Missed our Know Your Numbers Webinar? Don’t worry!
You can watch in your own time. Grab a cuppa, curl up, and learn how you can use financial reports to your advantage.
The link to our free webinar is here:
You don’t have to be an accountant or bookkeeper to understand your numbers, just as you don’t have to be a mechanic to drive a car. Having an overall understanding of your financial reports puts you in a far stronger position to make better decisions.
On Monday they 9th we are running a free webinar to help you better understand your financial reports so you can make stronger business decision.
At this webinar you will:
- Learn what each of your key financial reports tells you about your business
- Identify strengths, weaknesses and trends
- Discover why your bank account balance may not reflect profits
- Identify how to protect your assets
- Discover the key drivers of business value
- Learn how to measure your business efficiency to drive improvement
Plus, we’ll provide you with a complimentary Guide to Your Financial Reports.
Sign up for our webinar now!
As a business owner, it’s good practice to prepare a Personal Budget each year. Instead of being confining, a Personal Budget should be liberating as you can spend guilt-free, knowing other money has been allocated to your expenses. Think of it as a spending plan rather than a budget.
By knowing how you’ll spend and save money and setting personal finance goals, you’ll know exactly what your business needs to provide to you.
Join us on Monday 12th October at 12pm for our 60 minute complimentary webinar where you’ll:
– Learn how to gain control of your personal finances.
– Identify how to manage and reduce debt levels.
– Discover how to build better money habits.
– Reduce stress and have positive personal spending conversations.
– Understand how to set and achieve your wealth goals.
Plus, we’ll provide you with our complimentary Personal Budget template.
Register here for free!
The new Trusts Act comes into force on the 30th January 2021. This is the first major rewrite since the 1940’s. There are a few changes and you should get advice about how this might affect your trust.
In a very quick summary…
- Trusts can now have a 125 year life rather than the 80 years in the past.
- There are additional requirements for record keeping, including Financial Records. They now have to be kept for the life of the Trust and one Trustee must be designated to hold all records and to make sure records are passed on to any new trustees.
- Beneficiaries need to be advised as such and have basic information provided. Beneficiaries can also request information and in certain situations Trustees can withhold information.
- Trustees duties are clarified and split into mandatory and default, the later can be altered.
Family business are a big part of NZ business. With MBIE stating they make up around 75% of entities and employing a ‘good chunk’ of the workforce. I’ve worked with my fair share over the past 20+ years as a CA.
There is a uniqueness of family business to survive where a typical business commercial model may not. It’s that strength to help out and pitch in during the hard times that make FOMB’s quite special. Dedication from family members can be hard to replace.
Long drawn out debates about business decisions can at times become heated, however the family bond creates a connection that usually brings the family back together. Once heads cool that ongoing discussion is again a strength for FOMB’s. At the end of the day, while the family may not all agree on a particular business aspect, everyone will still want to clear the air and sit down for family Christmas dinner together.
One of my key takeaways for the FOMB is to have clear expectations about who does what, who makes the calls and who is responsible. A business plan for any business is a good tool but having a clearly defined one for a FOMB is a good way to head off difficulties.
Working with FOMB
I like to keep a good understanding of what’s going in my clients business, we use Xero so we have good up to date reports, I check and file my clients GST to ‘Keep my head in the game” and charge a fixed price fee so they don’t worry about calling me with a question. Regular development meetings lets me play a part in keeping their business moving in the right direction.
Like any business things are always changing. Effecting the hand over from one generation to the next is a big decision. From experience this takes quiet some time and generally if you start early enough there should not be any panic. Start with identifying everyone’s key strengths and weaknesses. What are each family members views? How would they like to be included? Then it’s a matter of trying to fit the jigsaw together. Not everyone is going to get what they want and that’s part of managing the family dynamics.
Family owned managed business can be hard work, but also a lot of fun, plus you get to share it all with those you love.