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
Still paying bills as they get sent to you without any formal process? We recommend introducing a batch payment system where bills from suppliers are entered into Xero through Hubdoc and then a batch payment file is uploaded to your online banking system once or twice a month (usually on the 7th and the 20th.) One issue with using this system is that you need to separate out bills that… Read more
Many of our clients view document storage as a low priority job and rely on their email file or pieces of paper to store invoices associated with expenses that they are claiming. Although it’s tempting to work this way its actually really important that the documentation for every transaction is kept and also that the GST treatment for every transaction is looked at. From time to time we see costly… Read more
While New Zealand may feel like a relatively safe place to be right now, there is no escaping the impact COVID-19 will have on our social and economic wellbeing in the upcoming months and beyond. Finance Minister, Grant Robertson, said: “We don’t yet know what the full impact on New Zealand’s economy will be, however we do know it will cost us jobs and have a significant impact on business.… Read more
When you own a small business, it’s vital you understand how money flows into and out of it. At a basic level, you need to know where your income comes from and what your expenses are. At a deeper level, knowing how money moves through your business can help you make strategic decisions about growth, invoicing, and debt management. The consequences of not understanding money can be drastic—poor financial management… Read more
Here at The Accounting Hub we have our fingers on the pulse of accounting systems for health care professionals. We work with doctors, health specialists and clinic administrators to help health care centres operate smoothly behind the scenes. Running a medical centre, and taking care of patients, can mean long, demanding days that are filled to the brim with action. The professionals we work with want to focus on their… Read more