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The Secret To Hitting Your Weekly Magic Number
At Inspire, we report our magic number every single day. We have a team daily huddle and a target for the week. Obviously, not everyone is involved in sales but we share our numbers at our morning meeting so that everyone is aware of how we're...
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How to Distribute To A Loss-Making Entity
Ben initially created an accounting firm with a cafe in the foyer called Inspire cafe. It had a heap of losses over a number of years before it ended up closing. Over the accounting firm, it wasn't making massive amounts of profits, because it was...
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The 4 Bank Accounts Every Business Needs
The first one is the main account, it receives all income and it pays the headline expenses which are your pay, the wage bill, and any big suppliers. It disperses the rest into the other accounts.
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Why You Need A Rainy Day Fund
The rainy day fund has an allocation of money to build a rainy day fund for your business. Start small with a small weekly contribution if you haven't got anything and aim for three months worth of expenses.
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Managing Multiple Bank Accounts In Xero
An attendee has asked: “If you're feeding all the cash deposits from the sales and it goes into your main bank account, and you split off all these different accounts, as far as bookkeeping and all that sort of thing, how does that work with Xero...
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How To Save Tax & Boost Your Super
A trust doesn't technically distribute to a super fund like a discretionary trust but you as a member, can contribute the profit you receive from a trust into super.
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What Is Your Magic Number?
Magic Number is one of the strategies that we use to help business owners understand how much sales they need to make in their business so that everyone is paid including suppliers, team, and themselves. They make a healthy profit which a lot of...
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The Rules For Giving To Churches Vs. Charities
Churches and charities are classed differently in terms of their ability to give pre-tax money. If you distribute tithes or give money to a church, and they are not a deductible gift recipient, then you need to make sure that they have an income tax...
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Minimise Tax With A Bucket Company
If you have a trust earning $500K in profit and you have given $120K each for the husband and wife and for whatever reason, you have only given $60K to your grandparent or the parent. If we add all those up, you have distributed $300K and you still...
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4 Categories Of Risks To A Business
Why would asset protection should be talked about when you haven't run through what the actual risks are? People have had different experiences about getting sued so you may want to be prepared for it, rather than not prepared and have to react.
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