When incomes are being squeezed, it’s time to crunch the numbers on your business

DEAR AUNT MASIE

I’m a partner in a group practice and in the last few years our incomes seem to have reduced, especially since the introduction of the reduced fees for Community Services Card holders late last year. We’ve never really worried too much about the finances in the past, but now we wonder if we earn more than the associates in the practice. We have a practice manager but up until now they haven’t done any financial analysis or reporting. Where do we start?

Not financially savvy, Auckland