As a small business owner it’s easy to get caught up in the day to day running of your business and have little time for the bigger picture. After all, time is money and every minute counts. This is particularly true in an industry where you are either billing by the hour, or employ freelancers and contractors, and tracking every minute (or at least every 15 minutes) can play a… Read more
If you are a small business owner or contractor you may have noticed the recent hype around eInvoicing. If you are wondering what it is all about and whether eInvoicing is right for you, read on. What is eInvoicing? eInvoicing is the direct exchange of data from one accounting system to another. By using eInvoicing you can electronically transfer an invoice at the push of a button, directly from your… Read more
A fractional accounting team or fractional accountant, is a finance department or professional that works on a part-time, retainer, or contract basis. They bring the experience and expertise of a high-level accounting team to your business – without the cost of hiring full-time, in-house employees. Fractional accounting teams service several clients at once typically on a part-time, retainer, or contract basis. Their specialty is providing outsourced accounting, tax and bookkeeping… Read more
Depending on the nature of your business, you may have workers who are employees or contractors, or you may have both. Each has their merits, but it’s important to review which are which in order to meet your tax obligations. When you have an employee, you must withhold income tax as well as report on additional benefits. Contractors generally look after their own tax obligations but in some cases employers… Read more
Want a better way to collect and manage recurring payments from customers? GoCardless is a payment processing app that allows users to set up and manage recurring payments online. The app is designed to simplify the process of collecting payments, especially for small and medium-sized businesses. If you have repeating invoices, then GoCardless is the system for you! Although there are a few ways to manage payments, a simple direct… Read more
This content was originally created by Smartly Payroll. The end of financial year (EOFY) is an important time to be on top of all things payroll, and we know it can be a stressful time for Kiwi business owners. To help you feel confident with the upcoming changes and requirements, Smartly have pulled together everything you need to know including: An overview of changes to legislation Processing your final pay… Read more
There appears to be increased activity by Inland Revenue around Fringe Benefit Tax (FBT) compliance. They have updated the information on their website and recently sent “are you filing your FBT correctly?” emails to entities registered for FBT. This could be a sign that the IRD are looking closely at FBT at the moment so it is important that you get it right to save yourself in the event of… Read more
It’s understandable that for some people filing their end of financial year tax returns is right down the bottom of the to-do list. It’s one of those jobs that feels hard and often results in tax to pay so people put if off, sometimes for years. In reality though, putting off filing your returns makes everything harder and often results in even more to pay. Keep on top of provisional… Read more
As prices continue to rise, you’ve likely noticed that your cost of doing business has increased as well. With that in mind, you may be considering raising your prices. Increasing prices can be delicate, and sometimes a little awkward, so read on to discover some tips on how to raise your prices, and how to tell your customers with a little grace. Accept that you have to do it First… Read more