As a small business owner you may be constantly looking for ways to improve your business and boost sales. But where to start? Regardless of where you are in your business journey, whether you only have a business idea, you’re just starting a business, or you already have an established business, these 5 questions will […] The post Ask yourself these 5 questions as a small business owner appeared first on Accountsdept ..read more

If you’re a small business owner or a sole trader, you might be confused about your accounting needs including your profit and loss statement. This guide will help you understand what a profit and loss statement is, why it’s important for your financial health, what goes into a profit and loss statement, and how to properly analyse a profit and loss statement to make important business decisions. Take a squiz. What is a profit and loss statement? Your profit and loss statement, commonly known as your P&L statement, income statement, or statement of earnings, is a financial statement that ..read more

To keep up with the modern world of business, adapting to changing times is important. If you’re a kiwi small business owner you might be feeling the pressure of having to adapt to technology within your business. In this blog post, we will guide you with 6 expert tips on how to prepare yourself and the business to become more tech savvy.Take a squiz. 6 ways to prepare for a more tech savvy way of business #1 Transition into using software and analytics If you want to make your business more attuned to emerging technologies, start using software to replace manual labor and automate processes ..read more

Dealing with the succession of your family business can leave you feeling knackered. In this blog post we’ll share 7 expert tips on successful succession planning for your family-owned business to ensure a smooth transition. 7 tips on family business succession planning #1 Start planning early Starting early reduces the risk of having to make urgent, poorly-thought-out decisions. It also helps you consider all avenues and make the best succession plan along with multiple contingency plans. Experts suggest integrating the family succession plan into the core business plans of fledgling busines ..read more

If you’re a kiwi small business owner you might be thinking of an easy way to lift your profit margins. In this blog post, we breakdown 8 expert tips that you can use to achieve this goal. Take a squiz. 8 Expert tips to lift your profit margins and boost product quality #1 Boost the efficiency of operations Make sure that your business is efficient and productive enough to get more work done at lower costs. Automate repetitive tasks, use programs that have been customised to your requirements, and optimise inventory management with qualified professionals and cutting-edge technology. #2 Decre ..read more

If you’re an owner of a business you might be confused about when and how much to pay yourself. Even though it’s an important part of small business administration, many small business owners are confused when it comes to determining the amount that they should pay themselves. This blog post will be your basic guide to determine just how much you should pay yourself,, when is the ideal time to pay yourself, and what is the best way to pay yourself. How much should you be paying yourself? The following should be considered. Take a squiz. #1 Your ideal budget Take into account all your personal ..read more

As a small business owner trying to set a budget for your accounting needs, you might feel confused about how much you should spend. How much do accountants cost? How much do accountants charge for tax returns? What are the average accountant fees for small businesses? These questions hang over your head all day. If you’re looking for small business guides to determine the ideal accounting budget, this blog post will help you out. Take a squiz. What are accounting costs? Two types of accounting costs exist: Accounting overhead costs Accounting fees/salaries Accounting overhead costs are bas ..read more

Aotearoa faced many economic challenges in 2023 that ultimately led to a dramatic reduction in the country’s GDP. As a small business owner operating against this backdrop you might be knackered, wondering how to manage your costs of doing business. In this must-read guide for small business owners, we breakdown a few tips on how you can better navigate your business costs. Take a squiz. Here’s how you should navigate rising business costs #1 Review your small business budget Regularly review your business budget and identify things that you spend extra money on. Then work towards eliminating ..read more

Having efficient and accurate financial systems is one of the most important aspects of running a business. So if you’re a small business owner you might want a tech-savvy accountant for your financial needs. Studies reveal that 91% of accountants believe new technology delivers value to their business. 78% of company CEOs prefer to work with tech-savvy accountants. In this blog post, we’ll outline 5 reasons as to why you too should choose a tech-savvy accountant for your small business. Take a squiz. 5 reasons to choose a tech-savvy accounting specialist for your business. #1 Increase in eff ..read more

If you’re confused about the difference between bookkeeping and accounting, this blog post is for you. Take a squiz. What is bookkeeping? Bookkeeping is the day-to-day tracking of your business’s finances. A bookkeeper’s responsibility is to record and update daily financial information in an organised manner so that they’re accessible and comprehensible. What tasks will a bookkeeper do? A day in the worklife of a bookkeeper includes tasks like Maintaining accurate daily records Maintaining accounts payable and receivable Reconciliation of accounts Payroll Invoicing Handling receipts and bill ..read more