GST (Goods and Services Tax) is a fact of life for most New Zealand businesses, but it doesn’t have to be confusing. Here’s a plain-English guide to understanding GST and staying compliant. What is GST? GST is a 15% tax added to most goods and services sold in New Zealand. If your business earns […]
Choosing the right accounting software can make a world of difference for your business. The right tool helps you stay organised, save time, and reduce the risk of errors, but with so many options available, it’s easy to feel overwhelmed. Start With Your Business Needs Before diving into features, think about what your business […]
Getting audited sounds intimidating, but if you’re prepared, it doesn’t have to be stressful. Here’s what small business owners should know about audits and how to handle them with confidence. 1. Why Do Businesses Get Audited? Audits can happen for various reasons, such as random selection, inconsistencies in tax filings, or claiming unusually high […]
The end of the financial year (EOFY) is a crucial time for businesses to finalise accounts, meet tax obligations, and set the stage for the next financial year. Here’s a simple checklist to ensure you’re financially prepared before March 31. Don’t worry, if you are one of our clients we will email you a thorough […]
Creating a budget for your small business is essential to keep track of spending, manage cash flow, and plan for growth. Here’s a simple, step-by-step guide to setting up a budget that’s easy to understand and maintain. Estimate Monthly Revenue Start by calculating your average monthly income based on past months. This gives you a […]
Tracking business expenses might seem daunting, but with a few simple habits, it can become a natural part of your routine. Staying organised month-to-month not only reduces financial stress but also helps identify spending patterns and potential savings. 1. Set a Weekly Expense Check-In Dedicate a few minutes each week to log your expenses. A […]
Picture this scenario: The Inland Revenue contacted you, informing you of an impending tax audit. At first, you panic. After all, who likes receiving such notices? In your mind, you frantically scramble to gather the necessary documents and financial records to demonstrate your business’s compliance, only to abruptly halt and burst into uncontrollable laughter. Why? […]
We have officially entered a recession, with the Gross domestic product (GDP) falling by 0.1 per cent in the first quarter of 2023, and the RBNZ is ready to raise interest rates again if necessary. As we navigate through these challenging times, there are predictions that our country may emerge from this recession. However, […]
Imagine issuing a payment on a Sunday or public holiday and seeing it processed on the same day. That is no longer wishful thinking, for the banking world has undergone a radical upgrade. As of the 26th of May 2023, banks are now processing payments to and from other banks every day, 365 days […]
With the incorporation of new roles and responsibilities, skill requirements, and tasks, change is inevitable in any profession. In an ever-changing economy and as new technologies emerge, many professions are undergoing profound restructuring. The financial industry, for instance, has undergone a significant transformation over the past decade with the rise of online banking and […]