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How to prepare your business for an Audit!

For companies of a certain size, a regular audit is a mandatory requirement. Here’s how to get your finances ready for an audit, so it’s as stress-free as possible.#businessadvice #SmallBusiness #SmallBiz #SMB #finance #audit #auditingGetting 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, an...

Book a tax planning conversation with us today!

Talking about your tax planning is incredibly important. Book a tax-planning session to help you plan out your tax liabilities and keep the business in a positive cash flow position.The days of deciding on a tax strategy at the start of the year and then forgetting about it are gone. As taxpayers and tax advisers, we both have to be nimble, flexible and aware of changes. That’s why regular tax-planning sessions are so important.- Is your business meeting the right tax compliance goals?- Are th...

Let’s reflect and reset for 2024!

2023 provided its fair share of challenges, highlights and opportunities, with many businesses and people feeling the pinch.From adversity can come opportunity. As the new year begins, it’s time to reflect on the past year, celebrate the highlights, and think about what brought the adversities, identifying the easy improvements you can make for quick wins in 2024. Revisiting your budget, checking there is an efficient tax structure and learning how to increase your cashflow are great places to...

What to look out for when buying a business

Buying an established business is a great way to enter into the business world, or to expand your existing business empire. But purchasing a company isn’t something to enter into lightly.Becoming the prospective owner of a new business means doing your homework, researching the business you plan to acquire and working closely with a team of advisers.Here are five key questions to ask yourself, before entering into a deal.Why are they selling the business?It’s vital that you know WHY the curr...

Instagram for Trade Businesses

Discover the untapped potential of Instagram for your trade business. 🚀Uncover how this platform can help you attract new clients, showcase your work, and boost your brand's visibility. we've found a step-by-step how to set up a business account, engage with your community, and use Instagram's features to your advantage.With over 100 million active users in the USA, 30 million in the UK, 10 million in Australia, and 2 million in New Zealand, Instagram offers a vast audience ready to connect w...

Planning for upcoming tax deadlines in December 2023 and January 2024

We have summarised tax deadlines coming up, to prevent you from missing any deadlines and facing a penalty.Take a look at your cashflow forecast and tax obligations over December-January, especially if you are impacted by seasonal revenue (such as Christmas revenue as a retailer).5 December - PAYE - Large employers payments due for deductions made 16 to 30 November. File employment information within two working days after payday.20 December - PAYE - Payment due for small employers for...

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...

Can an AI assistant streamline your business?

A business AI assistant is an artificial intelligence-powered software tool that’s designed to support and enhance different areas of your business administration and management.These AI assistants (sometimes known as virtual assistants or chatbots) use natural language processing (NLP), machine learning and automation to interact with you, your team and your customers. They can give answers to simple questions and FAQs, perform efficient automated tasks and carry out detailed reviews and anal...

The Value of Employee Exit Interviews

Exit interviews give your business a great opportunity to identify areas that may be causing employees to leave so you can work on improving them.They can also give you insight into what you’re doing right, which can help in recruitment and brand promotion.To make exit interviews as effective as possible, keep these things in mind:Have a neutral person conduct the interview - this helps you gain open and honest feedback.Do it before the person leaves - you’ll get better participation and ins...

Happy New Year

Thank you for your business in 2023.For business owners, the New Year is often the time of year when you reflect on where you are at and think about your business goals for the year ahead.These could be lofty goals, or even setting out a plan to achieve some more mundane (but equally important) projects. Whether that is getting paid faster, reassessing expenses, or bigger things like automation of processes and new markets.We are here to help you achieve your goals for your business and we look ...

Building Strong Client-Contractor Relationships in a Trade business

Strengthen your client-contractor bonds in the trades industry. The following article covers the essential elements for building strong and lasting client-contractor relationships. Learn about the significance of honesty and transparency in interactions with clients, and the importance of clear communication about project expectations and daily working routines.This article also highlights the role of solid contracts in defining project boundaries and preventing potential disputes, underlining t...

Mutual Expectation for your Annual Accounts

The above expectations are fundamental to our commitment to our agreed fee for completing your Annual Accounts and Tax Returns.  If we don’t receive the information we need, when we need it, it may impact our internal costs.   Committing to the below steps will ensure we hold fees as per our agreed fee contract, as well as meet our 30 day completion target.1. Your invoices and documents. If you use either the full version or cashbook version of Xero, you agree to upload all sign...

Your action plan for market readiness

If you plan to sell your business, give yourself a reasonable timeframe to bring your business into full market readiness. Set targets to improve performance and minimise risk.Financial: go beyond asking do the numbers add up. Where do revenues, costs and profit need to be to present the best buyer opportunity?Strategic: potential buyers look for a compelling business model, sound management systems, streamlined processes.Human: be upfront with your team. Work through potential HR issues before ...

