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Key numbers to focus on in your business now

As a business owner, it’s always been helpful to have an understanding of accounting – but in the post-lockdown world, it’s never been more important to have a good grasp on your finances. With the business world irreparably changed by the impact of coronavirus, your business is facing a ‘new normal’. Priorities have changed, customer behaviours have mutated and revenue streams have had to evolve and pivot in order to create a viable post-lockdown business model.To track, monitor and d...

June 9, 2020

Provisional Tax

If you had to pay tax of more than $5,000 in your last income tax return, you may have to pay provisional tax for the following year. Provisional tax is like paying progress payments on next year’s income tax.The amount you have to pay relates to your expected profit for the year. In practical terms, the amount of provisional tax you’re expected to pay is based on the tax you were liable for in the previous year, often referred to as residual income tax (RIT).Even if you are not required to ...

June 2, 2020

Inspirational podcasts for lockdown

Podcasts are often on our list of things to do, but for many business owners, there are often not enough hours in the day. The current crisis has prevented most from normal business activity. It is a stressful time. But it may provide an opportunity to think about where you want your business to head.Are there opportunities you can grab when the restrictions are lifted? These podcasts might provide the inspiration for your business planning or just something interesting to listen to for your wal...

April 29, 2020

Times of uncertainty can be particularly challenging on mental health.

A massive round of applause to Xero for stepping up & looking out for their customers and partners mental well-being and setting up the Xero Assistance Programme (XAP). This will be a great service for many small businesses who are finding it tough through these difficult times. The Xero Assistance Programme (XAP) pilot provides free and confidential mental health support to all starter, standard and premium plan subscribers in New Zealand, and their employees and families. The service is availa...

March 30, 2020

Keeping your cashflow strong in tough times.

Small businesses are particularly vulnerable in tough economic times. When sales are slow, there are still overheads and salaries that need to be sorted. Pre-planning and being proactive can help you weather tighter economic periods and allow you to continue to thrive.Make sure you have a clear picture of your payroll, and any other planned expenses that will need to be accounted for.If there’s even a possibility that there could be a shortfall, it’s essential to meet this head-on. Whether t...

March 9, 2020

Common GST errors will impact your business

Most GST errors are unintentional. Even so, they can have a big impact on your business as they may result in you paying too much, or not enough, GST.Whether you file the GST return yourself or whether you use our services, it’s useful to understand some of the most common errors that can happen. So, here are some tips to help you avoid the most common GST mistakes. Before filing your GST Return If you file GST on Payments basis you will be filing GST based on when you have paid or received mo...

February 24, 2020

Set your business up for success with the right structure

Before you start a new business it’s essential to make sure you’re choosing the right structure for the long term. The business structure you choose can have big implications down the track, so it’s best to set up for success from the beginning. The structure of your new business has repercussions in terms of tax, costs and the protection of your assets. When you decide on what structure you’ll use, keep in mind your future plans, because this may impact your decision. There are three ma...

February 20, 2020

Make your business more profitable

Want more profits? Profitability a key business goal for this year? We’ll help you review your business model, identify your key financial drivers and proactively drive profit performance.Making a profit isn’t something that happens overnight – to create a good return from your business you need a clear focus and a well thought-out strategy for increasing profitability.This means reviewing your business model and looking at every area of the business, to see where you can cut costs, increa...

February 3, 2020

When was the last time you checked in with your KiwiSaver?

With a set-and-forget service like KiwiSaver, it can be all too simple to choose a fund, and.... forget about it! But it’s really important to check in periodically and make sure that you’re still in a fund that meets your needs.Here’s what you should look for: Fund Type - The money you put into KiwiSaver will be invested in line with the type of fund you’ve chosen, which range from the defensive to the aggressive. The different fund profiles dictate the degree of risk you’re prepared ...

November 14, 2019

Successfully implement and embed change in your business

Research by Kotter International found that more than 70% of change projects within a business fail. Why is this?The research findings show that employee engagement is the biggest factor. Whether it is a small change to one or two processes or a company-wide change, it's common for staff to feel intimidated by it.So what can you do for successful implementation of change? We’ve outlined eight progressive steps.1. Get the team on board - communicate the benefits with the whole company to build ...

