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.

How do I know if my business is successful?

For most small and medium business owners, you go into business to do what you love doing – whatever that might be. We know better than anyone that you didn’t necessarily go into business to be number savvy (unless that’s your thing!) so how can you make life easier when it comes to managing your business and understanding how it is performing? How do you know what areas are improving,…  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

Taking on staff? What do you need to know?

So you’re ready to hire your first employee, congratulations! You’ve had subbies working for you for years, so what’s the big deal? Most tradies will one day find themselves in the position that they’ve got a good crew of guys who do an awesome job and they want to keep them happy. This awesome crew might still subcontract back to the head contractor (the business owner), which is always a…  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

Travel for work?

Do you travel for work?  There are expenses you can claim against your income and there are those you cant.  Here business.govt.nz gives us the low down. What can you claim? In general, when you’re away from home you can claim for: flights taxis, or mileage if you use your own car for business travel accommodation meals and snacks. Accommodation If you’re attending a work-related meeting, conference or training course…  Read more

CHRISTMAS FUNCTIONS AND ENTERTAINMENT RULES

Entertainment – these rules create a huge amount of confusion don’t they?  In this blog we will try and clarify this for you. You may be able to claim as business expenses events such as Christmas functions or giving gifts to employees. However, you may not be able to claim all of the costs, and they may also be subject to fringe benefit tax (FBT). FBT is a tax paid…  Read more

Top 6 payroll mistakes employers usually make

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 and paperwork. We have compiled a list of the top 6 payroll mistakes employers make when employing staff:…  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

Xero Projects

If you’re a small business with simple job costing needs, projects is likely the perfect solution for you. It’s important to know which jobs that you do deliver the best return on investment, and which ones need to be reined in.  Xero have released their latest feature to help with this, Xero Projects.  This is a simple way to capture, track and report on the time and money spent on…  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

Payroll – how do I work out leave entitlements..

Talking about payroll and leave entitlements causes people to run and hide and brings on headaches of gigantic proportions. How on earth is the average business owner meant to understand what their obligations are?  Confused?  I am not surprised! Let me try and explain… 1. Annual leave accrues in weeks not hours The Act provides two dimensions for annual leave – time and money. The time dimension, 4 weeks, accrues at the end…  Read more

Woohoo…….. wait, what??

It’s that time of the year when every second ad on TV, the radio or the net is advertising tax refunds. Woohoo… show me the money, My tax refund… money on the mind… and many more.  The question always is “Which company do I go for to get my money back?”, then it’s “wait…what?? they’re charging how much??”. When these companies are charging upwards of 20%-30%, (or ‘ONLY $39″ with…  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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