Weekly Digest – 29 January 2021

Welcome back to our Weekly Digest.  Read on for the latest updates and 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”.

Ardern also said frontline border staff and those working in managed isolation would be prioritised for vaccination, once the first shipment of the Pfizer vaccine arrives.

Auckland Gained Nearly 1000 New Food Businesses in 2020

Auckland saw a boom in new food businesses in 2020, despite the pandemic.  A total of 983 new food businesses registered with either Auckland Council or the Ministry for Primary Industries (MPI) in the Auckland region during the year.

Figures from Statistics New Zealand also showed card spending on eating out was up $17 million (1.8%) in December compared to the same period in the previous year.

 

5 Tips to Simplify Your Small Business’ Accounting

If you run a small business, a big-business accounting system may not be the best choice for you.  It would be better to simplify your accounting and concentrate on actionable metrics. This is especially true if you are the only one managing your business.

Below are some of the ways you can streamline your small business accounting system:

  • Track your inventory using dedicated inventory management software.  Online inventory management software allows you to see your stock levels in real-time, understand your product margins and make better decisions.  Choose a system that integrates with your accounting system to save even more admin time.
  • Automate your invoicing.  Cloud-based accounting systems now allow you to email invoices from your accounting system and can even connect to tools like Stripe and PayPal so your customers can pay online.  If you make it easier to pay you, chances are you’ll get paid faster!
  • Pay your bills when they’re due.  Late payment fees can be steep and paying upfront eliminates the need to track your bills in the accounting system.
  • Don’t use your business accounts for personal expenses.  Always be diligent about which card you swipe.  Your business transactions must be accounted for, so keeping your personal and business affairs separate can save you from hassles in the long run.  Plus, your accountant and bookkeeper will thank you!
  • Automate your payroll.  Setting up your payroll so it’s automatic, or outsourcing to an experienced team, will save you time and money.

Finally, don’t hesitate to seek help from an advisor to help you stay on top of your finances.  We are experts in small business accounting and can provide training for you and your in-house team.  Drop us a message today so we can discuss how we can help you.

Get in touch

Contact us if you have any questions or want to discuss the next steps for your business.

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