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FletcherTax
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To be honest I have some clients putting away a % of profits and some on a % of income. Difference between them being record keeping. Either method should be chosen very carefully.

The clients that have no idea how their business is doing until they see me, goes by % of income, whilst the other type of client put away a % of profits as their records are quite upto date for such a task.

My biggest pet hate is when small business don’t know what’s happening with their bottom line. They blindly sign on the dotted line at the end of the month/quarter/year but they don’t know what it is they are signing/impact of their ‘apparent’ results/what they are responsible for – for the next 5 years!

Fletcher Tax Accountants
http://www.fletchertaxaccountants.com.au

Please note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.