With EOY (end of financial year) looming, here is what you need to know

The End Of Financial Year is always such a busy time with a LOT to think about as a business owner.   We have share some important things for to consider as a reminder: Dividends (Companies) If you have a Limited Liability Company and there are retained earnings in the Company, you may want to look at paying out a dividend this year (prior to the potential personal tax rate increase). …  Read more

Bright-line testing proposed changes – What does that mean for you?

This week the Government has announced proposed changes for residential property acquired on or after 27 March 2021. The proposed changes include: extending the bright-line test to 10 years amending the main home exclusion which would require tax to be paid on gains made for periods the property is not used as the owners main home allowing newly built homes to use a 5 year bright-line test not allowing property…  Read more

If my business is making a profit, where is the cash?

Some small business owners find themselves in the difficult position of running a business that according to reports appears to be profitable, but still having no money in the bank. It’s a really important situation to address, after all, a lack of adequate cash flow is one of the main causes of small business failure. Here are some reasons profitable businesses have little money in the bank, and what business…  Read more

This month we celebrate

  It seems to be a time to celebrate in our world this month…  International Women’s Day, 18 years in business, Danie achieving her NZPPA Payroll Certifications Level 2 & Pay Hero Certification, and our founder Di Crawford-Errington being named in the Top 50 Women in Accounting 2020 (the only NZer!) We took advantage of Ismae being in the office for the week and on Monday 8th March the celebrations…  Read more

April 2021 Updates – What do you need to know?

Another end of Financial Year is looming up fast! And what a crazy year it has been. There are quite a few different updates that are due to rollout on 1st April, so we have summarized them here for you:   Minimum Wage Increase: From the 1st April 2021, the minimum wage hourly rates will increase to: Adult: $20.00 Starting out/training wage: $16.00   This will effect quite a lot…  Read more

COVID-19 – What you need to know

With the constant changes in Covid-19 levels and the uncertainty this brings to business,  here is a summary of what support business owners can access to help you through the hard times. COVID-19 Wage Subsidy Payments Started This Week Applications for the wage subsidy opened last week and payments started to flow on Monday. This scheme allows employers to continue paying staff and protect jobs that may have been affected…  Read more

Fixed Asset threshold dropping 16th March 2021

Fixed Assets On 17th March 2020, the government announced that for one year, any assets purchased for a business under $5,000 (exc GST) can be expensed in the year it is purchased.  This means the full cost of that asset can be claimed as a deductible expense in that period. As this was only a short term adjustment, this is due to finish on 16th March 2021 (yes next week)…  Read more

5 Simple Ways to Keep Your Business Finances ‘Ontrack’

Small steps can lead to a tremendous ripple effect on your business. Here are some simple things you can do to better manage your finances and stay ‘Ontrack’. Record all transactions, whether big or small. Expense tracking technologies can help you avoid errant spending. Make it a habit to keep your business and personal expenses separate. Reconcile what you know from your books with what your business bank accounts reflect.…  Read more

Five Tips to Managing a Healthy Cash Flow

We cannot stress further the importance of properly managing your cash flow to ensure the smooth running of your business. However, in times of crisis such as the ongoing COVID-19 pandemic, this becomes more than important– managing your cash becomes a necessity for survival.   If you are experiencing cash flow troubles, here are five things you can do to manage your cash flow better. Check your expenses. Now is…  Read more

A Beginner’s Guide to Cash Flow Forecasting

Nobody wants their business to fail. Although it’s impossible to predict the future with 100% accuracy, a cash flow forecast is a tool that will help you prepare to weather the different possible scenarios in the future. In a nutshell, cash flow forecasting involves estimating how much cash will be coming in and out of your business within a certain period and gives you a clearer picture of your business’…  Read more

5 Key Ways to Boost Your Revenue This Year

2020 has been a difficult year for business owners. Now that a new year is in full swing, it’s time to put your foot on the gas pedal and make 2021 the year for your business. Here are some ways you can grow your revenue this year and beyond:   Review your business and address blind spots. The first thing you can do is to look at your current situation…  Read more

COVID-19 Resurgence Support Payment (RSP)

If you’re a business or organisation that experienced a revenue drop of at least 30% due to the recent rise in COVID-19 alert levels, you may be eligible for a Resurgence Support Payment. It’s not a loan and doesn’t need to be paid back. The Resurgence Support Payment (RSP) is for viable and ongoing businesses or organisations with reduced revenue due to a COVID alert level increase to level 2…  Read more

5 Xero Mistakes Business Owners Make and How To Avoid Them

If you’ve just started working with Xero, it is normal to make a few mistakes while you’re learning. We see mistakes that are quite common – and unfortunately costly – so you should be aware of them if you want to get the most out of Xero’s powerful cloud accounting system. 1. Not connecting all the dedicated business and bank and credit card accounts Make sure that you keep all…  Read more

Three tips for managing construction industry cashflow

Owning a small business in the construction industry can be incredibly stressful. In addition to the long days and difficult working conditions, you have to worry about cash flow issues. It can take a long time to collect on payment from your clients or contractors who hired you, and in the meantime you have to pay employees, cover fixed expenses, buy supplies and pay your own subcontractors. We have come…  Read more

COVID-19 Business Update – 12 February 2021

Read on for the latest updates and some ideas to help us all move forward. Short-Term Absence Payment Launched Starting 9 February 2021, the Short-Term Absence Payment has become available for businesses and self-employed individuals to help them pay their employees who can’t work from home while they wait for their COVID-19 test result. This involves a one-off payment of $350 for each eligible worker. More details on how to…  Read more

Short Term Absence Payment

The new short-term absence payment is welcome buy small business owners and will take some strain off business owners doing it tough when staff are on leave awaiting results of Covid-19 test and cannot work from home. Employers can apply for support to pay their employees. The self-employed or contractors can apply directly.  The payment will be a one-off amount of $350 for each eligible employee. The Short-Term Absence Payment is…  Read more

COVID-19 Business Update – 29 January 2021

Welcome to our first 2021 Covid-19 Update.    Read on for some ideas to help us all move forward. NZ Borders Likely To Remain Closed to Most of the World All Year Prime Minister Jacinda Ardern announced that the country’s borders are likely to remain closed to most of the world for the rest of the year, as reopening them poses “too great a risk to our health and economy”.…  Read more

Waitangi Day 2021 – What You Need To Know

This year, Waitangi Day falls on Saturday 6 February and is observed on that day or Monday 8 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 Saturday. This means the holiday is moved to the following Monday, which is Monday 8 February. Requirement to work on Waitangi Day If your employee…  Read more

4 Common Sense Financial Tips To Make Your Money Work For You

Good personal finance skills are important in life, but this seemingly simple concept can be difficult to master. Without having a good grasp of how to manage your money effectively, you run the risk of making financial mistakes that could significantly impact your life. Avoid money traps and manage your finances better with the following common sense financial tips. 1. Not all ‘tax effective’ investments are good investments. The term…  Read more

Early Warning Signs of Insolvency to Watch Out For

Running a business isn’t exactly a walk in the park. It is definitely hard work, but a rewarding journey at the same time and you can probably attest to this yourself. Sometimes, things also don’t go as planned and you may find your business under financial distress. Suddenly you find yourself falling behind on due dates, suppliers are chasing for payments, and your stress levels are skyrocketing. Regardless of the…  Read more

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