Category Archives: Finance

10 things to consider for Year End

10 things to consider for Year End

It’s the financial year end for a lot of people and businesses, so here’s a few pointers to think about as you finalise your accounts and tax position for 2015/16.

First and foremost – get your documentation organised so that it’s easy to refer to should you have any queries. By that I mean bank statements, invoices, receipts, insurance documents, employee records and the like.

Some key areas to consider as you approach the end of year:

Contracts. Have you invoiced retentions that are not payable till the next tax year? If they are payable in the current year they are taxable as income.

Credit notes. Look out for any credit notes issued to customers after balance date. You may be able to apply them to this tax year

Debtors. Review your debtors. Did you take reasonable steps to recover all debtors?

Bad Debts. If you write off bad debts before 31 March, you should be able to claim it as a deduction.

Employee expenses. Amounts owing to employees for holiday pay, bonuses etc. can be claimed in this financial year if you pay them within 63 days of balance date.

Repairs and maintenance. Undertake planned maintenance or repairs before year end to ensure a tax deduction.   (more…)

10 Tips to improve your cash flow

10 Tips to improve your cash flow

Cash Flow Management

Cash flow is one of the main concerns impacting businesses in NZ today. With the global financial crisis now thankfully behind us, there is still a more reserved confidence in the market to that that existed prior to 2007.

Even organisations experiencing significant and sustainable growth are finding they are faced with a range of difficult challenges. None more so than cash flow management.

(more…)

Challenges faced by NZ business owners today

Challenges faced by NZ business owners today

It’s no surprise that in a country renowned for just getting things done, that the number one reason why people want to own their own business is a desire to be independent. That independence comes with a number of challenges that can test the emotions of even the most successful owners.

Business owners are faced with a wide range of challenges, each day often different ones rise to the surface. Most of the more pressing challenges are financial
related. Whether it be funding or getting access to capital, cash flow
problems or challenges to do with profitability, the size of the debt linked to them or their business, they can all consume some businesses and owners.

(more…)