How to set payment terms if you’re a freelancer or contractor

Following up on late or non-paying customers is no freelancer or contractor’s favourite task. Which is precisely why you need to set payment terms up front – and in writing – before you work with a new client or customer. By communicating and agreeing on the non-negotiables for doing business with you, you’ll avoid awkward misunderstandings, frustrating disputes, and in most cases, the ugly hassle of debt collection. These tips will…  Read more

New year’s resolutions

At this time of year many people are looking forward to a holiday ahead, but also thinking about how they can make their work work for them better than it did in the past. Some people will be thinking nervously about leaving their full time job to start a new business. Since setting up my own business more than 6 years ago, I have been lucky enough to meet lots…  Read more

GST on Google Payments

One small but important change that we have noticed recently is that Google has started charging GST for it’s G Suite (email, apps and storage products) and for advertising. You’ll need to revisit any rules that you have set up in Xero to make sure that you are claiming the GST on these payments. From the paperwork that we have seen it looks like this change took effect from 1…  Read more

5 PayPal alternatives for online payments

PayPal is the world leading online payment service. You can transfer money to and from your bank account, pay for goods, and even receive payments worldwide. It’s a useful tool for entrepreneurs, freelancers, and even for personal use. However, it does have its drawbacks. PayPal takes a significant chunk of money when it comes to converting and billing international payments. You could end up losing about 5% of your cash…  Read more

Property restructure fish hooks

From time to time we get asked by clients about moving their rental property into a different entity. Usually when doing this, a property will be “sold” to a related party. The reasons for the request vary but usually relate to a change in the relationship of the people that own the property, a perceived tax benefit from restructuring the finance at the same time as the ownership or else…  Read more

Pros and cons of working with family and friends in business

Ever dreamed of starting a family business? Investing in a franchise opportunity with friends? Businesses owned and operated by families can have incredible staying power. Volkswagen, Samsung, and Nike – all family-owned companies – are among the world’s most successful, leading brands. We can be included in that bunch too! Owner/director Andrew, works alongside his accountant sister, Helen here at The Accounting Hub. So we speak from experience when we say, it…  Read more

What to do if you get audited

No business owner looks forward to a letter from the taxman requesting a closer look at the books. If you’ve received an audit letter – an official request by Inland Revenue to review your accounts and confirm your taxes have been paid to date – don’t panic. Prepare. These four steps will help you get through the process with minimal stress and the best possible outcome. Respond promptly If you file…  Read more

Reasons to consider hiring a financial planner

For business owners who want financial security now and freedom in retirement, having a financial planner on the team is a must. A financial planner will create a customized, strategic action plan to help you achieve your personal financial goals. Getting to know you and your business inside out is the first step a financial planner will take to understand where you are now, where you want to go, and then…  Read more

What to do if you fall out with your business partners

It’s been said that a business partnership is a lot like a marriage, and the comparison holds true when things go awry: the end of a partnership is a lot like divorce. Lawyers will be involved and assets will need to be divided. However, a separation need not be overly dramatic or unnecessarily painful. These tips can help make separation easier – and more amicable – should your business partnership come…  Read more

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