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Some common things businesses forget at tax time

Running a business is a demanding job, so it’s no wonder owners lose track of crucial things at tax time, such as:Deducting entertainment expensesDinner and lunch meetings with clients and customers are partially tax deductible. Keep your receipts and check in with us to see which meetings can be deducted.Bear in mind that the treatment of meal expenses incurred by self-employed people differs from the meal allowances afforded to employees. We can clarify this for you.Subscriptions and members...

March 21, 2024

8 ways to save time (and money) in your business

Like everyone, business owners are always looking for ways to save time.Every minute spent on admin or fixing mistakes is a minute that could be spent on business-building work.When time really is money, it’s worth finding ways to reduce those tedious and repetitive tasks – and technology is the answer.Better billing - Billing can be a huge time-waster. Using a digital accounting system to extract data from supplier emails and auto-populate invoices can save hours each week.Streamline e...

March 21, 2024

How to prepare your business for an audit

Getting ready for an audit is unlikely to be one of your favourite things to do as a business owner. But being prepared, organised and ready can take some of the pain out of an audit.Planning for your audit helps your auditor get their job done more quickly, and also means there’s minimal disruption to your staff and business during the process. Let's take a look at five key ways to be ready for an audit.Carrying out an audit of your business finances is a mandatory requirement for many compan...

March 21, 2024

Key ways to access funding for your business

If you’re planning to found a new business, you’ll need enough startup capital to get this venture off the ground. And once you’re up and running, you’ll need additional business finance and investment at each stage of your growth and expansion along the business journey.But where does this business funding come from? And what are the best routes for accessing the finance you need to bring your business plans to life?Five way to access the right fundingThere are multiple routes to fundin...

March 21, 2024

How does an accountant save you money?

Turning a profit will be high on your list of goals as a business owner. And if you want to generate the best margins, that means keeping an eye on the money that’s going out of the business, as well as what’s coming in. So, how can your accountant help with this?The days where your accountant just did the bookkeeping, compiled your accounts and filed your tax return are well and truly over. Modern accounting firms are far more interested in helping you with your financial performance, your ...

February 21, 2024

Review your business expenses – and save

Running a business costs money. There are always costs, overheads and supplier bills that mount up – and these expenses will gradually chip away at your cash position, making it more difficult to grow and make a profit.So, what can you do to reduce your spend levels? And what impact will this have on your overall margins, profits and ability to fund the next stage in your business journey?Getting proactive with your spend managementSpend management is all about getting in control of your expen...

February 21, 2024

Overcoming Imposter Syndrome: A Business Owner's Guide

It's a common struggle and we probably don’t talk about it. Imposter Syndrome affects individuals from all walks of life, including business owners. It's characterised by a persistent feeling of inadequacy, despite evidence of your competence and accomplishments.A Harvard Business Review study found that nearly 70% of entrepreneurs have experienced imposter syndrome at some point in their careers. This self-doubt can be particularly debilitating for entrepreneurs, as they navigate the mul...

February 21, 2024

Free Webinars - HRtoolkit

HRtoolkit is offering free webinars on a variety of issues that employers face such as dealing with conflict in the workplace, and managing stress in the workplace, as well as some of the regular questions such as “Which contract should I use”. All the webinars are free and run for about 30 minutes with subtitles if you require them.   Register for the webinars:23rd February 10am – Trial Periods V’s Probation periods – when to use which one.22nd March 10am - Employm...

February 19, 2024

Making the most of eInvoicing

What is eInvoicing and how does it benefit you?eInvoicing is the digital exchange of invoice information directly between buyers’ and suppliers’ financial systems, even if these systems are different.With eInvoicing, businesses no longer need to generate paper-based or PDF invoices that have to be printed, posted or emailed, and buyers no longer need to enter these manually into their financial system.Removing manual handling of your invoices means they get to the right place (and don’t ge...

February 19, 2024

How can I improve my business’s credit score?

Over time, your business will have been building up a credit score. This is a number that summarises your credit history which can include payment history with other businesses and organisations in New Zealand.Your business credit score comes from a wide-range of sources and is designed to provide a snapshot of your businesses creditworthiness. The score helps other businesses quickly evaluate whether to do business with you, based on your ability to pay your bills on time. Credit scores ra...

February 19, 2024

Instagram for Trade Businesses

It might seem like Instagram is only for pictures of people’s breakfast or selfies of models, but in reality, it’s a fast-growing platform and a powerful way to win more work for your trades business. Read the full article HERE...

January 19, 2024

How to get original with your marketing (without breaking the bank)

The success of your business depends greatly on the success of your marketing. Getting your key messages, product features and brand identity out into your industry market helps to drive engagement and sales – but we don’t all have millions to invest in this marketing.So, how do you come up with innovative marketing on a shoestring budget?Do you need big bucks to deliver great marketing?Big marketing budgets are usually the sole preserve of large corporations with deep pockets and large bank...

January 19, 2024

Setting goals for you and your business in 2024

The new year is a new beginning. If you are a business owner, this is often the time of year when you reflect on where you are at and think about your business goals for the year ahead.Setting goals is an essential part of personal and professional growth. These could be lofty goals, or even setting out a plan to achieve some more mundane (but equally important) projects. Whether that is getting paid faster, reassessing expenses or bigger things like automation of processes and new markets. You ...

