Accounting and Business Advice

Xero Tip of the Month: Review Archived Accounts Before Year-End

Sun, 22 Mar 2026 21:31:09 GMT

Archived accounts in Xero help keep your Chart of Accounts tidy, but they still retain balances and appear in historical reports. If overlooked, they can quietly create discrepancies in your Profit & Loss or Balance Sheet.

Regularly reviewing archived accounts ensures all balances are intentional and coded correctly, giving you confidence in your reporting and helping year-end processes run smoothly.

How to review archived accounts in Xero:

Go to Accounting → Chart of Accounts .
Click the Archive tab to view archived accounts.
Check for any balances or transactions.
Unarchive accounts if adjustments are needed, then re-archive once correct.

A quick monthly check helps prevent surprises and keeps your financial reporting accurate, reliable, and stress-free.

The General Ledger - March 2026

Sun, 22 Mar 2026 21:28:57 GMT

View our March 2026 General Ledger:

- 2026 Annual Accounts Questionnaires

- Terminal Tax Reminder - Due 7 April 2026

- Important Payroll Changes Effective 1 April 2026

- Xero Tip of the Month: Review Archived Accounts Before Year-End

- Tax Question of the Month: Shareholder Salaries vs. Drawings

- IRD Upcoming Tax Payment Dates

https://public2.bomamarketing.com/email/XL4r

Important Payroll Changes Effective 1 April 2026

Sat, 14 Mar 2026 02:43:44 GMT

As an employer, it’s important to stay informed about upcoming changes that affect payroll, employee entitlements, and contributions. From 1 April 2026 , there are several key updates to the minimum wage, ACC Earner Levy, and KiwiSaver contribution rates.

Below is a summary of these changes and what they mean for you and your business, including the actions you may need to take to ensure compliance and manage the impact on your payroll and cashflow.

1. Minimum Wage Increase:

The Adult Minimum wage is increasing from $23.50 per hour to $23.95 per hour
The Training and Starting-Out Minimum wages are increasing from $18.80 per hour to $19.16 per hour

What this means for you: If you have any employees on Minimum Wage you will need to ensure their pay rate is updated from 1 April 2026. Also check any salaried employees meet minimum wage requirements by taking salary divided by actual hours worked. For someone on salary that is close to minimum wage, this is a check that is required each pay if irregular hours are worked.

2. ACC Earner Levy Increase:

The ACC Earner Levy rate is increasing from $1.67 to $1.75 per $100 of liable earnings. These amounts are inclusive of GST. The maximum liable earnings threshold increases to $156,641.

What this means for you: Your payroll software should automatically update (but it always pays to check with the software team). Your employees may notice a small change (reduction) in their take home pay due to this change.

3. KiwiSaver Contribution Changes

The minimum / default KiwiSaver contribution rate is increasing from 3% to 3.5%. This relates to both Employer contributions and Employee contributions.

Temporary Rate Reduction: Employees can apply for a temporary rate reduction from 1st February 2026 if they want to carry on contributing at 3% from 1st April 2026. They can apply for the temporary rate reduction for a 3 month to 12 month period, and they can apply as many times as they like. The Temporary Rate reduction can be applied for through their myIR account. More details can be found here

Employers can choose to match the Employees temporary rate reduction, moving the Employer contributions down to 3% to match, but they can also choose to stay contributing at 3.5%.

What this means for you: Again this change will impact on your wage expenses, so check in on your cashflow planning and how this may impact.

Future planning: From 1st April 2028 the minimum/default KiwiSaver contribution rate will increase again to 4%

5 Tips for Controlling Your Cashflow

Sun, 15 Feb 2026 21:10:23 GMT

Cashflow is the lifeblood of every business. Even profitable companies can run into trouble if money isn’t coming in fast enough to cover day-to-day expenses. Delayed payments from clients, unexpected costs or overstocked inventory can all put pressure on your cash position and that stress can keep even the most experienced business owners up at night.

The good news? With some proactive planning and smart strategies, you can take control of your cashflow and protect your business. Here are five practical tips to help you do just that.

1. Give your accounts receivable a boost

Invoice your client as soon as the job is completed, or consider invoicing in instalments once key milestones are reached. Also, make sure you have strict payment terms in place.

2. Negotiate longer payment terms

Talk to your suppliers to negotiate 30 or 60-day payment terms. This delays payment for your most common overheads, helping you spread the cost over a longer period.

3. Always have a cash reserve in place

Putting surplus profits into a cash reserve gives you a buffer to draw on when cashflow is challenging. This can be a great way to get through quiet periods or cover unexpected costs.

4. Make the most of your cashflow forecasting tools

Use the cashflow tools in your accounting software or forecasting app to create a rolling cashflow forecast. This helps you spot the potential cash shortfalls and budget accordingly.

5. Keep a close eye on inventory levels

Review your inventory levels and warehouse stock to make sure capital is not tied up in slow-moving stock. Think about a leaner approach that reduces your costs.

More helpful advice on managing your cashflow:

If your current cashflow position is worrying you, come and talk to our team. We’ll give you tailored advice on how to boost your cash inflows and reduce your cash outflows. Call us today on 04 970 1182.

Xero Tip of the Month: Review Your Repeating Bills

Sun, 15 Feb 2026 20:26:24 GMT

At the start of the year, it’s a good idea to review your repeating bills in Xero to ensure they’re still accurate and up to date.

Repeating bills are often created once and then left running in the background. Over time, amounts may change, services may no longer be required, or accounts may need updating. If they aren't reviewed, outdated repeating bills can lead to incorrect expenses and inaccurate reporting early in the year.

Taking a few minutes now to check your repeating bills helps keep your financial information accurate and reduces the need for corrections later. For those who need a reminder, you can find your repeating bills under Purchases > Bills > Repeating and update or stop any that are no longer needed.

The General Ledger - February 2026

Sun, 15 Feb 2026 20:04:36 GMT

View our February 2026 General Ledger:

- 5 Tips for Controlling Your Cashflow

- Important Notices

- Minimum Wage to Rise From April 1 ($23.95 per hour)

- Xero Tip of the Month: Review Your Repeating Bills

- Tax Question of the Month: Early Year-End Preparation: What's the Benefit?

- IRD Upcoming Tax Payment Dates

https://public2.bomamarketing.com/email/ZL66

Does Your Business Idea Have Wings? 5 Steps for Starting a Business

Mon, 09 Feb 2026 02:57:50 GMT

Thinking about starting a business?

Many new Kiwi businesses struggle in their early years, often because the foundations aren’t quite right. The key is to set the right foundations for nurturing your fledgling business, which means planning out the business basics and your core strategy in the best possible detail.

The NZ Government’s 5 key steps are a great place to begin:
• Make sure your idea is viable
• Choose and secure the right business name
• Decide on the best business structure
• Register for an NZBN and business taxes
• Check any industry-specific regulations

Whether you’re launching your first business or your fifth, having the right advice early can make all the difference. Book time with our team to talk through your business idea. We’ll help you run the numbers, test viability, and put a solid plan in place.

You can also explore our ‘New to Business Guide’, a handy resource, full of valuable hints and tips to get you started. This guide can be downloaded from our resources hub: https://www.aafl.nz/resources-hub

Goal Setting for 2026: Planning for Success

Wed, 14 Jan 2026 23:08:04 GMT

Setting goals is like the secret sauce for personal and professional growth. Whether you're dreaming big or just plotting out some day-to-day projects, like getting paid faster or tightening up your expenses, it's all important. Maybe you're even thinking about automating some processes or venturing into new markets. Whatever your game plan, the new year is your canvas.

Having a clear vision and tangible goals is the key to making those big dreams a reality. So, let's dive into some tips to kickstart your goal-setting journey:

Review the year that's been: Take the time to review the year and acknowledge all that has happened, good, bad or indifferent. Examining the year with an objective perspective can provide valuable insights to prepare for the next business year. Planning and goal setting will help provide a focus for your business efforts.

Envision your future: Picture where you want to be in the next five or ten years. How can your business help you achieve those life goals? Having a clear endpoint makes it a whole lot easier to set goals that align with your vision.

Set measurable goals: Wishy-washy goals are like trying to catch a cloud. Instead, aim for goals you can measure. Think about the key metrics in your business, like a 3% increase in net profit each year, a 2% cut in expenses, or grabbing two new customers monthly. Specific targets make tracking progress a breeze.

Develop a plan for each goal: Once you've got your goals lined up, create a game plan. This could be a simple list or a brainstorming session with your team. Having a clear plan keeps you focused and ready to roll.

Monitor your progress regularly: Keep tabs on how you're doing. Set reminders or sync up with your invoicing cycle. Regular check-ins help you spot areas for improvement and keep those fresh ideas flowing.

Celebrate your achievements: Don't forget to celebrate those wins along the way. Treat yourself or your team to something special. It could be a morning tea, a day out of the office, or even planning an end-of-year bash. Find something that brings you joy without breaking the bank.

We can help:

Not sure where to start? We’re here to help! We can assist you in planning and tracking the key steps that will keep your business moving forward.

At All Accounted For we pride ourselves in offering our clients a progressive approach in all aspects of their business. Whether it's working through a financial model, providing support to execute your plans, or helping to identify your advantages - together, we can help you make headway to reach your business goals.

When you conduct a past-year review with one of our experienced advisors, we will:

Run through your current business plan
Provide feedback on where you are heading and talk through the opportunities you might not see in your own business
Provide valuable insights for this year's goal setting
Implement a tailored business plan

Keen to learn more? We offer many business advisory services including:

Business Reporting: monthly, bi-monthly, or quarterly
Cash Flow Forecasting
Budgeting
Business Valuations
Software Systems & Apps: setups and assistance

If you’d like to chat about what you can do differently this year to enable your business to thrive, give Ben Duflou a call on 04-970-1182 to discuss how we can help.

Xero Tip of the Month: Xero’s New Homepage Refresh Coming Soon!

Wed, 14 Jan 2026 21:23:20 GMT

Back in September, we announced that Xero was working on a refreshed navigation and homepage (formerly the Dashboard) to deliver a faster, cleaner, and more intuitive experience. With the navigation changes now live, Xero is moving to the next major update: the fully redesigned homepage.

The new homepage is being introduced organisation by organisation over the coming months and will continue through to March 2026, so you may begin to see the updated layout appearing soon.

Here’s what’s new in the homepage refresh:

More meaningful insights: Xero has upgraded existing widgets and introduced new ones such as tasks, recently paid invoices, and net profit/loss - giving you important financial information at a glance.
Customise your layout your way: You’ll be able to drag, drop, resize and reorder widgets so your homepage reflects what matters most to you. Your layout is unique to your login and won’t affect anyone else in your business.

Time to adjust: If you’re not quite ready for the new look, you can temporarily switch back to the old dashboard for up to 24 hours before Xero automatically returns you to the new layout - giving everyone the chance to ease in.

As always, if you have any questions or would like help navigating the changes, please don’t hesitate to call our team on 04 909 7729 . We’re here to support you.

If you’d like to learn more about these upcoming changes, Xero has recently shared a helpful overview, which you can access by clicking HERE .

The General Ledger - January 2026

Wed, 14 Jan 2026 21:06:10 GMT

View our January 2026 General Ledger:

- Welcome 2026

- Important Notices

- Goal Setting for 2026: Planning for Success

- Xero Tip of the Month: Xero’s New Homepage Refresh Coming Soon!

- Tax Question of the Month: New Year Tax Health Check: The Fringe Benefit Tax on Holiday Perks

- IRD Upcoming Tax Payment Dates

https://public2.bomamarketing.com/email/e9Ej

Financial Preparations for the Holidays

Mon, 15 Dec 2025 03:05:59 GMT

Are your end-of-year preparations in order? With only 8 working days left until Christmas, time is running out!

If you haven’t already, now’s the time to take a good look at your festive season cashflow and plan ahead.

Juggling cash flow can be particularly tricky over the Christmas and New Year period, when many businesses close and consumers head away on holiday. With a little forward planning, you can make sure you’ve got your ducks in a row to keep your business running smoothly.

As a reminder, we’ve included our short to-do list we shared in our November General Ledger newsletter:

Create a staff roster to manage staff leave over the holiday season, making a note of when each staff member will be working and when they are taking a break so you've got enough hands on deck over the holiday period.
Pay any outstanding invoices or upcoming invoices.
Plan for your upcoming tax payment obligations.
Schedule your staff pay runs if you aren't able to do it on the day.
Send out your invoices early - this will allow you and your client to have your accounts sorted before you close.
Review your work in progress (WIP) - plan to complete jobs or services that can be invoiced and paid (remember if you don’t invoice and get paid before the break, you may not see the money for another month).
Stock-take - Do you need to order in goods now to be able to complete work in progress? Check that there is stock on hand available.
Plan your 2026 goals: Your review of 2025 goals will give you a good insight into your next steps heading into 2026, so now is the time to write them down.

We’re here to help

If you’re struggling with your finances and need assistance to tie up any loose ends and answer any queries you may have, All Accounted For can help. We have a talented, highly knowledgeable team of professionals ready to assist you. Get in touch with our team today on 04-970-1182 so we can make your holidays as stress-free as possible.

Xero Tip of the Month: Introducing Xero’s New AI Assistant - Jax

Mon, 15 Dec 2025 03:00:07 GMT

Xero has just launched a powerful new feature called JAX (Just Ask Xero), an AI-powered assistant designed to make navigating and using Xero even easier.

Whether you’re trying to find a specific report, understand a transaction, or get help with settings, simply type your question into the JAX assistant. It will provide quick, relevant answers or guide you directly to the section you need, saving you time and reducing the need to search through help articles.

What can you ask JAX? Here are just a few examples:

“How do I reconcile a bank transaction?”
“Where can I find my aged receivables report?”
“How do I add a new user to my Xero account?”

JAX is currently being rolled out across Xero, so if you don’t see it yet, it’s on the way. Look for the JAX icon or search bar in your Xero dashboard and give it a try - it’s a smart, fast way to get the most out of Xero with no digging required.

The General Ledger - December 2025

Mon, 15 Dec 2025 02:55:36 GMT

View our December 2025 General Ledger:

- Merry Christmas & AAF Out-Of-Office Dates

- Important Notices

- Reminder: Financial Preparations for the Holidays

- Xero Tip of the Month: Introducing Xero’s New AI Assistant - Jax

- Tax Question of the Month: Taxing Holiday Pay for the Christmas Shutdown

- IRD Upcoming Tax Payment Dates

https://public2.bomamarketing.com/email/0eXm

6 Weeks 'Til Christmas: Time to Get Your Ducks (and Dollars) in a Row!

Sun, 30 Nov 2025 23:50:18 GMT

Six Weeks ‘Til Christmas - Time to Get Your Ducks (and Dollars) in a Row!

Yes, you read that right, Christmas is only 6 weeks away! For many small businesses, the countdown is officially on. Between juggling staff leave, final invoices, and festive plans, this time of year can sneak up faster than Santa on Christmas Eve.

Now’s the perfect time to:
-Plan your cash flow - Will your business experience a quiet period or a sales surge? Make sure you’ve got enough funds to cover the downtime.
-Check your payroll & leave balances - Avoid last-minute headaches by locking in pay runs and holiday rosters early.
-Review your budgets & goals - With the new year just around the corner; set yourself up for success by reviewing your financial targets.

The earlier you prepare, the smoother your Christmas break (and January restart!) will be.

Need a hand making sense of the numbers or planning ahead? The AAF team is ready to help you finish the year strong and step into 2026 with confidence.

Call us today on 04 970 1182 to book your pre-Christmas financial check-in.

5 Signs Your Business is Undercharging

Mon, 24 Nov 2025 02:43:47 GMT

Are you undercharging for your services? It’s a tricky question, especially if you’re in a niche industry or running your own contracting business. With costs rising across the board, it’s worth checking in on whether your fees are keeping pace.

Here are five signs you might be undercharging

Nobody ever questions your quotes - Do all your new clients accept your quotes or charges without asking any questions, requesting a breakdown or wanting a discount? It’s possible they’re delighted to be getting such a great deal.
You run off your feet but you can’t afford to get help - When you’re working yourself to the bone, but there’s not enough money left over to employ someone to help you, your prices are too low or something else in your business needs to change.
Your prices have been the same for two years or more - In most industries, prices increase just slightly each year. Leave your prices flat for too long and you’re not keeping up with the market; make sure you review your fees annually.
You’re overbooked - When business is booming and there’s no room for new clients, it’s time to raise your prices.
Clients don’t treat you as well as they should - When clients think they’re paying peanuts, they’ll often take you for granted. They don’t see your time as valuable, so they feel free to mess you around.

So what should you be charging?

Finding your pricing sweet spot takes time and a bit of research. Start by looking at your competitors and talking to others in your industry.

At All Accounted For we see pricing struggles come up often. If you’d like some perspective, we can share what we’ve seen across similar industries and help you rethink your approach. A small adjustment to your fees could make a big difference to your cashflow, capacity, and client relationships.

Funding Your Growth: The Pros and Cons of Alternative Lenders

Tue, 18 Nov 2025 19:59:49 GMT

To grow your business, you need access to additional capital. And one of the traditional routes to business finance has often been the big banks.

But with the prudential regulation system making it mandatory for New Zealand banks to keep large cash reserves in place, the banks are tightening their belts and lending less. That’s good for the stability of the bank’s financial governance, but not so good if you’re a Kiwi small business owner that needs extra capital and a solid loan from your bank.

The Reserve Bank is holding a consultation on how much capital NZ banks should hold, so lending may ramp up again in the future. However, there is another option.

The past few years have seen considerable growth in the ‘alternative lending’ market – with specialist business lenders and online lenders now available.

Let’s look at what alternative lending is and the key pros and cons of this kind of finance.

What are alternative lenders?

Alternative lenders are non-bank financial institutions, like fintechs and online platforms. As an ‘alternative’ to the big banks, they provide quicker, more flexible sources of capital, giving you an agile way to bring extra funding into your business.

These non-bank lenders offer diverse products, such as short-term business loans, lines of credit and invoice financing, helping you cover cashflow gaps and support your growth.

The pros and cons of using alternative lenders

If you’re in urgent need of a cash injection, alternative lending from a non-bank is one option to consider when looking for routes to funding.

Let’s examine the pros and cons of accessing finance from a non-bank:

Pros of alternative financing:

Faster and more flexible lending process: Alternative lenders often have streamlined online applications and less rigid lending criteria. This makes approval and funding generally much faster than traditional banks – a crucial difference when your cashflow needs are urgent.

Higher approval rates: Non-banks are generally more willing to lend to businesses that traditional banks have declined. This is good news if you’re an early stage startup or the business has a shorter trading history, lower credit score or fluctuating income.

Diverse and tailored products: Alternative lenders offer a wide range of specialised products, such as lines of credit, invoice financing or short-term loans. That’s good news if you want to customise your finance to fit a specific business need.

Cons of alternative financing:

Higher interest rates and fees: Due to the increased risk they take on, alternative lenders will typically charge higher interest rates and can have additional fees – such as drawdown fees. This may make the total cost of borrowing more expensive than with a traditional bank.

Less regulatory protection: Unlike consumer loans, business loans from these lenders may not have the same protections under the Credit Contract and Consumer Finance Act (CCCFA). If the worst happens, this can leave you exposed and with limited protection in place.

Risk of personal guarantees: Many alternative lenders require a personal guarantee, meaning that if your business defaults on the loan, you become personally liable for the debt. A personal guarantee puts your personal assets (such as your home) at risk.

Talk to us about finding the right finance for your business:

A workable financial strategy factors in the need for capital. With sales, revenue and cashflow still challenging, having a route to extra funding is vital.

As a firm, we’re not authorised to give you direct financial advice on which banks or alternative lenders to partner with, you’ll need a Financial Advice Partner (FAP) for this.

But we can help you understand your cashflow and working capital needs, and help you build a funding strategy that meets the requirements of your broader growth strategy.

Xero Tip of the Month: Speed up Bill Creation With New Shortcuts

Tue, 18 Nov 2025 19:57:08 GMT

Xero has refreshed the ‘New Bill’ button, making it even easier to manage your bills efficiently. This update puts powerful automation tools at your fingertips, helping you speed up bill entry with less manual work.

With improved keyboard shortcuts and streamlined navigation, you can enter bills faster and more accurately - freeing up time for more important tasks. This is especially helpful when processing multiple invoices.

It’s a small change, but one that can make a noticeable difference to your accounts payable workflow and save valuable admin time.

The General Ledger - November 2025

Tue, 18 Nov 2025 19:52:38 GMT

View our November 2025 General Ledger:

- Funding Your Growth: The Pros and Cons of Alternative Lenders

- Plan Ahead for January: Manage Your Provisional Tax With TMNZ

- Xero Tip of the Month: Speed up Bill Creation With New Shortcuts

- Financial Preparations for the Holidays

- Tax Question of the Month: Does Expenditure Incurred on Constructing New Shops Qualify for the Investment Boost Regime?

- IRD Upcoming Tax Payment Dates

https://public2.bomamarketing.com/email/wzrl

Maximise Your Xero Potential with Professional Training

Mon, 17 Nov 2025 01:31:46 GMT

Want to work smarter, save time, and take full control of your business finances? Our professional Xero training sessions are designed to help you do exactly that. Whether you need a quick refresher, want to explore the latest features, or tackle advanced functions, each session is tailored to your business’s specific needs.

As Xero Platinum Partners, we’ve supported businesses of all sizes across New Zealand and know Xero inside out. We’ll guide you through the tips and tricks that make the biggest difference for your business, whether in-person or virtually.

