Differences Between Gross and Net Profit (and Why Neither Matter Unless You Get Paid!)
Wondering if you’re doing everything you can to boost revenue and cut costs? Or if your business is actually more profitable this year than it was last? The best way to answer these questions is with a thorough assessment of profitability. That’s where gross and net profit calculations come in. These are two of the […]
Five Ways to Manage a Healthy Cash Flow
We cannot stress enough the importance of properly managing your cash flow to ensure the smooth running of your business. And in times of crisis such as pandemics and, more recently, the impact of economic pressures, this becomes more than important– managing your cash becomes a necessity for survival. If you are experiencing cash flow […]
Time for a Christmas Party
It’s important to be aware of the tax benefits to holding a Christmas party for staff. Make sure you and your team don’t miss out this year! Is a Christmas party for staff a tax-deductible expense for the business? In simple terms, yes. Entertaining employees is a tax-deductible expense for the business. This includes […]
7 Ways to Trim Your Overhead Costs
Every small business owner knows how challenging it is to cut down expenses without somehow compromising quality. Regardless of the nature of your business, the first step to reducing your overhead costs is to take the time to go through every single expense you have. Next, assess which ones are necessary for your business to […]
Get paid first – why your salary should be your business’s first monthly expense
It’s the line item most often left out of a small company’s budget: the business owner’s salary. Let’s face it: you can always spend cash on your business. From office expenses to employee salaries to rent, every month a portion of your revenue is accounted for. But paying yourself first is a must. You need […]