Plain English guide to profit and loss

Here's our Plain English guide to profit and loss and what this report reveals about your finances.What is profit and loss?Your profit and loss statement is commonly called your ‘P&L’. It’s also sometimes referred to as your income statement or statement of earnings.Your P&L is a breakdown of your company’s revenue (money coming into the company as sales and other income) and your expenditure (direct costs, overheads, expenses and other costs).As a business, you obviously want to...

A business budget will help with your financial decision making

Budgeting is about estimating your revenues, projecting your expenses and detailing the allocation of funds, so you stick to (and don’t overrun) your agreed budget ceiling.How does budgeting affect your business?Having a clear, agreed budget gives you a structured framework for your financial decision-making. It’s a practical way to control your costs, monitor performance and adapt your strategic and financial decisions to meet changing economic conditions.Using budgeting helps your business...

How to handle annual close-downs

Many New Zealand businesses temporarily close down at some point during the year, commonly over the Christmas-New Year period. With a bit of preparation and know-how, employers can handle the annual close-down seamlessly and lawfully.Here are some key considerations if you are planning to shut the business for a short time:Decide if there will be a close-down - NZ employment law allows employers to implement one close-down each year.Set the dates - close-downs usually happen over summer, but you...

Is there such a thing as over-automation? The need for a human touch

Automating your key systems is the way to turn your enterprise into a 21st century, digital business. But are we getting carried away with automation? And could we be systemising areas which could benefit from a more personalised, human touch?Personalisation of the customer experience is vital. Automation can play a big part in creating targeted, data-based personalisation for each customer. But not everyone loves automation.36% of customers in a recent survey would rather wait on hold...

No-Nonsense Business Plan Guide for Contractors and Tradespeople

A well-structured business plan is crucial for trade businesses. Tradify's ‘no-nonsense’ guide acts as a map to help businesses navigate the complexities of running a successful trade operation.Discover the key elements of a business plan, from setting both short-term and long-term goals to working out pricing strategies and conducting thorough financial forecasting. Find out the importance of having a well-thought-out plan not only to secure financial support but also to ensure the business...

Holiday cash flow for your small business

Are you heading away for a break from the business this year?This time of year can be hard on small business. Your expenses continue and your cashflow can suffer when your debtors go on holiday.Leading up to the holiday period, is your business cash flow in good health to carry you through? With a bit of pre-planning and being proactive, you can set yourself up for a financially stress-free holiday.Planning your cash-flow over the holiday periodInvoice early - Send any invoices that you can...

Planning for upcoming tax deadlines in December 2023 and January 2024

We have summarised tax deadlines coming up, to prevent you from missing any deadlines and facing a penalty.Take a look at your cashflow forecast and tax obligations over December-January, especially if you are impacted by seasonal revenue (such as Christmas revenue as a retailer).5 December - PAYE - Large employers payments due for deductions made 16 to 30 November. File employment information within two working days after payday.20 December - PAYE - Payment due for small employers for...

How to handle bad reviews about your business

When was the last time you made a purchasing decision based on positive customer reviews? Most of us can remember when we decided NOT to buy something based on negative reviews. It works both ways.Online reviews have become the new go-to on social and they have tremendous power when it comes to influencing decision-making behaviours. Research shows that over half of all consumers are likely to seek out additional information, and that online reviews matter most before buying products and service...

What’s the difference between employees and contractors? And why does it matter.

Does your business use both employees and contractors? It’s important to distinguish between them as they are paid and taxed differently.Despite what you may call the individual concerned, that description is not definitive. If the status of the worker is questioned in the Employment Court or Employment Relations Authority, for example, the Employment Relations Act 2000 requires a consideration of the ‘real nature of the relationship’.Common law tests assist in determining what that is. Th...

Creating business resilience in changing conditions

Economies are in a perpetual heating and cooling cycle, with all phases providing opportunities to better serve your customers and thrive in your business.There’s no denying the effects of higher interest rates and inflation are changing customers’ buying habits. This, combined with more expensive raw materials, stock and labour, and disruptions to supply chains, could test your business’s resilience. Planning is the best way to get ahead of changing conditions and build resilience.Five wa...

The 10 ways to lift your margin

Improvements can always be made at the margin. Small tweaks to your processes or systems can make a massive difference to the end result. It’s the same with your business margin - a 1% increase in your gross margin on $500,000 of sales is an extra $5,000 on your bottom line.The best part about improving your margin is that you increase your profit without needing to lift your sales.Here are 10 strategies to lift your margin:1. Negotiate better prices with your suppliers.As they say, ‘the squ...

Driving your business with reporting

Do you wait for your Annual Accounts to arrive before you look at your numbers for the year?By the time your accounts have been finalised, the data is historical. Any changes you make, as a result of reading these, may not necessarily be helpful for your future.Would you drive your car forward by looking in your rear-view mirror? Talk about dangerous!If you want to take control of your business’s future, it’s essential that you set targets to achieve and regularly monitor your actual results...