The Power of Financial Models

Financial models are invaluable tools designed to help you understand and project the financial health of your business. By simulating different scenarios and examining potential outcomes based on various inputs like sales growth, margins, and cash flow, these models provide a comprehensive picture that aids in informed decision-making. Practical steps for leveraging financial models: 1. Planning and forecasting Start by creating a base financial model incorporating your current financial data.…  Read more

Are you overpaying your team for annual leave?

Employees are one of the biggest costs, and the most important asset to a business, and annual holidays are a really important part of your teams health and wellbeing.  Ensuring your team are getting what they are entitled to is your responsibility as their employer.  If you don’t get it right, it can cause frustration for the employee, friction in the workplace and could land you in hot water with…  Read more

ESCT Rate – Set and forget on 1 April

Setting the ESCT rate for the next tax year is a 1 April activity that Payroll are responsible for.  As part of your payroll checks and balances, you must check your payroll system is doing as expected. If you are processing payroll manually, you will need to set the ESCT yourself.  Understanding how ESCT is essential to getting this right for anyone involved in payroll. What is ESCT? ESCT (Employer…  Read more

The importance of budgeting, forecasting, goals and understanding the numbers for your business

If you’re like many business owners, you may find yourself struggling to understand what your finances mean or how you can use your financial information to make decisions for your business. Often we get into business because we love a product or service we want to provide. It’s not as common that we love managing the financial aspects of our business.  As a business owner, you have your best chances…  Read more

Financial best practices for small business

When you run your small business, you have a lot on your plate. That makes it tempting to let some tasks slide, especially tasks that are related to finances, which can be challenging and is often outside your preferred skill set or experience. There are some tips you can follow that keep your finances healthy and enable you to thrive. Here are some financial best practices for managing your business,…  Read more

Why are you paying overtime for salaried staff?

Paying overtime to salaried staff has many consequences that a lot of employers are not aware of. The purpose of a salary is to pay an all-inclusive rate that is a fixed, regular payment to an employee for the work they perform. It allows a business to plan and forecast labour costs on an annual basis and can also provide concise data for business planning over the coming years, as…  Read more

Completing Holidays Act 2003 Remediation Calcuations

Remediation of your payroll system can seem extremely intimidating.  There is a lot involved in the process of checking payroll for Holidays Act 2003 compliance.  This information comes from the FAQ section of the Labour Inspectorate website so we thought we would share some of this here. How far back should re-calculations go? Once non-compliance with the Holidays Act 2003 is identified, the expectation of the Labour Inspectorate is that…  Read more

Are you dealing with the Rocks or the Sand?

We so often complain about how busy we are and that there is not enough time for everything. But what is it that you are actually focusing on? Are you including all the things that are important and necessary for your health and wellbeing? If you are, then you will be living a life that is meaningful and leads to optimal health and wellbeing. If you are not, you will…  Read more

5 key steps to prepare for the successful sale of your business

If you’re considering selling your business, the process should begin long before you put the ‘For Sale’ sign up. Selling a business is not just a major financial decision but a life-changing one that requires meticulous planning and a strategic approach. In order to get the maximum return on your investment, you need to understand what potential buyers are looking for and make your business as attractive as possible. Step…  Read more

1st April 2024 Changes – What do you need to know?

It’s almost the end of the Financial Year (again? I know we say this every year, but doesn’t time just fly by?) Here is a summary of the 1st April 2024 changes you need to know:   Minimum Wage Increase: The Adult minimum wage will increase from $22.70 per hour to $23.15 per hour The Starting Out/Training wage will increase from $18.16 per hour to $18.52 per hour   ACC…  Read more

How do you prepare for minimum wage increases coming 1st April 2024?

As a business owner or manager, you need to be ready for the minimum wage rates increase from 1 April 2024. The details of the increase are: Adult minimum wage will go up from $22.70 to $23.15 per hour. Starting-out and training minimum wage will go up from $18.16 to $18.52 per hour. All rates are before tax and any lawful deductions, for example, PAYE tax, student loan repayment, child…  Read more

The Power of Core Values in Business

As a business owner, you’re the architect of your business’s vision and culture. But in the hustle to develop products, chase sales, and keep the lights on, some of the foundation often gets lost in the mix. Core values—those guiding principles that shape your company’s identity—are more than just words on a wall or a statement in a handbook. These aren’t just buzzwords to sprinkle throughout your website – your…  Read more

Is the 4-Day Work Week for You? Pros, Cons and Tips

When was the last time you felt that you had a week’s worth of energy to pour into just four days of work? As COVID-19 has reshaped our work-life balance and continues to redefine what is essential in our professional world, the concept of a shorter workweek is gaining traction. With proposed legislation in various states and countries, and the ongoing conversation among professionals, it’s evident that the discussion around…  Read more

Stop putting off the little things

As a business owner, you often find yourself pulled in different directions by competing responsibilities. It can feel daunting to classify tasks and tackle the most time-consuming ones first. But why is it so hard for us to start – or even finish – seemingly insignificant tasks? Why do these tiny tasks become the bane of our existence, tempting us into procrastination limbo? Let’s explore why we get stuck on…  Read more

The benefits of outsourcing for small businesses

For small businesses in today’s competitive market, outsourcing can offer a range of advantages. Not only does it reduce costs and free up valuable time for owners to focus on growing their business, but it also provides access to skills and expertise that may be unavailable in-house. By working with external professionals or firms who work in certain areas, small businesses have the opportunity to streamline operations, increase productivity and…  Read more

Make life easier with AI

AI (Artificial intelligence) has been both a huge disrupter and enabler for businesses of all shapes and sizes. (AI) is no longer just a pipe dream of science-fiction. It has become a vital aspect of today’s world and has meant businesses or employees can and are becoming more productive by leveraging the many AI tools for business activities.  In the past, the application of AI was limited to big corporations…  Read more

Understanding the difference: ‘no GST’ vs. ‘zero-rated GST’ transactions

If you’re a business owner or taxpayer in New Zealand, you’ve likely encountered terms like ‘no GST’ and ‘zero-rated GST’ transactions. These terms refer to specific tax treatments under the Goods and Services Tax (GST) system in New Zealand. In this blog post, we’ll break down these concepts in simple terms to help you understand the difference. No GST transactions No GST transactions are those where the goods or services…  Read more

How to unlock cash within your business

As a business owner, have you ever been caught short of cash? What if I told you that the solution to your cash flow woes might be hiding in plain sight? Yes, you heard it right. Your business may already possess the funds you need, locked up in assets, stock, or your debtors. In this post, we’ll break down three areas you can check to free up funds within your…  Read more

Have you been pwned?

I have just returned from a Accountants and Tax Agents Institute of NZ (ATAINZ) Workshop in Auckland, where members of the ATAINZ congregated for a day of learning and community connection. Given I am a people person, it was lovely to catching up with others in person and really being able to connect on a level you just cant get over the internet. It was great to have our ethical…  Read more

How rising interest rates impact small businesses and ways to mitigate those effects

In the world of business, one constant factor you are likely to encounter is change, particularly in the financial landscape. One such change that bears significant implications for small businesses is rising interest rates. Understanding how this impacts your business and identifying solutions to counteract these effects can be key to sustaining and growing your business. The implications of rising interest rates for small businesses Interest rates have a ripple…  Read more

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