up compliance […]
E-invoicing: How can it protect you?
Is your business using e-invoicing? It’s a fantastic way to protect yourself and your customers from invoice scams. It can also help you get paid faster. E-invoices replace emailed PDF invoices or links to online invoices. Instead, e-invoices are delivered securely to your clients, even across different accounting systems. Preventing invoice fraud Invoice scams are […]
Automating Bank Reconciliations – How and Why?
What are bank reconciliations – and why should you be automating the bank reconciliation process? Good bookkeeping is all about recording and matching your financial transactions. Over a usual week of trading, you’ll have a range of payments deposited into your bank account. You will also have a host of operational expenses withdrawn from that […]