Not yet on Xero? We can help you switch from your current accounting system quickly and seamlessly.

Get in touch today to book your Xero training session and discover smarter ways to manage your finances before the busy festive season!

Closing a Business: A Step-by-Step Guide for Business Owners

Fri, 24 Oct 2025 02:35:19 GMT

Deciding to close your business is a significant step - both financially and personally. Beyond the emotional aspects, there are important legal, financial, and tax responsibilities that must be carefully managed. When done properly, closing a business helps you meet your obligations, avoid penalties, and maintain a clear financial record.

As your accountants and business advisors, we’re often the ones helping to manage this process and communicate with relevant parties on your behalf. Below is a step-by-step outline of what’s involved, and who is typically responsible at each stage:

1. Make the Decision with Confidence:

Responsibility: Business owner(s) / directors

Key Actions: Review your financial position, assess timing, and seek professional advice. It’s important to work closely with your trusted business advisor (that’s us!) so we can help you understand the financial, legal, and tax implications. Together, we’ll explore your options, forecast potential outcomes, and ensure your decision is well-informed and considered.

2. Notify Stakeholders Early:

Responsibility: Business owner(s) / management

Key Actions: Notify employees, banks, suppliers, landlords, and clients as early as possible. Ensuring staff entitlements are handled correctly and contracts are managed fairly will help prevent complications later.

3. Settle Debts and Manage Liabilities:

Responsibility: Business owner(s) and accountant

Key Actions: Make sure you pay creditors, chase up any outstanding invoices, and think about any personal guarantees you’ve given. Clearing these up protects both your business and your personal reputation.

4. Dispose of Assets:

Responsibility: Business owner(s) with accountant guidance

Key Actions: Selling, transferring, or writing off assets (such as inventory, equipment, or property) can have tax consequences. We’ll advise you on the best approach to minimise tax exposure and maximise value.

5. Prepare Final Financial Statements:

Responsibility: Accountant / finance team

Key Actions: We’ll prepare your final set of accounts to reconcile all transactions, calculate any taxes owing, and ensure everything is accurate and complete.

6. Lodge Final Tax Returns:

Responsibility: Accountant / tax agent

Key Actions: This includes submitting final income tax, GST, PAYE, and any other required filings. With our support, you can be confident all obligations are met and penalties avoided.

7. Deregister the Business:

Responsibility: Business owner(s) with accountant support

Key Actions : We’ll guide you through cancelling business registrations, GST, licences, and permits. This is the official step to legally close the business.

8. Retain Records Safely:

Responsibility: Business owner(s)

Key Actions: Keep financial records for the legally required period (usually seven years) in case of future tax or legal queries.

Common Pitfalls to Avoid:

Rushing the process without professional guidance
Overlooking asset disposal or tax implications
Failing to notify all stakeholders
Missing lodgment or deregistration requirements

We're Here to Help:

Closing a business can feel overwhelming, but with careful planning and professional support, it can be managed smoothly and confidently. Our team is here to guide you through every step, ensuring your closure is compliant, clear, and well-managed.

Xero Tip of the Month: Attach File Now Available in New Fixed Assets

Fri, 24 Oct 2025 02:26:29 GMT

Great news! Xero’s fixed asset section just got an upgrade!

You’ll now enjoy a cleaner, more accessible, and responsive interface - making it easier than ever to manage your assets. All the familiar features are still there, and you can now attach files directly to your fixed asset records for improved documentation and tracking.

How to Attach a File:

Navigate to Fixed Assets: In the Xero accounting menu, select "Fixed assets".
Open Asset Details: Click on the asset number to view the asset details.
Attach Files: Click the "Attach files" button located on the right hand side of the page.
Upload or Drag and Drop: You can either click "Upload files" to select a file from your device or simply drag and drop a file into the upload area. Attachments could be a copy of the bill or a photo of the asset.
Save Changes: Click "Save as draft" or "Register" to save the changes.

Extra tip: You can also attach files to assets that have already been registered - making it even easier to keep your records accurate and up to date.

The General Ledger - October 2025

Fri, 24 Oct 2025 02:24:15 GMT

View our October 2025 General Ledger:

- Closing a Business: A Step-by-Step Guide for Business Owners

- Important Notices

- Halfway Through the Tax Year - How Is Your Business Tracking?

- Xero Tip of the Month: Attach File Now Available in New Fixed Assets

- Welcome to the Team: AJ & Zack

- Tax Question of the Month: Are Repair Costs for an Inherited Run-Down Rental Property Tax Deductible?

- IRD Upcoming Tax Payment Dates

https://public2.bomamarketing.com/email/L33b

6 Powerful Reasons To Watch Your Financial Reports

Thu, 18 Sep 2025 21:05:46 GMT

Making time to look over your financial reports each month is an important task for any business owner. If you are not taking time to do this, either because you’re too busy, or perhaps you don’t really understand what you’re looking at and it doesn’t make sense to you, then here are 6 reasons we recommend you should start to.

But before we get our 6 reasons, let’s talk very quickly about which reports to look at. At a bare minimum, and depending on the complexity of your business, you should be looking at the following:

The Statement of Financial Performance - also known as the Profit and Loss report (P&L) or the Income Statement – tells you, as the name suggests, how your business is performing over a period of time, such as a month or a financial year. In broad terms it shows the revenue that your business has generated, less the expenses for that same period. In other words, it shows how profitable your business is.

The Statement of Financial Position - also known as the Balance Sheet shows the value of the business’s Assets, Liabilities and Equity.

Assets include things like money in bank accounts, Plant and Equipment, Accounts Receivable balances
Liabilities include things like Bank loans and credit cards, Accounts Payable, and Hire Purchase balances
Equity is the difference between your Assets and your Liabilities and includes Retained Earnings and Owner Funds Introduced

Accounts Receivable Ageing report (Aged Receivables) - this shows how much money is still owed to the business as at a certain date in time, and is usually segmented as to how overdue they are, or sometimes by how far past the invoice date they are. Generally, you will have Current, 30, 60 and 90 days columns.

Accounts Payable Ageing Report (Aged Payables) - this report shows who the business owes money to as at a certain date in time and, like the Accounts Receivable Ageing report, is usually segmented by overdue period.

So why bother?

Understand your business better - by looking at your Profit and Loss report monthly you will get a good picture of how your business is performing month by month and it gives you a better understanding of what makes up your profit. It can be helpful to compare periods, or to look at a month by month P&L, so you can clearly see on one page the revenue and expenses month by month. This also helps identify trends in your data and many also help to highlight anomalies in coding/categorising or unusual expenses or earnings.
Accurate information for lending purposes – If you are applying for a loan or an overdraft, the bank or financial institution will look closely at both your Profit and Loss report and the Balance Sheet as a lot can be learned about a business by looking at these reports together. If you are unsure what some of your balances are in your accounts, get in touch and we can explain them further.
Get paid quicker and reduce bad debts – by looking at your Accounts Receivable Aged Summary each month you can follow up with overdue accounts promptly which often results in getting paid quicker. The longer an overdue amount is left unpaid the higher the risk of it not being paid at all, so it is important to keep on top of this.
Better relationships with your suppliers – Assuming you are entering your supplier bills into your accounting software (recommended for most businesses to get an accurate profitability figure) your Aged Payables report will alert you to any unpaid or overdue amounts. Supplier relationships are an important aspect of your business and paying on time is crucial to maintaining those relationships.
Better cashflow – having an accurate understanding of how much money the business is owed, and how much money the business owes, can help with cashflow planning to ensure that there is enough money when needed. Additionally, understanding the trends of your business, its profitability drivers, its expenses, etc., can help to plan sales and marketing campaigns so that the revenue keeps coming in.
Better business decision making – Your financial reports tell the story of your business and it’s important that you understand the story that they are telling you. The better you understand what’s going on in your business the stronger position you will be in to make better business decisions that affect the profitability of your business and its financial viability.

If you would like to know which reports are relevant to your business, and you want to better understand what’s going on in your business, give us a call on 04 970 1182 so we can make a time to go through them with you. Your business success is important to us and we are here to help you.

Xero Tip of the Month: Xero’s New Navigation Refresh Coming Soon!

Thu, 18 Sep 2025 20:54:32 GMT

As you may be aware, Xero has been working hard on a refreshed navigation and homepage (formerly known as the dashboard) to deliver a faster, cleaner, and more intuitive experience. The first stage - featuring the brand-new navigation - is set to launch sometime this month (September)!

Here are the main updates you’ll spot in the new layout:

Dedicated Sales and Purchases sections - no more digging around, everything you need is right where you’d expect it.
Reports made simple - key insights are now just one click away, helping you stay on top of your numbers faster.
Streamlined settings - settings are now visible across all menus, plus there’s a centralised page to keep everything organised.
Smarter right-hand panel - this new hub gives you instant access to JAX (Xero’s new AI business companion), search, help, notifications, and apps - wherever you are in Xero.

This revamped system helps you find what you’re looking for faster, move smoothly between tasks, and get even more value from your Xero subscription.

The refreshed homepage (previously the dashboard) will launch later this year, bringing customisable widgets to give you quicker, more personalised business insights. We’ll keep you updated on when these changes go live.

As Xero Platinum Partners, we’re already up to speed with the new navigation and ready to help you make the most of it. Whether you want a quick run-through, some training for your team, or simply reassurance that everything is where it should be - we’ve got you covered. If you need a hand, give us a call on 04 970 1182.

The General Ledger - September 2025

Thu, 18 Sep 2025 02:15:34 GMT

View our September 2025 General Ledger:

View our September 2025 General Ledger:

- 6 Powerful Reasons To Watch Your Financial Reports

- Important Notices

- Xero Tip of the Month: Xero’s New Navigation Refresh Coming Soon!

- Audit Shield Insurance - Protect Yourself from a Tax Audit

- Welcome to the Team: Breanna & Rachelle

- Tax Question of the Month: What Happens to GST on Assets You Bought Before Registering?

- IRD Upcoming Tax Payment Dates

https://public2.bomamarketing.com/email/znK4

Thinking of Selling Your Business? Here’s What You Need to Know

Sun, 07 Sep 2025 23:53:18 GMT

Thinking about selling your business?

Whether you're ready to retire, change direction, or chase your next big idea - selling your business is a major milestone. And like any big move, preparation is everything. Here’s how to make your business more attractive to buyers - and get the best return:

Get your numbers in order:

Buyers want clarity. That means up-to-date books, clean financials, and a solid forecast. When your numbers tell a clear story, your business becomes more valuable and more trustworthy.

Make your business easy to take over:

Show potential buyers that your business runs smoothly, has reliable systems in place, and room to grow. A clear operational plan and documented processes make your business more appealing - and easier to hand over.

Work with experienced advisors (That's us!):

Selling a business can be complex, but you don’t have to do it alone. The right guidance helps you avoid costly mistakes, make informed decisions, and stay one step ahead.

At All Accounted For, we help business owners get sale-ready with clean, well-organised financials and a clear understanding of their business’s true worth. With our support, you can move forward with confidence and clarity.

Ready to take the first step? Call us on 04 970 1182 to book your appointment today.

The Importance of Mental Wellbeing as a Business Asset

Tue, 02 Sep 2025 23:39:27 GMT

Creating a mentally healthy work environment isn’t just a “nice-to-have” - it’s a crucial part of building a successful, sustainable business. Yet, when you’re juggling countless responsibilities as a business owner, it’s easy to put mental health on the back burner.

This is a gentle reminder of why fostering mental wellbeing at work benefits everyone - from your employees to yourself:

When people feel mentally supported and valued, they’re better equipped to manage daily stresses, stay motivated, and maintain positive relationships with colleagues. This not only boosts productivity but also creates a more collaborative and enjoyable workplace.

Taking time to care for your own mental health as a leader sets the tone for your entire team. Your wellbeing influences your decision-making, creativity, and resilience, which directly impacts your business’s success.

Investing in mental health isn’t just good for people, it’s smart for business. Let’s prioritise wellbeing as an essential part of our work culture, helping everyone thrive both personally and professionally.

Is Your Business Wasting Money on Subscriptions?

Tue, 26 Aug 2025 23:45:14 GMT

For many SMEs, recurring subscriptions are one of the sneakiest money leaks. They’re small, automatic, and easy to forget - until they quietly add up to thousands each year.

Now’s the perfect time to do a quick subscription audit. Look out for:

Duplicate subscriptions
Outdated software plans
Auto-renewals you didn’t notice
Tools your team no longer needs

These little costs can seriously stack up. A 15-minute check might save your business hundreds - even thousands - every year. If you’re getting value from every subscription, that’s great! But in our experience, most businesses are paying for more than they use.

Not sure where to start? We’d be happy to help you review your expenses and sharpen your spending. Get in touch today - your bottom line will thank you!

Xero Pricing Increase: 1 September 2025

Tue, 19 Aug 2025 23:31:46 GMT

Reminder: Xero Pricing Increase from 1 September 2025

Just a quick reminder that Xero’s updated subscription pricing will come into effect from 1 September 2025. As a result, you may notice a higher amount on your September invoice.

We included a breakdown of the new pricing in our June / July 2025 General Ledger newsletter. You can read the full update here: https://public2.bomamarketing.com/email/xeGr

If you have any questions, feel free to reach out to our team.

Business Tips: Budgeting and Managing Cashflow

Fri, 15 Aug 2025 23:26:00 GMT

If you want to stabilise your finances and grow the business, working to strict budgets becomes a necessity. Managing the cashflow twists and turns of a project can be hard work. But it’s easier to do when you have an agreed budget and can track your spending and performance.

So, what’s the best way to stay in control of the budgets you’ve set? And how can you manage your cashflow position to make sure there’s always enough cash to fund the project?

Understand the costs of each project

Starting a project without fully understanding how much it will cost is a no-no. To keep on top of costs, overheads, staff expenses and general spending, you need at least a ballpark figure for this expenditure. In an ideal world, you’ll want to be as precise as possible with these costs.

Run through the project from start to finish and highlight every point where there will be costs to incur. It might be the cost of your raw materials. It may be the cost of buying new equipment. It could be the payroll costs for the people actively working on the project. Break everything down and come up with a total expense for the project. This is your starting point.

Set your budget and track it over time

Once you know your baseline cost for the project, you and your team should decide on the amount of funds to allocate to the budget. Your baseline cost is a starting point, but don’t forget to include extra for specific contingencies. What if the project overruns? What if your raw material costs go sky high? What if you need more people to get the job over the line?

Agree on a clear budget and set up your finance system to track spending against this budget. With a cloud accounting system at the heart of the business, it’s very easy to create a budget and then record and track your spending over time.

Keep a close eye on budgets and project cashflow

One of the big things to remember is that a budget is not a static thing. You’ll obviously aim to stick to your initial costs, but prices and availability will affect the total spend over time. Because of this, it’s vital to not just write the budget and then forget about it.

Keep a close eye on your budget performance and the cashflow for each project. Being able to review this performance, in real time, should help you avoid overspending, or running out of cash for the project. And when the cash in the kitty is getting low, you can get proactive and look at ways to top up the budget, or rein in spending in other areas of the project.

Take action to maintain your positive cashflow position

Balancing the cashflow scales on a project isn’t easy. But when you spot that there’s a potential hole in the budget, the important thing is to do something about it, pronto!

Running any project with your fingers crossed that ‘it will all work out in the end’ is a recipe for disaster. And with such detailed budget reports and cashflow forecasts available with today’s finance apps, there’s really no need to be disorganised about your spending.

Think about:

Setting up key metrics for each project, to measure spending, cashflow and progress
Run worst-case and best-case cashflow scenarios, so you’re prepared for anything
Regularly reviewing your spending and looking for areas to make savings
Taking on finance facilities to plug any cashflow holes as they appear.

If you’re thinking about scaling up your established startup, get in touch with our team today at 04 970 1182. We’ll help you build solid, workable budgets that can be easily tracked through your accounting system.

Xero Tip of the Month: New Invoicing Keyboard Shortcuts

Fri, 15 Aug 2025 04:41:41 GMT

Speed Up Your Xero Invoicing with New Shortcuts! Xero has just launched a helpful guide featuring all the keyboard shortcuts for the new invoicing system. These shortcuts will help you navigate tasks more quickly and efficiently, giving you more time to focus on what matters most.

Click the button below to download the guide. Saving it to your desktop will provide easy access to these time-saving shortcuts whenever you need them!

Please note: some shortcuts are only available when an invoice is in a particular status, such as draft or approved.

The General Ledger - August 2025

Fri, 15 Aug 2025 04:36:48 GMT

View our August 2025 General Ledger:

- Business Tips: Budgeting and Managing Cashflow

- Important Notices

- Xero Tip of the Month: New Invoicing Keyboard Shortcuts

- Reminder: Xero Pricing Increase - 1 September 2025

- Track Your Carbon Footprint FREE for 12 Months with Sumday + Xero

- Welcome to the Team: Swapnil Naik

- Tax Question of the Month: Is the Payment of a Private Medical Bill for a Shareholder Employee Deductible?

- IRD Upcoming Tax Payment Dates

https://public2.bomamarketing.com/email/BP6n

How to Choose the Right Business Structure

Tue, 29 Jul 2025 23:38:10 GMT

Thinking of restructuring your business?

Choosing the right structure - sole trader, partnership, company or trust - can impact your tax, liability, and long-term goals.

The team at Business.govt.nz has a helpful tool to guide your thinking:
https://www.tools.business.govt.nz/choose-business.../ ?

But every business is different. Once you've explored your options, we're here to provide tailored advice and help you make the best decision for your unique situation.

Setting Goals and Measuring Performance

Wed, 16 Jul 2025 04:45:48 GMT

Want to take control of your business performance? We’re here to help you move from guesswork to clarity. Whether you're looking to grow, improve profitability, or simply get a better handle on your numbers - we’ve got your back.

We’ll work with you to:

Set clear strategic targets
Track the numbers that matter
Monitor the KPIs that drive real results
Get regular insights and support along the way

Our expert team will work closely with you to build a performance-focused plan tailored to your business goals. It’s not just about the numbers - it’s about using them to make smarter decisions.

Ready to level up your business? Call us on 04 970 1182 to get started today!

Track Your Carbon Footprint FREE for 12 Months with Sumday + Xero

Wed, 16 Jul 2025 04:35:49 GMT

Looking to reduce your carbon footprint but not sure where to begin?

We’ve got good news. Thanks to Xero’s new partnership with Sumday, you can now access powerful carbon accounting tools - completely free for 12 months!

Whether you're just beginning your sustainability journey or looking to enhance your current efforts, this is a great place to start. Sumday is a customisable carbon accounting platform that integrates with Xero, making it easy to track and report your emissions.

With sustainability becoming an increasing priority for businesses, suppliers, and customers alike, this is a fantastic opportunity to kick-start your journey to net zero - without the stress or extra cost. All you need is an active Xero subscription. Simply connect to Sumday via the Xero App Store, and you’re good to go.

This offer is available from 2 April 2025 to 1 April 2026.

To learn more about this offer and to get started, visit: https://www.sumday.io/terms-and-conditions-xero

How’s Your Work-Life Balance?

Wed, 16 Jul 2025 03:58:53 GMT

It’s great to be the boss - you can work any hours you like, right?

Unfortunately, for many business owners, that means long hours, plenty of stress, and very few breaks and holidays. Gallup reported that 39% of the owners they surveyed worked over 60 hours a week. Owners often report they are unhappy with their work life balance, and after the challenges of the recent years you might find yourself thinking hard about your priorities.

Running a business and having a life

Can you run your business effectively and still have enough time left over to do the things you love? You’re the best judge of how much time your business needs, but don’t neglect your wellbeing. If you would like to take back some personal time, you could consider:

Delegating – don’t try to do everything yourself.
Saying no – not every project is worth taking on.
Investing in systems – to reduce time on admin or paperwork.
Taking all your leave – find ways to have breaks and holidays.
Maximising technology - making sure your systems are all integrated, and using AI where appropriate.

Working towards a balance

If you really can’t work less right now, try to build your business with a better balance in mind for the future. It’s important that you can step back at some point to take a holiday, travel, or spend time with family. Being tied to your business for more than 60 hours each week isn’t a sustainable way to take care of your health and higher profits aren’t worth that sacrifice. Also, any business that doesn’t allow the owner to step away is very hard to sell and worth far less than one that can run independently!

We'd love to help

Whether you want to improve your work-life balance now, or build your business to achieve it in future, we have ideas. We’ve worked with plenty of clients who need to reclaim their time, and we know it can be done.

Give us a call at 04 970 1182, drop us an email at admin@aafl.nz or come in for a chat - we’re here to help.

Xero Tip of the Month: Upload Multiple Bills at Once in Xero

Wed, 16 Jul 2025 03:54:08 GMT

Great news! You can now upload multiple bills at once in Xero.

Instead of uploading bills one by one, the Upload Bills feature lets you select and upload multiple files from your computer - or simply drag and drop them into Xero. This update makes managing large volumes of bills quicker and easier.

To upload multiple bills:

1. In Xero, go to the Bills section.

2. Click the dropdown arrow next to the "New Bill" button and select "Upload Bills."

3. Choose the files from your computer or drag and drop them into the upload window.

4. Click "Upload Files"

The General Ledger - June / July 2025

Wed, 16 Jul 2025 03:22:27 GMT

View our June / July 2025 General Ledger:

- 2025 Annual Accounts Questionnaires

- Important Notices

- How’s Your Work-Life Balance?

