Are you worried about paying your terminal tax bill on 7 April?
Trying to tidy up receipts, chase bad debts and track down that one bank statement that has gone to a dark space where only lonely socks hide can be a giant pain in the proverbial.
And, when it is the end of the financial year and your accountant wants to know how many square metres of bench space you use for business in your home workshop – it can be the final straw.
Never fear because help is at hand, especially for those who have never ventured into the world of cloud software to improve business efficiency.
Every business goes through that “bugger” moment when they quote for a job and the client happily accepts the price without batting an eyelid.
Then, you walk away kicking yourself that you could have quoted a slightly higher price.
The Business Buddy team feels your pain and they recently worked with a client to determine pricing that worked for the business’s profitability and met market rates.
Business and technology is moving faster than it ever has and it’s only going to get faster. The BNZ team wants your business to thrive in these exciting times.
We would love you to join us for an informative session about the wonders of Xero and how BNZ Internet Banking for Business works with it.
The coolest thing about business in New Zealand is that people at the top are very down to earth.
Victoria Crone, managing director from Xero New Zealand is just that – accessible and prepared to chat with the people who use the cloud-based software, or maybe are thinking about it.
When she spoke at an event with Business Buddy and ASB, Victoria focused on the future – not only for Xero but also technology in general. The stuff we don’t know, we don’t know yet.
Thinking of hiring staff to get more done, but worried about the cost? Business.govt.nz’s new “Employee cost calculator” helps small to medium businesses make confident hiring decisions.
The calculator uses data from government agencies and “Trade Me Jobs” to tailor employment costs to your industry and the type of role you’re looking at. You simply click on a couple of boxes to quickly estimate the fixed and discretionary costs of taking someone on.
"This year, I'm going to work for myself" - is this a New Year's resolution for you or someone you know?
There's a lot to consider before you start a new business, such as what business structure you'll use, do you need to register for GST, will you be an employer and which records you'll need to keep.
It is time for growing businesses to meet and greet a dynamic business woman who is at the helm of one of the nation’s most significant rising companies.
Victoria Crone became managing director of Xero New Zealand in 2014 and she is taking time out to meet the business-users of the cloud software that has revolutionised the accounting industry.
• If your home was destroyed, do you have copies of all of your essential documents?
• Do your family know where to find your insurance polices, vehicle ownership papers, etc?
• Do you have your phone, electricity and other household service suppliers’ details all in one place?
• Have you documented your funeral wishes?
We all know we need to have our affairs documented and in order, but as it seems such an onerous task how many of us get around to doing it? We have developed the Life Organiser to help you make this happen.
Do you know that the wages you pay your employee is not all that your employee costs?
Tax Day is just right around the corner
Facebook started in 2005 as a small networking site at Harvard University.
There’s a reason “The Room Where It Happens” is one of Broadway hit Hamilton’s standout songs: the track’s theme -- longing to be included among key decision-makers in the place in which decisions are made -- is timeless.
Bank feeds are a core component of Xero, giving you an up to date view of your cash position so you know how your business is performing.
If it’s going to survive, a startup needs to grow.
In today’s competitive environment, businesses can survive and thrive when managers or owners implement measures that encourage their employees to share new ideas and innovations to improve the workplace. As a temp administrative assistant, I have observed many innovations that work - and don't work- on the job.
TIP: All leaders that are good need to focus on days to come. You have to know what's next and how to prepare for it.
Make it a point to look for hidden talent in your teammates. It should be easy to determine who benefits you the most, when you are looking for helpers.
As part of the Beautiful Business Talks hosted by Xero at this year’s Accounting Business Expo, I was given the opportunity to present on how accountants and bookkeepers can provide advisory services to their clients.
When it comes to businesses and the publicity they involve, losing one customer can cause a chain reaction that makes you lose several other customers; existing and potential.
Benefits have evolved. Once upon a time, “word-of-mouth” adverts was what worked, later on, if you couldn’t get your business to be on the television or radio, you were not dreaming big enough.
So you didn’t follow the Elon Musk path of creating a computer game at age 12 or cold-calling a corporate banking maven to snag a paying internship? You can still become a compelling, talked-about entrepreneur if you follow a few best practices.
When was the last time you stopped to think?
I mean really stopped.
One of the biggest mistakes made by new business owners is not to engage startup legal services to handle possible issues for their new venture.
The difference between cash basis and accrual basis accounting comes down to timing. When do you record revenue or expenses?
For hundreds of years, paper was the gold standard of written communication.
