Say goodbye to your accounts…

Hamish Mexted Accounting & Compliance

Change is in the wind for your year-end accounts.  Earlier in the month, the Ministry of Economic Development confirmed that most NZ businesses will no longer have to prepare year-end accounts in the form that you currently know them (using technical jargon businesses will no longer have to prepare general purpose financial reports). This change means that you’ll only need to …

Rugby in your business?

Hamish Mexted Odds & Ends

Being a Friday, with the final of the not-to-be-named rugby tournament a couple of days away, we were wondering how rugby concepts could be applied to the business environment. The first analogy is the game plan.  Without a game plan for your business, your progress will be muddled and lacking direction.  Your team needs to know where you’re going as …

Some ratios to calculate

Hamish Mexted Accounting & Compliance, Increasing Profit, Managing Cash

Our previous post showed how your business’ key ratios can improve performance through the creation of a scorecard to measure performance.  Some of the key ratios you might want to consider calculating for your business are: Gross Profit Margin – Gross Profit ÷ Sales This shows how much of each dollar in sales you’re left with after paying your direct …

Switching accountants – not so hard to do

Hamish Mexted Accounting & Compliance

If you think that changing accountant is too hard, difficult or time consuming think again.  You don’t need to do a thing – we can even break up with them for you. Because it’s such an easy process there’s no reason to put up with bad service, overcharging or sleepless nights wondering if you’re on track.  By law your previous chartered accountant …

KPIs in your business

Hamish Mexted Accounting & Compliance, Increasing Profit, Managing Cash

Key performance indicators (KPIs) are a great tool for measuring the progress of your business.  Through the measurement of certain indicators, you can establish whether or not you’re meeting expected targets and see how you’re tracking against previous periods. As with so many things, the KPIs for your business will be completely different from those of the next business.  A …

How to keep your accounting fees down

Hamish Mexted Accounting & Compliance

There are a few ways to keep your end of year accounting fees down.  The easiest way is to do as much of the work as you can yourself. This can be through processing your own cashbook, using a program such as MYOB, Sassu or (our preference) Xero.  When processing each transaction, make sure you detail it with as much information …

Customer churn

Hamish Mexted Increasing Profit

To grow your business you need to bring in more new clients than go out the door.  If the average lifespan of your clients is 5 years, you need to replace 20% of your client base per annum. Take a company with 100 customers.  Each year, on average, 20 clients will leave.  If the company converts 50% of prospective clients …