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

How to ensure you get paid on time

With cashflow being the number one concern on business owners’ minds, ensuring your invoices get paid on time is a key component to success. Given a lot of businesses are in the same boat, how can you get those funds in so you can then pay your suppliers who are looking for their money? In this blog we give you a simple guide on how to keep on top of your debtors.

Questions to ask as your small business recovers from COVID-19

  As small business owners look to the future post COVID-19, there are some important questions to ask. These questions will help you determine what changes you want to keep, whether your business model is still working for you, and if there are any additional changes you may want to make to keep your company operational through future economic disruptions.It’s not always fun to do this sort of investigation, but…  Read more

How to build value in your business

Beyond COVID-19 – How to build value in your business We’ve said it before and we’ll say it again – this has been an extremely difficult few months for all of us, but there is no better time to think seriously about your business. In this article, we have compiled a few tips to create value in your business. The key to building value in your business is to plan…  Read more

How cash flow forecasts can help you

Managing cash flow is a vital part of running a successful business. Some business owners think managing cash flow simply means keeping track of how much money enters and leaves their business, but there’s actually more that goes into it.Cash flow forecasting, for example, is an incredibly valuable tool that helps you anticipate cash flow issues, plan for days when your cash flow is limited, and show the bank that…  Read more

Do you have a business plan?

Prepare a business plan for COVID-19 recovery (free template) You probably didn’t factor a global pandemic and national lockdown into your business plan! So now is definitely a good time to revisit your business plan for the next year. We know that writing a plan can feel like a big effort so we have created a template to make it easier. Please get in touch if you’d like to talk…  Read more

4 Tips for Getting Your Business Through Tough Times

If you’re a small business owner whose company hasn’t gone through hardtimes, that’s great but it’s likely to happen at some point. As much as wedream about being brilliant enough at business that we’ll never face slow times,there are many things beyond our control that can negatively affect our business. It’s highly likely that the Coronavirus and it’s resulting impacts, hasput some significant pressure on your business.  Here are four…  Read more

New Decade, New Opportunities

Are you ready to take on the challenges in your business this decade? The start of the decade has been action packed already, with a lot happening both around the world and at home it can be difficult to set aside the time to reflect on what you achieved in 2019 and what your goals are for 2020 and the next few years. Starting your business is often an adrenaline…  Read more

The Future is near: Are you ready for e-Invoicing?

You may have heard or seen on social media the recent push by various agencies to ensure all business entities, including sole traders, have registered a free NZBN number. So why did everyone need to get one? The answer is; e-Invoicing! NZBNs are for all Kiwi businesses, regardless of whether you’re a national company or someone who runs a B&B out of their home. Many businesses already have a NZBN,…  Read more

FBT Basics: What’s a non-cash bonus?

FBT, or Fringe Benefit Tax, can be confusing at the best of times, especially if you are a small to medium business with a handful of employees. Recently we’ve had clients asking if they can pay for certain items and avoid paying PAYE for the employee, unfortunately this is not the case – the tax must be paid somewhere! Sometimes it’s about identifying the situation and ensuring the best solution…  Read more

Two-Step Authentication

With the risk of scams increasing daily, having the best security in place over your data online is becoming increasingly important. Did you know that Xero has a feature to add another layer of security to your Xero account? Best of all, it’s free and easy to set up! About two-step Authentication Two-step authentication combines something you know – your email address and Xero password – with something you have –…  Read more

10 Tips on How to be an Awesome Debt Collector

Debt collection. Two words that can send shivers down the spine of most business owners, whether it’s the phone calls you get (and try not to) or the ones you have to make. Let’s face it, nobody wants to make those calls. You spent a lot of time building a relationship with your customer, they were keen and excited so you did the job, they were happy (or would hope they…  Read more

Multifactor Authentication

MULTIFACTOR AUTHENTICATION – WHAT IS THAT ALL ABOUT? Sometimes called two-factor, sometimes multi-factor, sometimes sign-in, sometimes login, sometimes authentication…  whatever the name, you should be using it! Wikipedia explains: Multi-factor authentication (MFA) is a method of computer access control in which a user is granted access only after successfully presenting several separate pieces of evidence to an authentication mechanism – typically at least two of the following categories: knowledge (something they know), possession (something they have),…  Read more

Financial WOF

Do you know if the information in your financial software is current and correct ?  A small business owner either does this themselves, or relies on someone else to do this ‘job’ for them.  There is a whole lot of faith and trust given that the processes are followed and the data is correct. So who in your business checks and confirms the accuracy of this financial information for your business?   Who manages this risk within…  Read more

Top 5 tips for keeping your payroll in tip top shape

Payroll is one of the most important tasks of running a business and can be pretty intimidating with the screeds of legislation to trawl through. For many NZ employers, organising it all can be a bit of a struggle – especially when trying to juggle complex government requirements, tricky leave calculations and Kiwisaver. Regardless of the size or complexity of your business, Ontrack Payroll has you sorted work hard to make your payroll easy as possible for…  Read more

How should I file my receipts and invoices?

Do you feel like you drown in paperwork? I often get asked what is the best way to file receipts and invoices, so I thought I would share some of my thoughts with you. There is no right or wrong way on how to file your business invoices and receipts, except that in NZ they need to be kept for seven years.  How quickly and efficiently you would like to access them…  Read more

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