- Xero Pricing Increase - 1 September 2025

- Xero Tip of the Month: Upload Multiple Bills at Once in Xero

- Xero Assistance Programme (XAP) Ending 31 July 2025

- Welcome to the Team: Josh & Nik

- Tax Question of the Month: Ring Fencing of Rental Losses – What Portion Can Be Claimed on the Sale of a Residential Property?

- IRD Upcoming Tax Payment Dates

https://public2.bomamarketing.com/email/xeGr

Are You Taking Care of You? The Key to Business Success

Mon, 09 Jun 2025 02:43:59 GMT

Owning a business can be incredibly fulfilling — but let’s be honest, it can also be mentally and emotionally draining.

As accountants, we spend a lot of time talking about profit margins, cash flow, and financial forecasts. But today, we want to shine a light on you. Because your health and energy are just as important as your business’s financial performance.

Burnout often doesn’t come with an obvious warning—it can sneak up in subtle ways, like:

Trouble sleeping
Feeling overwhelmed or stuck in making decisions
Increased frustration or impatience
Losing enthusiasm for things or people you used to enjoy

The reality is, YOU are the heart of your business. Taking care of yourself is just as critical as balancing your finances.

Step outside for a moment of clarity
Don’t hesitate to ask for support when needed
Give yourself permission to rest
Remember, success isn’t just about the bottom line

If you’ve been running on empty, consider this your reminder: it’s okay to pause and admit when things feel heavy. Rest is productive. Taking a moment to breathe and prioritise your health is never a step back — it’s part of the journey forward. And we’re here, supporting you every step of the way.

Are You Taking Care of You? The Key to Business Success

Mon, 09 Jun 2025 01:27:39 GMT

KiwiSaver Is Changing – Here’s What You Need to Know

The Government has announced several updates to KiwiSaver as part of Budget 2025, aiming to improve long-term savings while adjusting who receives government support. These changes will affect contribution rates, eligibility for young people, and government contributions for higher-income earners.

Contribution rates are increasing:

From 1 April 2026, the default employer and employee contribution rate will rise to 3.5%, and again to 4% from 1 April 2028. Members will be able to apply for a temporary rate reduction from 1 February 2026 if they need to, in advance of the rate increase coming into effect. Employers will be able to match the rate reduction if they need to.

16 - and 17-year-olds will be eligible for more support:

From 1 July 2025, young KiwiSaver members aged 16 and 17 will qualify for government contributions, and from 1 April 2026, they’ll also be eligible for employer contributions - helping them start their savings journey earlier.

Government contributions are being scaled back:

From 1 July 2025, the annual government contribution will be halved, and it will be completely removed for individuals earning over $180,000 in taxable income.

For more information and full details, visit budget.govt.nz

The Fundamentals of a Business Budget

Thu, 22 May 2025 03:44:44 GMT

A business budget is one of the essential tools in managing your finances and actively building your business.

A budget shows what you plan to do with your cash over the next year.

For a complete picture of your business health, you need to review the profit and loss statement, the balance sheet, the cash flow forecast and the budget. Taken together, these reports allow you to make informed business decisions and monitor performance.

Why have a Budget?

Forecast sales and expenses according to monthly or quarterly variations.
Evaluate performance over time, including changes or patterns.
Get really familiar with where your money goes and where it comes from.
Clarify targets and goals and use the budget to help you focus and achieve those goals.
Comparing actual figures to budgeted figures allows you to see potential problems early and plan for unexpected costs.
A budget will help you to see the big picture and stay motivated over the long term.

Where to start

A basic budget takes known income and expenses, then makes certain assumptions about the timing of income and planned expenditure. The basic budget is based on cash in and out of the business.

Over time, as you start to see the benefits of using a budget, your budget should evolve into a more sophisticated version that includes non-cash elements such as provisions and depreciation.

Most businesses will start with one budget but soon move to having three budgets:

Business as usual – the next year’s budget is based on current year income and expenses, with perhaps a small adjustment for consumer price index increases.
Worst case – budget is based on a pessimistic view of next year’s performance.
Best case – budget is based on an optimistic view of performance over the next year.

A budget is usually for a financial year, but you can also set up budgets for two to five years. Once you have one budget (or more) set up, you can then run your current financial reports against the budget to see how you are tracking. This allows you to make rational business decisions in real time to adjust accordingly. Your can run your financial reports monthly and adjust your budget as needed.

What Next?

Now is a great time to put a budget into place for the coming financial year. Book a time with us to help you create a meaningful budget in your accounting software so that you can use it as a proactive part of your business management, strategy and your success.

Xero Tip of the Month: How to Export and Back Up Your Financial Data

Wed, 21 May 2025 23:54:38 GMT

When it comes to your financial data, you can never be too cautious! While Xero is a cloud-based platform with strong security measures, it’s always a good idea to back up your financial data regularly for peace of mind. Regular exports of important reports and transactions can serve as a safeguard against any unforeseen issues.

Although Xero doesn't have a built-in backup feature, you can manually export your data to store it on your local device or secure cloud storage. Alternatively, you can use third-party apps to back up your Xero data, such as:

Coupler.io: This app automatically exports data from Xero to spreadsheets, data warehouses, and BI tools. You can set the refresh interval to daily, monthly, every hour, every 30 minutes, or every 15 minutes.

Xportmydata: This app automatically backs up your Xero data on a weekly basis. You can also use Xportmydata to export your Xero data to Excel, download attachments, and create CSV import files.

Both of these apps are available for download from the Xero App Marketplace.

Manual Exporting:

If you prefer to export your data manually, Xero doesn’t have a feature to copy all your school's data at once. However, you can export data from specific sections and generate reports individually. Your ability to export data depends on your user role in Xero. If you have the adviser role, you can run and export most reports. However, to export payroll reports, you need payroll admin access.

To learn more about how to export your data manually, visit: https://central.xero.com/s/article/Export-data-out-of-Xero

The General Ledger - May 2025

Wed, 21 May 2025 23:50:22 GMT

View our May 2025 General Ledger:

- 2025 Annual Accounts Questionnaires

- Important Notices

- The Fundamentals of a Business Budget

- Xero Tip of the Month: How to Export and Back Up Your Financial Data

- Reminder: KiwiSaver Government Contribution - Are you on track?

- Tax Question of the Month: Case Study - Can This Family Claim the FamilyBoost Tax Credit?

- IRD Upcoming Tax Payment Dates

https://public2.bomamarketing.com/email/ZEAw

Coping With the Skyrocketing Cost of Living

Fri, 09 May 2025 04:37:06 GMT

With household living costs soaring and no sign of a slowdown, it's more important than ever to take control of your finances. We've put together 12 practical tips to help you manage the rising cost of living — including ways to earn more, spend less, and invest in your future.

Read the full blog here: https://www.aafl.nz/coping-with-the-skyrocketing-cost-of...

Worried about money? Talk to us at 04 970 1182. We have years of experience navigating economic ups and downs — including previous periods of high inflation — and we’re always here to help.

Reducing the Uncertainty: Financial Forecasting and Planning

Tue, 22 Apr 2025 21:56:11 GMT

Uncertainty can be a major threat to your financial planning strategy. Being unsure of what lies around the corner makes it difficult to make those important financial decisions around operational budgets, investment and growth funding.But by using forecasting and scenario-planning, you make it easier to manage your finances and reduce some of the financial uncertainty.

Looking to the future with your financials

Analysing your cashflow statements, profit and loss reports and quarterly management accounts gives you an indication of where you’ve been as a business. But these reports don’t tell you much about where you’re going, and what your financial future may look like.

By looking forward, rather than backward, you can start to get a better idea of the landscape that lies ahead – including future cashflow, revenue, profits and operational budgets.

Five key techniques you can use to reduce your financial uncertainty

Cashflow forecasts: Cash is king, so having a detailed overview of your cashflow trajectory is vital.

With cashflow forecasting apps, like Fathom, you can predict your cash availability and spot potential cash shortfalls – while there’s still time to plug the hole. By cutting expenses or seeking short-term funding, you can keep the business in a positive cashflow position. It’s this forecasting and foresight that keeps you trading, despite the uncertainty in the market.

Revenue forecasts: Knowing the future patterns in your sales and revenue data helps you keep your income stable. Revenue forecasting apps, like Clari analyse your sales data, revenue trends and market shifts to anticipate fluctuations in your revenue. Armed with this future view of your potential revenue, you can adapt your pricing, invest in more marketing and make your income more consistent.

Scenario-planning: There’s always more than one potential outcome of any business situation. Having a plan B (or C, D and E) allows you to understand the multiple potential possibilities – and plan for them. An app like Modana helps you model potential ‘what-if’ scenarios, so you can see the possible outcomes of an economic downturn or disruption to your supply chain disruptions. This kind of scenario-planning makes it easier to make contingency plans and mitigate the potential risks.

Profit projections: Being a profitable enterprise is important for a number of reasons. It shows lenders you’re a low-risk borrower, allows you to invest in the business and drives your dividend payments. A tool like Teamwork helps you track your performance and estimate future profitability, factoring in variable costs, sales and market changes. This helps you determine your price point, drive cost-cutting measures or make investment decisions that keep the profits rolling in.

Budget forecasts: Tracking and forecasting your budget performance keeps your expenses in check.

Budgeting apps, like Jirav, help you build dynamic budgets and remain on budget to achieve your financial goals. Budget forecasts help you track your performance, control your expenses and cut any unnecessary spending, keeping you on track with your agreed budget.

Making your financial future clearer and easier to navigate

With so many ups and down in economic conditions and the costs of raw materials and labour, getting serious about financial forecasting really is a must. Come and talk to us about the key areas of financial uncertainty in your business – and find out how we can guide you through these uncertain times and out the other side.

Xero Tip of the Month: How to Merge Duplicate Contact Records

Tue, 22 Apr 2025 21:51:29 GMT

Are your contacts in Xero getting a little out of control? If the answer is yes it might be time for some Xero housekeeping! Duplicate contacts can easily be merged. All the financial data is merged into a single contact, and the duplicate is then archived. This allows you to keep all contact information and related transactions together, instead of across multiple records for the same contact.

When you merge duplicate contact records, no transactions are deleted (this includes invoices, bills, and other financial transactions). The transaction details are added to the activity details of the contact you keep.

To merge two or more contacts:

1. In the Contacts menu, select All contacts .

2. In the search field, start typing the name of the contact you want to merge.

3. Once you are satisfied the contacts are associated with the same company, select the checkbox for each contact you want to merge. Do not select the contact you want to retain . Ensure that the contact you keep has the correct bank account details.

4. Click Merge , then click Confirm merge . The merged contacts will be archived and all associated transactions will be merged into the activity details of the contact you keep.

Note: You can restore a merged contact if necessary by going to the Archived section (highlighted in the image below in the top toolbar). In this section, simply click on the contact and then click the Restore button located on the right-hand side of the page.

The General Ledger - April 2025

Tue, 22 Apr 2025 21:48:48 GMT

View our April 2025 General Ledger:

- Happy Easter & AAF Out-Of-Office Dates

- 2025 Annual Accounts Questionnaires

- Reducing the Uncertainty: Financial Forecasting and Planning

- Xero Tip of the Month: How to Merge Duplicate Contact Records

- Welcome to the Team: Chrissy Williams

- Tax Question of the Month: Withholding Tax Deduction on Payments Made to a Contract Painter

- IRD Upcoming Tax Payment Dates

https://public2.bomamarketing.com/email/jXba

Coping With the Skyrocketing Cost of Living

Mon, 14 Apr 2025 00:45:31 GMT

Whether it’s refilling your petrol tank or paying at the supermarket checkout, the higher cost of living is hitting every household hard. Across the world, everyday essentials have surged in price across the OECD. What can you do to try to keep up with the increasing cost of living? Here are our 12 top tips:

Look for ways to earn more:

Grow your business’s profitability (talk to us about improving your profits) or ask for a pay rise.
Take in a boarder or flatmate.
Sell your unwanted items online.

Cut back where you can:

Prepare more meals at home and spend less at cafés and restaurants.
Create a budget and keep your spending under control.
Reduce the amount of meat you buy.
Find ways to use your car less.
Cancel your credit cards and your buy now pay later accounts.
Review all your ongoing expenses like utilities, insurance and subscriptions – cancel, switch providers or get better deals.

Invest in your future:

Think about investing in ways that are likely to outperform inflation – both shares and the property market have historically provided returns higher than inflation.
Start a new business, launch a new product or service, or try a side hustle.
Teach yourself about money and finances using free tools online and books from the library. Better money management helps you make the most of what you’ve got.

While inflation has slowed, it is still estimated to be in the 2 - 3% range this year on top of the recent increases. By increasing your income by 4%, and making up additional through savings, while also investing for the future, you can come out on top of inflation.

Worried about money? Talk to us. We have years of experience through many economic cycles, including previous periods of high inflation – and we’re always here to help.

Happy New Financial Year 2025 – 2026!

Tue, 01 Apr 2025 22:17:36 GMT

We Did It! Hello, New Financial Year!

Congratulations on making it through another EOFY (1 April 2024 – 31 March 2025)! Now is the perfect time to reset, refocus, and step into the 2025/26 financial year with confidence and clarity.

A new financial year brings fresh opportunities to elevate your financial strategy. Whether you're looking to grow your business, streamline operations, or optimise tax efficiency, All Accounted For is here to support you every step of the way.

Now is the ideal time to set your financial goals for the year ahead. Contact us today at 04 970 1182, and let’s work together to make this your most successful financial year yet!

EOFY 31 March 2025: Are You Ready?

Fri, 28 Mar 2025 22:09:48 GMT

The clock is ticking! The end of the financial year is just days away – March 31st, 2025. It’s time to wrap up those last-minute tasks before the deadline.

Here’s a quick checklist to help you stay on track and ensure a smooth year-end close:

• Review financial statements – Ensure accuracy of income, expenses, and invoices.

• Reconcile bank accounts – Align all accounts and credit cards.

• Chase overdue payments – Collect any outstanding dues.

• Prepare tax documents – Gather receipts, income records, and deductions.

• Check your budget – Update for year-end adjustments.

• Inventory check – Take stock and update records.

• Assess investments – Evaluate performance and adjust if needed.

• Plan for next year’s goals – Set financial and business targets.

• Store key documents – Safeguard important records for next year.

Need help? Please get in touch if you have any questions or require any additional support pre EOFY: admin@aafl.nz or 04 970 1182.

Stocktake Reminder: 31 March 2025

Thu, 20 Mar 2025 03:45:14 GMT

Just a reminder that March 31, 2025, is stocktake day for businesses holding more than $10,000 in stock. If your business is closed over the weekend, this could be the opportune time to perform your stocktake.

To assist you in ensuring a precise and efficient stocktake, we've curated some helpful tips for your consideration as you prepare for your inventory count. You can find detailed insights at the following link: https://public2.bomamarketing.com/email/Nx7Y

If you have any questions or require further assistance in getting ready for your stocktake, please don't hesitate to reach out to us at 04 970 1182.

Xero Tip of the Month: The Quick View Functionality Tool

Sun, 16 Mar 2025 22:02:03 GMT

Managing bills just got easier! With Xero’s new Quick View functionality, you no longer need to click through individual bills or juggle multiple tabs!

Now, you can view and approve bills directly from the Quick View screen. This streamlined approach is a more efficient way to stay on top of your school’s payables—ideal for schools with multiple bills to process each month. Save time, reduce hassle, and ensure timely approvals with this handy feature!

To access this feature, simply click the icon on the far left under the "View" tab next to the bill you want to check, and voilà — the transaction details will pop up right there!

To approve a bill, go to the "Awaiting Approval" tab, select the bill/s you want to approve by ticking the box on the left-hand side, then click the 'Approve' button.

The General Ledger - March 2025

Sun, 16 Mar 2025 21:58:55 GMT

View our March 2025 General Ledger:

- 2025 Annual Accounts Questionnaires

- Staff Changes and Guarantee for 2025

- Terminal Tax Reminder - Due 7 April 2025

- Minimum Wage to Rise From 1 April 2025 ($23.50 per hour)

- Xero Tip of the Month: The Quick View Functionality Tool

- Welcome to the Team: John & Hassan

- Tax Question of the Month: Treatment of Tax Losses When PAYE and GST Liabilities Are Written Off

- IRD Upcoming Tax Payment Dates

https://public2.bomamarketing.com/email/eyxE

Reminder: Minimum Wage Increase From 1 April 2025

Fri, 14 Mar 2025 01:47:11 GMT

From Tuesday, 1 April 2025, the minimum wage will be increasing.

The details of the increase are:
• The adult minimum wage will go up from $23.15 to $23.50 per hour.
• Starting-out and training minimum wage will go up from $18.52 to $18.80 per hour.
• All rates are before tax and any lawful deductions, for example, PAYE tax, student loan repayment, child support.

If this change affects you and your business, now is the time to talk this through with us. We can help your business forecast for the year ahead and create a realistic budget to account for this minimum wage rise and other factors you might need to consider in the upcoming year. Give us a call today.

To find out more on the minimum wage 2025, visit: https://www.employment.govt.nz/.../minimum-wage-is...

End of Financial Year: The Countdown Is On!

Wed, 05 Mar 2025 01:39:07 GMT

The countdown is officially on—just four weeks remain in the 2024/25 financial year! Now is the time to ensure your business finances are in top-notch shape. With a little focus and planning, you can finish the year strong and set yourself up for success in the year ahead.

Here are our top tips to help streamline your processes and get organised before the year-end!

1.Complete all invoices (do you have any work in progress?)
2. Follow up all outstanding balances
3. Write off bad debts if need be
4. Review all outstanding bills
5. Review your expenses (do you have a home office?)
6.Asset movements – have your purchased or disposed of any assets?
7. Check and confirm on your inventory

Amid the year-end hustle, it’s essential to remember that taking breaks is just as important as ticking off your to-do list. Short breaks can refresh your mind, reduce stress, and help maintain focus, ensuring you finish strong without burning out. Prioritise your well-being and take the time you need to stay balanced during this busy month ahead.

Reducing Hotel & Motel Operating Costs for Enhanced Profit

Wed, 26 Feb 2025 00:17:14 GMT

Many hotels and motels incur unnecessary expenses that can be avoided. Operational costs, in particular, tend to rise when management isn’t closely monitoring them. If this sounds familiar, your accommodation business could be losing money that could be better spent elsewhere. After all, controlling expenses is a proven way to boost profitability.

With this in mind, can you identify any unnecessary costs in your hotel or motel? All Accounted For can help. Our team will identify areas where you're spending more than necessary. From labor and operations to infrastructure, we’ll assess your costs to uncover potential savings. Over time, these savings can add up to significant amounts that could stay in your business’s accounts.

Interested in learning more? Call us today at 04 970 1182.

Reminder: Xero Classic Invoicing will retire on 27 February 2025

Mon, 17 Feb 2025 00:11:42 GMT

A reminder that Xero will be retiring the classic invoicing version on Thursday, February 27, 2025.

While many of you have already transitioned to the new invoicing system—following Xero's automatic switch on September 2, 2024—some may still be in the process of moving from the classic to the new version. After the extended deadline of February 27, 2025, access to Xero Classic Invoicing will no longer be available.

If you haven’t fully switched to the new invoicing system yet, now is the time to do so. Familiarising yourself with the updated interface before the deadline will give you time to adjust and become comfortable with the new features.

To access Xero's guide on how to navigate the new invoicing system, visit:
https://learning.central.xero.com/student/activity/3482 ?

Does Your Motel or Hotel Really Need an Accountant?

Wed, 12 Feb 2025 00:04:47 GMT

Running a successful accommodation business involves more than just welcoming guests - financial health is crucial! In reality, very few of us would fix our cars at home. Instead, we would take them to a professional mechanic who can keep things running smoothly and spot potential issues. Hotels and motels need just the same attention for managing the financial issues within their busy operations.

Here are 3 reasons why having a skilled hotel/motel accountant is a game-changer:

1. Expert Financial Management: Navigating financial regulations and ensuring compliance can be tricky. An accountant keeps you on track, avoiding costly mistakes and helping with budgeting, forecasting, and cash flow management.

2. Maximising Profitability: With in-depth analysis and reporting, an accountant can identify trends, uncover opportunities, and suggest ways to cut costs – all aimed at boosting your profits!

3. Time Savings: Financial management takes time – time you could be spending on giving your guests an exceptional experience! Let an accountant handle the numbers so you can focus on what you do best.

Ready to take your hospitality business to the next level? All Accounted For can help! Reach out today and let’s ensure your financial health is in great hands. Call us at 04 970 1182.

Goal Setting for 2025 Planning for Success

Mon, 27 Jan 2025 23:54:00 GMT

The beginning of a new year is like hitting the reset button, right? If you're a business owner, this is the perfect time to take a step back and think about where you're at and what you want to achieve in the upcoming year.

Setting goals is like the secret sauce for personal and professional growth. Whether you're dreaming big or just plotting out some day-to-day projects, like getting paid faster or tightening up your expenses, it's all important. Maybe you're even thinking about automating some processes or venturing into new markets. Whatever your game plan, the new year is your canvas.

Not sure where to start? We’re here to help! We can assist you in planning and tracking the key steps that will keep your business moving forward. Remember, setting goals is just the beginning.

Ready to make this your best year yet? Contact Ben Duflou at 04-970-1182 to discuss how we can help you achieve your goals.

Key Ways to Overcome Rising Costs and Expenses

Tue, 17 Dec 2024 22:59:14 GMT

A recent survey showed that 93% of respondents believed changes made by the Government had increased their cost of doing business . And rising costs can have a significant impact on your cashflow and bottom line. So, what can you do to minimise the impact of sky-rocketing costs in your business?

