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17
Aug
Read MoreFunding the transfer of the business to the next generation
So you have built up a successful business that is providing you and your family, including adult children involved in the business, with a decent standard of living. You know that you will want to retire at some stage and will not be looking to reduce your standard of living. But how do you extract a retirement income from a business that you plan to keep in the family rather than sell? I always recommend family businesses run a “fire drill”. Sit down with your family and team of advisors, and assume you had to exit the business within the next 30 days due to an uninsured illness. If you required an income of $55,000 per year (choose your own target, but this is the amount required for a comfortable retirement in Australia), how would the business and the future owners fund this?
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31
Oct
Read MoreWhat can accountants learn from Steve Jobs?
With the recent passing of Steve Jobs it made me think. What could accountants learn from this man? Here was a man who managed to create a brand where people bought the products and they weren’t even sure why – they were just the “must have” product. Here was a man who came to the helm of a dying company and transformed it in the powerhouse it is today. Here was a man who reinvented the music industry, the movie industry and of course the IT industry. Shame he didn’t focus his attention on the accounting industry! So what can we learn from this man?
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19
Sep
Read MoreCashflow – First things first
Cash flow, as the name suggests is about the movement of money in and out of your business. While your accountant may talk about a statement of cash flow which involves looking also at the balance of bank accounts, many of the cash problems a business faces stem from providing credit. Here are four tips you can easily implement using AccountRight to avoid the sleepless nights that many business owners face when worrying about having enough cash to run the business from day to day.
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24
Aug
Read MoreWhere does the day go?
How often do we get to the end of the day, look at the ‘to do’ list and it still seems to be just as long as the start of the day, and we have been really busy, but doing what? Many of us spend our days fighting fires, rushing round saying ‘If only I had more time’. The problem isn’t more time; the problem is our relationship with time. Take a minute to think how often during the day do you think ‘I am running out of time’ or, ‘I just don’t have the time to do this task’. The more we think like this, the less likely we are to get things done as we work ourselves into a frenzy of worry and stress.
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08
Aug
Read MoreGetting motivated on a Monday
Do you start your working week with a spring in your step or are you one of the many people suffering the symptoms of Mondayitis? As your weekend draws to a close, does the thought of heading back to work in the morning fill you with dread, or with excitement? Many people I’ve been in contact with lately say they often start their week feeling tired, unmotivated and anxious. Sleep patterns can often get disrupted over a weekend so it’s not unusual to want another sleep-in when the alarm goes off.
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05
Aug
Read MoreManual invoices cost us all a lot of money
The roof guy finally turned up last week to have another go at fixing the small leak above the study. Nothing serious, in fact at first you had to listen hard to even hear the drip. But once heard it has been hard to get it out of mind. Weeks of wet weather haven’t increased the problem but have amplified the drip and the slow beat seemed to be the same tempo of so many songs from the 80’s. My work rate has suffered with drip induced trips down memory lane.
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