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Most business owners are not aware of the rules around keeping the right records for payroll.  Employers must keep complete and accurate records of wages, time, leave and other details to comply with the Employment Relations Act 2000 and Holidays Act 2003. While all the record-keeping requirements may not seem necessary, they’re needed to show a clear picture of each day in an employee’s working year, that is, which days…  Read more

In the last few days of March and the following weeks, there are some steps you can take to prepare for when you receive your Annual Accounts questionnaire from your accountant.   Bank Transactions Have you coded all your transactions? Make sure you code and account for all of your bank transactions for the year. This should be done on a regular basis anyway, but it’s a good opportunity to…  Read more

There’s a lot of concern amongst employers, with the Government’s increase of the NZ minimum wage to $21.20 per hour from 1 April 2022. This is a $1.20 increase from the previous rate. As a business owner, you need to be ready for the increase in minimum wage rates. If you have not yet talked to your accountant, payroll provider or your finance/HR teams now is the time. It is…  Read more

A new targeted COVID Support Payment will be made available for businesses struggling with revenue during the Omicron outbreak. From the Inland Revenue statement issued 24 February 2022 The Covid Support Payment is to help support viable and ongoing businesses or organisations which have experienced a 40% or more drop in revenue as a result of 1 or more of the following COVID-19 circumstances: the widespread presence of COVID-19 in…  Read more

Under the Small Business Cash Flow Loan Scheme the Government provides loans to small businesses, including sole traders and the self-employed, impacted by COVID-19 to support their cash flow needs. If you’ve previously applied for a SBCS and have fully repaid it, you can apply again. Applications are open until 31 December 2023. You can apply through myIR. The small business cash flow loan scheme will provide assistance of up…  Read more

The COVID-19 Leave Support Scheme is available to employers, including self-employed people, to help pay their employees who have been advised to self-isolate because of COVID-19 and can’t work at home during that period. Workers may also be eligible if they need to support a dependent (eg children or a family member with a disability) who has to stay home because they’re waiting on a COVID-19 test result. The COVID-19…  Read more

The COVID-19 Short-Term Absence Payment is available for businesses, including self-employed people, to help pay their employees who cannot work from home while they wait for a COVID-19 test result. Workers may also be eligible if they need to support a dependent (eg children or a family member with a disability) who has to stay home because they’re waiting on a COVID-19 test result. There’s a one-off payment of $359…  Read more

Receipts and invoices are vital to successfully running a business. You need them to track your purchases and expenses correctly. Your clients need receipts for their tax purposes and to manage their finances. Paper receipts and invoices have been around a long time, so many people are used to them and may even be resistant to moving away from them. Thanks to technology, paper receipts and invoices are more a…  Read more

This year, Waitangi Day falls on Sunday 6 February and is observed on that day OR Monday 7 February.  Here is what you need to know about rights for employees and obligations for employers. Mondayisation for Waitangi Day This year, Waitangi Day falls on a Sunday. This means the holiday is moved to the following Monday, which is Monday 7 February. Requirement to work on Waitangi Day If your employee…  Read more

Did you know that in some cases, employees are entitled to be paid for public holidays after their employment has ended? If you have an employee who has entitled leave owed upon termination – you need to extend that leave after their final day of work and determine if they are entitled for payment for any upcoming Public Holidays. For example – there is an employee Danny, he works 5…  Read more

Christmas is a time of sun, sand, lots of food and family time here in the Southern Hemisphere.  Ensuring employees get paid right for the public holidays however can be a challenge for those employing staff.   We thought we would put together some examples to help you on with navigating the challenges of the Christmas payroll this year. PUBLIC HOLIDAYS THAT FALL ON SATURDAY  How to work out pay and…  Read more

Employees have rights under the holidays act relating to public holidays. There are 11 public holidays per year in NZ. All employees are entitled to paid leave on public holidays, when the public holiday falls on a day that would otherwise be a working day for the employee. Where an employee works on a public holiday that work should be paid at the rate of time and a half (at…  Read more

There is a new requirement for paid notice period when employment is terminated because of vaccination status The Government has passed legislation to provide a minimum four-week paid notice period when people have their employment agreements terminated because they are not vaccinated, and their work requires vaccination. This change will only apply to employees who do not have a notice period, or whose notice periods are shorter than four weeks.…  Read more

The government has made a vaccination assessment tool available through the regulations under the COVID-19 Public Health Response Act 2020. This tool will provide a clear, legal framework to help businesses make decisions about vaccinations in the workplace. It will be optional for businesses to use the tool. The tool will not override any risk assessments that have already been done. The tool is likely to include the following four…  Read more

You’ve probably heard the maxim that it’s better to work smarter than harder right?. Working smarter means allocating your time, energy and money so vital tasks get done more efficiently, freeing up your personal time. Too many business owners think they must keep working harder to be successful—taking on more responsibilities and working longer hours.  It makes sense, because you’re responsible for your business, but that route leads to work…  Read more

Your business needs cash. Cash is what keeps your company in operation and enables it to grow, so you should know how much cash your business needs to survive. Although many people think the answer is linked solely to operating expenses, this isn’t the case. There is no single factor that determines how much cash every business needs to have on hand. Somewhere between 3-6 months of operating expenses is…  Read more

You started your business with plans of earning a living and being successful, but an unfortunate fact of business life is that companies suffer financial hardships.  Whether those hardships are pandemic-related or linked to other urgent situations, the effect is still the same. Your finances are negatively affected and it’s up to you to lead the recovery. Here are 5 steps you can take to help your business recover after…  Read more

The Government has announced new legislation outlining workplace vaccination requirements, taking the next step in their endeavours to vaccinate the population.  The new legislation is to guide decisions on what work needs vaccination. To align with the recently announced COVID-19 Protection Framework, the Government will mandate vaccinations for workers at businesses where customers need to show COVID-19 Vaccination Certificates, such as hospitality and close-contact businesses. The Government is continuing to work…  Read more

1. Accounts Receivable Process A poor accounts receivable process will result in debtor days (the time between billing and banking) being too high. This will stifle your cashflow. There are many strategies to minimise debtor days including tightening your Terms of Trade, offering prompt payment discounts and streamlining your billing process. 2. Accounts Payable Process A review of all suppliers’ terms may identify ways to improve cashflow and potentially achieve…  Read more

Managing your cashflow is an integral part of running your business. In this new series of blogs we will be providing some of our best tips and tricks! Five Principles For Keeping Cash Flowing There are five key principles to remember when looking at your cashflow 1. Without cash your business will not survive Cash is the lifeblood of any business. In fact, very profitable business’ can and do fail…  Read more