This post may contain affiliate links which means I receive a small commission at no cost to you when you make a purchase. Freshbooks is an accounting software that was founded in Canada in 2003. It started out as an invoicing software that has expanded hugely over the years. It is now a double entry accounting system for sole traders and small businesses. Freshbooks provides all the basic accounting functions – invoicing, bills and bank statement imports. There are too many features to list and a whole app centre with options that integrates to help book appointments, manage projects and tim ..read more

This will really depend on the kind of business you have however an accounting software will make you like easier and keep your financials organised. No one wants to deal with a giant shoebox filled with receipts and invoices at the end of the financial year. An accounting software helps you to complete everything from the basic recording of income and expenses through to producing financial statements. These systems can save you (or your accountant) a lot of time which in turn saves you money and can improve the decision making within your business. There other factors to consider like wheth ..read more

I've had a few queries about these support payments lately, especially how to calculate the revenue drop. Remember that it is also a requirement to keep records of how this information has been calculated. If you use Xero, creating the required reports is really simple however if you use MYOB or another software creating the reports can be quite difficult. You may need to run separate P&L's as they do not let you add the correct comparison periods. Resurgence This requires your business to show a 30% drop in revenue over a 7-day period after an alert level change and you also need to meet ..read more

With this lockdown in Auckland seeming to go on forever, it's a good time to refresh evryone on what support is available and what changes have been made to the support. If your business has reduced revenue COVID-19 Wage Subsidy Scheme The Wage Subsidy Scheme will be available to all businesses while any part of the country is in Alert Levels 3 or 4. For example, while Auckland is in Alert Levels 3 or 4, businesses in Auckland and other parts of the country can apply for the COVID-19 Wage Subsidy Scheme. You can apply for the COVID-19 Wage Subsidy Scheme to help keep paying your staff and pro ..read more

Covid 19 has made it a necessity to be able to work from home, and with the increase in online cloud based software it has made it possible to start up your laptop and work from almost anywhere. Even though it can be convenient working from home it comes with a whole new set of challenges. Working from home can make it harder to switch off and it’s easy to answer emails after work hours which can create availability expectations. Create a space to work in This can be a specific room/office or a space that is dedicated only to work. By separating your home and work spaces it can make it easier ..read more

Just like any other new year we start off with good intentions however the difference between success and failure depends on how hard we work at our resolutions. Sitting down and planning our goals for the year ahead is important and this planning time can help us achieve our goals. . Goal setting helps us to visualise what we want to achieve in our business and what steps need to be taken to achieve these. Visualising what can happen if you don’t make goal planning a priority can be a good motivator for you to take positive actions. Visualise this; what happens if you are constantly overspen ..read more

With End of Financial Year (EOFY) quickly approaching, you’re probably starting to think about who you need to assist with processing and lodging your tax returns. If you are looking for an accountant for your new business or are unhappy with your current advisor, now is a good time to be looking for one that fits your needs. No matter the industry you are in lawyer, tradie, service or hairdresser, you’ll know it’s important to choose the person you outsource work to carefully. Here are some good questions to ask an accountant before you hire them. 1. What services do you provide? You need to ..read more

For the accounting/finance side of a business there is a lot to understand especially what expenses you can claim and what are only 50% deductible etc. Having an online accounting software can save time and money and hiring a bookkeeper or accountant to help can ensure everything is done correctly the first time. Whether you need to hire an accountant or bookkeeper before you start or later in the year will depend on how complex your business is, the structure that has been setup and how much knowledge you have about accounting. Bookkeeper vs accountant: What’s the best choice for your small ..read more

Below are all the current covid support that is available, please read carefully as some of these end shortly. Resurgence Support Payment This is the new support scheme that became available on Tuesday, and covers the week where alert levels were raised. A business or organisation must have experienced at least a 30% drop in revenue over a 7-day period at the raised alert level compared with a typical 7-day revenue period in the 6 weeks prior to the increase from alert level 1. The RSP is calculated as $1,500 plus $400 per FTE (up to 50 FTE). The maximum payment is $21,500. Sole traders can r ..read more

If it’s your first year in business – Here’s what you need to know about EOFY. The EOFY for first time business owners means the first time you will need to submit your financial information to IRD. This means supplying all your financial information to your accountant (if you have one) or to collate this yourself to file in your tax return to submit. . Given the intricacies of tax law we recommend that you consult a qualified advisor. As no one expects first-time business owners to understand all the relevant legislation well enough to get everything right the first time. Accountants can sav ..read more