Seven ways to cutting your expenses and boosting your revenue

When costs are rising and profit margins are falling, that’s bad news for the financial health of your business. But there are ways to combat this scenario. In short, you have two main tactics to kick into gear. You can either look at cost-cutting across all your operating expenses, or you can find ways to sympathetically boost your revenue .

Strategies for cost reduction:

Streamline your operations - Look for any inefficiencies and find ways to streamline your processes and reduce the underlying costs. You can also use technology to automate key functions to add efficiency and reduce your underlying costs.
Negotiate with suppliers - Revisit your existing contracts with suppliers and negotiate better terms, while also being mindful of the suppliers own cashflow pressures. Looking for alternative suppliers or finding cost efficiencies by purchasing in bulk.
Reduce your energy consumption - Putting energy-saving measures in place, like LED lighting and energy-efficient equipment, is a move towards good sustainability, but can also help you save money. Considering renewable energy options can also help.
Manage inventory effectively - Keeping your inventory lean is a good way to optimise inventory levels and minimise your holding costs. Implementing a just-in-time inventory management cuts costs while keeping you ready to service customer needs.

Strategies for increasing revenue:

Expand your customer base - A broader customer base helps to bring in more sales and revenue. Explore the potential for entering new markets or customer segments, and boost ecommerce and digital marketing to sell more online.
Raise your prices strategically - Think about the demand for your products/services in the market and revise your pricing to keep it competitive. Be sure to communicate any price increases sympathetically to customers, so you don’t damage customer loyalty.
Introduce new products or services - If your current products/services are not selling, it could be time to diversify your offering to meet changing customer needs. Make the most of your existing resources and expertise to bring new products to market.

There’s no magic wand that can make the current economic pressures disappear. But by being proactive about your cost-reduction and revenue-generation, you can do your best to protect your business from the worst elements of increasing costs and an uncertain market.

We can help you review your current financial and business strategies to look for the best possible opportunities, whether it’s better cashflow management, cost-cutting or revenue generation. Together, we’ll identify actionable solutions to drive sustainable growth and maximise your profitability. Give us a call today on 04 970 1182.

Xero Tip of the Month: Unlock Faster Support With AI-Generated Answers in the Help Menu

Tue, 17 Dec 2024 22:26:37 GMT

Have you tried out Xero's new AI-generated answers in the help menu?

Now, when you're working in Xero and ask for help, you'll receive an AI-generated answer along with a list of other relevant content articles. This provides a fast, straightforward response with links to the source material and additional details if necessary. The answer takes into account what page you’re viewing, and the version of Xero you use, to make sure that the information provided is relevant to you. This means you spend less time searching and more time focusing on what matters most – managing your finances seamlessly.

To access the help menu, simply click on the question mark icon located on the far right of your toolbar.

The General Ledger - November / Early December 2024

Tue, 17 Dec 2024 22:18:56 GMT

View our November / Early December 2024 General Ledger:

- Key Ways to Overcome Rising Costs and Expenses

- Important Notices

- Financial Preparations for the Holidays

- Xero Tip of the Month: Unlock Faster Support With AI-Generated Answers in the Help Menu

- Changes to the Retirement Date of Xero Classic Invoicing

- Welcome to the Team: Harpreet & Gurpreet

- Tax Question of the Month: What is the cost base for depreciable assets when a look-through company reverts to being an ordinary company?

- IRD Upcoming Tax Payment Dates

https://public2.bomamarketing.com/email/0dJN

Important Update: Xero Classic Invoicing Extended

Sun, 24 Nov 2024 23:00:32 GMT

As noted in our August General Ledger, classic invoicing in Xero was initially set to retire this month. However, recognising the busy period ahead, Xero has decided to extend the availability of classic invoicing until 27 February 2025, ensuring a smoother transition for everyone.

With the introduction of the new invoicing system, there will be updated workflows to learn. To help you get up to speed, Xero’s new invoicing education hub is the ideal resource to guide you through the process.

To access this resource, visit the link below:

https://learning.central.xero.com/student/activity/3482 ?

PaySauce Special Offer Running until 31 January 2025

Thu, 21 Nov 2024 21:02:51 GMT

Seeking an easy-to-use cloud-based payroll solution?

PaySauce is the innovative answer to all your payroll needs. Designed for New Zealand businesses, it seamlessly integrates with all major NZ banks and the Inland Revenue department, so all PAYE obligations i.e. salary/wage and tax payments, as well as tax return filings, are all part of the package – providing you with a complete end-to-end solution.

As a special promotion for new customer sign-ups, PaySauce is reducing the prices of their Standard and Premium plans for new accounts by 25% until the 31 January 2025, with the 25% discount applied through to 30th September 2025 for our clients!

PaySauce operates on a flexible subscription model with monthly payments, allowing you to cancel at any time without long-term commitments. What's more, transitioning from another payroll provider to PaySauce is a breeze and won't cost you a thing.

Interested in learning more about PaySauce? Check them out here: https://www.paysauce.com/

Crafting Cost Effective Guest Experiences for Hotels and Motels

Tue, 12 Nov 2024 00:29:38 GMT

When guests come to your hotel or motel, they want to feel that you genuinely care about their stay. The best way to show this is by tailoring the guest experience to their individual needs. People from all walks of life may pass through your doors, and each one will want to feel like the most important guest. There are many ways to personalise guest experiences, but the only caveat is that it can get costly.

Whatever you do to personalise the experience, you can’t afford to do it at the expense of profitability. That’s where the team at All Accounted For comes in. After reviewing your finances, we’ll help you find cost-effective ways to personalise the guest experience. With our help, any new services you introduce will only strengthen your bottom line.

Interested in learning more? Contact us at 04 970 1182, and let’s explore how we can drive your business toward greater success.

5 Ways to Reduce Your Stress as a Business Owner

Mon, 11 Nov 2024 23:05:52 GMT

Small and medium-sized enterprises (SMEs) make up 97% of all businesses in New Zealand.

As the owner of an SME, you’re doing your bit to provide employment, aid the economy and put Aotearoa on the map in an increasingly globalised world. But running your own business can be incredibly stressful!

New research from RFI Global research, commissioned by Prospa, shows that seven in ten New Zealand SMEs are feeling stressed and burnt out. On the whole, this stress comes down to economic pressures, cashflow worries and the time commitments of being an owner.

So, what can you do to remove some of the pressure and avoid business burnout?

Practical Ways to Ease Your Business Stress:

Let’s look at some simple ways to bring those anxiety and stress levels down:

Ease those financial worries: You can’t change external factors like the economy, but you can get deeper into cashflow forecasting, spend management and cost-cutting exercises to put your cashflow and revenue in a more positive position.

Look for a business mentor: Partnering with an experienced business mentor can work wonders for both your business knowledge and your mental health. Mentors can share their experiences of the lean times, and what they did to overcome the challenges.

Take time away from the business: You can’t have your business brain turned on 24/7. Schedule time away from the business to improve your work/life balance. Time away can be hugely beneficial, allowing you to come back refreshed and motivated.

Focus on your own health and wellbeing: The long hours of running a business are not always conducive to healthy living, both for your physical and mental health. Try to eat and drink healthily, and also make time for exercise, social activities and a greater focus on relaxation, mindfulness and your personal wellbeing.

Work closely with your accountant: You don’t have to shoulder those cashflow worries alone! We can work closely with you to keep your cashflow in a more positive position, while also providing wider financial, advisory and business support.

Talk to us about about dialling down those stress levels: To run a healthy business, you need to be fit, healthy and in a good place personally. Constantly pushing yourself can quickly lead to burnout – and that’s a recipe for disaster!

We understand the pressure you can feel as a business owner. So, we’re here to help take on some of the load, whether it’s strategic business advice, cashflow forecasting or introducing you to the right mentor from our business networks.

Xero Tip of the Month: Making the Most of Dual Screens

Mon, 04 Nov 2024 01:22:01 GMT

One of the most significant upgrades you can make for work efficiency is your screen setup. Xero bookkeeping and accounting are doable on a single screen, but tasks become much easier when you try out the dual-screen setup.

Using two monitors instead of one while using Xero can increase your productivity exponentially. You can have your accounting documents up on one monitor, and have Xero running on another. By working on both monitors at the same time, you will no longer have to tab in and out of applications to check reports and budgets, as you can now simply glance over to the other monitor to check instead.

Dual screen setups are becoming increasingly common in many workplaces as it gives the user a greater amount of screen space to work with, which can lead to an increase in productivity and prevent their desktop from becoming cluttered with windows and instances of other software.

The General Ledger - October 2024

Thu, 31 Oct 2024 20:43:48 GMT

View our October 2024 General Ledger:

- 5 Ways to Reduce Your Stress as a Business Owner

- Important Notices

- Following up on Invoice Payment in a Down Economy

- Xero Tip of the Month: Making the Most of Dual Screens

- Audit Shield Insurance - Protect Yourself from a Tax Audit

- Tax Question of the Month: Offset of Bright-Line Profit Against Bright-Line Loss

- Welcome to the Team: Chanelle Doole

- Farewell to Sarah Toner

- IRD Upcoming Tax Payment Dates

https://public2.bomamarketing.com/email/LJB0

The Pre-holiday Rush Is Coming and We’re Here to Help!

Tue, 29 Oct 2024 20:54:48 GMT

Don't shoot the messenger but the sounds of sleigh bells ringing is right around the corner! Can you believe it’s officially just 8 weeks until Christmas?

As we head into the festive season, many small businesses are gearing up for the pre-holiday rush. This time can be stressful, but with a little planning now, you can minimise stress and lighten your workload as Christmas approaches.

If you haven’t already, take some time to think about…

How much annual leave your team members will be taking collectively, and how much that annual leave is going to cost your business during this time
What kinds of staffing levels you’ll need over Christmas if you don’t close down for the holidays
How much money your business needs in the bank to get through the silly season

Need help with the numbers? AAF is here to make sure you’re ready to close up shop with confidence! Let’s get those holiday plans in order, so you can approach the silly season stress-free and financially secure. Give us a call today on 04 970 1182.

Financial Expertise to Help Your Hotel or Motel Grow and Thrive

Sun, 13 Oct 2024 22:33:16 GMT

The hotel and lodging industry is heavily influenced by economic conditions as well as local factors. Sports, weddings, local attractions, and events drive seasonal fluctuations for this industry. When choosing accommodations, customers consider factors such as customer service, location, amenities, and price.

To stand out, hotels and lodgings must focus on delivering superior quality, exceptional value, and outstanding service. This approach not only helps retain customers but also attracts new ones through positive reviews and word-of-mouth referrals. However, managing these aspects alone can be challenging, especially when balancing operational costs with guest expectations.

That’s where we come in. At All Accounted For, we’re more than just number crunchers; we’re your dedicated business advisors with deep industry knowledge and expertise. We’ll work with you to identify opportunities for improvement, optimise operational efficiency, and enhance your guest experience.

Interested in learning more? Contact us at 04 970 1182, and let’s explore how we can drive your business toward greater success.

Ready to Spring Clean? Don’t Forget Your Business Accounts!

Sun, 06 Oct 2024 20:38:59 GMT

Spring is finally here, and we all know what that means: It's time for a spring clean! While you're decluttering your business premises, why not give your accounts some attention too? Take a moment to tidy up your finances and ensure everything is running smoothly!

Here are the top 3 business account housekeeping tasks to take care of this month:

1: Review Your Expenses: Are you still paying for business subscriptions you don't use? Review your expenses and cut out any unnecessary costs to boost your bottom line. Small changes can lead to big savings!

2️: Reconcile Your Accounts: Make sure your bank statements match your accounting records. It's a simple step that helps prevent errors and keeps your financials accurate.

3️: Update Your Invoicing: Ensure all invoices have been sent, received, and paid, and review your cash flow statements to ensure you’re staying on top of income and expenses. Chasing up any outstanding invoices can help improve your cash flow. Healthy cash flow = a healthy business!

Healthy Homes Compliance Deadline: 1 July 2025

Tue, 17 Sep 2024 03:14:50 GMT

Is Your Rental Property Ready for the Healthy Homes Standards by 1 July 2025?

With the final compliance deadline for Healthy Homes Standards approaching on 1 July 2025, it's essential to ensure your property meets the required standards for heating, insulation, ventilation, moisture control, and draught stopping. These standards are designed to improve living conditions and tenant well-being.

We recommend addressing these requirements sooner rather than later to avoid last-minute complications and stress.

For detailed information on the Healthy Homes Standards and landlord obligations, visit: https://www.tenancy.govt.nz/healthy-homes/ .

4 Tips to Improve Your Work-Life Balance

Fri, 13 Sep 2024 04:32:57 GMT

Most of us aim for work-life balance, but it can be a tricky thing to do when everything gets busy. Here are a four tips that can assist at any time of year:

Take holidays - Holidays are great for allowing you to reset your thinking and refresh your mind. Encourage your staff to do the same, this is great for team moral!

Stay healthy - This is sometimes easier said than done, but it makes a huge difference to how you feel both at work and in your personal life. Keeping healthy will help your mind cope with the stresses and pressures of running a business.

Learn to delegate - Many hands make light work! Your business will run smoothly and efficiently if you delegate to the right people and let them get on with it.

Switch off - At the end of the day and in the weekends, learn how to switch off properly. This can be hard when we’re all so easily contactable, switching off your emails in the weekends is a good place to start!

Running a small business can be rewarding but also overwhelming - with early starts, long days and often no weekends. If you are feeling the strain, we can help by ensuring you have the right tools and systems in place to reduce the paperwork and assist you in focusing on your goals and priorities. Please get in contact if you’d like to chat further on 04 970 1182.

Effective Tax Management Solutions for Hotels and Motels

Mon, 02 Sep 2024 00:03:18 GMT

Running a hotel or motel presents its own set of challenges, and tax management shouldn't be one of them. With ever-changing tax laws and regulations, it's crucial for businesses in the hospitality sector to stay informed and manage their tax obligations effectively.

At All Accounted For, our specialised tax services are tailored specifically to meet the unique needs of the hospitality industry. We provide comprehensive solutions to streamline your financial processes and optimise your tax strategy.

With our personalised approach and in-depth industry knowledge, we’ll work closely with you to ensure compliance, mitigate risks, and uncover new opportunities for financial growth.

Ready to partner with us for your success? Reach out today at 04 970 1182 for a chat.

Changes to the Retirement of Classic Invoicing

Mon, 26 Aug 2024 21:37:12 GMT

On September 2, 2024, at 9 am NZT, all Xero invoicing users will automatically default to the new invoicing version each time they log into Xero.

You can still switch between the classic and new system until the extended deadline date of 20 November 2024. However, we strongly recommend transitioning to the new system as soon as possible to become familiar with its features and new interface.

If you are not already using new invoicing, now is the perfect time to make the switch. By familiarising yourself with the new version now, you'll have plenty of time to adjust and get comfortable with the updated interface. You can switch to the new version by clicking the 'Switch to New Version' button in the classic invoicing system.

To learn more about this change and access Xero's new resource, 'Your Guide to New Invoicing,' please visit: https://learning.central.xero.com/student/activity/3482?#/

To read more about Xero's new features and upcoming enhancements, visit: https://central.xero.com/.../Xero-new-invoicing-releases ?

Xero Tip of the Month: Set-up Favourite Reports

Wed, 21 Aug 2024 21:57:30 GMT

Are you looking for a quick way to access your most commonly used reports in Xero? Simply mark them as favourites in the Accounting menu. This will not only save you valuable time but also allow you to effortlessly locate all your important financial information with a click of a button.

To mark a report as a favourite:

In the Accounting menu, click 'Reports'
Find the report you wish to mark as a favourite - If you can't see it, click 'More Reports' to expand the section
Then, click the star icon next to it to mark it as a favourite. (To unmark a report click the star again).
Your favourite reports will now show up on your accounting tab dropdown.

The General Ledger - August 2024

Wed, 21 Aug 2024 21:54:22 GMT

View our August 2024 General Ledger:

- Review Your Business Expenses - And Save

- Important Notices

- Xero Pricing Increase & New Business Plans - 12 September 2024

- Xero: Changes to the Retirement of Classic Invoicing

- Xero Tip of the Month: Set-up Favourite Reports

- Tax Question of the Month: Purchase of Franchise – Are Fees Deductible or Depreciable?

- IRD Upcoming Tax Payment Dates

https://public2.bomamarketing.com/email/kQMa

How to Use Forecasts and Scenario-Planning

Thu, 08 Aug 2024 21:38:22 GMT

For centuries, accounting was all about reviewing historic information – but that only told you about the past, not what was going to happen in the future.

If you’re only looking back at past periods and historic numbers, this limits the insights you can achieve for your business. With a backward-looking ideology, it becomes difficult to plan, run through different scenarios or understand the path of the business going forwards.

Forecasting changes this. With the right data analysis and forecasting tools, you can project sales, cash, revenue and profits into the future – and get in control of your business.

A forward-looking view of your business journey

Forecasting switches the focus of your financial management. By moving to a forward-looking view of your business journey, you can see further down the road – and that helps to spot any opportunities and avoid common business pitfalls.

Forecasting adds value by:

Highlighting the data patterns – a forecasting tool takes your historic data and projects it forward in time. This helps you and your advisers spot patterns, trends, gaps and opportunities, revealing the true ‘story’ behind your business accounts. For example, forecasting may reveal a predicted seasonal slump in the next quarter, allowing you to plan ahead and proactively take action to minimise negative impacts.
Giving you a future view of your business – instinctively, business owners will look back at prior periods to assess performance. There’s value to reviewing your historic actuals, of course, but using forecasting helps you to look forward, rather than just backwards. Forecasting is the satnav, showing you the road ahead, rather than the rear-view mirror showing you the road you’ve already travelled.
Helping you scenario-plan – with a financial model of your key drivers, combined with accurate forecasting, you can quick answer your burning ‘What if…?’ questions. Forecasting lets you run different scenarios, with different drivers, to see how business decisions may pan out over time. If option B performs better than option A, that’s invaluable information when defining your next strategic move.
Making informed, evidence-based decisions – having ‘the full picture’ of combined historic numbers, forecasts and longer-term projections aides your business decision-making. Forecasting gives you solid evidence on which to base your strategy, and helps to red flag any threats that are looming on the horizon – giving you the best possible information to keep your executive team informed and on the ball.
A deeper relationship with your accountant – forecasting also helps us to get a far more granular view of your business. This helps to spot potential areas of performance improvement, and to give you the best possible strategic advice, all backed up by solid, empirical data and management information.

Talk to us about the benefits of forecasting

If you want to get in control of the destiny and results of your company, come and talk to us. Forecasting helps you highlight your future threats and opportunities – and create a proactive strategy to improve the performance of your business.

Review Your Business Expenses - And Save

Thu, 01 Aug 2024 01:37:41 GMT

Running a business will always mean incurring certain expenses, or ‘spend’.

Whether you’re a large family business or a small fledgling startup, there will be costs, overheads and supplier bills that mount up – and these expenses will gradually chip away at your cash position, making it more difficult to grow and make a profit. So, what can you do to reduce your spend levels? And what impact will this have on your overall margins, profits and ability to fund the next stage in your business journey?

Getting proactive with your spend management

Spend management is all about getting in control of your expenses – and, where possible, aiming to reduce the level of costs and overheads that you incur as a company. Why does this matter? Well, excessive spending eats into your cashflow, reduces your profit margins and stops you from achieving the profits that you’re capable of as a business. So if you can get proactive with your spend management, you can actually make your company a far more financially productive enterprise – and that’s great for your overall business health. So, what can you do to reduce spend and slim down your company expenses?

Here are some key ways to reduce expenses:

Reduce your overheads – Your overheads are the unavoidable costs of running your business, producing your products or supplying your services. If you have bricks and mortar premises, these overheads will include rental payments, utility bills and even the cost of paying your staff. Drill down into the numbers and see where there are opportunities to reduce these overhead costs. That could mean moving to smaller premises, review your electricity supplier, or reducing the size of your workforce, to reduce payroll expenditure.
Put limits on staff expenses – If your employees can claim expenses, or buy raw materials and equipment with the company’s money, these costs can soon start to rack up. It’s a good idea to put a spending limit in place, so each staff member can only spend up to an agreed amount. Having a clear expenses policy helps, as will training up your staff in good spend management techniques. Specialist expenses card software allows you to quickly set spend limits, track expenses and pull your expenses data through to your cloud accounting platform for processing.
Benchmark your current suppliers – If you can reduce your supplier costs, this will go a long way to bringing down your overall spend. If you’ve been with certain key suppliers for years, look around for new quotes, look at current market prices and see if you can negotiate better deals. And if your old suppliers aren’t flexible enough, try swapping to newer, more eager suppliers who will be willing to meet you in the middle on price.
Make your operations leaner – the bigger your operational costs are, the less margin you’ll make on your end products and services. One way to resolve this is to aim for a ‘lean approach’, paring back your staff, resources and operational complexity to the bare minimum. By making the business as lean as possible, whilst still delivering the same output, you keep your revenue stable, but reduce the spend level that’s eating into your cost of goods sold (COGS). The smaller your COGS, the more profit you make on each unit or sale – and that means better cashflow, more working capital and bigger profits.
Explore tax reliefs – Tax costs are an unavoidable expense when running your business, but it’s worth exploring which tax reliefs, grants or other business benefits you may benefit from. For example, research and development (R&D) tax credits may be available to you to help cut your corporation tax expenses.

Talk to us about improving your spend management

If you’d like to get in control of your expenses, we’d love to chat. We’ll review your current costs and will highlight the key areas where expenses can be cut. Then we’ll help you formulate a proactive spend management programme, to reduce your unnecessary spending. Get in touch to start reducing your spend on 04 970 1182.

