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Accounting Software: Which Is Best For Your Business?

Using accounting software in your business can make managing your finances much easier. But with various platforms available, it can be difficult to know which is the best fit for you and your business.Xero and MYOB are New Zealand businesses' two most common accounting and bookkeeping software. However, with the introduction of services like Hnry and the increased software pricing, many business owners are looking for alternatives for their bookkeeping needs.  Which accounting or book...

Payroll and Income Tax: How Costly Mistakes Can Affect Your Business

Recent cases from the IRD highlight the importance of complying with tax regulations. In the case of the Supreme Constructions Civil & Drainage Works Company Limited, the owners were sentenced to three years in prison for tax evasion in July 2024. The case of Ke Kia Lam, a painter from Papatoetoe, should serve as a cautionary tale for other tradies.Ignoring your tax responsibilities can result in hefty fines and even jail time. These cases are a sobering reminder of what can happen...

AI, Bookkeeping, and the Benefits for Your Business

AI in accounting and bookkeeping primarily involves predictive technology that can automate routine tasks and analyse vast amounts of data quickly. Even though generative AI is still an evolving technology, AI technology - especially in accounting software - has been around for a while.What does AI mean for business owners who work with a bookkeeper? Let's take a look at how AI is changing the role of the bookkeeper and what you can expect as a business owner....

Key Takeaways from the ICNZB Conference

I recently attended the Institute of Certified Bookkeepers (ICNZB) conference, where the theme was Financial Fusion: Uniting Expertise, Technology, and Business. It was a fantastic opportunity to explore the latest innovations in our field and connect with fellow bookkeepers and exhibitors from across the country. The conference highlighted several areas of focus including the integration of AI in bookkeeping, the growing threat of cybercrime, and the importance of a clear client onboarding...

Income Tax: What Trade Business Need To Know

The Inland Revenue Department (IRD) has launched a new initiative to help tradies stay on top of their tax obligations. From Monday, July 1, 2024, the IRD will be visiting construction sites across New Zealand as part of the 'Tax Toolbox' campaign. This campaign aims to engage with tradies, educate them about their tax responsibilities, and provide support to manage their tax affairs effectively....

Support for Businesses with Outstanding IRD Debt

Over the coming months, IRD will be reaching out to businesses that have significant outstanding tax debt. These are businesses that have not engaged with the IRD despite receiving multiple reminders and warning notices. If you’re one of these businesses, then you must connect with IRD so they can understand your circumstances and work with you on a solution. During COVID-19 IRD’s primary focus was supporting businesses through these challenges. But now, they’re shifting their attenti...

Provisional Tax: A Guide For Business Owners

Understanding and navigating provisional tax is crucial to ensure you stay compliant with tax payments for your business. Provisional tax can be a point of confusion for many business owners, so here’s a comprehensive guide to help demystify the process....

The Business Benefits For Working With A Tax Agent

Are you paying more tax than you need to? Understanding the tax system can be complex, stressful and time-consuming. With the July 7 income tax deadline looming many sole traders and small business owners may be experiencing a familiar sense of dread. A few simple errors can result in paying more tax than you need to. Working with a tax agent can not only help you avoid stress but it could potentially save you money! We’re not just here to crunch numbers, there are several ways we can help you...

Common Payroll Errors: How They Impact Your Business

Payroll errors are a risk for any business. Getting it wrong can be costly, not only in terms of time and money but also legally. Processing payroll requires meticulous calculations, data entry, record-keeping, and ensuring you stay compliant with IRD. Not to mention, getting it wrong can affect trust amongst your employees.Do you get frustrated with the ever-changing legislation and regulation updates in employment law in New Zealand? Minimum wage adjustments, leave calculations, tax code brack...

Budgeting Strategies for Business

It's not uncommon for people to forgo budgeting. In fact, during my time at the Tauranga Budgeting Services, I saw this quite a bit – not just with individuals, but with businesses as well. Why haven’t you set up a budget for your business? A well-structured budget can provide stability, help your business achieve its financial goals, and give you something to work towards. It allows you to track your financial expectations for the month, quarter, or year. It provides a benchmark for your pe...

Bookkeeping or Accountant. What Does Your Business Need?

Is accounting and bookkeeping the same thing? In the world of finance ‘accounting’ and ‘bookkeeping’ are often used interchangeably. But while there may be an overlap of tasks performed by bookkeepers and accountants, there are key differences in why you might hire a bookkeeper instead of an accountant. In this article, I’ll discuss the differences between accounting and bookkeeping, so, you can decide which service is right for your business. ...

Financial Year 2024 – 2025: Key Dates For Your Business

If you own a business, the new financial year is well underway for you. March 31 was the deadline for completing your tax returns for your businesses if you were using a registered tax agent such as a bookkeeper or accountant. There are several dates of significance in the business tax calendar. Below is a list of important dates to add to your diary....