Call Nick on 021 225 6425

Back to Blog

Business Planning - Where is Your Business Now?

In order to get your business to where you want it to be you must first determine where it is now, as otherwise, you won’t know how much work you have to do to improve and nor can you set goals or action strategies, because firstly, the goals have to be realistic in achievability, (in other words, there is no point in setting a goal that is a bridge too far), and secondly, the action strategies you adopt should address the specific problems in your business you need to resolve. Here are some o...

June 22, 2020

Six Ways to Increase Your Profits Using Accounting Software

Modern, powerful accounting software can transform a business, systemising procedures, saving time, increasing efficiency, and assist and show business owners how to increase both profitability and business sale value. In particular, in these challenging times, the more detailed and up-to-date information you have access to, the better you will be able to manage your business and react quicker to changing circumstances.  1. Gross Profit Margin Analysis. Just being aware of your overall gros...

March 15, 2020

Twelve Ways a Company Director can get a Criminal Record

Most people would think of tax as a way a director could end up in jail or with a criminal prosecution but in fact, there are another eleven ways a director could get a criminal record: Acts without a resource consent when one is required or does not comply with an enforcement order, abatement notice or water shortage directive;Pollutes, unlawfully disposes of trade waste or leaks, spills or releases harmful substances; or engages in misleading, deceptive or unconscionable conduct;Makes false re...

March 2, 2020

It's So Easy To Change Accountants These Days

It's a myth that it is difficult to change accountants these days. People think that it's too much hassle, it costs too much, you can't get the necessary information from your old accountant and your new accountant wouldn't know anything about your business or personal finances. Well, the good news is that it is no longer necessary to put up with mediocre service or rip-off fees. Changing accountants these days is easy because: 1. Your old accountant is obligated to supply any necessary informa...

February 5, 2020

10 Things to Do Before the Tax Year End

What should we be doing as business owners before our Balance Dates or tax year-end, depending on what type of business we are in? There's no point in paying any more tax than necessary. If you have trading stock (unless it’s clearly not going to exceed $10,000 in value) do a stock-take. Even if you have a perpetual inventory system on your accounting software you still need to check it’s accurate. Make sure you identify and write-off any unsaleable items or stock worth l...

January 13, 2020

5 Common Errors with GST

GST is a tricky tax to get to grips with for those of us who don’t deal with GST on a day-to-day basis.  Here are a few of the errors I see frequently: Registering for GST. For new or smaller growing businesses deciding when and whether to register for GST can be tricky. If your customers are private individuals and you register too early you might be voluntarily giving up thousands of dollars. If, on the other hand, your customers are GST registered you should register immediately to get...

December 9, 2019

Local Bookkeeper Exposes Rip-Off Accountancy Fees!

𝗜 𝗰𝗵𝗮𝘁𝘁𝗲𝗱 𝘄𝗶𝘁𝗵 𝗮 𝗹𝗼𝗰𝗮𝗹 𝗯𝗼𝗼𝗸𝗸𝗲𝗲𝗽𝗲𝗿 the other day who has loads of business clients. When it’s time to prepare the clients annual financials, to save her clients money and time, she prepares a year-end pack with all necessary supporting information (which is virtually the same for each client) and sends this off to the various accountants, wherever they may be. Despite the fact that the year-end information pack ...

November 21, 2019

Nick is fantastic to work with

Nick is fantastic to work with! His service, advice and free business classes are second to none. We really valued his input and direction in our early years of business. You won't regret partnering your business with Nick! Ang Low - Pick n Stick Designs...

November 5, 2019

The Joy of Tax in New Zealand

Did you know that the amount you can earn in Australia before you pay tax is now $18,200? Yes, an amazing $18,200 - that’s $350 per week, $700 a fortnight or $1,517 a month. Yes, the rates for higher levels of income may be more, but that's pretty damn good for the low or averagely paid, don't you think? In the UK, you can enjoy income of £12,500 before you pay any tax, unless you’re over 65, in which case the tax free amount is even higher. $12,500 is roughly NZ $25,000. Eve...

November 4, 2019

Business Planning - Bridging the Gap

Once you’ve established where your business is now and secondly, where you want to get it to, you need to sit down and work out how you’re going to bridge the gap between the two. If the gap is large, it may seem like where you want to get to is just too hard to reach. The answer here is to work backwards from your final goals, planning out the key milestones and benchmarks you need to attain in turn. Let’s take an example, a former client of mine who’s an orthodontist who wanted to grow...

September 21, 2019

Tax on Your KiwiSaver

One of the great things about Kiwisaver is that it can be drawn tax free when you reach retirement which is a very valuable benefit. It's unusual because normally, in New Zealand, tax is mostly worse than in other countries e.g. the complete lack of any personal allowance here whereby you can earn an amount tax-free, unlike Australia and the UK. However, Kiwisaver is not all tax-free. The contribution that your employer makes is taxable via an unpleasant little...