The General Ledger - July 2024

Mon, 29 Jul 2024 21:47:55 GMT

View our July 2024 General Ledger:

- Tax Planning Helps You Do More With Your Money

- Important Notices

- Resource: New Xero Insights Report and Guidance on Small Business Productivity

- Xero Tip of the Month: How to Customise Your Dashboard in Xero

- Tax Question of the Month: Cash Incentive to Take out Loan - Income Tax and GST Treatment

- IRD Upcoming Tax Payment Dates

https://public2.bomamarketing.com/email/W7M9

Xero Tip of the Month: How to Customise Your Dashboard in Xero

Sun, 28 Jul 2024 21:52:25 GMT

Did you know you can customise your Xero Dashboard? With the 'Edit Dashboard' feature, you can easily rearrange or remove irrelevant tiles.

To edit the tiles on the Dashboard, click ‘Edit Dashboard’ in the top right corner. From there, drag items to your preferred position or select “Hide” or “Show” to adjust visibility.

In addition to this, you can also reorder your school's bank accounts so that the ones you use the most are at the top. To do this go to 'Accounting' - 'Bank Accounts' and use the arrows on the bottom right hand corner to move the accounts up and down.

Should You Buy a Building for Your Business?

Thu, 18 Jul 2024 22:29:57 GMT

Tired of paying rent for your commercial premises and considering buying a premises for your business? Owning a building works best if your business is well-established, you have money to invest, and you’re taking a long-term approach – it can take many years for this decision to pay for itself.

Could buying a building be the right choice for your business? We can work with you to analyse the costs and benefits of each option, to help you make an informed decision about which one will put you on track to achieve your goals.

Get in touch today by giving us a call on 04 970 1182, we’d love to hear from you.

Digital Marketing for Small Businesses & Tradespeople

Thu, 11 Jul 2024 21:46:17 GMT

If you're a tradesperson looking for ways to improve your digitial marketing presence and attract more clients, here are two fundamental tools you need to have as a starting point. Establishing these will set a solid foundation for your online presence and help you stand out in a competitive market.

1. A website: In today's digital era, having a website is crucial for building credibility and showcasing your business. Your website should highlight your work, testimonials, services, projects, costs, and more. Keeping it fresh and updated is essential for making a strong impression on potential clients.

2. A Google Business listing. This will help you appear in featured results and on Google Maps, making it easier for customers to find you.

For a comprehensive guide on enhancing your digital marketing strategy as a small business tradesperson, visit Tradify's blog here: https://www.tradifyhq.com/.../digital-marketing-for-small...

Xero Training and Support with All Accounted For

Sun, 30 Jun 2024 22:06:42 GMT

Need help with Xero? Want to get the most out of Xero Accounting Software?

As official Xero Platinum Partners, we’ve accumulated hundreds—if not thousands—of hours of experience with Xero’s user-friendly and intuitive business accounting software. We know the system inside and out, and we’re familiar with all the tips, tricks, and shortcuts to make YOUR Xero experience as smooth and simple as possible.

Whether you’re using another system and need help transitioning to Xero, or your team is already on Xero but wants to upskill with professional training, All Accounted For is here to help! We offer both in-person and virtual training and support for Kiwi businesses of all sizes, and across all industries.

Contact our team today on 04 970 1182 to learn more

Integrating Technology to Enhance Services in Your Hotel or Motel

Sun, 16 Jun 2024 21:20:10 GMT

Technology is rapidly changing the accommodation industry, providing hoteliers and moteliers with an array of tools to enhance guest experiences. From intelligent CRM solutions to live chats, modern technologies not only enhance guest experiences but also improve efficiency, reduce costs, and boost revenue.

At All Accounted For, we can assist you in leveraging these potential opportunities by providing comprehensive insights into the financial impact of integrating new technology. Our team will demonstrate how the technology adoption will affect your operations and then quantify the benefits of enhancing the guest experience. Through this process, we will guide you in selecting solutions that promise the greatest returns.

Interested to learn more? Give us a call today on 04 970 1182, and let's get together for a chat on integrating technology to enhance services in your hotel or motel.

Selling a Residential Property? The Bright-line Property Rule is Changing

Wed, 12 Jun 2024 21:47:18 GMT

A reminder that from July 1, 2024, the New Zealand bright-line rule is changing.

Are you thinking of buying or selling a rental property? It pays to be aware of the bright-line rules and determine if they will apply to you—especially if you are considering selling your property before July 1, 2024.

What does this mean for property owners?

- If you sell a property on or after 1 July, 2024, the bright-line property rule will only apply if the property is sold within 2 years of purchasing it.

- If you sell a property before 1 July 2024, the current bright-line rules will still apply, and these can vary depending on when you brought the property.

If you would like to discuss this further or have any questions about how this may affect you, get in touch with us today at 04 970 1182.

For more information, please visit the IRD website: https://www.ird.govt.nz/bright-line-changes .

Not on Xero Yet? Make the Switch Today With All Accounted For!

Tue, 04 Jun 2024 21:03:37 GMT

Not on Xero yet? Make the switch today with All Accounted For!

Our experienced team of experts is here to guide you every step of the way, from setup to training. Say goodbye to paperwork headaches and hello to effortless financial management. Here's why Xero is the game-changer your business needs:

Cloud Convenience: Access your financial data anytime, anywhere. Xero's cloud-based platform brings flexibility to your fingertips.
Effortless Invoicing: Create and send professional invoices effortlessly. Get paid faster with online payment options that make transactions a breeze.
Real-Time Insights: Stay in the know with real-time financial data. Track your cash flow, monitor expenses, and make informed decisions on the go.
Collaboration Made Easy: Collaborate seamlessly with your team and advisors. Xero's user-friendly interface fosters collaboration for smoother business operations.
Bank Reconciliation at a Glance: Effortlessly reconcile bank transactions, ensuring accuracy and providing a clear snapshot of your financial health.
Scalability: Xero grows with your business. Whether you're a startup or an established enterprise, Xero adapts to your evolving financial needs.

Ready to experience the benefits of using Xero? Give us a call today on 04 970 1182 to learn more.

The General Ledger: Budget Special - May 2024

Thu, 30 May 2024 21:03:52 GMT

Summary of the key Government 2024 budget

- Tax changes: Increasing personal income tax thresholds,

expanding eligibility for the independent earner tax credit, increasing the in-work tax credit and introducing FamilyBoost.

- Interest Deductibility for Investment Property

- Bright-Line Test Rules to be set at two years from 1 July 2024

Our summary of the key budget impacts can be found here:

https://public2.bomamarketing.com/email/2Lyw

Maximise Your Property Investment With All Accounted For

Mon, 27 May 2024 21:51:49 GMT

Whether you have one residential rental property, or a whole portfolio of property investments, we can help you understand and manage your tax obligations. Property is a significant asset, so making sure you are using the most appropriate investment structure is important. With new property tax laws recently introduced, we want to help you understand your options and be aware of potential tax issues when buying and selling property.

We can assist you in the following areas:

-Advise you on the best structure for your investment before you purchase (standard company, look-through company (LTC), trust, partnership, individual).

-Liaise with the IRD on your behalf to manage your tax obligations.

-Help you understand and keep track of your deductible expenses, such as rates, insurance, mortgage interest and repairs & maintenance.

-Prepare your annual financial statements and income tax returns.

-Set you up with Xero (if required) and provide Xero training and support.

For more information, click here: https://www.aafl.nz/property or give us a call today at 04 970 1182.

Have You Got a Plan for Growth in Your Business?

Tue, 21 May 2024 04:50:49 GMT

Growth doesn’t need to mean more risk, more hours, and more headaches. It may be as simple as identifying the opportunities for growth in your business and industry. Once you've done this, you can establish what you and your team need to do to maximise these opportunities and navigate the likely obstacles.

Here are a few tips to get you thinking about growth:

1. Conduct an audit to document your growth over time. Analyse all the information you have to understand how you got to where you are now. This will help you plan for future growth.

2. Create a one-page plan with your big objectives and what you’ll realistically need to do to achieve them. Identify the tasks and the people responsible for them.

3. Establish key performance indicators to maintain momentum and review these regularly to ensure you’re on track.

With a bit of planning, the right systems, people, and resources, there is tremendous opportunity to grow and scale your business to the next level. We can help build your business plan and identify the steps you’ll need to achieve it. Business growth can be perceived as something scary, but when you have a plan and it’s done right, it can be very motivating and rewarding.

Goal-Setting for the New Financial Year: Planning for Success

Wed, 15 May 2024 23:49:39 GMT

The beginning of a new calendar year is an excellent time to review the year just finished, reflecting on what worked, what didn’t, and what changes you'd like to implement. By taking the time to plan, you can ensure that you are on track to achieving your financial goals and are well-prepared for any challenges that may arise.

To help make sure you can take advantage of the financial new year, we’ve gathered some goal-setting tips to consider below that are both simple and effective.

Your Yearly Business Review - Questions to consider

What were the most significant impacts on your business in the last 12 months? How well did you meet the challenges?
What worked well last year? What systems, technology, products or services were successful?
What accomplishments can you celebrate?
What situation, event or experience provided the biggest learning opportunity?
What is the biggest challenge or frustration you face as you prepare for the year ahead?
What did you most enjoy during the year? Do more of it. What did you least enjoy? Do less of it!
Analyse your financial reports. Are you earning what you'd like to? Is the business sustainably profitable?

Find your inspiration:

It’s always a good idea to start with the bigger picture and ask yourself what it is that you want to achieve through your business. What is it about the business that makes you jump out of bed every morning? Start broad and identify the driving force behind what you do. Is it to create wealth, or to are you planning on building up the business to resell at some point to make a profit? Whatever the reason, knowing the ‘why’ will help you gain clarity on your goals and allow you to start working towards them.

Pick something you can measure:

Vague goals aren’t as helpful as those you can measure and monitor (SMART Goals). Think about what you already measure in your business and how you’d like to see those metrics change. For example:

A 3% increase in net profit year-on-year
A 2% reduction in expenses
1 new customer per month
Reduce average payment time to under 50 days
4 weeks of holiday during which you don’t go into the office at all

Break it down:

Once you’re clear on your overarching goal or vision, then start breaking it down into smaller actionable steps. It’s a lot harder to achieve one large goal, and a lot easier making smaller incremental progress. For example, instead of setting yourself a lofty goal of tripling revenue over a number of years, plan out how that might eventuate by breaking it out into a series of smaller, actionable steps. For instance, the first of these steps might be to increase the range of products you sell if you run an ecommerce, or to increase revenue by 20% per quarter.

We can help:

While there are many metrics you could evaluate to track business performance, we’ve provided just a few ideas to inspire your business planning for a positive start to the year.

Whether you're a startup, a growing business, or an established enterprise, our team of knowledgeable accountants and business advisors is here to support and guide you every step of the way. We can help you review your goals and set a plan to accomplish them, propelling your business forward in 2024.

Ready to take your business to the next level? Let's make the next financial year your best one yet. If you’d like to chat about what you can do differently this year to enable your business to thrive, book a time with us today at 04 970 1182.

KiwiSaver Government Contribution - Are You on Track?

Sun, 12 May 2024 21:44:26 GMT

Are you on track to receiving the full annual Government Kiwisaver contribution?

A reminder that you have until 30 June 2024 to make sure you have contributed at least $1042.86 into your KiwiSaver account to maximise the Government KiwiSaver Contribution top-up. Every dollar counts! Do you need to make a one-off payment to get yourself over the line?

So how does it work? If you’re eligible, the Government will contribute 50 cents for every dollar you contribute to your KiwiSaver account, up to a maximum of $521.43 each year. All you need to do is contribute at least $1,042.86 of your own money between 1 July to 30 June each year. For salary and wage earners, your employer will pay your Kiwisaver contributions on your behalf. However, if you are self-employed, you can set up an automatic payment to your Kiwisaver provider.

To be eligible, you must:

- be a Kiwisaver member

- live in New Zealand

- be 18 years old or younger than 65

- make one-off or regular contributions by 30 June each year.

More information is available on the Inland Revenue website, which can be accessed by visiting the link below.

https://www.ird.govt.nz/.../getting-the-kiwisaver...

Xero Tip of the Month: Retrieve Deleted or Voided Bills

Fri, 10 May 2024 22:14:36 GMT

Have you accidentally deleted a bill or voided a transaction and now need to retrieve the information?

No problem! Just follow the simple steps below, and you'll be able to quickly locate your transaction within a matter of seconds.

In the “Business” menu, select “Bills to pay”
In the search bar, type the specific invoice details, which may include the company name, amount, or reference.
Click on the "Filter" icon on the right-hand side next to "Columns."
Under the "Deleted & Voided" section, select "Show" from the drop-down menu and then click on the bill to open it.
To retrieve the information, go to the right-hand side of the bill, click on "Bill Options," and then select "Copy."
This can now be saved as a new bill

The General Ledger - May 2024

Wed, 08 May 2024 22:07:13 GMT

View our May 2024 General Ledger:

- 2024 Annual Accounts Questionnaires

- Goal-Setting for the New Financial Year: Planning for Success

- Inland Revenue Important Notices

- New GST Rules Affecting Short-Stay Accommodation Providers

- Xero: Classic Invoicing Is Retiring - 2 September 2024

- Xero Tip of the Month: Retrieve Deleted or Voided Bills

- Tax Question of the Month: Is Expenditure on Newly Purchased Earthquake-Damaged Rental Property Deductible?

- IRD Upcoming Tax Payment Dates

https://public2.bomamarketing.com/email/6939

The Importance of Digital Marketing in the Accommodation Industry

Tue, 07 May 2024 04:20:12 GMT

In today’s digital age, where travelers turn to the internet to research, book, and review hotels and motels, having a robust digital marketing strategy is vital for these establishments to stay competitive.

By embracing digital marketing, hotels and motels can expand their reach beyond traditional marketing channels and tap into a global audience. This allows them to showcase their unique offerings, highligh amenities, and differentiate themselves from competitors in a crowded marketplace.

Moreover, digital marketing enables hotels to target specific customer segments and personalise their marketing efforts. By utilising data-driven insights, hoteliers and moteliers can create tailored campaigns that resonate with their target audience, increasing the chances of conversion and repeat business. Through effective digital marketing strategies, hotels can build brand loyalty, enhance customer engagement, and ultimately drive revenue growth.

At All Accounted For, we offer more than just traditional accounting and financial services. Our expertise extends to invaluable business advisory services, including marketing advice and strategies to set you apart from the competition. To learn more about how we can help your business thrive, call us today at 04 970 1182.

Automate Carbon Accounting With Sustainability Apps

Sun, 28 Apr 2024 21:17:35 GMT

Did you know that you can use your accounting data to estimate your business' carbon footprint?

While carbon accounting may feel new, the demand for it is quickly increasing, with many businesses throughout New Zealand enjoying the benefits, from cost savings and competitive advantage to enhanced reputation through environmental responsibility.

The good news is you don’t have to have all your ducks in a row to get started! Xero simplifies carbon accounting with its selection of excellent apps (carbon calculators) available via the online app store, providing you with a streamlined and transparent way to measure and manage your environmental impact.

Simply connect a carbon calculator app to your Xero account, and let it do the hard work for you. Easy! Visit apps.xero.com to explore the carbon apps available in your area.

Once you understand your carbon footprint, you can start working on plans to reduce and offset your emissions. Learn how to do this at Xero's #SustainableBusiness hub: https://www.xero.com/us/sustainability/small-business/ ?

The Role of Effective Cash Flow Management in Your Hotel or Motel

Thu, 25 Apr 2024 21:47:45 GMT

In today's highly competitive accommodation industry, hotels and motels face numerous challenges in maintaining profitability and staying ahead of the curve. Fluctuations in demand, seasonal trends, and unexpected events can significantly impact how money flows in and out. Therefore, it has become imperative for hoteliers and moteliers to make informed decisions based on accurate predictions, through the use of effective cashflow management and forecasting strategies.

As experts in the accommodation sector, we intimately understand these challenges and can help you develop comprehensive cash flow forecasts that provide a detailed outlook on anticipated revenues and expenses. By analysing historical data, market trends, and industry benchmarks, we can help predict cash flow patterns, allowing hotels to make informed decisions about resource allocation, operational planning, and investment strategies. Our financial insights and expertise also enable us to identify potential areas for cost savings, optimise working capital, and improve overall financial efficiency.

Are you ready to take your accommodation business to new heights? Give us a call today on 04 970 1182 and together, let's get your business firing on all cylinders.

How Does Your Website Stack Up to the Competition?

Wed, 17 Apr 2024 00:05:01 GMT

For a website to succeed in growing your business, it must not only attract people to your site but also excel at retaining those visitors once they land and begin exploring. Your website serves as the heart of your outreach, where you guide people to learn more about your business, schedule an appointment, sign up for your webinar, purchase your products, and more. Curious about how your website compares to your competition?

Digital Boost offers a FREE diagnostic tool called Checkable, which evaluates your website's performance and identifies small changes that can make a big difference.

Digital Boost is a Government-funded initiative that's free for Kiwi small businesses. If you haven't already signed up, check it out at https://digitalboost.business.govt.nz/

Effective Strategies for Boosting Your Startup’s Cash Flow

Thu, 11 Apr 2024 23:46:15 GMT

In the unpredictable world of startups, maintaining a cash surplus can be a lifesaver. It provides a safety net in case sales don’t meet expectations or unexpected expenses arise. Aside from providing security, surplus cash also paves the way for expansion opportunities, handling large bills, or purchasing essential equipment. While injecting personal capital or taking out a loan can aid in creating a cash surplus, let’s explore some other effective strategies for improving cash flow in your startup.

Streamlining operations:

Before dipping into external funds, consider if there are ways to free up cash internally. A few potential approaches include:

Encouraging customers to make early payments by offering discounts or facilitating immediate payment options such as online or mobile payments.
Consider selling rarely used assets and renting the equipment as needed.
Reducing personal drawings from the business during periods of slow revenue growth.

Inventory management can also tie up significant amounts of your cash. Improve your cash flow by:

Implementing ‘just in time’ inventory practices to reduce stockpiling.
Discontinuing slow-moving items and holding sales to clear obsolete inventory.
Regularly reviewing inventory levels and turnover rates to ensure you’re stocking only what’s necessary.

Credit management:

Rather than letting cash be tied up in accounts receivable, consider not offering credit, or accepting credit card payments to improve cash flow. For long-term projects, consider invoicing for periodic progress payments. This ensures a steady cash flow throughout the project instead of waiting for the end to invoice.

Price adjustments:

A straightforward method for enhancing cash flow is price increases. Evaluate where you can increase prices without dampening demand.

Encouraging prepayments:

Request customers to prepay or pay a deposit, especially for large contracts. A consistent payment system, like monthly payments or a subscription model, can also spread out cash flow evenly.

Supplier negotiations:

Negotiating beneficial terms with suppliers, such as consignment or extended payment terms, can free up your cash. If you’re in a tight spot, consider returning goods to suppliers for a credit.

Operational improvements:

Creating better cash flow may also involve:

Implementing stricter credit control and debt collection procedures.
Sourcing less expensive materials or supplies.
Identifying and curtailing rising expenses.
Focusing on high margin work and saying no to low margin projects.
Conducting market research to identify challenges and taking appropriate action.

Regular Savings

Set up regular contributions into a business savings account, such as a percentage of sales every month or surplus profit each quarter. Make sure the savings won’t impact your business operations. Every business has the potential to find extra cash in different areas, if you can get creative and make some cuts where needed. And even if you still need a business loan, it might not be as much as you thought if you can find other ways to generate some cash surplus.

Uncertain about managing your startup’s finances? We are here to guide you. Contact us to schedule a consultation and let’s unlock the financial potential of your business.

Review your expenses – and save yourself money

Thu, 11 Apr 2024 04:01:12 GMT

Running a business will always mean incurring certain expenses, or ‘spend’.

So, what can you do to reduce your spend levels? And what impact will this have on your overall margins, profits and ability to fund the next stage in your business journey?

Getting proactive with your spend management:

Spend management is all about getting in control of your expenses – and, where possible, aiming to reduce the level of costs and overheads that you incur as a company.

Why does this matter? Well, excessive spending eats into your cashflow, reduces your profit margins and stops you from achieving the profits that you’re capable of as a business. So if you can get proactive with your spend management, you can actually make your company a far more financially productive enterprise – and that’s great for your overall business health.

So, what can you do to reduce spend and slim down your company expenses?

Here are some key ways to reduce expenses:

Reduce your overheads – Your overheads are the unavoidable costs of running your business, producing your products or supplying your services. If you have bricks and mortar premises, these overheads will include rental payments, utility bills and even the cost of paying your staff. Drill down into the numbers and see where there are opportunities to reduce these overhead costs. That could mean moving to smaller premises, or reducing the size of your workforce, to reduce payroll expenditure.
Put limits on staff expenses – If your employees can claim expenses, or buy raw materials and equipment with the company’s money, these costs can soon start to rack up. It’s a good idea to put a spending limit in place, so each staff member can only spend up to an agreed amount. Having a clear expenses policy helps, as will training up your staff in good spend management techniques. Specialist expenses card software allows you to quickly set spend limits, track expenses and pull your expenses data through to your cloud accounting platform for processing.
Look for cheaper suppliers – If you can reduce your supplier costs, this will go a long way to bringing down your overall spend. If you’ve been with certain key suppliers for years, look around for new quotes, look at current market prices and see if you can negotiate better deals. And if your old suppliers aren’t flexible enough, try swapping to newer, more eager suppliers who will be willing to meet you in the middle on price.
Make your operations leaner – the bigger your operational costs are, the less margin you’ll make on your end products and services. One way to resolve this is to aim for a ‘lean approach’, paring back your staff, resources and operational complexity to the bare minimum. By making the business as lean as possible, whilst still delivering the same output, you keep your revenue stable, but reduce the spend level that’s eating into your cost of goods sold (COGS). The smaller your COGS, the more profit you make on each unit or sale – and that means better cashflow, more working capital and bigger profits.
Explore tax reliefs – Tax costs are an unavoidable expense when running your business, but it’s worth exploring which tax reliefs, grants or other business benefits you may benefit from. For example, research and development (R&D) tax credits may be available to you to help cut your corporation tax expenses.

