..

Do you ever feel stuck in your business? After all the time and effort you’ve put into it, your revenue seems to have plateaued or maybe has even decreased. If you’re having a profit problem, it can be a sign of a deeper issue that needs to be fixed. Below are the three key areas that you should look into: Products or services– Are your customers happy with what you’re…  Read more

Drawing up the right financial documents matters to your small business’ success more than you think they do. They can give you a clear view of your financial health and can help you make sound decisions based on the numbers. Below are the six most useful financial documents that you can benefit from: Income statement- This shows your revenue and expenses and indicates if your business is profitable. Cash flow…  Read more

In December 2020, the NZ Government passed legislation to implement a new personal tax rate of 39% for those with personal incomes above $180,000. This new rate comes into effect from 1 April 2021 (the 2021-2022 income year). What You Should Know As with any changes in tax, there are knock-on effects that you should know about. These include: New Fringe Benefit Tax rate of 63.93% for all-inclusive pay of…  Read more

At face value, it can seem like a great idea. If you’re a small business owner with just a few employees, you probably think that hiring a payroll specialist is an expense that you can avoid.  You feel that you can handle it yourself and you have the best intentions to keep your staff paid right and on time. What could go wrong, right?  Well, quite a lot can go wrong as…  Read more

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

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

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

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

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

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

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

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

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

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

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

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

Business vs personal expenses shouldn’t be mixed.

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.

How easy is it to go paperless? You just need a digital filing cabinet.

  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