While the profit and loss statement highlights your business’s financial performance over a specific period, the balance sheet offers a snapshot of your business’s financial position at a single point in time.
Category Archives: Tax Advice
Business Accountants: Maximise Efficiency: Why Bookkeeping Should Be a Priority
Are you still working in the accounts division of your business?
Business Accountants: Types of Expert Advice Every Small Business Needs
No matter the age or size of your small business, tapping into expert advice is crucial. Professionals like accountants, business mentors, and industry connections can help you.
Medical Accountants: 7 Reasons You Need a Cash Flow Forecast
A cash flow forecast is crucial for any business, whether you’re experiencing growth or navigating challenging times. This article outlines seven key reasons why every business needs a cash flow forecast, explains the importance of cash flow projections, and highlights the benefits of seeking expert advice in cash flow planning.
Business Accountants: Commercial Structuring Services: Protect Your Business and Personal Assets
Business is inherently risky, whether you’re a solo consultant or running a small service business. Your commercial structure is your best defense against potential threats to your business and personal assets.
Navigating Tough Times: What Are You Doing to Improve Your Business Right Now?
Business is tough right now! The economy has taken a hit, sales are down, and uncertainty looms over many businesses. Some of our clients are even questioning their survival. The common refrain is: “Hopefully, things will improve in the future.”
Property Accountants: How to use the actual cost method
If you have rental income, regardless of whether you’re renting out land, a house, a caravan, a room, or a building, you can’t escape paying tax on your profits, but how much tax should you be paying?
Wellington Accounting Firm: New reporting requirements for trusts
Surprise, surprise! You’ve read it right! IRD has introduced new financial statement reporting and standards for domestic trusts, which will apply from the 2021-22 income year.
Property Accountants: New property tax rules finalised
The tax system used to allow property investors to deduct interest expenditure for residential rental property even if gains made on the sale were not taxed, that’s why many property investors put their money into residential properties expecting a large capital gain when they sell.
Business Accountants: Fringe Benefit Tax
Many businesses need to assess the non-cash benefits they provide to employees to determine whether Fringe Benefit Tax needs to be accounted for.