October 21, 2019

Keeping on top of overdue accounts

Keeping positive cash flow is really important for a small business. Late payments can cause big issues, so stay on top of your invoicing with a proactive and efficient strategy. Sometimes it takes a phone call.A few easy ways to keep on top of them:👝 Invoice them straight away - give your customer the ability to pay you promptly.📱 Include all the details your customer needs, in order to make the payment - such as a customer purchase order to make their administration easier. Mak...

October 14, 2019

Automation can ease your business workload

Small and medium-sized businesses are spending on average 120 hours a year on admin tasks, according to recent research into productivity at UK SMBs.If your people are spending 120 hours wading through tedious and unproductive admin, that’s bad for the business and for your overall efficiency. Fortunately, technology and software automation can go a long way towards automating the low-level admin tasks.Better productivity through automationAutomation is an important way to ease your business w...

October 1, 2019

Why should I hire a bookkeeper?

Are you on your way to where your startup is on its way from idea to formal business?There are many, many things to think about and consider.And one of them may just include that all-important decision of when to bring in outside experts to assist you with some of the operational functions that go into running a business.Those functions almost certainly include the financial aspect of your business. While you may not need or want an accountant, you could at least consider a bookkeeper to help wi...

September 16, 2019

Invoices vs Statements from Suppliers

A customer may receive an invoice and a statement from a supplier. What is the difference between these two documents? When a seller issues an invoice to a buyer, the invoice is related to a specific sale transaction where goods or services were provided to the buyer. Since the invoice relates to a specific sale transaction, it itemises all of the information the buyer needs to know in order to pay the seller including:• Invoice number• Invoice date• Item price• Sales tax• Payment term...

February 26, 2019

Tax Deductions on Entertainment & Gifts

As Christmas is near most businesses will be giving to their employees, clients and sometimes charities. From small team meals to extravagant Christmas functions for the whole family. When it comes to claiming tax deductions this Christmas there are very precise rules that apply. I have put together this simple guide about tax on Christmas entertainment and gifts to help you through the festive season.1. GIFTSIf you are planning on giving Christmas gifts to your employees, clients, suppliers, yo...

December 8, 2018

Payday

all employers will have to file their employment information every payday rather than once a month with their employer monthly schedule IR348 forms. For employers that deduct $50,000 PAYE/ESCT or less can still have paper files but anything more will need to be filed electronically. For more information on this, check out www.ird.govt.nz/payday or contact Sam on 0223034127, or email sam@solvingaccountsmatters.co.nz...

December 6, 2018

New GST Rules

IRD are in the process of making new GST rules that will require overseas companies to collect GST for low-valued imported goods. This means that overseas companies would have to register, collect and return NZ GST on goods that are valued under $1000 that are brought from New Zealand consumers. These changes are expected to take place from October 1st 2019. For more information, check out IRD's fact sheet at http://taxpolicy.ird.govt.nz/p... ...

December 5, 2018

Bookkeeping Tips

As a small business owner, you need to stay on top of your finances. Bookkeeping isn't always fun, but if you want to avoid tax penalties and having to deal with IRD being on your back, then it's important to learn how to go about it.By closely monitoring all of your expenses, keeping records of all your invoices and deposit records, you will no longer have to worry as the tax season comes around. Your life will be a lot easier, you might even increase your earnings in the long run, simply by st...

September 12, 2018

How do you know when is the right time to hire a bookkeeper?

There are a lot of answers to this question and depends entirely on the individual’s circumstances. If you can relate to any of these situations then it may be time to think about hiring a bookkeeper.• Your business is growing too quickly and by yourself you can’t manage to get it all done. It’s starting to take a toll on your health as well as relationships in your personal life.• You don’t have much spare time to do any bookkeeping tasks, so you’re making mistakes with figures du...

August 8, 2018 Posts 1-19 of 19 | Page