Profit vs Cash

What is the difference between profit and cash?  Why do we see profitable businesses run out of cash? Understanding the difference between profit and cash is the first step we need to take when discovering the health and well-being of our business.

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Keeping the Cash Flowing

Five principles that you need to have as the foundation of your business, to ensure that you can keep the cash flowing.

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7 Key Causes of Poor Cashflow

The 7 Key Causes of Poor Cashflow – often something that has been neglected and overlooked over the past two years while we’ve had all these good times rolling, that right now, it’s come back and is kicking many of us in the backside.

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The 5 A’s of Change

We love to watch our clients grow and develop. From starting out to being confident and comfortable CEOs of growing businesses, that are truly providing for their families.  It is just such an incredible experience to be a part of.  In order to grow, we have to embrace change – and it’s scary right?!  That’s where The Five A’s come

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The Cash Conversion Cycle

The Cash Conversion Cycle –  An incredibly important notion to understand in the economic environment that we operate in today. With inflation, the ever-rising cost of living, and all sorts of crazy stuff going on in the economy, it is so important that we understand the cash conversion cycle and how we can work it out for your own business. 

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4 Leadership Quadrants

What is your leadership style? Do you even have one? We can use the 4 quadrants of leadership to help understand our role as leaders within our business. Vision, Energy, Empowerment, and Focus. 

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The Ceiling of Complexity

So, you’ve hit The Ceiling of Complexity – We think that by holding back from expenditure and doing everything ourselves we will get the big returns. The problem with this is that there are only 24 hours in a day. SMYD can help you identify what strategic outsourcing decisions or strategic investment decisions you can put in place within your business to smash through that first ceiling and continue to grow sustainably.

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The Achiever Matrix Mindset

The Achiever Matrix is a useful tool that allows you to identify what tasks take up your time and whether you’ve got the balance right.

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The OPPS Mindset

All too often we find ourselves in situations where someone needs our help, and we just blurt it out. So not only are we giving away our advice for free, but in some cases that value or advice can be misinterpreted. There is a better way that will ensure you’re not giving away your value for free while providing advice in a clear way that benefits your clients and you!

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Seven Ways To Grow Your Business

Learn about the different ways you can grow your business.

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The 4 Stages of Learning

Have you heard about The Four Stages of Learning before? It’s something we take all of our business advisory clients through, and it helps us understand what you need to learn and what skills we can help you develop. Check out Jason’s video where he gives you insight into how our minds work when we are going through a journey of learning.

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The 10 Departments within your Business

One of the most overlooked, but incredibly important aspects of any business is the 10 different departments that operate within that business. No matter the size complexity, turnover, or profitability of your business, it will have 10 different departments.

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The Planning Hierarchy Mindset

Understanding what you want to achieve with your business is important, but so is figuring out how you’re going to get there. That’s where The Planning Hierarchy comes in.

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Formula For Change Mindset

Find out about The Formula For Change Mindset and how it can make things happen in your business life.

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OARBED Mindset

Learn about the OARBED mindset. This mindset is all about how we respond to situations within our business and also our personal life.

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What entertainment expenses can your business claim?

We wanted to highlight that you can be claiming networking expenses, expenses for entertaining potential clients, and anything spent that is helping you build your business.

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Why do I need a vehicle logbook?

You need to keep a logbook if you’re using your personal car for business use, or you’ve got a company car that your business owns, and you use it for personal use.

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How do I manage drawings?

The best way to effectively manage drawings is to treat it like a salary. Here’s how: Work out how much money you need to live off each month, and what your business can afford.  Do one lump sum payment per month into your personal bank account. Then you use a website like https://www.paye.net.nz/calculator/ to work out the tax on that

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Why doing your own GST Returns is an opportunity to take control of your business

We believe doing your own GST returns is an opportunity to have eyes on, and take control of your business. Please don’t be scared of preparing GST returns or thinking it’s beyond your capabilities. Here’s why…. When you are reconciling your own Xero ledger, Xero is automatically building your GST return. When it’s GST time, we click a report and

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Why you should never do cash jobs

Cashies – the temptation is there to do a little bit extra for a little bit extra cash in your pocket. But DON’T, JUST DON’T! Cash jobs are very tempting but if you get caught (which is highly likely!) the penalties from IRD are absolutely not worth it. Do not do cash jobs! IRD has access to a massive amount

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Why is it so important to understand how to use Xero?

At SMYD we are massive Xero fans. In fact, it’s all we use. But we don’t want to be the only Xero experts around here – we really want YOU to understand how to use it, and use it well.

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What is proactive provisional tax?

Provisional Tax is something that we take seriously at SMYD Chartered Accountants – and we like to be proactive about it! We know how much it sucks to get an extra tax bill at the end of the year, so instead we review and adjust your provisional tax amounts as we go.

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Do I still need to keep receipts?

If it’s under $50 you don’t need to keep it. We can take where you have spent it from your bank statement as verification. If it’s over $50, then technically you do.

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The power of a referral

What is the source of your new clients or sales? We reckon 99% of SMYD’s business comes from referrals. So here is a question for you – are you putting yourself in the best possible position for people to refer you?

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How much is your business worth?

Have you set your financials up correctly to best to reflect the value of your business? All that hard work, effort, sacrifice, and pain that goes into these businesses. Surely, we want to be able to see what our potential net worth is because of that hard work?

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How can an accountant help you make money?

Despite the typical reputation, we accountants are more than just boring, snoring tax agents – our job does have a sexy side to it! We look at how we can use our skills and experience to work with you guys on a much closer level to help you make more money.

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Can I claim childcare costs as a business expense in NZ?

A BIG question we get asked ALL the time is “Can I claim my childcare costs?”. Jason talks through why, unfortunately, it’s a NO from the IRD. Unfortunately, childcare costs are not deductible as a business expense as they’re not directly related to your income earning. A business expense needs to be directly attributed to the income you are deriving

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What is the Number 1 Xero Report to look at as a business owner?

There is one report in Xero that as a business owner you should be looking at EVERY.SINGLE.MONTH! Do you know what it is? And do you know what it tells you? Our clients often say to us – I’ve made all this profit but why have I got no cash?​They look at their profit and loss statement and see they’ve

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How can my business pay for my car?

The first thing that needs to happen is the business needs to own the vehicle. If you own the vehicle already, you need to transfer the ownership to the company or if you’re buying a new vehicle, the company needs to buy the vehicle. This means the company can pay for: Fuel WOF Registration Maintenance Claim depreciation on the vehicle.

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Changes to Rental Property Expenses & Bright-line Test

Interest Deductions On Rental Properties From 1st October 2021, interest deductions on residential investment property acquired after 27 March 2021 will not be allowed. Interest on loans from properties acquired before 27 March 2021 can still be claimed as an expense.  However, the amount you can claim will be reduced over the next 4 income years until it is completely

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Covid 19 Business Support Packages Update

With the recent rise to Alert Level 3 in Auckland in February 2021, due to the cases on COVID-19 in the community, the Government announced additional support for businesses. Jason talks about the Resurgence Support Payment (RSP), which is a payment to help support businesses due to a COVID-19 alert level increase to Level 2 or higher. Watch the video

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Claiming Expenses When You Work from Home

Whether you’re a contractor, sole trader, in partnership or own a company, if you use your home for business, you can claim a portion of your household expenses. What can you claim? You can claim 100% of expenses that are solely for business purposes e.g. business phone line, stationery For the rest, you can claim the proportion of your house

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