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Managing stress at tax time

Tax time doesn’t have to be stressful. With good planning and clear processes, you can make it easier on yourself. Learn three tips for reducing stress at tax time.  ...

Paying your employees for leave

Paying your employees for leaveWorking out what you need to pay employees when they’re taking leave can be complicated — but with the right systems and processes in place, it doesn’t have to be difficult.Read this guide from business.govt.nz to understand the management of employee leave.Download the Financial Plan Template HERE under 'Financial Matters'...

Financial management and your wellbeing

Reducing the stress of financial management is good for your mental health and wellbeing, good for your business and good for the people around you. Learn three practical ways to make financial management easier. ...

Forecasting: taking the guesswork out of your finance strategy.

As a business owner, it’s increasingly difficult to ride out the changing economic conditions and manage the financial ups and downs of doing business in 2024. According to recent data from the Ministry of Business, Innovation and Employment, company liquidations are up 40%] in the first eight months of 2024 when compared to 2023.Knowing what’s around the next corner would be incredibly helpful. This is where forecasting tools and financial projections can become a real game-changer. Why you...

Cash flow and cost control

More than ever, cashflow is a vital part of staying afloat, whether your business is in recovery or growth mode. Revenue, profit and your bottom line all deserve your attention. But keeping everything running is the baseline. Regular cashflow forecasts help you keep that in focus. Here’s why:- Cost control - If you can't reach your targets for income, reining in your costs may give you a little extra head room to manage cashflow while you plan your next move.- Visibility on outgoings - Cost co...

Data-driven decision-making: cashflow and financial health

In this series, we continue to look at how data-driven decisions sit at the heart of running a successful business in 2024.Today, we’re looking at how proactive use of data can improve your small business cashflow, and the overall financial health of your company.Do you know the positive impact that data analysis could have on your cashflow?We all know that ‘cash is king’, but keeping tabs on the unpredictable path of your business finances can be hard work. Cashflow can ebb, flow and sudd...

Why bookkeeping is essential for your small business

What's the difference between a bookkeeper and an accountant? And how can a bookkeeper help you run your business?Bookkeepers and accountants are not the sameIf you’re a small business owner, you’ll be familiar with juggling several tasks at once. As well as keeping things running, you need to generate income, keep your customers happy and look after financial information. Tracking the financials can be a chore though, and one of the biggest questions you might have is who you get to help wi...

Using invoice finance to improve your cashflow and liquidity.

Liquid cash is what keeps you trading, growing and hitting your goals as a business. But sometimes, that access to ready cash can slip. And when cash is in short supply, you need a fast and convenient way to bring increased cashflow into the company.One common way to do this is to look at invoice finance – a way to use the equity tied up in your unpaid invoices to raise cash quickly and with minimum hassle.How does invoice finance work?Invoice finance is a financial tool that allows you t...

Understanding your Revenue Drivers

For your business to make money, you need to generate revenue.You produce revenue through your usual business activity, by making sales, getting your invoices paid, or taking cash from paying customers. So, the better you are at selling your products/services and bringing money into the business, the higher your revenue levels will be.But what actually drives these revenue levels? And how do you get in control of these drivers?Knowing where your cash is coming from is more crucial than ever As a...

Measuring the health of your business with ratio measures

When you’re running a business, it’s easy to get caught up in the day-to-day activity and lose sight of the big picture. Taking stock of the health of your business is important. Knowing where you are allows for more effective planning, early warning about any issues, and the chance to better chart a course for success.There are some quick ratios that will help you to gauge the health of your business. We can help you to assess your business health and show you how to calculate these vital c...

The value of cashflow forecasting for your business

Projecting your cashflow pipeline forwards is vital. To be able to navigate the future path of your cashflow, you need to start forecasting – so you can map out your financial position over the coming months and can take the appropriate action to safeguard your cash position. Plus, when you have access to detailed forecasts you can scenario-plan, search for cost-savings and look for strategies that will preserve your cashflow position.Forecasting your future cash pipelineRemaining in control o...

The value of cashflow forecasting for your business

It takes guts to start a business. It also takes a strategic mindset to succeed.Business owners are no strangers to weighing risk and navigating uncertainty, but the recent economic climate has dialled everything up. Many business owners face the uncomfortable position of having to remap carefully thought-out succession plans and exit strategies and to consider selling their business before they’re ready and, possibly, for less than it's worth.Transition may be a better optionRob Young, Managi...

