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Maximizing Entertainment Expenses: A Guide for Small Business Owners

However, for small business owners in New Zealand, navigating the Inland Revenue's (IR) rules around these expenses — especially when it comes to staff gifting and the potential implications of Fringe Benefit Tax (FBT) — can be challenging. Missteps can lead to unnecessary tax liabilities, reducing the benefits of well-intentioned business gestures....

Navigating Tax Time for Sole Traders

This blog offers guidance to help sole traders navigate tax obligations effectively....

Setting Up a New Business: Bookkeeping Basics

This blog provides a simple guide to setting up effective bookkeeping practices....

The Benefits of Outsourcing Your Bookkeeping

Save Time and Focus on Core BusinessHave you ever head the saying 'admin is a black hole'?⏳ By outsourcing bookkeeping and payroll services, business owners can focus on growth, strategy, and client relationships rather than being burdened with data entry and reconciliations....

How Engaging a Bookkeeper Can Reduce Your Small Business Accounting Fees

While it may seem like hiring a bookkeeper adds an extra layer of cost, it can actually lead to significant savings on your annual accounting fees....

Effective Debt Management for Small Businesses

Let's face it, debt is part of life. It can be required for being able to provide the capital for growth, but can also get out of hand if not managed correctly, leading to risk of cashflow restrictions, or worse....

Understanding KiwiSaver for Employers

Employer ObligationsEmployers must deduct employee contributions from wages and make employer contributions unless the employee opts out, or if the employee is under the age of 18 or over 65. The minimum employer contribution rate is 3% of the employee's gross earnings. Employers also need to ensure that contributions are paid to the Inland Revenue (IRD) on time. This is bundled into your PAYE payments to IRD....

Cash Flow Management Tips for Small Businesses

Monitor Cash Flow Regularly📊 Regularly reviewing your cash flow statements helps you understand your business's financial health. This can be a simple as keeping a spreadsheet to identify upcoming income and expenses flowing in and out of your business bank account, and knowing where your next cashflow pinch point might be.By analysing inflows and outflows of cash in your business, you can make informed decisions about making that purchase and identify potential issues before they escalate....

Understanding Business Expense Deductions: What Can You Claim?

What Are Business Expenses?Business expenses are costs incurred in generating income for your business. These can include obvious things like the product you buy to onsell to customers, through to office supplies, utilities, rent, and business travel. Not all expenses are fully deductible; some need to be split out to reflect the private portion....

GST in New Zealand: What Small Businesses Need to Know

What is GST?GST is a tax added to most goods and services in New Zealand (including imports), currently set at 15%. It is a tax for people who buy and sell goods and services.If your business turnover exceeds $60,000 in a 12-month period, you must register for GST. However, voluntary registration is an option for businesses below this threshold if beneficial. Registering for GST allows businesses to claim credits on GST paid to suppliers, but it also means adhering to specific filing requirement...

Tips for Accurate Payroll Management in New Zealand

Understand PAYE and DeductionsPay As You Earn (PAYE) is the tax deducted from employee earnings. As an employer, you are responsible for withholding and paying this tax to the IRD. Additionally, deductions for KiwiSaver, student loans, and child support may apply. Ensuring the correct tax codes are applied to employees can prevent underpayment or overpayment issues....

How to Prepare for the End of the Financial Year

Reconcile Your Accounts🔎 There are three key areas to check to ensure all transactions are reconciled and matched to your financial records correctly.Check your Debtors (Aged Receivables) ReportDo you have any old or outstanding debts? Are there any amounts that you’re sure the customer said they were going to pay you for, but they haven’t yet? It’s a good time before the end of the year to make those reminder phone calls or let us know and we can help with that job that nobody likes to...

Employee or Contractor?

Are you confused whether your team member is an Employee or a Subcontractor? Read on to find out whether you're paying your worker correctly....