Making time to look over your financial reports each month is an important task for any business owner. If you are not taking time to do this, either because you’re too busy, or perhaps you don’t really understand what you’re looking at and it doesn’t make sense to you, then here are 6 reasons we recommend you should start to. But before we get our 6 reasons, let’s talk very quickly about which reports to look at. At a bare minimum, and depending on the complexity of your business, you should be looking at the following: The Statement of Financial Performance - also known as the Profit and Loss report (P&L) or the Income Statement – tells you, as the name suggests, how your business is performing over a period of time, such as a month or a financial year. In broad terms it shows the revenue that your business has generated, less the expenses for that same period. In other words, it shows how profitable your business is. The Statement of Financial Position - also known as the Balance Sheet shows the value of the business’s Assets, Liabilities and Equity. Assets include things like money in bank accounts, Plant and Equipment, Accounts Receivable balances Liabilities include things like Bank loans and credit cards, Accounts Payable, and Hire Purchase balances Equity is the difference between your Assets and your Liabilities and includes Retained Earnings and Owner Funds Introduced Accounts Receivable Ageing report (Aged Receivables) - this shows how much money is still owed to the business as at a certain date in time, and is usually segmented as to how overdue they are, or sometimes by how far past the invoice date they are. Generally, you will have Current, 30, 60 and 90 days columns. Accounts Payable Ageing Report (Aged Payables) - this report shows who the business owes money to as at a certain date in time and, like the Accounts Receivable Ageing report, is usually segmented by overdue period. So why bother? Understand your business better - by looking at your Profit and Loss report monthly you will get a good picture of how your business is performing month by month and it gives you a better understanding of what makes up your profit. It can be helpful to compare periods, or to look at a month by month P&L, so you can clearly see on one page the revenue and expenses month by month. This also helps identify trends in your data and many also help to highlight anomalies in coding/categorising or unusual expenses or earnings. Accurate information for lending purposes – If you are applying for a loan or an overdraft, the bank or financial institution will look closely at both your Profit and Loss report and the Balance Sheet as a lot can be learned about a business by looking at these reports together. If you are unsure what some of your balances are in your accounts, get in touch and we can explain them further. Get paid quicker and reduce bad debts – by looking at your Accounts Receivable Aged Summary each month you can follow up with overdue accounts promptly which often results in getting paid quicker. The longer an overdue amount is left unpaid the higher the risk of it not being paid at all, so it is important to keep on top of this. Better relationships with your suppliers – Assuming you are entering your supplier bills into your accounting software (recommended for most businesses to get an accurate profitability figure) your Aged Payables report will alert you to any unpaid or overdue amounts. Supplier relationships are an important aspect of your business and paying on time is crucial to maintaining those relationships. Better cashflow – having an accurate understanding of how much money the business is owed, and how much money the business owes, can help with cashflow planning to ensure that there is enough money when needed. Additionally, understanding the trends of your business, its profitability drivers, its expenses, etc., can help to plan sales and marketing campaigns so that the revenue keeps coming in. Better business decision making – Your financial reports tell the story of your business and it’s important that you understand the story that they are telling you. The better you understand what’s going on in your business the stronger position you will be in to make better business decisions that affect the profitability of your business and its financial viability. If you would like to know which reports are relevant to your business, and you want to better understand what’s going on in your business, give us a call on 04 970 1182 so we can make a time to go through them with you. Your business success is important to us and we are here to help you.

As you may be aware, Xero has been working hard on a refreshed navigation and homepage (formerly known as the dashboard) to deliver a faster, cleaner, and more intuitive experience. The first stage - featuring the brand-new navigation - is set to launch sometime this month (September)! Here are the main updates you’ll spot in the new layout: Dedicated Sales and Purchases sections - no more digging around, everything you need is right where you’d expect it. Reports made simple - key insights are now just one click away, helping you stay on top of your numbers faster. Streamlined settings - settings are now visible across all menus, plus there’s a centralised page to keep everything organised. Smarter right-hand panel - this new hub gives you instant access to JAX (Xero’s new AI business companion), search, help, notifications, and apps - wherever you are in Xero. This revamped system helps you find what you’re looking for faster, move smoothly between tasks, and get even more value from your Xero subscription. The refreshed homepage (previously the dashboard) will launch later this year, bringing customisable widgets to give you quicker, more personalised business insights. We’ll keep you updated on when these changes go live. As Xero Platinum Partners, we’re already up to speed with the new navigation and ready to help you make the most of it. Whether you want a quick run-through, some training for your team, or simply reassurance that everything is where it should be - we’ve got you covered. If you need a hand, give us a call on 04 970 1182.

