If your accounting system has been around for a while, you will have many general ledger accounts. New accounts were created when you needed to watch a particular expense for a period of time or your bookkeeper created a new account to allocate an unknown expense when you were overseas that time. It has stayed… Read More »
Why financial planning is not a waste of time. People say to me that they cannot predict the financial outcome of their business and therefore spending time doing a budget forecast is a waste of precious time. The forecast never works they say. This is an outdated view. Given the right tools and consistency of… Read More »
It is the end of the financial year. It is time to turn your mind to next year and onwards. As a business consultant I hear business owners say “Why should I sit down and do a budget? I can never predict the future. It is a waste of time!”. Think about that statement. The… Read More »
Oh my goodness! You’re so busy cutting down trees you don’t have time to sharpen the axe. Sharpen the axe and the trees fall easier. It happens to us all. Even yours truly! There are good reasons why you should STOP – make time to plan ahead. “Think ahead” – has been the company motto for years. You… Read More »
Small business owner-managers will tell you [over and over] – “cash is king”. They are often puzzled why their cash flow is poor but the profit and loss statement is healthy. If the business is growing, then there will be pressure on cash flow. Why is this? There are lots of reasons but most often… Read More »