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Are you in control of your staff expenses?

When your managers and employees have their own budgets to utilise and spend, it's important to keep in control of these staff expenses.It used to be standard practice to have a firm-wide company credit card that staff could use to make ad-hoc and recurring payments. But a company card can easily be misused and doesn't help you keep your spending in check.Today's expense management systems, like Soldo, Pleo or Weel, all give you far greater control over your staff spending �...

The basics of invoicing – what you need to know

Invoicing plays a key role in all businesses (it’s how you get paid) so understanding how they work, what to put on them and the different types is crucial. Here’s what you need to know:What is an invoice?In a nutshell, an invoice is a request for payment. It’ll usually cover the following details:Exactly what services or products were suppliedDate of issueUnique invoice code for tracking purposesCost breakdown or amount duePayment due date.Aside from a payment request, invoices are also a...

3 cloud accounting tips to save your business time and money

Keeping on top of your accounts is a big part of running a successful and profitable business. But you don’t want to spend ALL your time dealing with accounting tasks, especially when that time could be spent building customer relationships, or developing new products etc.So, how do you keep your finances in check, while also spending less time on your accounts?1. Bringing your accounting into the digital ageSwitching to cloud accounting can be a revolutionary step for many business owners, es...

Top tips for getting your financial year end work completed quicker

A new financial year is upon us and that means that it’s time to check the accuracy of your financial information in your accounting software for the past financial year, and to gather the documentation that we, as your accountant, will need to finalise your accounts and file your tax returns.The sooner we have this information the sooner we can complete your accounts and notify you of your tax position. It’s a good idea to have this information as soon as possible so that you can make infor...

Automation can ease your business workload

Small and medium-sized businesses are spending on average 120 hours a year on admin tasks, according to recent research.If your people are spending 120 hours wading through tedious and unproductive admin, that’s bad for the business and for your overall efficiency. Fortunately, technology and software automation can go a long way towards automating the low-level admin tasks.Better productivity through automationAutomation is an important way to ease your business workload, with a host of diffe...

Small business bookkeeping – Here's how

While software has replaced the leather-bound ledgers of the past, bookkeeping is still an essential task for modern business owners.Here’s how it works – and why it’s so important.Bookkeeping benefitsAccurate, up-to-date financial records are vital for running a small business. They let you keep tabs on spending, help you plan and budget, avoid cash-flow issues and identify payment issues that could be costing you money.Even more important, well-kept books are a must when it comes to comp...

New rules on GST invoicing

New rules modernising GST invoicing and record-keeping requirements apply from 1 April 2023.The key change removes the requirement to issue and hold a “tax invoice” document (which meets certain prescribed requirements on details required). Instead GST requirements are met provided specific GST information is held through various business records, for example commercial invoices or agreements."Tax invoices" are replaced by "taxable supply information" (TSI). This is a set list of information...

Top tips for getting your financial year end work completed quicker

A new financial year is upon us and that means that it’s time to check the accuracy of your financial information in your accounting software for the past financial year, and to gather the documentation that we, as your accountant, will need to finalise your accounts and file your tax returns.The sooner we have this information the sooner we can complete your accounts and notify you of your tax position. It’s a good idea to have this information as soon as possible so that you can make infor...

What is bank reconciliation – and why should you be automating this process?

Good bookkeeping is all about recording and matching your financial transactions. Over the course of a usual week of trading, you’ll have a range of payments being deposited into your bank account and a host of operational expenses being withdrawn from that same account.To keep on top of this, you must match each line on your bank statement with the transactions recorded in your accounting software. This process of matching the incoming (or outgoing) transaction with the relevant receipt, invo...

Be, Do, Have

Our success in life depends largely on our mindset. Those who wait until conditions are perfect are unlikely to achieve their goals as they’re always waiting for the right time and never take that first step.There are three small words whose order can heavily influence the outcomes we achieve: be, do, and have. After deciding on your goals, the next step is to consider who you need to be in order to achieve your goals, rather than what you need to do.Compare the following sentences:“When I h...

Why your business needs a Facebook page

Facebook is one of the longest established social platforms out there. But it's not only for posting family photos and sharing the latest memes.A Facebook Business page is a useful tool for your business, and an excellent way to expand the reach and scope of your marketing. With 2.9bn users on the Facebook platform, there’s a huge potential audience for you to target.Creating an engaging social media presenceA Facebook presence is an excellent way to promote your products and/or services, with...

Making your business attractive to Gen Z talent

Workplace values are changing. We’re seeing first-hand the impact of a multi-generational workforce across the business world. And as Baby Boomer and Gen X workers have begun to retire, we’ve seen a shift in company cultures that reflects the large number of Millennials now in senior roles – with Millennials now making up 35% of the workforce.But Generation Z employees – those born in the late 90s and early 00s – are now thought to make up 24% of the workforce. And that means you need ...

Could your business survive without you?

Would your business still thrive, or would it suffer a catastrophic failure if you suddenly stepped away?It’s tough to remove yourself from the day-to-day operations when you’re passionate and busy. However sudden accidents, illnesses, or family emergencies can – and will – happen and you need to be able to step back knowing your systems are robust enough to cope.For your business to work for you, you need to make yourself replaceable. Large corporations have plans in place to mitigate w...