Anything you needed to record or remember, from love letters to receipts, was printed on paper.
Starting up a small business is no easy feat. It requires a great deal of vision and effort. Every small business is unique, and so, it comes with its peculiar rise and falls.
A business does not exist in the absence of customers. Implying that every company needs to have customers flocking around; new or existing. This is the exact reason why several brands keep thinking of new ways to expand their customer base.
There’s always “that” leader everyone looks up to; people want to talk like them, act like them, sound like them, and above all, have the privileges they have. However, it is important to realise that with great opportunity comes great responsibility. Every leader has qualities in them that make them stand out from followers. Yet, many followers have the abilities to become a leader.
Up until recently, Twitter advertising has been a redundant marketing channel in place of the giants like Facebook, Instagram, and Pinterest.
Does your business surge at specific times of the year, and lag in others? That’s typical for most professionals—there are certain times of the year when business is booming and other times when it is lacking. While it may be nice to have a break to catch up on those must-do administrative tasks, wouldn’t it be better to have steady business all year long? Of course, it would! So let’s take a look at some marketing ideas to grow your business and keep your clients engaged even during the off-season.
I was tired of spending my days staring miserably at mind-numbing spreadsheets and desperately wishing for our systems to crash so I could go home early.
Cash flow is a critical component of small business success. This is especially true if you run a trade business. Your ability to purchase tools and supplies, pay staff, and keep your vehicles running relies on having cash in the bank.
In this blog post – we explore the top 10 signs that your business is ready for (and will benefit from) a Messenger chatbot!
Messenger marketing is a rather new concept when it comes to business and that’s really exciting, but it can also be a little bit intimidating or maybe a little bit scary. So, if you’re like most business owners, who are a bit intrigued by the idea of chatbots and Messenger marketing, but you’re just not sure if it will work for you, this is the video that you need to watch.
There is a tendency in nature for apex species to get larger and larger. But there is a counterbalance where nature has a tendency of making larger species extinct quickly. This is also true in business: the bigger the business, the more fragile it becomes.
The theory of overdone strengths
The ecommerce explosion continues, but there's also an element of evolution. To take your ecommerce presence to the next level, take advantage of these emerging trends.
2019 is here! It’s a new year; not just for individuals, but for businesses and corporations alike. This is what makes the beginning of the year a great time to work something new in your business; a time to set goals.
Not everyone loves spring; however, the idea of a spring clean is well-embraced. It allows a house look new and clean. It also prevents the individual and entire family from suffering several diseases that come with having a dirty home.
If your home (which is only accessible to the few people you know) gets a spring clean so easily, your website (which is accessible to thousands of people) deserves a spring clean too
Remote work is no longer a privilege. It’s become the standard operating mode for at least 50% of the U.S. population. Virtual retreats are no longer attributed solely to progressive startups. Traditional employers are finally on-board and ready to propose a flexible work arrangement higher up the pipeline.
We’ve just rung in 2019. What can you do to get this new year off to a good start? Here are a dozen ideas. You may not need to implement all of them, so choose the ones that will help you the most—and get going!
Have you harnessed social listening?
As I peruse trends for 2019, I see a lot about listening on social. And I have to chuckle … how is this trendy or new?!
In any case, if part of your marketing strategy involves social media it should also involve social listening.
Here are four easy ways using listening on social media can inform your marketing strategy.
We check our phones about 85 times a day. Chances are, you’re reading this on one right now – or it won’t be long till you check it again. A staggering 70% of internet traffic now comes from mobile devices.
Falls from height (FFH) are the leading causes of serious and fatal injuries for construction workers. Almost all of these injuries and fatalities were preventable. There are many different factors that increase the risk of FFH injuries. Getting a understanding of these issues is key to preventing FFH injuries. As a result of identifying the types of hazards and learning how to safely address these hazards on your current jobs will allow you to get lower rates on General Liability Insurance and Workers Compensation Insurance.
Ten years ago, the accounting industry looked very different but new technology is evolving. Cloud-based software is becoming more prevalent everywhere you look; accountants have had to adapt their mode of operation. These changes to the industry will create so many opportunities for accountants. Yet, there will also be notable challenges to face with this level of change.
Christmas is here and more than anything, it’s usually referred to as the season of love. Love is expressed by giving, and many employers hope to express this love to their employees by giving gifts.
When a customer asks you for a quote, they're giving you a golden opportunity. With the right response, you can close the deal quickly and win new business. Here's how to make the most of price quotes.
