DIY accounting might sound like a good economy, but investing in an accountant could be the best financial decision you make as a business owner. 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 M ..read more

A solid budget is the foundation for your company’s financial management and success. Here are 4 ways to stay in control of your business budgeting. When you’re operating and managing a small business, you have a finite pot of cash to work with. Because of this, it’s incredibly important to manage your cash well and to have clear budgets and spending limits for every area of your business operations. Let’s take a look at why budgeting is such a vital part of your financial management, and what you can do to keep your company on budget and in a positive cashflow position. 4 Ways to Stay i ..read more

Are you making any of these accounting mistakes? We’ve outlined the top 5 accounting pitfalls that small business owners trip over, so you don’t have to make the same mistakes. Starting a business can be a challenging experience, especially when it comes to managing your numbers and staying on top of your financial management. Unless you’ve got some experience in finance, the bookkeeping and accounting requirements can be quite daunting. And even with today’s helpful cloud accounting platforms and fintech apps, there’s always the possibility of making a simple accounting mistake. So, wha ..read more

There’s a goldmine of financial data buried in your cloud accounting ledgers. We’ve dug out five of the key ways that real-time financial data can help to drive your business decisions. As a business owner, you want to make the best possible decisions for your business. The choices you make regarding strategy, spending, revenue generation and cashflow management can all have a major impact on the long-term future of the company. So, how do you give yourself that competitive edge when it comes to decision-making? The answer is to make the most of your financial data and to use the outputs ..read more

Are you keeping your staff and customers safe? We’ve got three top tips for getting on top of your health & safety procedures as a business owner. Worldwide, there are around 340 million occupational accidents and 160 million victims of work-related illnesses annually. Those are worrying statistics for business owners. As an employer and an owner, you have a responsibility to keep your people safe – and the potential fallout from failing to do this can be significant. If an employee or customer were to be injured while on your premises, the outcome is not great. The company could wel ..read more

Why is good bookkeeping so vital for your financial management? We’ve got some top hacks for maximising your bookkeeping, and the options for outsourcing this job to the professionals. 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 Importanc ..read more

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. 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 aud ..read more

It is proposed that the trustee tax rate will increase from 33% to 39%. This change was initially indicated back in the May 2023 budget, but it is yet to become law. Recently we have had strong indications from both the IRD and the finance minister, Nicola Willis, that this rate increase will go ahead. As the date of the proposed increase is fast approaching, we thought we should advise you of this proposed change. From 1st April 2024 all trustee income will be taxed at the higher rate of 39%. For most trusts, this will first impact in the year ending 31st March 2025. There are steps you ..read more

Tired of paying rent for your commercial premises and considering buying a premises for your business? Owning a building works best if your business is well-established, you have money to invest, and you’re taking a long-term approach – it can take many years for this decision to pay for itself. The advantages of owning a commercial property You no longer need to worry about dealing with a landlord. You’re the landlord now, so your lease won’t end and you get to make all the decisions about how the premises is used. If you want to make changes to the fitout, it’s up to you. You don’t have ..read more

The beginning of a new calendar year is an excellent time to review the year just finished and reflect on what worked, what didn’t, what you’d like to change and new things you’d like to implement. Take the time to review the year and acknowledge all that has happened, good, bad or indifferent. Examining the year with an objective perspective can provide valuable insights to prepare for the next business year. Planning and goal setting will help provide a focus for your business efforts. Your Yearly Business Review What were the most significant impacts on your business in the last 12 mont ..read more