Understanding Your Balance Sheet

To understand the financial position of a business at a specific point of time, look at the balance sheet. The balance sheet may also be called the statement of financial position. Together with the Profit and Loss Statement, and possibly other reports such as the Statement of Cash-flow, these reports provide a complete understanding ofContinue reading “Understanding Your Balance Sheet”

Profit vs Cash

There’s a massive difference between profit and cash. Let’s explore the differences to make a better plan to increase both. 1. Sales.Profit increases when you increase sales; cash increases when you collect the money from customers. To increase both your profit and cash from sales: Delight your customers Generate more leads and referrals Convert aContinue reading “Profit vs Cash”

Don’t burn out this winter!

It’s tough going for business owners this winter. Illness is rampaging through the community – it’s hitting staff, suppliers, clients and schools, creating disruption throughout the economy. With the labour market tight, businesses are already understaffed. Add high rates of absenteeism, and remaining workers and business owners are under incredible pressure. When you love yourContinue reading “Don’t burn out this winter!”

Business Tip 1 : Using forecasting to help your decision making

Producing regular management information is one way to help improve your business decision-making. But looking at historical numbers can only tell you so much. In business, you want to know what the future holds. And to make truly informed decisions about your future strategy, it’s important to use forecasting tools to project your data forwardsContinue reading “Business Tip 1 : Using forecasting to help your decision making”

New Trust Disclosure Rules – apply from the 2022 tax year

The 39% tax rate for individuals is going to mean close scrutiny will be put on transactions between individuals and trusts. This includes harsh new disclosure rules designed to ensure the Inland Revenue has clear visibility over such transactions whether they are taxable or not. Previously, trusts have files returns declaring taxable income including distributionsContinue reading “New Trust Disclosure Rules – apply from the 2022 tax year”

Omicron in the Community

With Omicron circulating in the community, chances are if you have employees your business may become affected in some way. Below is some information to assist with your requirements as an employer . There are many different scenarios which can occur when people are sick or forced to isolate. Below are some different scenarios youContinue reading “Omicron in the Community”

2021 Wrapped Up

Here we are at the close of another year. We really are not sure where 2021 has gone!! We do know however it has been another tough year with “normal” life affected by lockdowns, restrictions, traffic lights, masks and vaccines. There has been a lot of anxiety and stress in our business and personal communitiesContinue reading “2021 Wrapped Up”

Rental Tax Changes are About to Kick In – Be Ready!

Earlier this year, the Government announced the removal of tax deductions on loan interest for rental properties. Previously, interest payments could be claimed as a business expense and taxed accordingly, giving property investment a tax advantage. Now, properties bought from April 2021 onwards will not be able to claim any tax deductions for the interestContinue reading “Rental Tax Changes are About to Kick In – Be Ready!”

COVID-19 Financial Support

Most businesses have obviously been affected by the latest Alert Level changes. You may still be eligible for financial assistance. Below is some information on the latest round of both the Wage Subsidy and the Resurgence Support Payment, and the criteria you need to meet for both. Wage Subsidy Scheme Wage Subsidy August 2021 #2: ApplicationsContinue reading “COVID-19 Financial Support”

Newsletter – Winter 2021

Welcome to the last month of winter 2021! The team here at JMA have been really busy getting financial statements & tax returns completed. We thought it was time to highlight a few of the recent changes that have been announced. These include changes to sick leave entitlements, investment property changes and motor vehicle fees. SickContinue reading “Newsletter – Winter 2021”

End of financial year

tax tips to think about before 31 March It is almost the end of the financial year for most tax payers. Below is some tax tips to think about before 31 March comes around. Write Off Bad Debts Businesses with outstanding amounts owed, that are unlikely to be recovered in full should consider writing theseContinue reading “End of financial year”

Xero Tips and Tricks – How to Use Find and Match to Reconcile a Bank Statement Line

You can use find & match to find an invoice, bill or account transaction already entered and reconcile it with the relevant bank statement line on the web and on your mobile phone. Web – In the Accounting menu, select Bank accounts. – Click Reconcile xx items for the bank account you want to reconcileContinue reading “Xero Tips and Tricks – How to Use Find and Match to Reconcile a Bank Statement Line”

Savings: Tips and Tricks

When it comes to saving money, every little bit counts. So the sooner you start saving, the sooner you’ll reach your financial goals. Here are a few tips & tricks to help you on your way. Set savings goals to help you focus It can be hard when you’ve got nothing to aim for, soContinue reading “Savings: Tips and Tricks”