The $20,000 instant asset write-off threshold has been extended to 30 June 2019. This means you can continue to claim the cost of new or second-hand assets that are less than the threshold of $20,000.
Construction is unlike any other business. Building projects can last for months or even years – and you might be both an employer and a contractor. So how do you learn the basics of construction accounting?
Successful businesses spend that little bit of extra time on record keeping and getting their tax right, including preparing and lodging business activity statements (BAS). Once set up and organised, you’ll save time in the long run.
Want to peek into the mind of your ideal customer and find out how they engage with social media video? How they are interacting with brands via video? How are they purchasing?
Take a seat, because in this post we break down exactly how customers are watching social media video and more importantly, how they are purchasing from video.
And it’s all based on data and research, so you can start using this intel now, to get results in your business.
Cloud computing got you perplexed? You’re not alone. Most of us talk about ‘the cloud’ without even realising what it really means. We’re clearing the air on cloud computing and how it can benefit your small business.
Offers for grants worth over $3.5 million will support 7 businesses to help launch their innovative products, processes and services into domestic and international markets.
The funding has been provided from the Accelerating Commercialisation element of the Entrepreneurs’ Programme.
We no longer need studies to tell us: Smartphones are almost everywhere. Most of the customers coming through your doors have a mobile device with them. And these devices aren’t always shoved in pockets or bags — shoppers are using them while they’re in store too.
Over 100 accounting/bookkeeping, marketplace and banking partners across Asia joined us in Brisbane this year to attend Xerocon, the most innovative conference for cloud leaders in Asia, Australia and New Zealand.
Clichés. Can’t live with them, can’t live without them. (See what just happened there—it’s that bad).
The most widespread, just-waiting-to-pop-out-at-you, cliché is a very short one, measuring just three words—time is money.
The homepage is the most important page of your business’s website. It is the virtual shop front to your business, providing your customers a first impression of what you have to offer. You only have seconds to grab your customer’s attention so it is key to make sure that they can find what they’re looking for quickly and easily.
Tax time is fast approaching—it’s important to do your homework and know exactly what tax deductions you can claim.
China-watching is mandatory for many people in business.
The world’s most-populous nation looms large on the global stage in politics, commerce and sport. Its 300 million aspiring middle class citizens – still a small part of the total population - are increasingly sophisticated in their consumer activities, travelling a lot more and further, and pursuing business interests on all continents and the South Pacific region.
Getting out of the cashflow trap for good: The first step is to admit your clients have a problem (with debtors)
This is the first article in a series of posts about Debtor Radar, a new debtor analysis and cash flow advisory tool for accountants from Debtor Daddy. If you’re an accountant you’ll be able to learn more here.
Our goal with Debtor Radar is simple: Help more small businesses solve the cash flow troubles caused by debtors.
Striking out on your own and starting a business is one of the hardest things you can do in your professional life, but the work isn’t over the second you open your shop. Once the business is up and running you constantly have to improve and optimize to stay ahead of the curve and, most importantly, to become — and stay — profitable.
Typically defined as: ‘the accomplishment of an aim or purpose.’ (1)
Success means a lot of different things to different people. Success may mean wealth, or it may mean happiness. It may mean fame, and for others it may mean power. But can revenue be a true predictor of success?
Retail stores have long been collecting basic details (i.e. name and email) on their customers. Now, with the help of some nifty retail cloud solutions, it’s possible to collect so much more.
Need to know when tax is due?
Outbound marketing: marketing that is based on outbound messages to potential customers, using media such as advertising, commercials and billboards.
Being aware of body language in your interactions with customers and colleagues can help you communicate more successfully. Reading others is important but it's also vital to be aware of when you might be sending out signals you don't intend to. For instance, before you've even said 'hello', do your clients perceive you as confident and open, with your head up and shoulders back? Or does your slouchy posture let them know you're not very sure of yourself and maybe they should be speaking with someone else?
How well do you know your market? Do all your customers just walk in off the street? Or do you carefully build up relationships over time so your customers know the full range of what you can offer them? If it's the latter, how do you first come to know them? There are lots of answers to this but they mostly boil down to: do you contact them or do they seek you out? And, once contact is made, how will you engage them?
Many people kick start the New Year with a myriad of resolutions, from keeping fit to losing weight or achieving financial goals. However, many of those resolutions fail to embody anything remotely close to working life. The first week back is usually a slow one; clearing out the inbox (usually spam as most other people were also on break) dusting off the keyboard and restocking the cupboard with fresh new stationery.
