How much should you pay yourself?​

You started your own business to do something you love and make money. But how much should you pay yourself? Too little and you may struggle to survive. Too much and your business might be at risk. So how do you strike the right balance?​Take the guesswork out of your salaryFor many, the chance to set your own salary sounds like a dream come true. But small business owners know the reality is a little more complicated.You should only pay yourself out of your profits – not your revenue. When you see money coming into your business, don’t assume you can pay yourself a big slice of that. Before you take your cut, you also need to take account of things like taxes, payroll, fixed costs and overheads. will really help you work out  how much you can afford to pay yourself. It will let you keep track of all expenses and calculate profit rather than revenue or turnover. It will also help identify areas you can make tax deductions.Setting your own salary will depend on your location, your industry, your profits, and how much you want to earn. But there are a few things to think about that can help you land on a reasonable figure.To read original full article, please select here: www.xero.com

An introduction to cloud security

Business data is increasingly being stored online in the cloud. What does this mean for your business and your customers? What can you do to make your data safer? Here are some useful tips on cloud security

For small businesses there’s no greater pain than not getting paid

Small businesses are the heart of New Zealand’s economy. We often talk about and celebrate our large, publicly traded enterprises, but it’s small business that really drives the GDP and job creation in New Zealand.

Do a year end in Xero

There are a few things that you should typically do at the end of your financial year. Whether you do some or all of them, or invite your accountant or bookkeeper into Xero to do them for you, here's a simple year-end process.

A BDO expert on small business risks

New Zealanders may be famous for our “number eight wire” approach, but it’s a risky attitude in an increasingly uncertain global business environment.

...
...