Talk to us about improving your spend management

Get in touch to start reducing your spend.

All Accounted For: Hotel & Motel Accountants With a Difference

Tue, 09 Apr 2024 22:59:02 GMT

At All Accounted For, we understand that each hotel and motel business is unique, and a one-size-fits-all approach does not suffice. That's why our personalised service model is designed to cater specifically to the individual needs and goals of each client, tailoring our accounting solutions accordingly. Whether you're focusing on expansion, cash flow, or the structure of your accommodation establishment, we can craft an approach that aligns with your specific goals.

While we are aware that there are plenty of accounting firms out there, both large and small, All Accounted For is a little different; we go beyond traditional accounting services.

Not only do we provide a range of personalised accounting and financial advisory services to motels and hotels, but our commitment extends beyond the balance sheets and financial statements – we actively engage with our clients, conducting regular check-ins to assess progress against their goals. Our clients value the time we invest in getting to know their businesses intimately, fostering a partnership built on trust, open communication, and a shared vision for success.

Want to hear more? Let's talk! Give us a call on 04 970 1182 to discuss your business needs and find out how All Accounted For can help.

Xero Tip of the Month: Working With Multiple Tabs

Sat, 23 Mar 2024 23:13:45 GMT

Experience the power of enhanced productivity by working with multiple tabs at once!

Did you know that you can view multiple pages of your organisation in Xero at the same time by using tabbed browsing? (as long as you're using a supported browser and aren't viewing multiple organisations at once).

There are three main ways to open a link in a new tab:

Hold down Ctrl + Left Click on the link
Right click on a link and select Open link in new tab
Ctrl + T to open a new tab

It is important to note that the data displayed on one tab will not automatically update in the other open tabs when you make a change. You must navigate to the other tabs and refresh your page (F5)

Once you've finished with your other tabs, simply right click on any tab, and select Close other Tabs

The General Ledger - March 2024

Fri, 22 Mar 2024 21:16:30 GMT

View our March 2024 General Ledger:

- 2024 Annual Accounts Questionnaires
- Terminal Tax Reminder - Due 7 April 2024
- Residential Property Interest Deductibility & Trust Tax Rate
- Contacting Inland Revenue During the Lead up to the 31 March 2024
- Minimum Wage to Rise From April 1 ($23.15 per hour)
- Xero Tip of the Month: Working with Multiple Tabs
- Welcome to the Team
- Tax Question of the Month: Depreciation Implications of Inheriting a Vehicle
- IRD Upcoming Tax Payment Dates

https://public2.bomamarketing.com/email/1LVq

Workplace Wellness Tips: Celebrate Wins and Hard Work

Thu, 21 Mar 2024 21:14:16 GMT

It’s nice to be acknowledged when you have completed a big piece of work or put a lot of effort into a particular project or task. Thanking your staff for a job well done is important. Sharing their success around the business is a great way to promote the team’s success and make people feel more valued.

Stocktake Reminder: 31 March 2024

Tue, 12 Mar 2024 03:55:32 GMT

Just a reminder that March 31, 2024, is stocktake day for businesses holding more than $10,000 in stock. If your business is closed over the weekend, this could be the opportune time to perform your stocktake. To assist you in ensuring a precise and efficient stocktake, we've curated some helpful tips for your consideration as you prepare for your inventory count. You can find detailed insights at the following link: https://public2.bomamarketing.com/email/M1zj

If you have any questions or require further assistance in getting ready for your stocktake, please don't hesitate to reach out to us at 04 970 1182.

Minimum Wage to Rise From April 1 ($23.15 per Hour)

Sun, 10 Mar 2024 22:55:20 GMT

The minimum wage will be rising to $23.15 per hour from 1 April 2024. - a 2% increase from the current hourly rate of $22.70. The Starting-Out and Training minimum wage rates will both increase to $18.52 per hour, remaining at 80% of the adult minimum wage.

It's important to get your ducks in a row before this change comes into effect. This includes:

Advising your minimum wage team members of the increase
Checking your payroll systems and processes
Updating your employment agreements if relevant
Updating your business budget.

Costs are increasing

In addition to the cost of labour, inflation has put upward pressure on everyday items. That will likely increase your general running costs and the price of materials. Petrol prices are up, for instance, and supply chain issues have driven up the cost of many imported products.

Is it time to review your pricing

Ideally, your business should increase costs by a tiny amount each year, rather than by a big jump every five years, for instance. Small increases help prevent price shocks for customers, and keep your business in line with the rest of the market.

Can you cut costs?

If you don’t think increasing your prices is an option, or you still need to make more of a change, you may need to cut back your spending. We look at your business line by line, so we can help you identify areas where you might be able to trim the fat.

Give us a call on 04 970 1182 today – we’re here to help

Xero: Classic Invoicing Is Retiring - 2 September 2024

Tue, 05 Mar 2024 02:45:09 GMT

For some time now, Xero has offered its users two invoicing options: classic invoicing and new invoicing. However, in line with its ongoing commitment to innovation and to make way for enhanced features and improved functionalities, Xero has announced that it will retire the classic invoicing option, effective September 2, 2024.

We understand that change can be an unsettling thing, but we assure you that Xero's new invoicing option is packed with time-saving tools designed to make invoicing more efficient. While some things may look a little different, all of your settings and invoice templates will seamlessly carry over.

If you are not already using new invoicing, now is the perfect time to make the switch. By familiarising yourself with the new version early on, you'll have plenty of time to adjust and get comfortable with the new interface.

How do I make the switch:

You can make the switch to the new version of invoicing by clicking on the 'switch to new version', button in classic invoicing. You can also switch back to classic invoicing until it's retired, giving you the flexibility to choose which version works best for you. Xero also offers helpful resources and support to guide you through the transition process.

What features can you expect in the new version?

Xero is continuously working on adding new features to the new version of invoicing. Before the retirement of classic invoicing, they will be incorporating many of the features that are currently available in classic invoicing, such as the ability to copy invoices to other documents, create overpayments, and view detailed history and notes.

Additionally, there will be exclusive features in the new version, including more flexible invoice customisation tools, improved email templates for faster payments, and an easier way to personalise payment methods directly from your invoice.

We're here to help:

If you need any assistance with the transition, please don't hesitate to contact our team on 04 970 1182.

We're here to help.

End of Financial Year: The Countdown Is On!

Thu, 29 Feb 2024 20:48:30 GMT

The end of the financial year countdown is officially underway, leaving only 21 business days in the 2023/24 financial year!

If you haven't already, now is the time to ensure that your financial records are in order. It's also a good idea to take note of everything you have done and identify any pending tasks still to be completed before March 31st, 2024. As a sole trader or business owner, this can be a stressful time of year, but you can alleviate some of this stress by making sure you have everything you need ready to go. Here are our top tips to help streamline your processes and get organized before year-end:

1. Complete all invoices (do you have any work in progress?)
2. Follow up all outstanding balances
3. Write off bad debts if need be
4. Review all outstanding bills
5. Review your expenses (do you have a home office?)
6. Asset movements – have you purchased or disposed of any assets?
7. Check and confirm on your inventory

Amidst the hustle, don't forget about your well-being. Taking a break, whether it's grabbing a coffee or enjoying a 30-minute walk, can be a valuable way to step away from your desk and alleviate stress. Remember, your well-being is paramount.

Workplace Wellness Tips: Encourage Work/Life Balances

Thu, 29 Feb 2024 20:45:39 GMT

It is easy to get a bit too immersed in work, especially when a big project or deadline is looming. During busy times people will often stay at work late, skip lunch breaks, or work from home in the evenings or on weekends.

It’s important to be aware of this as it can lead to stress and burnout among staff members. Make sure you are encouraging everyone to look after themselves and allow days-in-lieu or overtime when necessary.

App Spotlight: Fergus - Job Management for Tradies

Wed, 21 Feb 2024 22:05:54 GMT

Calling all tradies using Xero! Are you looking to streamline your workflow, slash admin time, efficiently schedule jobs, and concentrate on optimizing your trades business?

Introducing Fergus, an app specifically tailored for those in the construction industry. Trusted by thousands of plumbers, electricians, and tradespeople worldwide, Fergus's job management software is designed to handle your projects from start to finish. Covering essential functions such as quoting, scheduling, job tracking, and invoicing, this app offers an end-to-end solution and integrates with Xero to give you a 360 view of how your business is performing.

Manage your day-to-day operations in Fergus, and your job information will automatically sync to Xero for fast and simple reconciliations. The two-way sync also allows customer details, supplier invoices and payments to automatically appear where they need to be.

To learn more about Fergus and to download, visit: https://apps.xero.com/nz/search/app/fergus ?

Accelerate Growth in Your Hotel or Motel Business

Thu, 15 Feb 2024 22:01:47 GMT

As a hotel or motel owner, you don’t need to have everything figured out. What matters is that you have a support system of financial experts who can help you climb to the top of the hospitality industry.

That's where All Accounted For comes in. We go beyond the usual hotel and motel accounting services. While they’re certainly our core focus, we understand the power that accounting data offers. Our expert team of accountants and financial advisors leverage that power to provide services that help our clients unlock new growth opportunities.

As ‘business and profit builders,’ we specialise in formulating innovative strategies to foster your business's growth and sustainability. These strategies are crucial for understanding market demand, setting competitive prices, and ensuring the financial success of hotels and motels. They facilitate data-driven decisions, improve occupancy rates, and enhance overall profitability in the highly competitive hospitality sector.

With our dedicated team by your side, you can focus on delivering exceptional guest experiences while we manage the numbers, propelling your business forward. Ready to transform your numbers into opportunities for growth? Connect with us today at 04 970 1182 to explore how All Accounted For can contribute to your success.

Unlock the Full Potential of Your Hotel or Motel Business with AAF

Tue, 06 Feb 2024 21:55:45 GMT

Late to bed and early to rise, running a hotel or motel establishment is no easy feat; it involves managing a lot of moving parts. Given the multitude of challenges you face, including staff shortages, ever-increasing competition, and changing guest expectations, financial management can often be the last thing on your mind.

Here at All Accounted For, we are experts in the accommodation sector. We take pride in our partnerships and long-term relationships with a range of lodging businesses, making us well-placed to understand the unique challenges and financial intricacies that you face.

From strategic financial planning to maximising tax deductions and supporting business growth, we've got you covered. Our services go beyond the basics of traditional accounting. Whether you own a motel or a hotel, our services are meticulously tailored to meet the unique needs of your business, enabling you to focus on operations while unlocking new opportunities.

Ready to take your hotel or motel to new heights of financial success? Let's connect! Contact us today at 04 970 1182 and together we'll unlock the full potential of your accommodation business.

The Year-End Review: Looking Back and Looking Ahead

Sun, 04 Feb 2024 22:45:49 GMT

There is no bad time to review your financial situation, but the new year is an opportune moment to take stock of the year gone by, have a fresh look at your financial situation, and make resolutions for the coming year. The review will help you see what you did right and what you can improve, setting the stage for a strong financial start in the new year.

To assist you in getting started with your planning and goal setting for 2024, we've put together some key questions and valuable advice below:

Your yearly business review: questions to consider

What were the most significant impacts on your business in 2023? How well did you meet the challenges?
What worked well last year? What systems, technology, products or services were successful?
What accomplishments can you celebrate?
What situation, event or experience provided the biggest learning opportunity?
What did you really want to achieve last year, but didn’t? Why didn’t you achieve it?
What is the biggest challenge or frustration you face as you prepare for 2024?
What did you most enjoy during the year? Do more of it. What did you least enjoy? Do less of it!
Analyse your financial reports. Are you earning what you’d like to? Is the business sustainably profitable?

Review your goals:

Review your goals in the new year, as some goals may no longer be relevant or may become less important.

Other short-term goals may have to be added to the list. Once you have your goals reaffirmed—make sure that the financial and investment plans are aligned to the goals; and you have clearly identified the financial steps necessary to reach those goals. This is also the stage at which you prioritize the goals: if your resources are not adequate to meet all your goals, ensure that the available resources go towards the more important ones.

Wondering how we can help your business plan for the upcoming year?

While there are many metrics you could evaluate to track business performance, we’ve given you just a few ideas to inspire your business planning for 2024.

When you conduct a past-year review with one of our experienced advisors, we will:

When you conduct a past-year review with one of our experienced advisors, we will:

Run through your current business plan
Provide feedback on where you are heading and talk through the opportunities you might not see in your own business
Provide valuable insights for this year's goal setting
Implement a tailored business plan

Keen to learn more? We offer many business advisory services including:

Business Reporting: monthly, bi-monthly, or quarterly
Cash Flow Forecasting
Budgeting
Business Valuations
Software Systems & Apps: setups and assistance

If you’d like to chat about what you can do differently this year to enable your business to thrive, give Ben Duflou or Sarah Toner a call on 04-970-1182 to discuss how we can help.

Xero Tip of the Month: Utilising Xero Central

Sun, 04 Feb 2024 22:40:51 GMT

Have you explored the wealth of resources available on Xero Central?

Connect with fellow Xero customers in the Xero Community Forums and circles to seek or share advice, as well as vote for product ideas. The community is filled with friendly members, and there's even a dedicated section on the official Xero forum specifically tailored for questions and answers.

Additionally, find video tutorials and demonstrations for using Xero on YouTube. These can be especially useful for learning the basics of the software and becoming more familiar with the user interface. Access these resources by clicking on the 'Learning' tab in the top toolbar.

To access Xero Central, click the button below.

2 Simple Processes in Xero That Can Make a Huge Difference

Thu, 01 Feb 2024 22:37:24 GMT

Looking to streamline your tasks, boost efficiency, and save time? Here are two essential processes in Xero that can make a huge difference!

Xero's Email-to-Bills Feature:
Xero offers an email-to-bills feature that provides you with a unique email address for sending your bills to Xero. Not only will these bills automatically appear in Xero as draft bills, but Xero will also read and enter all the important information, including supplier name, date, amount, etc.

Also, useful for credit cards: if you have a physical receipt, you can either use a scanner or simply take a photo with your phone and forward it to the designated email address. You can find this email address in the 'Bills to Pay' section under the 'Business' tab. From there, click on the "Automate Bill Entry" button on the far right, and you will find your unique email address.

Xero's eInvoicing:
Xero's eInvoicing is not only faster – it’s also a more efficient and secure way to manage invoices and bills. eInvoicing exchanges invoices directly between accounting software so incoming eInvoices show up as a draft bill waiting to be paid, saving you time on data entry. It’s a standard inclusion in Xero plans and takes just a few quick steps to register to receive eInvoices.

The General Ledger - January 2024

Tue, 30 Jan 2024 22:30:24 GMT

View our January 2024 General Ledger:

- Welcome 2024

- The Year-End Review: Looking Back and Looking Ahead

- Xero Tip of the Month: Utilising Xero Central

- App Spotlight: Fergus - Job Management for Tradies

- Tax Question of the Month: Depreciation implications of inheriting a vehicle

- IRD Upcoming Tax Payment Dates

https://public2.bomamarketing.com/email/rW96

Workplace Wellness Tips: Staff Check Ins

Thu, 25 Jan 2024 22:34:31 GMT

Genuine, regular communication with your team is important for building and sustaining a mentally healthy workplace. Checking in, asking for feedback, and hearing your employee's views allows you to learn what is going on from the ground floor up and demonstrates greater care for what your employees have to say.

Check-ins also help build empathy with the experience of your employees, which is critical to creating greater trust within the work environment. When employees feed heard, they are more likely to be engaged in their work, committed to the company, more likely to be productive, and stay in their roles for longer.

Xero Tip of the Month: Xero Assistance Programme (XAP)

Thu, 21 Dec 2023 23:23:35 GMT

While there are many moments of the festive season to savor and enjoy, Christmas can also be a busy and stressful time for many. That's why the Xero Assistance Programme (XAP) can be a real game-changer, offering valuable support to help you find balance and take charge of your well-being.

The Xero Assistance Programme, provided through Xero’s partner, Benestar, offers free and confidential well-being support. Whether you're on a starter, standard, or premium plan, you can access this mental health support for free. It's also available to your staff members and their families.

To learn more about the XAP Programme, click the button below.

The General Ledger - December 2023

Wed, 20 Dec 2023 19:47:30 GMT

View our December 2023 General Ledger:

- Merry Christmas & AAF Out-Of-Office Dates

- Financial Preparations for the Holidays

- Provisional Tax & GST - Due 15 January 2024

- Xero Tip of the Month: Xero Assistance Programme (XAP)

- App Spotlight: CoGo

- Tax Question of the Month: Family trust making charitable donations

- IRD Upcoming Tax Payment Dates

https://public2.bomamarketing.com/email/RmP0

Xero Roadshow 2023: Wellington

Sun, 26 Nov 2023 22:50:39 GMT

Recently, the All Accounted For team attended the 2023 Xero Roadshow held at the Wellington Convention Centre. The event was a fantastic afternoon of learning, featuring a hugely inspiring session with guest speaker Simon Curran from All Blacks Performance Labs.

The Xero team provided us with an insightful overview of the new enhancements, addressing key aspects such as the impact of the economy, digitalisation, AI service offerings, and understanding their role in our industry.

We would like to express our gratitude to the Xero team for organising such a fantastic event and providing a platform for collaboration and knowledge-sharing. We look forward to continuing to deliver top-notch services to our clients and sharing new insights in our upcoming newsletters.

The General Ledger - Special - New Coalition Govt Details

Thu, 23 Nov 2023 22:36:11 GMT

View our Summary of the New Coalition Government Announcement - What You Need to Know:

- Tax cuts are still coming in 2024
- Interest deductibility back more quickly and Brightline reduced to 2 years
- More funding for IRD audits
- 90 day trials back for all employers
- No reason termination of tenancy agreements back (90 days notice)
- Pet bond introduced for tenants
- Review of Government efficiencies, changes to CCCFA, Reserve bank focus CPI, Let's Get Wellington Moving stopped & Superannuation to stay at 65.

Our summary of the New Coalition Government Announcement can be found here:
https://public2.bomamarketing.com/email/jNba

Workplace Wellness Tips: Build a Community

Tue, 21 Nov 2023 22:27:34 GMT

We spend a lot of time around our teammates, so it’s nice to have a sense of community among staff. Occasional team building or group activities are great for getting everyone together and doing something a bit different. Something as simple as a monthly team coffee (or Friday drink!) can really make a difference in workplace culture.

What Will a National-Led Government Mean for Your Taxes?

Wed, 15 Nov 2023 22:24:16 GMT

We don’t yet know exactly how the new National-led coalition government will be formed. But we do know that National pledged to make some major changes to tax if it came into power. Here are some of the changes that could affect you:

Tweaks to tax brackets:

National has proposed changes to tax brackets, designed to adjust for inflation and boost incomes:

Restored interest deductibility on rentals and a two-year bright line test:

On investment properties, National has said it will gradually reinstate 100% interest deductibility. This will happen in increments over the next three years. The bright line test, which is currently set at 10 years, would be reduced to two years.

FamilyBoost and Working for Families:

FamilyBoost is a new initiative that would provide a rebate for childcare costs of up to $150 a fortnight, reducing for higher incomes. National has also proposed an increase to the existing Working for Families in-work tax credit. Together with the new tax brackets, National says a couple with young children, with a household income of $120,000, would have up to $250 a fortnight more in hand.

No more clean car discounts:

National says the clean car rebate and feebate system will be scrapped at the end of 2023. Instead, the party plans to support the transition to EVs by expanding the public charger network, adding 10,000 extra charging stations by 2030. You can read more about National’s tax plan here.

ACT and NZ First may yet have their say on taxes:

ACT has its own tax plan which includes a two-bracket income tax system, and the party will have an influence on the final decisions regarding tax brackets and rates. It's not yet clear whether National and ACT will need to strike a deal with New Zealand First, but if they do it may mean further negotiations on tax changes.

We’ll keep you posted on the changes that will impact you:

We will be watching closely as the new Government makes decisions on taxes – and we’ll keep you updated. If you have questions about what new taxes could mean for you, your trust, or your business, we’re here to help.

Drop us a note or give us a call, we’d love to hear from you.

Xero Tip of the Month: Using the Demo Company Feature

Wed, 15 Nov 2023 21:36:37 GMT

Have you ever wondered how a transaction would affect your accounts or how it would show in the reports, but you didn’t want to risk messing up your financials? Xero's demo company lets you experiment with usable test data.

The demo company allows you to test out transactions and features completely separate from your schools’ data. Utilising the demo company, therefore, won’t affect anything you already have set up, nor will anyone else be able to see data you enter or import into the demo company.

To access the demo company feature:

Click the list icon to the left of your school name on any page, and select My Xero
At the bottom of the next screen, you’ll see a link to Try the Demo Company (NZ). You can reset the data anytime. But be aware that any data you enter or import will automatically expire and reset after 28 days.

It's Xero Education Month!