Business tips: Selling up and moving on – what happens next?

Once you've sold your business and have received the funds from the sale, you're then faced with a big question: what happens next?After guiding the helm of your company, it will be tough to let go. But if the circumstances are right, there’s no reason why exiting the business should be a sad occasion. You’ve built a stable business and personal legacy. You’ve employed a team of talented people and helped them drive their careers. And you’ve brought your products and/or services to a sat...

Stepping back: Do you have an exit strategy for your business?

Owning a business can be brilliant, but you might not want to do it forever.Whether you’re ready to retire, want to cash up, or you just need a break, at some point you will probably want to move on from your business. Even before that time comes, you’ll need a plan for stepping back.Options for stepping backThink about what kind of future you would like with your business. Do you want to step away completely or stay involved?Exiting a business can take different forms, such as:SellingClosin...

Don’t bet your house on the business

Landlords and suppliers can sometimes ask you for a personal guarantee on a contract.Unfortunately, that could mean that if something goes wrong, you have put your house at risk. Here are a few ways to protect your home and your other personal assets from potential business problems.Personal guaranteesBanks, landlords and suppliers might ask you for a personal guarantee on lending or contracts. This is a great move from their perspective, because it gives them security if you default on a loan o...

5 important business negotiation strategies

Business negotiation is a world of contradictions. You’ve got to be firm but flexible. Open and sharing, but a little cagey. There’s a lot to get your head around. But your state of mind might be the most important thing. Aim for a mutually beneficial outcome and you’ll find the whole exercise more comfortable.Follow these five tips to prepare for your next negotiation1. Do your homework - Learn the main terms and concepts they’re likely to use so you’re not confused or intimidated by ...

Business tips - Learning to make good business decisions

Making good business decisions is easier to do when you have excellent information at your fingertips – and that’s the value of having great reporting at the heart of your startup.Any cloud accounting software worth its salt will offer you straightforward ways to run your financial reports and track your important metrics. That’s standard in the new digital world. And this level of reporting gives you real, tangible data on which to base your decision-making. But good decision-making isn�...

What small businesses can learn from their competition

It takes little more than a laptop and a social media page to get a legitimate business off the ground these days. As a result, it’s next to impossible to create a unique product or service.While the presence of well-established competitors is daunting, it’s entirely possible to use this to your advantage when starting up a small business. Market research is invaluable in the early days, and established competitors are a great way to gather a ton of this with little effort.Here’s where to ...

Bring your A game (not your O game)

Success in sport is all about playing your 'A game'. Being the best you can be through preparation and training leading up to the game, as well as through your actions during and after the game - showing modesty and humility in success and graciousness in defeat.If everyone on the team plays their 'A game' the results are impressive. So, how do we apply the 'A game' mindset from sport to the workplace?Three A’s that bring it:Appraise: work out who will make up your dream team. Consider individ...

New postLet's reflect and reset

The last few years have taken a toll on everyone. We keep hoping for improvement and, while most of us had the occasional great peaks, things just haven’t returned to normal.Take time to reflect on last year. Reframe your focus to identify the opportunities for learning, the successes, and the possibilities for this year. We’ve learned that we can’t predict what the year will bring, but we can be prepared.Ask yourself these questions to help you evaluate 2022 and reset for 2023. Put your a...

Business tips - Scaling up your business and workforce

Scaling up your business isn't about steady growth over time. It's about having a clear strategy for quickly expanding the business to achieve full-scale hypergrowth.Most startups grow organically, adding customers here and there and gradually expanding over time. Scaling up aims to accelerate this process, pushing your growth to move beyond that slow, organic pace. To achieve this, every element of your business model needs to be reviewed, refined and systemised – so you have scalability buil...

Fair Pay Agreements: What to expect

The Fair Pay Agreements Act has passed into law and the Fair Pay Agreement (FPA) system come into effect from 1 December 2022.FPAs will set legally-binding minimum employment terms and conditions for an occupation or industry as a whole, with terms being decided in bargaining between unions and employer associations.The agreements represent one of the most significant reforms of the New Zealand labour market in recent times, and will add more complexity and administration to employment.To find o...

How profit sharing can help your business retain talent

In a tough labour market, finding talent is a challenge – so it’s especially important to retain your good workers.NZ company Mainfreight has had a bumper couple of years; the transport and logistics industry boomed during the pandemic and shows no sign of slowing down. In 2022, Mainfreight paid workers a total of $94 million in bonuses, double what it paid out the previous year. The company also used 15 pages of its annual report to thank its 10,393 employees, printing every single name.Thi...

Hiring employees who share your core values

At the beginning of your startup journey, you and your co-founders will be in charge of selecting and hiring the key members of your new team.The people you choose will identify with your core aims for the business and will (usually) share your core values too. For example, if being green is a key value, the people you hire need to resonate with this. But as the business grows and expands, it's likely that the hiring process will move to your operations director, human resources director or peop...