View our September 2025 General Ledger: View our September 2025 General Ledger: - 6 Powerful Reasons To Watch Your Financial Reports - Important Notices - Xero Tip of the Month: Xero’s New Navigation Refresh Coming Soon! - Audit Shield Insurance - Protect Yourself from a Tax Audit - Welcome to the Team: Breanna & Rachelle - Tax Question of the Month: What Happens to GST on Assets You Bought Before Registering? - IRD Upcoming Tax Payment Dates https://public2.bomamarketing.com/email/znK4

Thinking about selling your business? Whether you're ready to retire, change direction, or chase your next big idea - selling your business is a major milestone. And like any big move, preparation is everything. Here’s how to make your business more attractive to buyers - and get the best return: Get your numbers in order: Buyers want clarity. That means up-to-date books, clean financials, and a solid forecast. When your numbers tell a clear story, your business becomes more valuable and more trustworthy. Make your business easy to take over: Show potential buyers that your business runs smoothly, has reliable systems in place, and room to grow. A clear operational plan and documented processes make your business more appealing - and easier to hand over. Work with experienced advisors (That's us!): Selling a business can be complex, but you don’t have to do it alone. The right guidance helps you avoid costly mistakes, make informed decisions, and stay one step ahead. At All Accounted For, we help business owners get sale-ready with clean, well-organised financials and a clear understanding of their business’s true worth. With our support, you can move forward with confidence and clarity. Ready to take the first step? Call us on 04 970 1182 to book your appointment today.

Creating a mentally healthy work environment isn’t just a “nice-to-have” - it’s a crucial part of building a successful, sustainable business. Yet, when you’re juggling countless responsibilities as a business owner, it’s easy to put mental health on the back burner. This is a gentle reminder of why fostering mental wellbeing at work benefits everyone - from your employees to yourself: When people feel mentally supported and valued, they’re better equipped to manage daily stresses, stay motivated, and maintain positive relationships with colleagues. This not only boosts productivity but also creates a more collaborative and enjoyable workplace. Taking time to care for your own mental health as a leader sets the tone for your entire team. Your wellbeing influences your decision-making, creativity, and resilience, which directly impacts your business’s success. Investing in mental health isn’t just good for people, it’s smart for business. Let’s prioritise wellbeing as an essential part of our work culture, helping everyone thrive both personally and professionally.

For many SMEs, recurring subscriptions are one of the sneakiest money leaks. They’re small, automatic, and easy to forget - until they quietly add up to thousands each year. Now’s the perfect time to do a quick subscription audit. Look out for: Duplicate subscriptions Outdated software plans Auto-renewals you didn’t notice Tools your team no longer needs These little costs can seriously stack up. A 15-minute check might save your business hundreds - even thousands - every year. If you’re getting value from every subscription, that’s great! But in our experience, most businesses are paying for more than they use. Not sure where to start? We’d be happy to help you review your expenses and sharpen your spending. Get in touch today - your bottom line will thank you!

Reminder: Xero Pricing Increase from 1 September 2025 Just a quick reminder that Xero’s updated subscription pricing will come into effect from 1 September 2025. As a result, you may notice a higher amount on your September invoice. We included a breakdown of the new pricing in our June / July 2025 General Ledger newsletter. You can read the full update here: https://public2.bomamarketing.com/email/xeGr If you have any questions, feel free to reach out to our team.

If you want to stabilise your finances and grow the business, working to strict budgets becomes a necessity. Managing the cashflow twists and turns of a project can be hard work. But it’s easier to do when you have an agreed budget and can track your spending and performance. So, what’s the best way to stay in control of the budgets you’ve set? And how can you manage your cashflow position to make sure there’s always enough cash to fund the project? Understand the costs of each project Starting a project without fully understanding how much it will cost is a no-no. To keep on top of costs, overheads, staff expenses and general spending, you need at least a ballpark figure for this expenditure. In an ideal world, you’ll want to be as precise as possible with these costs. Run through the project from start to finish and highlight every point where there will be costs to incur. It might be the cost of your raw materials. It may be the cost of buying new equipment. It could be the payroll costs for the people actively working on the project. Break everything down and come up with a total expense for the project. This is your starting point. Set your budget and track it over time Once you know your baseline cost for the project, you and your team should decide on the amount of funds to allocate to the budget. Your baseline cost is a starting point, but don’t forget to include extra for specific contingencies. What if the project overruns? What if your raw material costs go sky high? What if you need more people to get the job over the line? Agree on a clear budget and set up your finance system to track spending against this budget. With a cloud accounting system at the heart of the business, it’s very easy to create a budget and then record and track your spending over time. Keep a close eye on budgets and project cashflow One of the big things to remember is that a budget is not a static thing. You’ll obviously aim to stick to your initial costs, but prices and availability will affect the total spend over time. Because of this, it’s vital to not just write the budget and then forget about it. Keep a close eye on your budget performance and the cashflow for each project. Being able to review this performance, in real time, should help you avoid overspending, or running out of cash for the project. And when the cash in the kitty is getting low, you can get proactive and look at ways to top up the budget, or rein in spending in other areas of the project. Take action to maintain your positive cashflow position Balancing the cashflow scales on a project isn’t easy. But when you spot that there’s a potential hole in the budget, the important thing is to do something about it, pronto! Running any project with your fingers crossed that ‘it will all work out in the end’ is a recipe for disaster. And with such detailed budget reports and cashflow forecasts available with today’s finance apps, there’s really no need to be disorganised about your spending. Think about: Setting up key metrics for each project, to measure spending, cashflow and progress Run worst-case and best-case cashflow scenarios, so you’re prepared for anything Regularly reviewing your spending and looking for areas to make savings Taking on finance facilities to plug any cashflow holes as they appear. If you’re thinking about scaling up your established startup, get in touch with our team today at 04 970 1182. We’ll help you build solid, workable budgets that can be easily tracked through your accounting system.