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DIY accounting vs hiring an accountant: make the right choice for your business

When you’re starting out as a small business owner, the temptation is to go DIY with your accounting. Hiring a professional accountant or tax adviser costs money and that’s an overhead that you can remove by doing all the financial management yourself, right?But is DIY accounting the most sensible option for your business? And why might partnering with an experienced accountant be a valuable investment in your future?The 5 big challenges of managing your own accountsAt the initial stages of ...

Harnessing Tech Advancements in Retail: A Guide for Small Businesses

In today's rapidly evolving retail landscape, technology is not just a tool but a transformative force. For small businesses, embracing technological advancements can be the key to unlocking growth and staying competitive. Among the most revolutionary technologies reshaping the retail sector are artificial intelligence (AI), extended reality (XR), and advanced data analytics. These innovations offer unparalleled opportunities to create immersive shopping experiences, enhance personalisation, and...

5 tips for chasing invoices without annoying your clients

When you’re a small business owner, sole trader or freelancer, asking for payment on overdue invoices can be a delicate matter. Without an accounts person or department, sometimes you’re trying to secure new work and chase invoices from the same person. That can be an awkward tightrope to walk. Here are five tips for chasing payments while maintaining customer loyalty: Automate reminders - Set friendly payment reminders that go out automatically – they tell clients they’re missed a payme...

Employee management is simpler and more accurate with online timesheets

Discover how much easier and faster it is to use online timesheets – for time recording and staff scheduling.Time to switch to online timesheets?Cloud-technology has changed how we do business. What used to be expensive technology is now affordable and accessible to anyone with a mobile phone.Now your business, no matter what size, can have an easy-to-use staff scheduling and time-recording system. It’ll save you hours of admin, improve staff engagement and help you get the most from your sp...

Exit - Stage Right!

It takes a lot to start a business. Few business owners start with exit in mind. You start with a dream and the tenacity to make it real, and make it grow. When do you start thinking about what you want to happen when you retire? Some business owners talk about funding a lifestyle but actually work is their lifestyle. They’d rather go with their boots on. But what happens to the business? Assets? Clients? Employees? The dream and the hard work that made it real?Don’t let your exit strategy h...

Improving Cash Flow in your Trade Business

In today’s dynamic business environment, it’s never been more important for trade business owners to understand the ins and outs of their finances.1. The common cash flow mistakeOne of the most common mistakes trade business owners make when trying to improve their cash flow is only accounting for what’s on their profit and loss statement. When someone does this, they’re failing to realise that profit and cash are not the same things.As the saying goes, “Revenue is vanity, profit ...

How To Get Good Reviews for Your Trade Business

Word of mouth is an extremely effective form of marketing and online reviews super-charge their already powerful effect. Research shows that reviews have a very important role to play in customers' purchasing decisions. According to Brightlocal 91% of people aged 18-34 trust online reviews as much as personal recommendations, and 93% of consumers admit that online reviews helped influence their decisions.Looking for help with your marketing efforts? Download a free Marketing Plan for T...

New Childcare Credit

New Childcare Credit to Ease the Burden for Hardworking FamiliesGreat news for hardworking families! Starting July 1st, a new credit aimed at easing the cost of early childcare education (ECE) is here, thanks to Finance Minister Nicola Willis. This initiative is designed to help parents and caregivers manage the rising costs of living, especially when it comes to childcare expenses.What’s the Deal?Parents and caregivers can now receive a partial reimbursement for their ECE fees. You can get ba...

The importance of regular bank reconciliations

Bank reconciliation stepsBank reconciliation happens when you compare your record of sales and expenses against the record your bank has. It’s how you verify your business accounting numbers.1. Get bank recordsYou need a list of transactions from the bank. You could get that from a statement, from online banking, or by having the bank send data straight to your accounting software. If you run a current account and a credit card account, you’ll need both statements.2. Get business recordsOpen...

The art of networking: techniques for becoming a great networker

Leading a business can be hard work. But the good news is that you're not the only founder, owner-manager or CEO who's treading this path. Networking with your peers is a great way to make connections with other entrepreneurs, while also looking for new business opportunities.5 ways to improve your networking skillsBeing part of a wide network of entrepreneurs and business leaders is about being part of the business community. It’s about giving to the community, as well as being supported by i...

The ABCs of bookkeeping

In today's digital times, you're probably used to having unrivalled access to your financial numbers, key performance indicators (KPIs) and cashflow metrics. Without good bookkeeping, the speed and quality of your reporting can quickly fall down. So, why is fast and accurate bookkeeping so important? And what are the main bookkeeping tasks that your business should be getting right?The financial importance of good bookkeepingBookkeeping is a fundamental part of your financial process as a busine...

Tax toolbox for tradies

Are you a self-employed tradie or running a construction business? Or maybe you're someone who helps a tradie keep on top of their books? We know you’re good on the tools. Take your tax as seriously as your trade by using IRD's Tax Toolbox.IRD is increasing our focus on the industry and with their access to data, every transaction leaves a trail.This means that they will catch up with those who don’t pay their fair share.We can help! Reach out if you need support with this. ...

Truthful claims

Your customers are likely to rely heavily on online information when they are shopping.So, make sure your claims – from product descriptions to stock levels and delivery timeframes – are clear, accurate and substantiated.Check out our 5 top tips to keep claims truthful.Don't create a false sense of urgency to pressure customersTechniques like countdown timers and limited stock notifications can create a sense of urgency and can increase a customer’s fear of missing out.While not illegal if...

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...

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...

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...

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...

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 ...

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...

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...

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...

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...

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...

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...

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...