The end of the financial year is fast approaching.  We look into a few things to do before the end of the year which should make the preparation of financial statements and tax returns that much easier.

Setting targets and goals is key to growing your business through better performance.  Deciding on a rhythm to set targets and monitor progress is one of the first decisions to make. 

With the tax year almost over, its a good time to review your record keeping requirements for tax.  We look into what contractors & freelancers need to keep, whether bank statements are ok, what to keep for home office and whether you can keep electronic copies instead of paper.

When looking at pricing business owners will often look at the costs in your business.  We look at the costs of setting prices too low.

Breaking down your year-end profit can help you to understand your numbers better, make decisions on spending and project forward with more clarity.

Visiting with potential customers will be the single most effective way to sell overseas, yet this will cost both time and money.  We look at the tax consequences of travelling and what records to keep.

It’s only two months now until the tax year finishes for most small companies in New Zealand.  Although this seems far off, its often right in the middle of busy season when businesses are just starting to kick off again, so the time can fly by!  Clients sometimes get in contact to ask about taxes during February and March, so we thought this post might be useful for helping to prepare your startup for the end of the financial year. 

In order to get a gauge on your business you’ll likely look at a Profit and Loss statement and a Cash Flow report.  While these are similar, to get an accurate picture of how the business is performing, you need to look at both and how they impact each other.

Opening a bank account is easy, but you should hold off until you have written down your business goals and start to understand your business model.