Wed, 15 Nov 2023 21:27:01 GMT

November is all about education for Xero customers in New Zealand!

Whether you're a seasoned pro or just starting your Xero journey, there's something for everyone. Here, you can explore some game-changing features and tips to help you get the most out of Xero.

Here's a sneak peek of what's in store:

- Master the Xero essentials

- Take Xero further

- Boost business with connected apps

Dive into the link below to discover something fresh, refine your Xero skills, or explore how to connect with apps that can supercharge your business. Find out more and register: https://ow.ly/nu0k50PZuqO

The General Ledger - November 2023

Mon, 13 Nov 2023 23:03:28 GMT

View our November 2023 General Ledger:

- What Will a National-Led Government Mean for Your Taxes?

- Planning for the Trustee Tax Rate Increase

- Xero Roadshow: Early Office Closure - 14 November 2023

- Xero Tip of the Month: Using the Demo Company Feature

- Tax Question of the Month: Deductibility of Travel Expenses between 2 places of Work

- Welcome to the Team: Jody & Sunil

- Important IRD Tax Notices

- IRD Upcoming Tax Payment Dates

https://public2.bomamarketing.com/email/bGwK

Workplace Wellness Tips: Create Flexible Workspaces

Fri, 03 Nov 2023 01:52:55 GMT

Recognising the inherent diversity of individuals' working styles and their unique workspace needs is of utmost importance. Offering a combination of open workspaces and quieter, more secluded spaces provides your staff with options based on the type of work they need to accomplish.

Furthermore, some members of your team may express a personal preference or have a legitimate medical requirement to work while standing. In light of this, the availability of standing desks further enhances the workplace experience, fostering an environment that accommodates and supports the individual needs and preferences of your valued staff members

Workplace Wellness Tips: Take Breaks

Fri, 27 Oct 2023 01:48:52 GMT

Do you often feel stressed and overwhelmed with your daily worklist?

Instead of trying to push your brain to complete one task after another, take a break. A break could be listening to music, stretching, breathing, or speaking to a colleague that makes you smile. Try to build-in multiple breaks and never feel guilty for prioritising a moment to relax and regroup. We all need them.

Paysauce: Special Offer Running Until End of December 2023

Sun, 15 Oct 2023 23:02:24 GMT

Seeking an easy-to-use cloud-based payroll solution?

Paysauce is the innovative answer to all your payroll needs. Designed for New Zealand businesses, it seamlessly integrates with all major NZ banks and the Inland Revenue department, so all PAYE obligations i.e. salary/wage and tax payments, as well as tax return filings, are all part of the package – providing you with a complete end-to-end solution.

As a special promotion for new customer sign-ups, Paysauce is currently offering a fee waiver until the end of December 2023 for our clients! Plus, once your payments begin (if you choose to continue with Paysauce), you'll enjoy a generous 20% discount. This 20% discount also extends to our existing Paysauce users.

Paysauce operates on a flexible subscription model with monthly payments, allowing you to cancel at any time without long-term commitments. What's more, transitioning from another payroll provider to Paysauce is a breeze and won't cost you a thing.

Interested in learning more about Paysauce? Check them out here: https://www.paysauce.com/

Take care of Yourself, Not Just Your Business

admin@aafl.nz (Ben Duflou) — Mon, 02 Oct 2023 21:12:54 GMT

At All Accounted For, we know being a business owner can be stressful. When the buck stops with you, it can be easy to let the pressure mount up and to discount your own wellbeing.

But taking care of your own mental health is equally as important as taking care of the business – research showed that the majority of business owners suffer from stress and anxiety relating to the running of their business. So, what can you do to take care of your own mental health and work mindfulness into your usual life routines?

Ways to nurture your wellbeing as an entrepreneur

Looking after your mental health is as important as looking after your balance sheet. That’s the reality. So, having an improved focus on rest, wellbeing and talking about your struggles is a big part of moving towards becoming a better business leader.

For example:

Don't overwork yourself – it's tempting to work every hour that's available, in an attempt to meet your goals. But working yourself into the ground is, ultimately, a destructive thing to do. If you're tired and burnt out then you're in no position to lead the company. Try to stick to set working hours, and avoid working 60-hour weeks wherever possible. Sleep, rest and downtime are vital.
Schedule time for non-work-related activities – make sure you have time blocked out for things that aren't work. That might be a walk in the countryside, time with your kids, or a game of tennis. The aim is to take yourself away from the stresses of the business and to give yourself a broader life outside the company. It's a chance to have fun, to relax or to be someone who isn't just 'the boss'.
Take up an activity that promotes wellbeing – there are plenty of pastimes that can help you bring down your anxiety levels and bring you to a calmer place. Yoga is a good way to stay fit, but also an excellent form of relaxation. Equally, finding time for meditation helps you to empty your mind of business concerns and allow yourself to become more grounded and calm. Even something as traditional as a fishing trip could help you to chill out and relax, away from a screen.
Talk about your worries, concerns and anxiety – if business-related stress is building up, the worst thing you can do is keep it all bottled up. It's beneficial to open up and talk about this anxiety. This could be with a partner, a fellow entrepreneur, your accountant or even a professional counselor. Be transparent about your state of mind and you’ll find people are more than willing to listen, understand and offer some support.

Talk to us about your business worries

As your accountant and adviser, we’re in the perfect position to help you open up about your business worries. We know your business and your sector inside out, and we know the common threats, challenges and goals that will be on your mind.

Come and talk to us about your business worries and let us take some of the weight off your shoulders. A chat can be the start of a whole new way of thinking about your own wellbeing. Give us a call today on 04 970 1182.

Xero Beautiful Business Fund

Mon, 02 Oct 2023 21:00:00 GMT

Have you submitted your application for Xero's Beautiful Business Fund yet?

The Xero Beautiful Business Fund is a new initiative offering a prize pool of $750,000 to boost business growth. It welcomes Xero customers to apply for one or more fund categories, with New Zealand winners receiving $20,000 each.

The application process is simple: just upload a 90-second pitch video, complete the short form, and you're good to go. But be quick—applications close this Friday, 06 October!

To learn more about the different categories and receive tips on creating your video, visit: https://www.xero.com/nz/events/xero-beautiful-business-fund/

Xero Tip of the Month: Faster Login

Sun, 01 Oct 2023 23:02:52 GMT

Do you want a quick and easy way to log in to Xero without having to type in your email address every time?

To speed up your log in to Xero, have your username loaded automatically. Copy the below url to your Google Chrome browser and replace the generic email address with your email address used to log in to Xero.

https://login.xero.com/?username=john.smith@generica.co.nz

Bookmark the edited url as your link to Xero and then hit enter to log in. Your username should then appear in the Xero login field each time you go to this Bookmarked address.

The General Ledger - September 2023

Thu, 28 Sep 2023 22:59:27 GMT

View our September 2023 General Ledger:

- Take Care of Yourself, Not Just Your Business

- Audit Shield Insurance - Protect Yourself from a Tax Audit

- Xero Tip of the Month: Faster Login

- Tax Question of the Month: Is GST registration required if all income is from overseas?

- Welcome to the team: Raxit Chauhan

- IRD Upcoming Tax Payment Dates

https://public2.bomamarketing.com/email/0rW5

Cash Flow Forecasting Puts You Back in Control

Fri, 01 Sep 2023 03:31:49 GMT

We all know that positive cashflow is the beating heart of any successful business. And with so many external pressures on your cash right now, it’s important to have one eye on the future.

Cashflow forecasting is an increasingly important tool for any business. With a better view of your future cashflow position, you can make well-informed decisions about your finances.

But how does cashflow forecasting work? And how does it help you maintain a positive cashflow position throughout the year?

What does a cashflow forecast tell you?

The cashflow process is all about balancing your income (cash inflows) against your expenditure (cash outflows). If your cash inflows are greater than your cash outflows, this is called a ‘positive cashflow position’. In other words, you have cash left over, even once you’ve covered your costs and paid your bills – cash that can then be reinvested in the business.

Running detailed cashflow forecasts means you can:

Understand your future operational cashflow – helping you spot any cashflow holes, seasonal dips or predicted months of high expenditure before they become an issue.
Plan your costs and expenditure effectively – allowing you to stick to your planned budgets, manage your costs and plan for any steep price increases.
Avoid the cashflow issues before they happen – using your forecasts to look ahead, plan and get tighter control over your cashflow management.

Talk to us about setting up cash flow forecasts

Staying in a positive cashflow position is a challenge in the current economic situation. When supplier prices and operational costs are fluctuating and revenues are hard to predict, it is difficult to juggle your inflows against your outflows. We’ll help you get a tighter grip on your cashflow. Setting up detailed forecasts helps you understand your financial story and puts you back in full control of your cashflow. Give us a call today on 04 970 1182.

Xero Tip of the Month: Xero Search Keyboard Shortcuts

Tue, 22 Aug 2023 04:24:46 GMT

Get ready to streamline your Xero search experience with this keyboard shortcut - to use the search shortcut:

• Click the search icon (top right) or press the forward slash (/) key on your keyboard while on any screen in Xero (except Fixed Assets, Reports, Projects, Expenses and Payroll).
• Enter the letter corresponding to the screen you want to access (IE: Invoices to access the invoices screen).
• Then select on the link that appears below the search bar, or click ADD NEW.

To save the below handy cheat sheet for future reference to your desktop, right-click on the image and click "save image as".

The General Ledger - August 2023

Sun, 20 Aug 2023 21:35:33 GMT

View our August 2023 General Ledger:

- 2023 Annual Accounts Questionnaires
- 2024 Provisional Tax Instalment One & July GST (Due 28 August 2023)
- Cash Flow Forecasting Puts You Back in Control
- Xero Pricing Increase - 13 September 2023
- Xero Tip of the Month - Xero Search Keyboard Shortcuts

- Question of the Month: Fringe benefit to non-resident director and shareholder

- IRD Upcoming Tax Payment Dates

https://public2.bomamarketing.com/email/JG7P

Is There a Feature You Would Love to See Added to Xero??

Tue, 27 Jun 2023 02:23:37 GMT

Is there a feature you’d love to see added to Xero? Have an idea to make the platform even better?

Xero product ideas is a place for customers to share and support ideas for changes they would like to see - and the team at Xero are always keen to get your feedback.

To share your idea on what you’d like to see changed in Xero visit, https://productideas.xero.com and log in to get started

Wellbeing: Stressing About Your Work/Life Balance?

Tue, 20 Jun 2023 00:08:35 GMT

Trying to get the perfect work/life balance can be a cause of stress in itself. If you are feeling the strain from the demands of work and maintaining your personal life, the good news is that stress and a productive existence can go hand in hand. By being mindful, you can find the balance that’s best for you.

How much stress is good for you?

The Yerkes-Dodson law shows that an individual's performance increases with stress until cortisol levels get too high and then decreases again just as sharply - the secret is to stop your stress levels sending you down the other side of the bell curve. How much is too much varies for everyone but by understanding and managing your stress levels you can use them for good.

How to manage your stress:

Take Control - Feeling in control can decrease stress from negative levels by presenting the stress causes as surmountable challenges. Get a handle on your project, your tasks or your day by breaking them down into achievable goals and making choices about what to prioritise
Get positive - Your perception of your stress is important. Rather than leading to panic and inertia recognise the first quickening of your heart rate calmly as powerful, making you more alert and capable
Connect - Social support reduces stress so good relationships within the office team and the wider school environment make everyone more resilient to stress
Exercise - A good workout reduces bad stress and is good for the brain as well as the heart and lungs.
Sleep - Poor sleep is bad for stress levels and health so be disciplined about getting a good night’s rest. Being exhausted will increase susceptibility to further stress and damage productivity.

If work stress is getting too much, we may be able to help

We can provide assistance with managing systems, technology, payroll or other financial matters. Give us a call today on 04-970-1182.

Why We Love Xero Accounting Software

Thu, 15 Jun 2023 22:05:12 GMT

At All Accounted For, we love Xero Accounting Software! Why? Because it saves you a vast amount of time, hassle, and money. By integrating Xero into the everyday running of your business, you will experience a smooth, more streamlined business from budgets to complete financial reports – all done beautifully, anytime, anywhere!

Our team is passionate about helping businesses like yours unleash the full potential of Xero. We'll guide you through the transition, ensuring a seamless experience and empowering you to take full advantage of this remarkable platform.

Say goodbye to tedious accounting tasks and say hello to focusing on what truly matters – your business! Join the Xero community today, and let us guide you every step of the way. As a Xero platinum partner, we offer competitive pricing packages that cater to your specific needs.

Retiring Old Reports in Xero

Thu, 08 Jun 2023 22:58:50 GMT

Just a reminder that the old version of Xero reports will be retired on July 31. To prevent any disruptions to your workflow, we recommend switching to the new version as soon as possible.

June is the final month you can complete work in old reports, so don’t start any work in old reports that you can’t finish by 6am NZST on 31 July 2023. For example, you’ll need to do your month-end reporting for July 2023 in new reports, as older versions won’t be available.

Please note that you will also lose access to draft reports, so make sure you finish and publish those reports (if you want to keep read-only access to them) or export the data to Excel. Any work that you can’t complete before older versions are retired needs to be recreated in new reports.

To access more information, visit: https://www.xero.com/.../preparing-for-retirement-old.../ ?. If you need any assistance with the transition, contact our team on 04 970 1182.

KiwiSaver Government Contribution

Thu, 25 May 2023 22:56:50 GMT

Are you on track to receiving the full annual Government Kiwisaver contribution?

A reminder that you have until 30 June 2023 to make sure you have contributed at least $1,042.86 into your KiwiSaver account to maximize the Government KiwiSaver Contribution top-up. Every dollar counts! Do you need to make a one-off payment to get yourself over the line?

So how does it work? If you’re eligible, the Government will contribute 50 cents for every dollar you contribute to your KiwiSaver account, up to a maximum of $521.43 each year. All you need to do is contribute at least $1,042.86 of your own money between 1 July to 30 June each year. For Salary and wage earners, your employer will pay your Kiwisaver contributions on your behalf. However, if you are self-employed, you can set up an automatic payment to your Kiwisaver provider.

To be eligible, you must:
-be a Kiwisaver member
-live in New Zealand
-be 18 years old or younger than 65
-make one-off or regular contributions by 30 June each year.

More information is available on the Inland Revenue website - https://www.ird.govt.nz/.../kiwisaver.../kiwisaver-benefits

The General Ledger: Budget Special - May 2023

Thu, 18 May 2023 02:11:10 GMT

Summary of the key Government 2023 budget ........
- Trust tax rate increasing by 6% to 39% from 1 April 2024
- Extension of ECE 20 hours of free support to 2 year-olds from 1 March 2024
- Extention of Apprenticeship Bost Scheme to 31 December 2024
- Boost to Education, Health, Infrastructure, Transport & Innovation spending

Our summary of the key budget impacts can be found here:
https://public2.bomamarketing.com/email/BZMQ

Xero Tip of the Month: eInvoicing

Tue, 09 May 2023 21:49:15 GMT

Are you ready for eInvoicing?

It's time to wave "goodbye" to paper invoices and say "hello" to faster and easier payments through the implementation of eInvoicing! eInvoicing is a new way of invoicing that offers a more efficient and streamlined way to manage invoices with less manual handling and processing.

eInvoicing is now available on Xero and is included in all Xero Standard plans, so you don't need to purchase any additional add-on or external service to use it.

What is eInvoicing?

Invoicing software like Xero lets you exchange invoice information directly and safely between buyers' and suppliers' financial systems, even if these systems are different. How eInvoicing works:

A supplier's financial system generates an invoice for the buyer.
The invoice information passes through the eInvoicing network, where it validates information like NZ Business Number (NZBN).
The invoice information is passed to the Businesses' financial system where it is coded and approved and is then ready to be paid.

What are the benefits of eInvoicing ?

With eInvoicing, your business will no longer need to receive paper-based or PDF invoices that have to be printed and will no longer need to manually enter these into your financial system. eInvoicing improves accuracy and security, reduces process time, and speeds up payments.

eInvoicing not only provides economic benefits - it saves the environment, too!

What is the difference between traditional invoicing and eInvoicing?

Traditional invoice processes can be time-consuming. As you can see in the image below comparing the two systems, there are several steps involved in the traditional invoicing system vs the new. An automated invoice payment processing system like Xero eInvoicing gives you the ability to speed up the invoice processing time and streamline your systems.

Is your business already using email to bills?

If you have already gone 'paperless' and are using Xero's Email to bills functionality, eInvoicing will speed the process up even more by sending bills straight into Xero Draft bills without the need for you to email them.

Need help? Give us a call today on 04 970 1182 and we'll talk you through the process so you can start reaping the many benefits of Xero eInvoicing.

The General Ledger - May 2023

Tue, 09 May 2023 21:22:57 GMT

View our May 2023 General Ledger:

- 2023 Annual Accounts Questionnaires

- Pay Provisional Tax When It Suits You With TMNZ Tax Pooling

- Essential Tips for Successful Goal Setting in the New Financial Year

- Xero Tip of the Month - eInvoicing

- Question of the Month: Loss of earnings insurance – can prior year premiums be claimed now?

- 2023 Government Budget

- IRD Upcoming Tax Payment Dates

https://public2.bomamarketing.com/email/qrD0

Essential Tips For Successful Goal Setting In The New Financial year

Mon, 08 May 2023 21:37:38 GMT

With the beginning of a new financial year comes an opportunity for businesses of all sizes to recalibrate, reflect and set the goals for the new financial year. Goal-setting can help you and your business stay focused on what really matters for the business, while preventing you from getting sidetracked and enabling you to achieve success. To help make sure you can take advantage of the financial new year, we’ve gathered some goal-setting tips to consider below that are both simple and effective.

Review your Finances:

Kick off the new financial year by reviewing your financial statements from last year, looking for things like:

Where you spent the most money
How much you paid in fees or interest
Any recurring subscriptions

Before setting your business goals for the new financial year, review your previous year's performance. Analyse your strengths and weaknesses, what worked and what did not work for your business, and what were the key drivers of growth. This will provide valuable insights on where you should focus your efforts for the upcoming year.

Find your inspiration:

Break it down:

Pick something you can measure:

Vague goals aren’t as helpful as those you can measure and monitor (SMART Goals). Think about what you already measure in your business and how you’d like to see those metrics change. For example:

A 3% increase in net profit year-on-year
A 2% reduction in expenses
1 new customer per month
Reduce average payment time to under 50 days
4 weeks of holiday during which you don’t go into the office at all

We can help:

Setting goals, and a plan to accomplish them, will propel your business forward in 2023. What will you achieve this year? Plan your financial business goals today to start the year off on the right foot. Need help with discovering and meeting your business financial goals? Give us a call today, and together, let's make 2024 the best financial year for you and your business.

Pay Provisional Tax When It Suits You With TMNZ Tax Pooling

Thu, 04 May 2023 21:27:41 GMT

Short on cash for upcoming tax payments or want an alternative source of funding?

Tax pooling with TMNZ is an option that is helping more than 100,000 taxpayers, allowing you that extra bit of leeway to make your provisional tax payments at a time and manner that suits you, without the risk of facing late payment penalties and IRD interest.

What makes tax pooling an effective tool is the benefit of having that extra flexibility if you cannot pay your provisional or terminal tax on time (or have a better or more urgent use for those funds). Tax pooling allows you to defer the full tax payment to a date of your choice paying what you owe in instalments.

If you'd like to learn more about setting up tax pooling for your business, get in touch with our team today to talk you through the options in more detail on managing your tax better.

Fringe Benefit Tax (FBT): A Brief Overview

Wed, 26 Apr 2023 00:00:20 GMT

Do you offer fringe benefits to your employees?

While we understand that Fringe Benefit Tax (FBT) can, at times, be overwhelming, it's essential to get it right, which is why we've put together a brief overview below to ensure that employers meet their FBT requirements in order to avoid late payment penalties and interest. 31 May 2023 is the due date for the next quarterly FBT return and also for those that file FBT returns.

What is fringe benefits tax?

Fringe Benefit Tax (FBT), is a taxable non-cash benefit provided and enjoyed by an employee as a result of their employment relationship that is in addition to wages or salary. As an employer you may be liable for tax (FBT) on certain benefits provided to employees. The most common are:

Motor vehicles provided by the business for the employee's private use
Free, subsidized or discounted goods and services
Low-interest loans
Employer contributions to sickness, accident or death benefit funds, superannuation schemes

When to file your FBT return:

As an employer you are required to file your FBT return either quarterly, annually or by income year. Your choice will depend on the type of company you manage, whether you were an employer in the previous year, the benefits you provide and how much tax you pay.

FBT Calculation Methods:

There are three different types of FBT rates; singe rate, short-form alternate rate, and full alternate rate.

If you file an annual return, you can choose any of the three FBT rates and change rates from year-to-year. If you file quarterly, you can swap between FBT rates during the year. However, if you elect and pay FBT using the alternate rate in any of the first three quarters, you must complete the alternate rate calculation process in the fourth and final quarter.

For more in-depth information on how to calculate your fringe tax liability, please refer to the formulas provided by IRD in their FBT guide which can be found by visiting this link: https://www.ird.govt.nz/employing-staff/paying-staff/fringe-benefit-tax

The Pros and Cons of Helping Your Child to Buy a House

Wed, 12 Apr 2023 02:53:03 GMT

Can you afford to become the Bank of Mum and Dad and help your child buy a house? There are plenty of ways to assist, from a gift to a loan to rent-free cohabitation – which one could be right for you?

Check out the article below to help you make the right decision:
https://public2.bomamarketing.com/.../6vwcwSP6NNCuifFrosI...

