When you leave your employment for any reason, you may be entitled to get paid for annual holidays, alternative holidays and/or public holidays in your final pay. Public holidays Employees are sometimes entitled to be paid for public holidays that fall after their employment has ended (i.e. after their termination date). This can happen if the employee has unused annual holidays they are entitled to at the time their employment… Read more
For a small business owner, managing finances can be a daunting task. Keeping track of expenses, payments, and cash flow can be overwhelming, especially if you’re dealing with debt too. A business loan, line of credit or a business credit card can help your company hire new employees, purchase inventory, purchase equipment, and finance growth, but too much debt can become an unsustainable expense. Debt management is vital to the… Read more
It seems like the perfect storm has hit, with rising interest rates and inflation soaring. As a result, households are dealing with higher borrowing costs, leaving them with less disposable income to spend. And that means businesses are feeling the pinch. To make matters worse, staff shortages are adding to the pressure. Retail sales decline affects all businesses. Almost every sector is experiencing a downturn. Building companies, property companies, retailers,… Read more
As a small business owner, you may be considering enabling a remote work environment. With the rise of technology and the pandemic shifting the way we work, managing a remote team has become a popular option for business owners looking for new and unique ways to grow their business. We have certainly embraced it here at Ontrack Bookkeeping Ltd. There are however both benefits and drawbacks to consider before making… Read more
This is a question that has come up in our Payroll Essentials Training Course that is currently running. Scenario: An employee comes to work for 2 hours on a public holiday, then has to go home early due to being ill. This is what they would receive for the day 2 hrs at time and half 1 x alternative day IF the day is a otherwise working day for the… Read more
MBIE have approved 5 applications from unions to start bargaining for Fair Pay Agreements (FPAs). If a company employs people in an occupation or industry you are in which is covered by a Fair Pay Agreement where bargaining has started, there are specific actions you need to take – and now. More details are below. The industries and occupations include the following: Early childhood education industry — Public notice… Read more
Finding money for the essential assets you’ll need to run your business efficiently can be a challenge. You’ll need to decide whether leasing or buying is best for your business. Is borrowing money essential? Whether you need to purchase a vehicle, some computer equipment, or a bigger warehouse to expand your business or to operate more effectively, take the time to consider how each purchase might impact your operating capital.… Read more
Once your business is up and running, it’s important not to rest on your laurels. Successful business owners are always looking at ways they can grow their business and maximize their profits. We’ve put together this a guide and checklist that can help you identify ways to get the most out of your business. 1. Grow your sales Contact your best customers to buy more One of the easiest ways… Read more
In our digital age, cybersecurity is a crucial aspect of running any business. Cybersecurity breaches could lead to not only data theft but also reputational and financial loss. Hence, it’s imperative to establish robust cybersecurity measures to protect your business and customers’ sensitive information. Here are some cybersecurity practices that could help safeguard your online presence. 1. Invest in Security Software: One of the fundamental cybersecurity practices for small and… Read more
How often do you feel like a superhero, taking on the world and tackling everything that comes your way? If you’re a small business owner, chances are it’s more often than not! The demands of running a small business can weigh heavy on our shoulders at times, and as business owners we often try to do everything ourselves. The success of your business depends not just on you, but also… Read more
Small business owners in New Zealand often make common mistakes when it comes to GST. These mistakes can lead to penalties and unnecessary stress. By understanding the common pitfalls and taking steps to avoid them, small business owners can ensure they are compliant with GST regulations and avoid costly mistakes.
As a small business owner, you know that managing your finances is crucial to the success of your business. But with so many accounting principles and practices out there, it can be challenging to know where to start or to understand what they mean. That’s where we come in! In this guide, we’ll break down the essential accounting principles that every small business owner should know. We’ll discuss how these… Read more
This month Grant Robertson delivered his sixth Government Budget. The Government announced that Budget 2023 would prioritise addressing the cost of living and aim for a ‘no frills’ budget without unexpected tax changes. The challenge is how to decrease Government expenditure to mitigate inflationary effects, while simultaneously ensuring economic stability for New Zealanders during an unpredictable period and also effectively managing issues like health, housing, and climate change. Below is… Read more
Provisional tax is an important aspect of managing a business’s finances and tax obligations. It allows businesses to make progress payments on their upcoming income tax, based on their expected profits for the following year. This can help businesses manage their cash flow and avoid the pressure of paying a lump sum at the end of the year. For new businesses, the first-year provisional tax payment can be challenging. However,… Read more
Your employees who choose to opt into KiwiSaver cannot opt out. Only new employees you are automatically enrolled in KiwiSaver can opt out. Requests to be opted out after 8 weeks (57 days) are LATE OPT OUT REQUESTS. How your employee requests a late opt-out Employees will need to send their KiwiSaver late opt-out request to Inland Revenue. Approving a late opt-out request Inland Revenue must approve the late opt-out… Read more
When it comes to running a small business, maintaining a healthy cash flow is essential for sustainability and growth. Your business can be incredibly profitable but still ultimately fail because of improper cash flow management. To prevent that from happening, here are some best practices that can help you better manage your cash flow and maintain the financial health of your small business. Remember, the key to success is to… Read more
With the end of the financial year approaching, it’s a good time to make sure everything is in order and ready for balance date. Here’s a few things to consider and/or action for the end of year the financial year. Write off Bad Debts Do you have debtors that you’ve taken all reasonable steps to recover a debt, yet your customer still hasn’t paid you? You might be able to… Read more
You’ve likely heard the phrase “in the black” or “in the red”. Your balance sheet is the tool that shows you whether your business is indeed “in the black”, or on the right side of the ledger, and is therefore the most important report to read and understand. It is a snapshot in time of your business up to the point of the date of the report, where a profit… Read more
ACC is one of the most confused topics we discuss in our client meetings. So lets see if you can help clarify what its all about. When you are receiving wages and having PAYE deducted, there is a portion of this that relates to ACC Earner Levy cover – that is the cover for all non work related injuries, and everyone getting a wage pays this portion within their IR… Read more
Applications for Cyclone Gabrielle business recovery grants are now open says David Templeton from Northland Inc. CYCLONE RECOVERY FOR BUSINESSES If you own a business in Taitokerau Northland and your cashflow has been affected as a result of Cyclone Gabrielle, you can apply for support to help you recover. Grants of between $5,000 – $40,000 are available to businesses in the Taitokerau Northland region who have been impacted by Cyclone… Read more