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
Inland Revenue have released an interpretation statement on this one recently. Next time you grab a coffee or a meal at your local café in between back-to-back client meetings and think about claiming this as an expense because you are self-employed and it’s just part of your work day, think again. New Zealand’s Inland Revenue has confirmed that these expenses are not deductible for self-employed taxpayers in all but very… Read more
Payroll – one of the most important tasks in running a business, and let’s be real – it can be very intimidating! There is a tonne of information out there, legislations, minimum entitlements, Casuals vs Permanent vs Contractors, Kiwisaver, Tax Codes – this list goes on. We are going to share some of our top tips and tricks to help you feel confident in managing your payroll: Stay on top… Read more
Employer superannuation contribution tax (ESCT) is deducted from your employer contributions to your employees’ KiwiSaver or complying funds. Complying funds are superannuation schemes with similar rules to KiwiSaver. For example, members’ savings are locked in until they’re eligible for NZ Superannuation. You do not pay ESCT if your employee asks you to deduct money from their pay to put into a superannuation scheme. These are not employer contributions. There are… Read more
Going into immediate Lockdown can be hugely unsettling, but I must say, nowhere near as hard as the March 2020 was. We have been here before, and I think that brings with it a sense of calmness, open mindedness and understanding of what is expected and what it is going to look like. What is hugely frustrating is assimilating the massive amount of information out there and sorting out the… Read more
There is confusion around the rules on jury service and payment for employees called for jury. We thought we would share your obligations as an employer on this. If one of your employees has been summoned for jury service, here’s what you need to know. Talk with your employee about: when they need to go to jury service how long the trial might last. This information may be contained in… Read more
Solid cash flow management is vital to ensuring your business survives, but not everyone understands what cash flow is or how to manage it. That’s likely what makes it a leading cause of stress for small business owners. Cash flow refers to the movement of money into and out of your business. It’s based on the amount of money you bring in minus the amount you spend. A positive cash… Read more
As we all know and hear regularly, stress is a leading cause of dis-ease within our population today, and it continues to increase as we pile more and more into our lives on the journey to success and fulfilment. Luckily, we have incredible people doing amazing things in this area to bring it to our attention, but, it is up to us to take ownership of our own health, and… Read more
Employees can ask to cash-up up to one week of their four weeks’ minimum entitlement to annual holidays each year. Employees can ask their employer to pay out in cash, up to one week of their four weeks’ minimum entitlement to annual holidays per year for each entitlement year. They can do this all at once, or can make multiple requests to cash-up until the entire one week is cashed… Read more
We found this really helpful in understanding where my time is spent and where it needs to be, along with what we can do about it. We would love to hear you thoughts. The Achiever Matrix (created by Stephen Covey) is made up of four quadrants and helps you prioritise tasks based on their importance; allowing you to manage your time better and achieve more. Quadrant 1 is The… Read more
A lot of people this year are finding that once their income tax assessment has been calculated automatically they end up having tax to pay – and suddenly it’s panic stations! (Don’t worry, this happened to me and I did the same!). There may be a reason for it! In the Financial Year Ended 31 March 2021, there were 53 weekly pay periods, as opposed to 52 weekly pay periods.… Read more
Business planning gives you a road map and shows you the best way to get to your destination. Without a map, you are driving blind and feeling your way along as you go, which means you could miss a very important turn in the road and arrive in a completely different place than you desire, or you could end up taking a detour down a gravel road instead of taking… Read more
It’s one of those tricky balancing acts most business owners struggle with right? – how to spend as much, if not more time on their business as in their business. This is something I struggle with myself as a small business owner. An accountability group can help you strategize for future growth and set goals that move your business forward. Most importantly, checking in with other people on a regular… Read more