The last few years have seen a new wave breaking in the marketing world. You may be aware of it under different labels, but 'inbound marketing' is an umbrella term for the change.
Our New Year resolution was to completely renovate our Business Buddy website and we have done it.
Do you have situations where some employees will be on call during a public holiday? If so, they are usually entitled to a contractual on call payment as well as at least time and a half rates if they are called out. Whether or not they are also entitled to an alternative holiday depends on whether the public holiday falls on what would normally be a working day:
A way to solve Christmas cashflow issues
Are you planning a Christmas function for special clients and/or suppliers and business contacts? Be aware that this will come under the entertainment regime for purposes of tax deductibility. Any expenditure on food and drink that your business provides off your business premises will be 50% deductible. This extends to any incidental expenditure on things like hireage of crockery, glassware or utensils, waiting staff, and music or other entertainment provided for the function you're planning.
If a person receives directors’ fees, which are payable to the business he/she works for, the fee forms part of the taxable activity of that business and GST must be charged by the business. This includes a person who accepts a board position, offered to him/her as part of carrying out a taxable activity. The rule was effective from 30 June 2014. If the employer is exempt from the withholding regulation, E G it is a company, there is no need to deduct 33% withholding tax from the fee.
There’s a demand for temporary rental properties in Canterbury because of thousands of families needing accommodation while they wait for earthquake repairs on their homes. Some homeowners are meeting this need by offering furnished homes for short-term rental. If you rent out your own home, even for a short time, any income you receive is liable for income tax, so you must include it in your tax return.
If you give your employees benefits or perks you may need to pay fringe benefit tax (FBT) on the value of that benefit. FBT replaces the PAYE that you would deduct from the employee if you were to just give them cash instead. Common benefits that may attract FBT include:
When anyone is buying into an existing company, or setting up a new company with colleagues, friends or even family, it is essential to document how the relationship is going to work and set ground rules for what happens in the unfortunate event of a dispute.
Our entire team will be out of the office Thursday 27th and Friday 28th November at team training. Any deliveries can be made to Prestige Bike Shop downstairs.
Stuck for ideas? Think about different ways to market your business.
Mondayitis is not an option when the working week starts with a TV interview with the successful motivational speaker – Cath Vincent.
Make your team part of the solution in your cost control programme. Let them know keeping costs under control is a priority and how costs affect the business. Involve them in ongoing review and development of your systems for reducing waste and managing costs without compromising on quality. Their commitment to trimming business expenses will make all the difference. If the numbers are large enough, it might even be economical to introduce an incentive scheme based around identified savings. Here are some ideas you might use to start the conversation.
Cost management is not the most glamorous aspect of the business by any means. We know you'd much rather be laying plans to grow the business and secure more leads and opportunities. But keeping an eye on costs and tweaking as needed can help you free up your cashflow to do more of the exciting stuff.
Many of you will have now received your 2014 tax returns from us. If you have not signed and sent these back can you please do so before Christmas. We cant file these with IRD until they are signed.
When you market your business, product or service on Facebook, you have a number of different options. If you write a post and leave it at that, this post will only go as far as your organic reach (the total number of people who see your post through unpaid distribution). You can look at taking this a step further though and branch into paid advertising.
I am delighted to invite you to our seminar that’s especially designed for aspiring business owners and CEOs.
A raft of amendments to GST came through in June, clarifying grey areas and closing loopholes from some of the major changes of the last few years. In broad brush, these include:
After the government increased the minimum wage rates earlier this year, it made a further amendment to the Minimum Wage Order, issuing a new fortnightly rate. The fortnightly rate is $1,140 for adult employees and $912 for starting-out workers and trainees. If you’re an employer already fully compliant with minimum wage requirements and your employees’ hours don’t vary from week to week, stop reading here. For you, nothing has changed.
Do you provide low interest loans to employees? If so your FBT returns need to reflect the new interest rate of 6.13% for return periods from 1 July onwards. This is the FBT prescribed interest rate used to determine the fringe benefit value of low-interest loans to employees.
On 1 July, the rates for paid parental leave increased. If you're self-employed or an employee and eligible for paid parental leave, you may receive up to a maximum of $504.10 a week before tax. If you're self-employed and make a loss or earn less than the minimum wage, for at least 10 hours work a week, the payment is $142.50 each week before tax (equivalent to 10 hours each week at the current minimum wage rate).
Making payments to IRD – what’s changed
A new report by the Ministry of Business, Innovation and Employment looks at outcomes of key changes to employment law made in 2011 to see if they are working as intended.