A Guide from Xero It’s an uncomfortable truth for business owners, but fraud happens more often than you think.  Most business owners say that they never thought it could happen to them, but it can. Here’s some advice from Xero, the accounting software on some things to think about and ways to manage the risk. […] The post Fraud prevention tips for your small business appeared first on Engine Room Chartered Accountants ..read more

A contractor is not an employee. Here's all you need to know about the difference between an employee or contractor. The post Employee or Contractor? appeared first on Engine Room Chartered Accountants ..read more

The integration of Artificial Intelligence (AI) is transforming industries worldwide, including here in New Zealand. While we New Zealanders are fast adopters of tech, our use of AI is still lagging behind the level of use in Australia and Canada. As your trusted accountant, we understand the pivotal role AI can play in enhancing efficiency, […] The post Using AI in NZ and Common Roadblocks to business owners appeared first on Engine Room Chartered Accountants ..read more

Starting off with ChatGPT As small business owners, it can seem like there’s just not enough hours in the day.  One solution to that is harnessing the power of AI. AI is here to help you do more with less. By getting the AI to do the tasks that take you the longest or the ones you don’t enjoy.   Despite AI’s potential, many small business owners have yet to explore its applications in the day to day running of their business, simply because the overwhelm of where to start, what to use and how to use it is too much. Learning to use some form of AI doesn’t need to be complicated or exp ..read more

Migrating from WorkflowMax by Xero If you have been using WorkflowMax by Xero, you would have already migrated to a new job management software by now, as June 26 2024 marked the end of life of the software. WorkflowMax by BlueRock (aka WorkflowMax 2) is most obvious alternative and the BlueRock team have made the migration process easy by providing demos, webinars and as many resources and training as they can. They are very transparent on providing real-time updates on their features, and when additional features are likely to be released. (Check out their latest update here). When you’re ex ..read more

The changes to personal income tax rates taking effect in July, as an outcome of the Budget 2024, have some consequences for businesses. The current thresholds apply for the first 3 months and 30 days of the 2024–25 tax year; the new thresholds for the remaining period. For the 2024-25 year only, composite tax rates apply: Payroll providers will need to make the necessary system changes for 31 July. The changes also affect fringe benefit tax (FBT), employer superannuation contribution tax (ESCT), retirement scheme contribution tax, RWT and prescribed investor rates. The new thresholds for FBT ..read more

ApprovalMax and Xero. It’s the end of the day and you have to track down someone to sign off on that one PO. It’s stressful and time consuming and you think there must be a better way. Or you see a bill and wonder “Who on earth approved this?” The better way is with ApprovalMax. ApprovalMax ensures the right people see the right documents so you know approvals of anything requiring payment will meet the right protocols. Download the free guide – 8 reasons to tighten your financial accounts for Xero users. The importance of tight financial controls may not be a priority until something goes wro ..read more

When you’re selling your business, the information or sales memorandum drives the start of your sale process. It is key to motivating a buyer to the next stage – signing a contract subject to conditions and conducting due diligence on your business. While presenting your business in the best light, it must be grounded, easy to read, and concise. What does the business offer? Why are you selling? What would you want to know in the buyer’s position? Put yourself in the buyer’s shoes. What are you comfortable revealing? There is no commitment to buy at this stage and it is important not to put se ..read more

From 1 January 2024, online marketplaces must disclose information about sellers and transactions on their platforms. This makes income earned on digital platforms (also called the sharing and gig economy) more transparent to Inland Revenue if you earn income for services such as: – providing short-stay accommodation – providing ride-sharing services for a fare – sharing assets such as cars, caravans/RVs, parking, or storage space – providing personal services, such as graphic design, creating websites, or odd jobs like deliveries, pet sitting, furniture assembly or trades services Inland Reve ..read more

If you’re looking for simple ways to automate and streamline your accounts processes this year, look no further than Hubdoc.  Hubdoc makes data entry of bills and receipts easier, by automating the process of entering them into Xero.  This is a modest step in automating low-level tasks that can take up a lot of your time. You can email, take photos or scan or upload documents to store in Xero.  It will then extract details such as a supplier’s name, invoice numbers, amounts, and due dates and you can tell Hubdoc how you want to publish the information in Xero to match it in your ..read more