January 19, 2024

Good practice for worker engagement, participation and representation

Worker participation is essential to keep workplaces healthy and safe. The best health and safety outcomes are achieved when a PCBU and its workers work together.All PCBUs must have worker engagement and participation practices, regardless of their size, level of risk or the type of work they carry out.PCBUs must engage with workers on health and safety matters that will – or are likely to – affect them and provide reasonable opportunities for workers to participate effectively in improving ...

January 19, 2024

The repeal of Fair Pay Agreements legislation

The Fair Pay Agreements (FPA) Act has been repealed with effect from 20 December 2023. Your rights and obligations under other employment legislation still apply.There are existing ways for employees, and unions representing their members, to bargain with employers for terms and conditions. These include:If a union represents employees in a workplace, a collective agreement can be negotiated.Employees, employers and unions must deal with each other at all times in good faith.A collective agreeme...

January 19, 2024

Law change round-up

90-day trial periodsWhen: From 23 December 2023What: All employers in New Zealand, no matter their size, are now able to use 90-day trial periods. Previously, they only applied to employers with fewer than 20 employees. The trial periods are now available to all employers.Why: Provides employers with greater confidence when hiring new employees.What you need to do: A trial period must be agreed to by the employer and the employee in writing, and in good faith, before the empl...

January 19, 2024

Mentally Healthy Work

New Zealand’s awareness and desire to address mental health challenges is increasing. WorkSafe will support businesses and organisations to address and support mental health in the workplace.This includes what can be done to support and maintain good mental health as well as how to avoid work which is harmful to mental health.Mental health is an important part of the working environment, and organisations have a responsibility under the Health and Safety at Work Act 2015 to ensure they are pro...

December 8, 2023

Employees working shifts or on call

Public holidays for employees working shifts or on call.It can be difficult to work out public holiday entitlements for employees who work shifts or are on call.Employees working shiftsEmployees who work shifts and:take a public holiday as a day off work, get no less than their relevant daily pay (or average daily pay if applicable) for their normal rostered shiftwork on the public holiday get:the greater of time and a half or relevant daily pay including penal rates in their employment agreemen...

December 8, 2023

Working overtime over the summer?

An employee’s hours of work must be agreed to by the employer and employee in a written employment agreement.Hours of work in the employment agreement may include:the number of hoursthe start and finish times, orthe days of the week the employee will work.Maximum number of hoursEmployment agreements must fix the maximum number of hours to be worked by the employee at no more than 40 per week (not including overtime) unless the employer and employee agree otherwise.If the maximum number of hour...

December 8, 2023

Hiring summer staff: Tips for employers

Over summer you may be expanding your workforce, whether it be with pickers and packers to help you on your orchard, or workers for your café or restaurant.You may be hiring part-time or casual workers and people from overseas. Before you do, it’s a good time to understand the different types of employees and your legal obligations.Understand the difference between casual, fixed-term and part-time employees‘Casual’ workers and fixed-term employees are both different to part-time workers, ...

December 8, 2023

Our guide to business credit scores

Do you know what your business credit score is, and how it can impact your finances?Your business credit score is a numerical representation of the company's creditworthiness. In other words, how financially reliable the big credit agencies believe your company to be.In essence your credit score is a measure of your risk to lenders. It's calculated based on your company’s credit history, payment patterns, outstanding debts and other financial data. A higher business credit score indicates lowe...

December 8, 2023

Your action plan for market readiness

If you plan to sell your business, give yourself a reasonable timeframe to bring your business into full market readiness. Set targets to improve performance and minimise risk.Financial: go beyond asking do the numbers add up. Where do revenues, costs and profit need to be to present the best buyer opportunity?Strategic: potential buyers look for a compelling business model, sound management systems, streamlined processes.Human: be upfront with your team. Work through potential HR issues before ...

December 8, 2023

Plain English guide to profit and loss

Here's our Plain English guide to profit and loss and what this report reveals about your finances.What is profit and loss?Your profit and loss statement is commonly called your ‘P&L’. It’s also sometimes referred to as your income statement or statement of earnings.Your P&L is a breakdown of your company’s revenue (money coming into the company as sales and other income) and your expenditure (direct costs, overheads, expenses and other costs).As a business, you obviously want to...

December 8, 2023

A business budget will help with your financial decision making

Budgeting is about estimating your revenues, projecting your expenses and detailing the allocation of funds, so you stick to (and don’t overrun) your agreed budget ceiling.How does budgeting affect your business?Having a clear, agreed budget gives you a structured framework for your financial decision-making. It’s a practical way to control your costs, monitor performance and adapt your strategic and financial decisions to meet changing economic conditions.Using budgeting helps your business...

December 8, 2023

How to handle annual close-downs

Many New Zealand businesses temporarily close down at some point during the year, commonly over the Christmas-New Year period. With a bit of preparation and know-how, employers can handle the annual close-down seamlessly and lawfully.Here are some key considerations if you are planning to shut the business for a short time:Decide if there will be a close-down - NZ employment law allows employers to implement one close-down each year.Set the dates - close-downs usually happen over summer, but you...

December 6, 2023 Posts 1-25 of 95 | Page next
 

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