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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

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

Starting a new business can be incredibly exciting, the passion for what you are wanting to achieve driving you forward.  It is important to thoroughly evaluate your business idea before taking the plunge to ensure you’re creating a sustainable and successful venture. To get started, here are 9 questions to consider as part of an overall evaluation process. Save yourself money, time, and heartache down the line by investing a…  Read more

The Ministry have now removed the Covid-19 rules requirement to isolate for 7 days.  Changes took effect Tuesday 15th August.  This means the Covid-19Leave Support Scheme is no longer in place for those testing positive. An employee who has tested positive for Covid-19 should not be permitted into the work place due to risk of spreading the virus.  The employer and employee may need to consider what other options are…  Read more

An employee’s time on parental leave is included as continuous service and taking parental leave does not affect entitlement to annual holidays. Employees who take parental leave will still become entitled to a minimum of four weeks of annual holidays on the anniversary of their employment start date. However payment for annual holidays that an employee becomes entitled to: during parental leave, or during a period of preference after parental…  Read more

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