September 2, 2019

Tax Credits Going to Waste

The amount paid for tax credits under the Working for Families rules increased reasonably substantially last year (2018) and are now more generous than ever. The current income thresholds within which Working for Families Tax Credits are available are $84,500 for one child, $99,500 for two, $119,900 for three and $120,500 for four children.For those with a predetermined level of income from employment it’s easy to ensure you don’t miss out and receive the correct entitlement. For ...

August 26, 2019

Growing Your Business - Marketing

To get your business to where you want it to be from where it is now, you need to bridge the gap by planning in four key areas - marketing, operations (or your day-to-day business activities), human resources, and management control. Your marketing plan should cover five key areas: Your marketing objectives. It’s necessary to set very clear and measurable goals when drafting your marketing plan which dovetail into your overall business plan and ensure you get to where you want to be. For examp...

July 8, 2019

Which Accountant Should You Use?

There are a number of factors that business owners should take into account in deciding which accountant to use: Relationships. It’s important that you choose an accountant that you can get on with. Do they make you feel at ease and are they welcoming? Are they stuffy and old fashioned or informal and modern in outlook?Size of Firm. Unless you’re planning to float your business on the NSX, utilising a “big” name in the world of accountancy is unnecessary and expensive. Medium sized firms...

July 1, 2019

Break-Even Point Analysis

The term “Break-Even Point” refers to the level of sales necessary to cover all expenses i.e. the point of no profit or loss. To calculate this, you need the following: Your expensesYour salesYour gross profit percentage which is your gross profit (sales less your cost of sales) expressed as a percentage of your sales Your break-even point is calculated by dividing your total expenses by your gross profit percentage and then multiplying by 100/1 e.g. if your sales are $180,000 and your gros...

June 25, 2019

Majority of SMEs unhappy with their accountant

Most of the small businesses who are working with an external accountant or bookkeeper would not recommend their adviser to others and a quarter are looking to switch accountants, according to research by software provider Xero Based on a survey of 1,500 small businesses with an annual turnover of between £20,000 and £20m using various bookkeeping tools, the research shows 80% had an accountant but 70% would not recommend their choice and 27% reported they are likely to switch accountants. A t...

June 21, 2019

Minimising Tax when Starting In Business

Starting a business can be a stressful and expensive time so it pays to make sure you take advantage of all possible ways to save Income Tax and GST. One common oversight is not to claim for tools, equipment, furniture, computers, vehicles, reference books and any other assets or items owned personally and then transferred into the business upon commencement. For many business owners these add up to many thousands, sometimes tens of thousands where vehicles are involved, so it is certainly worth...

June 14, 2019

Your Ideal Customer Or Client

Every business owner should be focused on his or her prospective customers. The ability to find a customer, sell your product or service to that customer, and satisfy the customer so that he/she buys from you again should be the central focus of all your business activity. The greater clarity you have with regard to your ideal customer, the more focused and effective your marketing efforts will be. Everyone is in the business of customer satisfaction in some way. Th...

June 10, 2019

How to Set Your Goals Part 2

Basically, a good goal comes in a format of:What do I want to achieve & by when? And to assist you in setting your goals it’s important that you know the SMART formula which will remind you of the important components of well set goals. S is for specific and your goals should be as clearly defined as possible so that you know exactly what you are aiming to achieve without doubt or ambiguity. M is for measurable because if you can’t measure it you can’t make it. Important in the goal achi...

June 1, 2019

How to Set Your Goals Part 1

There is a common factor in the success achieved by those who are successful. What is that common factor? It’s that they’ve done the necessary preparation for success. They understand the six P’s - proper preparation prevents pretty poor performance. They know that: Luck is when preparation meets opportunity! And it doesn’t matter what business you are in, what role you have, where you are on the ladder of success or whether it’s your personal or business life there is always opportun...

May 27, 2019

Selling a Business

...

May 4, 2019

Business Structures

Your business structure should take account of the following factors: Risk. Business is a very risky place and your business structure should minimise risk as much as possible. Often ignored until it’s too late e.g. when the GST or rent is months in arrears! Practicality. Overly complicated structures e.g. trading trusts are OK in theory but not very practical to use. Try finding a professional trustee these days! Cost. Always a factor and whilst spending excessively is unwelcome, saving a few...

May 4, 2019

Starting a Business Part 2

...

May 4, 2019

Increase Your Business Turnover and Monitor Your Performance

Every business owner needs reliable figures to regularly check on business performance.  Collecting data is useful in setting realistic targets towards increasing your profitability in 2015, and gives a baseline for monitoring your business throughout the year. Types of measurement data to collect: your annual customer numbersaverage salesnumber of customer visits In a retail store, for example, (although this exercise is appropriate for other businesses), you need to collect the following ...

May 4, 2019

Starting a Business Part 1

...

May 4, 2019 Posts 1-25 of 99 | Page next