Financial statements can feel overwhelming, but once you know what to look for, they’re incredibly useful tools to understand how your business is really doing. The Three Big Ones Profit and Loss Statement (P&L) This report shows your income, expenses, and profit over a period of time. It tells you whether your business is […]
Payroll might not be the most exciting part of running a business, but it’s one of the most important, especially if you want to keep your team happy and stay compliant. Get the Basics Right Make sure your employee records are up to date. This includes employment agreements, IRD numbers, KiwiSaver information, and leave […]
Many people think of accountants as number crunchers who show up at tax time, but a good accountant can do much more than balance the books. In fact, they can be a key player in helping your business grow. Beyond the Basics Of course, your accountant will help you with taxes, GST returns, and […]
The word “audit” might send a chill down your spine, but it doesn’t have to. With the right preparation and mindset, a financial audit can actually be a great opportunity to tidy up your records and gain peace of mind. What is a Financial Audit? An audit is a formal review of your financial […]
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 […]
When it comes to saving money on taxes, every dollar counts. But many small business owners miss out on valuable deductions simply because they don’t know what they’re entitled to. Here are five commonly overlooked business expenses that could reduce your tax bill. Home Office Expenses If you run your business from home—even just […]
Bank reconciliation might sound like an accounting buzzword, but it’s actually one of the simplest and most powerful tools for keeping your business finances in check. What Is Bank Reconciliation? It’s the process of matching your business’s financial records with your bank statement. In other words, it’s double-checking that what you think you’ve earned […]
Managing finances can be overwhelming, and many small business owners make simple accounting mistakes without realising it. These errors can lead to cash flow issues, tax problems, and unnecessary stress. Here are some of the most common accounting mistakes and how to avoid them. Mixing Personal and Business Finances A common mistake is using the […]
A bank reconciliation involves comparing your sales and expense records with your bank’s records. This critical financial process helps identify and correct any discrepancies or errors between your financial data and the transactions reflected in your bank statement. Bank reconciliations are vital for maintaining accurate bookkeeping, which can help reduce tax liabilities, alert you to […]
As a business owner, you’re always looking for ways to save time. Every minute spent on admin tasks or fixing mistakes is a minute that could be used to grow your business. When time is money, finding ways to cut down on repetitive tasks is essential—technology can help. Improve Billing Billing can take up a […]