Applying for the Regional Infrastructure Fund

The Coalition Government has established a new $1.2 billion Regional Infrastructure Fund (RIF) to help invest in and improve New Zealand’s regional infrastructure.The aim of the fund is to boost regional infrastructure projects, outside of the main metropolitan areas. The RIF will encourage the building of new infrastructure and will improve existing structures to benefit regional businesses, organisations and communities.Funding will be provided through a mix of loan and equity investments, b...

NZ Business confidence soars: how to ride the wave

Business confidence soared in August, rising 23 points to +51, the highest level in a decade!Against the backdrop of dire economic outlooks and the ’Survive to ’25’ mantra that’s been so prevalent in business circles, this jump in New Zealand business confidence is a genuine boost for small business owners and the economy in general.But with tough times potentially still ahead, what can your business do to ride this ongoing wave of positivity?5 ways to ride this wave of business confiden...

Employer responsibilities for non-work related injury

Your Employee Gets Injured Outside of Work.What Are Your Responsibilities?When your employee gets injured in winter sports, this is considered a non-work-related injury, unless they play for the All Blacks of course.As an employer, there are a set of responsibilities and ways you can assist your employees with their injury recovery. ACC:✔ Non-Work-Related Injuries: ACC covers injuries that occur outside of work, such as those sustained at home, during sports, or in everyday activities.✔...

Managing stress at tax time

Tax time doesn’t have to be stressful. With good planning and clear processes, you can make it easier on yourself. Learn three tips for reducing stress at tax time.  https://www.business.govt.nz/wellbeing-support/brave-in-business-e-learning/reduce-financial-stress/managing-stress-at-tax-time...

Financial management and wellbeing

Reducing the stress of financial management is good for your mental health and wellbeing, good for your business and good for the people around you.Learn three practical ways to make financial management easier. https://www.business.govt.nz/wellbeing-support/brave-in-business-e-learning/reduce-financial-stress/financial-management-and-wellbeing...

Small Business Break-Even Analysis for Tradespeople

When you start a trade business, one of your priorities will be to make enough money to break even. Yes, you have to spend money to make money, but this can be a risky way to do business if you don’t know what your break-even point is.The break-even point is marked by the number of jobs you need to complete to cover your operating costs. Once you’ve reached your break-even point, you’re no longer losing money and your trade business is officially turning a profit. It’s an essential part ...

Following up on invoice payment in a down economy

It can feel challenging to chase up payment of invoices when the economy has been down, but it is important to keep cash flowing into your business so you can cover expenses and meet your obligations to others. As with all dealings in more difficult times, some empathy and a lot of open communication can go a long way.The following tips are useful to keep in mind when asking for payment.Communication - Connecting with your customers is important. Try to make it personal to their situation rather...

6 Powerful Reasons To Watch Your Financial Reports

Making time to look over your financial reports each month is an important task for any business owner. If you are not taking time to do this, either because you’re too busy, or perhaps you don’t really understand what you’re looking at and it doesn’t make sense to you, then here are 6 reasons we recommend you should start to.But before we get our 6 reasons, let’s talk very quickly about which reports to look at. At a bare minimum, and depending on the complexity of your business, you ...

How to use forecasts and scenario-planning

For centuries, accounting was all about reviewing historic information – but that only told you about the past, not what was going to happen in the future. If you’re only looking back at past periods and historic numbers, this limits the insights you can achieve for your business. With a backward-looking ideology, it becomes difficult to plan, run through different scenarios or understand the path of the business going forwards.Forecasting changes this. With the right data analysis and forec...

How other types of leave affect annual holiday entitlement

Some types of holidays and leave may affect an employee's annual holidays.Leave without payIf an employee takes more than a week of unpaid leave at any point during the year:the time required before the employee becomes entitled to annual holidays is extended by the amount of unpaid leave taken more than one week. For example, if an employee takes 2 weeks unpaid leave, they become entitled to annual holidays one week after the anniversary of their starting date, oryou can agree with the employee...

Employment Learning Modules

This free e-learning modules provide guidance on your rights & responsibilities as an employer and employee. The modules cover topics such as:Working arrangementsEmployment agreementsPay and wagesHours of workAnnual leave/holidaysOther leave Resolving problems...

3 ways a mentor can help you succeed

Nail your pricing strategy Money matters in business. A good pricing strategy should consider your costs, customers, and competition. Understanding these three elements lets you consider which pricing model fits best.  A mentor can guide you to: make better financial decisionsfind funding when neededkeep your business running smoothly even when times get tough. Although there's no one-size-fits-all strategy for pricing, it's worth taking time to get it right for your bus...

XERO - New Business Plans - September 2024

Xero’s new plans are designed to provide you with easier access to the tools to help run your business efficiently.They are available from 12 September 2024....