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Many business owners believe that hard work and dogged determination are all it takes to build and sustain a successful business. But when you consider the pressures of running a company, it seems wise to add effective stress-management to the list. Left unchecked, stress can erode your passion and undermine performance – not to mention, take a serious toll on your health. Research reveals that over 70% of professionals regularly…  Read more

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

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

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

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

This is a blog for small businesses about reducing cost tactics

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

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

Cashflow is the lifeblood of any business but one of the most difficult things for business owners to control.

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

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

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 – 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

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

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

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

The end of financial year (EOFY) is zooming up so fast, its hard to get your head around how time just disappears. Now is the time to be thinking about the end of year requirements.   Preparation and some thinking around this now will ensure a smooth process for you.  Here are a few of the things you may need to consider:- Are you changing or implementing software come 31st March?  Are…  Read more

Bookkeeping is a significant part of any business endeavor. While it is typically not one of the more glamorous jobs, bookkeeping is at the heart of a businesses success and errors can cost the company significantly. You may be doing your own bookkeeping for your business or are just starting out on the own your own business journey. Here are some common bookkeeping mistakes that business’s make with some practical advice: Not reconciling…  Read more

Using your OWN vehicle in your business If you use your own vehicle in the business, you can claim the running costs. If you use your own vehicle for both personal and business use, you’ll need to make an adjustment to claim the business-use portion. If you use the vehicle strictly for business only, you can claim the full running costs.  If you use the vehicle to travel between home…  Read more

There is a cool little feature I came across in Microsoft Office Outlook to save a whole heap of time.  Its called Quick Parts. In Outlook, type the body of your email template out in your email. Eg: We have finalised your GST for you today.  You have GST owing of $…..  This is due by the …….. You can pay this using your internet banking.  Log in and go…  Read more