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Why employee onboarding is so important

Even before you start recruiting for a position, you should be prepared to make a new employee’s introduction to the business as smooth and comprehensive as possible.Onboarding (also known as induction) is a broad, structured process to provide a new team member with all the tools, information, and insight they need to quickly become an effective contributor, while at the same time integrating them with the company and its culture.Sure, you could set the person up with tools they need, give th...

The 'No frills' 2023 budget - What does it mean for you?

How will the latest Budget affect your business and your household?Here are some of the changes most likely to have an impact on Kiwi business owners.Extended free childcare hoursIf you have young children, or your team members do, the extension of the ECE subsidy to include two-year-olds will be welcome news. This should make it easier for some parents or grandparents to re-enter the work force. Businesses in this sector will also feel the benefits.Higher trustee tax rateThe trustee tax rate is...

Is your team as diverse as it could be?

Having a focus on diversity, equity and inclusion (DEI) is a vital part of being a forward-thinking, 21st century business. Having a diverse and inclusive team is not just a 'box-ticking exercise’ to impress your shareholders or investors. It's a proven strategy for making your business more flexible and attuned to a modern way of doing business.Recent research by Gartner found that inclusive teams unlock diversity benefits by improving team performance by up to 30% in high diversity envi...

Five steps to better cash flow

Need a hand managing cash flow? You’re not alone. The key is getting your invoicing right, by invoicing customers as soon as possible and using tools like Xero’s invoice reminders to move payments along.That said, there are a few other simple rules you can apply to manage your cash flow and get your invoices paid even faster:Keep your books accurate and up to date - so you can see your financial state at a glance.Don’t be too lenient with your customers - you can be direct and st...

Business tips: Finding the best routes to finance

Every business needs finance to get the initial enterprise off the ground. You may well have entered into finance arrangements to fund the initial stages of the business, taking out loans to purchase equipment, lease premises or take on staff.But when was the last time you reviewed the arrangements or looked at the options for accessing other routes to funding? Are your finance facilities still offering the best interest rates and repayment terms, or are there better deals out there?Other financ...

Don’t trip! GST mistakes to avoid

GST can be a thorn in your side but if you understand when it’s due, what to pay, and you make the most of your accounting software, you’ll escape unscathed. Here are four of the most common mistakes we see business owners make with their GST.Not putting aside money to pay GST - For better cashflow, keep 15% of your taxable supplies in a separate account. If you’re registered for GST on a quarterly basis, you’ll be expected to pay the GST collected minus the GST you paid for that qu...

Understanding Your Balance Sheet

To understand the financial position of a business at a specific point of time, look at the balance sheet. The balance sheet may also be called the statement of financial position. Together with the Profit and Loss Statement, and possibly other reports such as the Statement of Cash-flow, these reports provide a complete understanding of the financial position and business performance.So what’s involved? - The balance sheet has three sections: assets, liabilities and equity.What are Assets...

Slow payers cost you real money

Like any relationship, timely communication between creditors and debtors goes a long way to avoiding trouble. One of those tools for small businesses is the financial web.The financial web describes the electronic connectivity between small business, accountants and financial institutions, particularly when coupled with cloud computing.The continued expansion of the financial web helps small businesses make smarter decisions, improve cash flow, get paid faster and access capital quickly.At the ...

Business tips: Making the most of digital and cloud

Transforming into a digital business sets the best possible infrastructure for your future growth. And, as your business scales, the benefits of going digital will start to become obvious.Running your key business processes in the cloud and using the latest digital software and apps adds to both your efficiency and your productivity. And, most importantly, digital systems are designed to scale with you as your enterprise grows and the need for resources increases.Here are some of the big reasons...

Identifying your financial risks

In tough economic times, defining your financial risks is a superpower.Identifying your financial risks and implementing mitigation strategies is key to surviving economic downturns. After all, if you keep doing what you’ve always done, you won’t keep getting what you’ve always got - you’ll get less.Everyone is feeling the pinch. Businesses are hit with a double whammy, being impacted by inflation and increases in supply chain costs, as well as the tightening of consumer belts. While the...

Tax Pooling offers a flexible way to pay tax

If you’re a profitable business, you’re required to pay tax on that profit known as income tax.If your end of your tax bill is greater than $5,000, you will be required to pay provisional tax in the following year during the year. This is not a separate tax, but rather, it is income tax paid towards your next end of year tax liability so that you don’t end up with a large bill to pay all at once.Those of you who are required to pay provisional tax will receive reminders from us typically t...

The importance of goodwill in your business

Goodwill in accounting refers to the intangible value that a company can hold, above and beyond the pure financial value of its assets. This covers areas like brand reputation, intellectual property, and both external and internal relationships.A business that can show its goodwill in the marketplace is actually worth more – both intangibly and financially. When a company is up for sale, the price a buyer is willing to pay will be greatly increased if the seller can demonstrate this quality of...

Our Risk Management Meeting

Risk is a part of business life, with every decision carrying some degree of risk; whether financial, legal, or reputational. With economic uncertainty comes increased risk and increased stress. The best protection for your business comes from identifying, assessing, and managing risk.We can help you do this. Proactivity trumps reactivity, so the more time spent planning and preparing, the more we can minimise the potential impact of risks materialising.Our Risk Management Meeting helps you make...

Requesting payment of overdue accounts in an economic slowdown

Cash has always been king but it’s even more important during times of economic slowdown. The slower the economy, the less cash is available in businesses, and the more likely it will be for some customers to be unable to pay.To protect your business and minimise the risk to your cashflow, follow these six steps to help ensure you get paid.1. You must continue to enforce your Terms of Trade, however, your approach must change.Do not adjust your expectation to receive what you are owed but trea...

Open banking: What will it mean for you?

New Zealanders will soon have better access to open banking – but what is open banking – and what impact will it have on the way you shop and do business?Open banking is a secure shared infrastructure for moving financial informationOpen banking is a financial technology that uses an open API to send information safely. It creates a shared digital infrastructure to transport information securely between registered parties.The open API lets you send a business or institution a chunk of financ...

What's the difference between financial accounting and management accounting?

You’re running a business, so you know the legal requirements around producing accounts and submitting tax returns. But do you truly know WHY you’ve engaged an accountant? And do you understand the value that a good accountant and business adviser can add to your company?As a business owner, managing director or CEO, there are three main areas of the accounting proposition that you’re probably most interested in:Compliance work – this is the bookkeeping, financial accounting and tax...

Understanding Your Breakeven Point

Understanding your business breakeven point is essential to know how much money you need to make to stay in business. It can therefore help you make well-informed financial decisions and practical business plans.The breakeven point is the income or sales needed to cover all costs. Any earnings above this point generate profit. So your breakeven point tells you the minimum sales required to continue operating a viable business.Understanding the breakeven point in conjunction with financial report...

5 ways to get in control of your business finances

Having proper control of your business finances is a big advantage. It helps you make well-informed business decisions and keeps your organisation profitable.With so many digital tools for managing your bookkeeping, accounting and management reporting, it's never been easier to manage, track and forecast your financial position.But what are the main tools you need? And how do you set up your financial systems, apps, processes and reporting to put yourself back in the finance driving seat?1. Brin...

Could the Government help you grow this year?

How is 2023 working out for you so far? Are you pumped? Or ready to batten down the hatches?Either way, it pays to be prepared and have your finances in order. Now’s a great time to think about financial planning and how to meet your goals for the year.If you are a small business in New Zealand, you may be eligible for Government support, in the form of grants, mentoring or low cost business advice.Here are some of the business support programmes that you may be eligible for. Talk to us about ...

Top reasons why you should take employee retention seriously

Some businesses treat employees like cogs in a machine: lose a few and there are always plenty more to replace them with.But every person you employ means an investment of time and money. You've got to find them, bring them on board, and get them up to speed as quickly as possible.After all this effort, it makes no sense to treat them as expendable. Instead, it's far better to take a strategic approach to keeping good people with the company.If you create a work environment where employees are v...

Managing your marketing budget to improve your ROI

Having a well-planned marketing budget can help you allocate resources to the right digital marketing channels and maximise the effectiveness of your campaigns.But where do you begin when it comes to managing and tracking your budgets?Businesses spend between 2% and 5% of their revenue on marketing to promote their products and services. That might not sound like much, but bear in mind that it’s vital to use your working capital wisely. So, whatever the size of your marketing spend, you want t...

We're here to help you get through

Our thoughts remain with everyone impacted by Cyclone Gabrielle.We understand that many clients are still dealing with the immediate aftermath while others are starting to look towards the future. We’d like to reassure our clients that we’re here to help - when you’re ready.Firstly, we’re offering a 45-minute complimentary meeting to help establish your immediate needs and what support we can provide. Please reach out if you’d like to meet with us online, face-to-face, or on the p...

Top tips for getting your financial year end work completed quicker

A new financial year is upon us and that means that it’s time to check the accuracy of your financial information in your accounting software for the past financial year, and to gather the documentation that we, as your accountant, will need to finalise your accounts and file your tax returns.The sooner we have this information the sooner we can complete your accounts and notify you of your tax position. It’s a good idea to have this information as soon as possible so that you can make infor...

How to apply for a business loan

Need some extra cash to take your business to the next level, but daunted by the loan process? You're not alone. There's a lot of paperwork and number-crunching involved.Before you get started, remember that banks wants your application to succeed as the interest you pay is a vital revenue stream. So it’s up to you to make their job easy by turning up with a good business case.Connect the dots for them. While banks are experts in money, they’re not necessarily knowledgeable about your area o...

Stressing about your work/life balance?

Trying to get perfect the work/life balance can be a cause of stress in itself. If you are feeling the strain of building your business and maintaining your life the good news is that stress and a productive existence can go hand in hand. Be mindful and you can find the balance that’s best for you.How much stress is good for you?The Yerkes-Dodson law shows that an individual's performance increases with stress (arousal) until cortisol levels get too high and then decreases again just as sharpl...