Xero Tip of the Month: Sync Xero Reports & Budgets to Google Sheets

Thu, 30 Mar 2023 02:04:31 GMT

By syncing your Xero account with a Google email account, you can export your Xero Reports and Budgets to Google Sheets! This will allow you to modify, save, and share your document by inviting others to view these documents in Google as read-only files, even if they don't have a Gmail account.

To export a Xero Report or Budget:

1. Log into your Xero and go to the Report or Budget that you would like to export.

2. To the right of that document, click the menu icon. You will be prompted to select an export method; select Google Sheets.

3. You will be prompted to log into your Gmail account if you have not already done so. Each time you launch a Google Sheets session, you must confirm that Xero is a trusted site.

4. Once you have exported your document into Google Sheets, you can edit, save or share it.

The General Ledger - March 2023

Sun, 26 Mar 2023 23:36:55 GMT

View our March 2023 General Ledger:

- 2023 Annual Accounts Questionnaires

- Reminder: Minimum Wage To Rise In Line With Inflation From April 1

- Financial Support for Businesses Affected by Cyclone Gabrielle

- Xero Tip of the Month - Sync Xero Reports & Budgets to Google Sheets

- Question of the Month: Tax treatment of payment to staff to help with impact of Cyclone

- IRD Upcoming Tax Payment Dates

https://public2.bomamarketing.com/email/3pPj

Reminder: Minimum Wage Increase From 1 April 2023

Wed, 22 Mar 2023 23:43:12 GMT

A reminder that the minimum wage will go up from April 1 2023, to $22.70 - a 7% increase from $21.20. The Starting-Out and Training minimum wage rates will be maintained at 80% of the adult minimum wage.

It's important to get your ducks in a row before this changes comes into effect. This includes:

-Advising your minimum wage team members of the increase

-Checking your payroll systems and processes

-Updating your employment agreements if relevant

-Updating your business budget.

If you want to find out more about the minimum wage increase and what this may mean for you and your business, follow the link below to our February Newsletter (The General Ledger): https://public2.bomamarketing.com/email/jjmy

Stocktake Reminder: 31 March 2023

Tue, 14 Mar 2023 23:07:28 GMT

Just a reminder that 31 March 2023 is stock take day for businesses that hold more than $10,000 in stock. If you are closed over the weekend, that could be the opportune time to perform your stocktake. To read the full update: https://public2.bomamarketing.com/email/pj6P

If you want any tips on how to streamline your stocktake, touch base with the team at All Accounted For.

Happy International Women's Day 2023!

Tue, 07 Mar 2023 23:41:43 GMT

Wishing you all a very happy International Women's Day!

The theme of this year's International Women's Day is #EmbraceEquity Embracing Equity means celebrating differences, valuing diversity, and supporting inclusivity. #IWD belongs to everyone, everywhere, and together, we can all make a difference.

Join us in celebrating this important international day; join us in embracing equity.

Create A Business Plan - Here's How

Wed, 01 Mar 2023 02:07:01 GMT

‘Fail to plan, plan to fail’, as the saying goes. If you're going to create an effective, successful and profitable business, you need to create a solid strategic plan.

Your business plan is the route map that defines your goals, explains your strategy and gives real direction to the everyday running of the company.

So what should you include in your plan? Here are 5 Key elements to include in your business plan for 2023.

To create a truly robust and meaningful plan:

Outline your vision – explain WHY you’re in business and how you intend to add value for customers. For example ‘We promote a healthy lifestyle through organic produce’.
Set out your goals – outline your personal goals as a founder, and your wider strategic goals for the business. Then explain how these key goals are aligned. If your aim is to exit in 10 years, build this into your long-term plan.
Define your funding and budget – to start trading, you need finance, so outline the investment that’s needed and how you’ll access that funding. Then break down this initial investment pot into clear budgets for each operational area.
Forecast sales and cashflow – define the profit number you need, then calculate the volume of sales needed to deliver that income – and give a clear breakdown of the cash inflows and outflows needed to achieve positive cashflow.
Set your timelines for success – set key milestones and give the business some concrete deadlines for meeting the goals, sales and revenues that you’ve projected.

Talk to us about creating a watertight business plan:

Contact Ben Duflou or Sarah Toner today via advice@aafl.nz. We’ll help you define your purpose as a business, and systematically set out how you’ll achieve your aims, giving you the best possible blueprint for success.

End of Financial Year: The Countdown Is On!

Tue, 28 Feb 2023 21:17:48 GMT

It’s MARCH already! Which means there’s just one month left of the 2022 – 2023 financial year. If you haven’t already, now’s the ideal time to ensure your records are ship-shape and ready for March 31st!

Here are our top tips to help streamline your processes and get organised before the year end!

1. Complete all invoices (do you have any work in progress?)
2. Follow up all outstanding balances
3. Write off bad debts if need be
4. Review all outstanding bills
5. Review your expenses (do you have a home office?)
6. Asset movements – have your purchased or disposed of any assets?
7. Check and confirm on your inventory

Xero Tip of the Month: Bring Old Report Layouts Over To New Custom Reports

Tue, 28 Feb 2023 03:13:14 GMT

As you may be aware, Xero has had two versions of reports for some time — the older version and Xero's ‘new’ reports. Xero's new reports are built on the latest technology and have some great features that will help you get quick access to answers and streamline your financial analysis.

Because Xero is retiring the older versions of their reports, you will no longer be able to use them as of 31 July 2023. However, you can use Xero's layout importer tool to bring across the layout of an old Balance Sheet, Budget Variance, or Profit and Loss report to Xero's new custom reports.

To access the layout importer tool from an old report:

From an old report, use the tool to move the row structure into a new report. The tool applies a preset date and comparison periods:

The Balance Sheet initially compares the current and previous two years.
The Profit and Loss report compares the current and previous three months.
The Budget Variance report compares actual amounts vs the overall budget for the current month and year to date.

To do this:

In the Accounting menu, select Reports.
Use the search field in the top right corner to find and open the old version of the Balance Sheet, Budget Variance or Profit and Loss report.
In the banner message at the top of the report, click Bring standard and saved layouts. You might need to click Learn about changing to open the banner message first.
Select an available layout, then click Next. You can select an old report layout you’ve saved or the standard version of the old report if you prefer that layout.
Give the layout a new name or keep the same name, then click Save.

Once you’ve imported the old layout, you can edit it in the new report. Use the settings at the top of the report to change the dates and comparison periods.

To access the layout importer tool from a new report:

From a new report, use the tool to bring across the old report’s row structure. The imported rows won’t overwrite the settings or columns you’ve already set up in the new report. To do this:

In the Accounting menu, select Reports.
Find and open the new version of the Balance Sheet, Budget Variance or Profit and Loss report. You can use the search field in the top right corner.
In the Tips and tricks panel on the right of the screen, click Select layout. You might need to click Tips and tricks in the top right corner to open the panel first.
Select an available layout, then click Next. You can select an old report layout you’ve saved or the standard version of the old report if you prefer that layout.
Give the layout a new name or keep the same name, then click Save.

To Update layout differences on the new report: You can make further edits if there are differences between the layout of the new report and old report. Once you’re happy with the new report, save it as a custom report to keep the layout.

Report settings: The layout importer tool can't import specific settings such as report date, comparison periods, accrual or cash basis options, and alternative budget. However, you can update your settings on the new Balance Sheet, Budget Variance or Profit and Loss report.

Reorder accounts: In old reports, some accounts are ordered in a specific way, rather than alphabetically or by account code. In new reports, accounts are ordered alphabetically by default. To reorder them by account code:

Click More, then select Account codes.
Click Update.
You can also drag and drop accounts into a different order:
On the new report, click Edit layout.
Select an account or account group, then drag and drop it into the correct order.
Click Update layout to apply your changes.

Check formulas:

In old reports, Xero automatically hides a formula if there are no accounts in the section between the previous and next formula, i.e. it hides the formula if it has no impact on the report result. In new reports, formulas show regardless of the data in a section. This means the new Balance Sheet, Budget Variance or Profit and Loss reports might contain extra rows when compared to the old layout. To remove the extra rows on the new reports, edit the formulas. You need to delete the extra formula, then adjust the formulas below so they don’t reference the deleted formula.

Need help?

Our team is available to support you through this transition. We can create custom reports for your business and teach you how to do this yourself. Contact us today on 04-970-1182.

The General Ledger - February 2023

Mon, 27 Feb 2023 21:22:33 GMT

View our February 2023 General Ledger:

- Cyclone Gabrielle: We're Here to Help and Support You
- Create A Business Plan - Here's How
- Minimum Wage To Rise In Line With Inflation From April 1
- Xero Tip of the Month - Bring Old Report Layouts Over To New Custom Reports
- Question of the Month: Nominees and the Bright-Line Test
- IRD Upcoming Tax Payment Date

https://public2.bomamarketing.com/email/jjmy

5 Simple Tips to Reduce paper Usage in the Office

Mon, 27 Feb 2023 04:29:57 GMT

In addition to the obvious environmental benefits, the reduction of paper consumption in the office has many benefits, ranging from saving valuable time, money and space to enhancing digital literacy. Reducing paper usage doesn't have to be intimidating; you don’t have to implement changes all at once; even small reductions in day-to-day paper usage will start to uncover some real cost savings.

Here are 5 simple tips that can reduce paper consumption:

- Start taking notes electronically - there are some great online alternatives available that enable you to work without pen and paper. Check out the Xero App Store today!
- Make use of electronic communication and collaborate through emailing documents, sharing server folders and within word documents; encourage the use of "edit" and "comment" options instead of printing and marking pages.
- Store files digitally with document scanners
- Minimize Unnecessary Printing - only print the pages of a document that are required. If it is necessary to print it out, ensure you print on both sides (duplex) which is a really easy way to reduce paper consumption by half.
- Keep a collection box by the copy machine for bad copies so the second side can be reused.

Xero Assistance Programme (XAP) extended to all small businesses in Auckland, Northland and Waikato regions

Tue, 21 Feb 2023 21:01:02 GMT

In the wake of extreme weather events, the Xero Assistance Programme (XAP) has been extended to all small businesses in Auckland, Northland and Waikato regions, regardless of whether they are on Xero.

This means any small business owner, employee or their families in the North Island will have access to free and confidential counselling through XAP until Friday 31 March 2023.

To access, users simply need to message xap@xero.com with the name of their business, or follow the instructions here: https://bit.ly/3lCPHWd

If you or anyone you know needs some help to get through these challenging times, please share details of XAP with them.

Xero App Spotlight: Pin Payments + Xero

Wed, 15 Feb 2023 20:58:27 GMT

Looking for an effortless low fee and no-fuss way to improve how your business accepts online payments? Why not try Pin Payments; a modern small business friendly solution that helps you accept card payments from customers online. It's fast and free to join, with no lock-in contracts or monthly fees.

Pin Payments can help you accept online payments from your customers, for a low fee of 1.9% + 30c per transaction. Every account has useful features such as payment links, recurring payments and a Xero Online Invoicing add-on, giving your customers the option to pay your Xero invoices online with their debit or credit card. Once your customer pays your Xero invoice, it will be marked as “paid” – so you don’t have to chase for payment updates.

All you need is your business’s NZBN, and you can sign up and quickly begin to accept payments. To find out more about adding Pin Payments, visit the link below: https://pinpayments.com/

5 Simple Tips for Improving Workplace Ergonomics

Wed, 08 Feb 2023 22:07:10 GMT

Have you ever noticed an increase in neck and back muscle tension and/or pain while using your computer on a daily basis? If you do, this is likely due to the incorrect positioning of your work station.

To reduce the risk of injuries and practice good ergonomics in the workplace consider these 5 simple tips below:

- When working at your desk adjust the height of your chair.
- You may need a foot rest.
- If you are using a table, make sure it is at the appropriate height for your physical requirements to sit at and work comfortably.
- Good posture is important. To maintain correct sitting posture means sitting comfortably in a chair. Some people may need a chair with arm rests so they can rest their elbows. The armrests assist in decreasing shoulder, neck, and upper back strain.
- Have both feet planted on the floor.

To read more information about workplace ergonomics, visit:
https://www.worksafe.govt.nz/.../musculoskele.../ergonomics/

Review the Year That's Been and Plan for the Year Ahead

Mon, 30 Jan 2023 23:50:17 GMT

For business owners, this is often the time of year when you reflect on the progress made in the previous year to effectively plan for goals for the year ahead. Last year, there were inescapable impacts on businesses, with some thriving, others failing, and others just getting by. So what kind of year was 2022 for your business?

Take the time to review the year and acknowledge all that has happened, good, bad or indifferent. Examining the year with an objective perspective can provide valuable insights to prepare for the next business year. Planning and goal setting will help provide a focus for your business efforts.

Your Yearly Business Review

What were the most significant impacts on your business in 2022? How well did you meet the challenges?
What worked well last year? What systems, technology, products or services were successful?
What accomplishments can you celebrate?
What situation, event or experience provided the biggest learning opportunity?
What is the biggest challenge or frustration you face as you prepare for 2023?
What did you most enjoy during the year? Do more of it. What did you least enjoy? Do less of it!
Analyse your financial reports. Are you earning what you’d like to? Is the business sustainably profitable?

Wondering how we can help your business plan for the upcoming year?

While there are many metrics you could evaluate to track business performance, we’ve given you just a few ideas to inspire your business planning for 2023.

When you conduct a past-year review with one of our experienced advisors, we will:

Run through your current business plan
Provide feedback on where you are heading and talk through the opportunities you might not see in your own business
Provide valuable insights for this year's goal setting
Implement a tailored business plan

Keen to learn more? We offer many business advisory services including:

Business Reporting: monthly, bi-monthly, or quarterly
Cash Flow Forecasting
Budgeting
Business Valuations
Software Systems & Apps: setups and assistance

If you’d like to chat about what you can do differently this year to enable your business to thrive, give Ben Duflou or Sarah Toner a call on 04-970-1182 to discuss how we can help.

The General Ledger - January 2023

Mon, 30 Jan 2023 20:43:55 GMT

View our January 2023 General Ledger:

- Welcome 2023: Helping You Reach Your Financial & Business Goals

- Review the Year That's Been and Plan for the Year Ahead

- New GST Invoicing and Record-Keeping Requirements

- Using the Correct Prescribed Investor Rate

- Xero Tip of the Month - Utilising the Xero App Store

- Question of the Month: Income and GST deductions on holding costs when building is empty pending sale

- IRD Upcoming Tax Payment Dates

https://public2.bomamarketing.com/email/0D1W

Xero Tip of the Month: Utilising The Xero App Store

Tue, 17 Jan 2023 03:39:23 GMT

Did you know that there are over 1000 apps that connect with Xero, providing fabulous options to extend the features available in Xero – all so you can profit from an integrated platform that promotes data flow over data entry?

Whether you're after a tool to help you with project management, inventory tracking, point-of-sale or management of bills and expenses, there is an app that can help you streamline the way you manage your business and increase efficiencies.

Discover apps at the Xero App Store by visiting the link below:

https://apps.xero.com/nz

We're Back in the Office!

admin@aafl.nz (Ben Duflou) — Mon, 16 Jan 2023 03:07:41 GMT

Happy New Year, folks!

We hope everyone has had a relaxing break and is ready to embark on the new year of 2023.
The AAF Team is now back in full swing, ready to hit the ground running! We are all feeling energised, invigorated, and ready to tackle any business or tax queries you may have.

You can reach us on our usual contact phone number (04 970 1182), or you can drop us an email at: admin@aafl.nz.

We look forward to working with you all again this year!

Xero App Marketplace: Discovering your App Stack

admin@aafl.nz (Ben Duflou) — Tue, 22 Nov 2022 23:09:34 GMT

Whether you're after a tool to help you with project management, inventory tracking, point-of-sale, or management of bills and expenses, there is an app that can help you streamline the way you manage your business and increase efficiencies. You can filter by function to find the app that is best for you!

Discover apps at the Xero App Marketplace by visiting the link below:

https://apps.xero.com/nz

Xero Tip of the Month: Emailing Your Invoices Directly Into Xero

Tue, 22 Nov 2022 03:48:55 GMT

Want to reduce the amount of paper you store in the office?

Instead of printing your invoices, email them directly to Xero! This will allow you to send invoices from your email directly to your Xero inbox, saving you time and hassle.

To access your Xero email address, follow these instructions below:

Login to Xero and click on the business tab - bills to pay
Click the "Create bill from email" tab
Copy the email address into your address book
Email all invoices to this email address so that they will be waiting for you in Bills to Pay - Draft
Code accordingly and submit for approval for the next person to authorize

The General Ledger - November 2022

admin@aafl.nz (Ben Duflou) — Mon, 21 Nov 2022 23:10:59 GMT

View our November 2022 General Ledger:

- Keeping Your Cashflow Strong in Tough Times: Part 2

- Xero Tip of the Month - Emailing your invoices directly into Xero

- Financial Preparations for the Holidays

- Question of the Month:

- Spotlight: Restaurant Amok

- New Premises Update

- IRD Upcoming Tax Payment Dates

https://public2.bomamarketing.com/email/9ejW

Keeping Your Cashflow Strong in Tough Times: Part 2

admin@aafl.nz (Ben Duflou) — Mon, 21 Nov 2022 01:27:46 GMT

Cashflow is the key component of operating a successful business, regardless of whether your business is in in a holding patterm or in growth mode. Revenue, profit and your bottom line all deserve your attention. With energy prices soaring, supply chain challenges, rising living costs and high inflation, cash is likely to be tight over the coming year and beyond.

Over the past few months, we have been posting a series of cashflow tips via our All Accounted For Facebook page and, as we have now released our final cashflow tip, we'd like to briefly summarise and share some final points for you to consider.

What can you do to improve your cashflow situation?

The more informed you are about your cash position, the more you can do to prepare for any cashflow gaps. It’s this foresight that can make all the difference when you’re battling against tough external economic forces and a downturn in sales. Understanding your cashflow is key, utilising the right tools and practices is secondary.

If you want to safeguard your cashflow, these are just some of the many sensible steps to take:

Update your prices and your sales strategy – Raising your prices is one way to bring in more cash, with the same volume of sales. But it's a balancing act. Putting your prices up can alienate existing customers and could see you losing customers, but if you can find the sweet spot for your pricing AND also drum up more sales, you can quickly increase revenue and give your cash inflows a healthy boost.
Plan ahead for the cashflow gaps – When your forecast shows a shortfall of cash coming up, that’s the time to take action. If you can see that there’s a cash hole approaching next month, it’s time to look at ways of raising extra finance to fill that hole. That could mean extending your bank overdraft, taking out a small business loan, or taking out an invoice finance facility with a lender.
Look for opportunities to cut your overheads – One way to improve your cashflow is to cut down expenditure. If you can cut back on overheads, expenses, and unnecessary costs, this can help re-balance your position, even when cashflow is getting tight. Look for cheaper suppliers, buy in smaller quantities, take every opportunity to cut costs, and keep your spending more sensible.
Review your cashflow reports regularly – It’s important to look at your cashflow numbers and reporting regularly, not just at period-end. This is particularly important when economic times are tough. With the most current cash information to hand, you can make informed business decisions and aim to keep the business operational.
Switch to cloud accounting and integrate with cashflow forecasting apps – Accounting and finance technology has moved on in leaps and bounds in the past decade. Cloud Accounting Platforms such as Xero, offer detailed reporting of your cash position in real-time, giving you up-to-date cash numbers. Xero also lets you add third-party apps to create a custom app stack of helpful business tools. With over 1000 apps, there are plenty of cashflow forecasting options to choose from, giving you the ability to forecast your future cashflow position.

Talk to us about your cashflow processes:

With the business in a healthy cashflow position, you provide a solid financial foundation for riding out the global recession. No business is invulnerable in these conditions, but with liquid cash in the business, you have more flexibility and more capital to play with. Contact Ben Duflou or Sarah Toner via advice@aafl.nz today and we will steer you on the right track forward to improve your cashflow processes.

New to business or know someone that is?

admin@aafl.nz (Ben Duflou) — Thu, 17 Nov 2022 01:45:57 GMT

New to business or know someone that is?

Here at All Accounted For, we know the excitement and challenges in a new business venture, and we're here to help in any way we possibly can.

Let us help you navigate your way through the business start-up process and shoot for the stars. We manage all those tricky accounting-related jobs, such as filing your business tax returns, income statements, GST returns, as well as providing you with expert advice on how to grow your business, leaving you with more time to focus on what you do best.

We also offer a free 'New to Business guide", full of valuable hints and tips to get you started. This guide can be downloaded from our website.

Cashflow Tip #12: Don’t Be Afraid to Ask For Help and Support

admin@aafl.nz (Ben Duflou) — Fri, 04 Nov 2022 06:11:50 GMT

One of the best ways to feel financially empowered is to understand and educate yourself on your business financials. While this may seem complicated and overwhelming at times, the experienced and knowledgeable team at All Accounted For are here to guide and support you along the way, providing sound advice on how to better manage your business cashflow.

So, if you find yourself in a negative cash-flow position and money is tight, don’t be afraid to contact us so we can make sure you and your business are set-up for success. Having a sounding board and practical advice to help work out what to focus on first can cut through all the noise. This brings us to the end of our cashflow series; we hope you have found our tips both insightful and informative. Remember, better cash flow equals a stronger business, less stress for you and greater opportunities for long-term success.

Cashflow Tip #11: Separate Your Personal & Business Finances

admin@aafl.nz (Ben Duflou) — Wed, 26 Oct 2022 06:06:41 GMT

Keep your personal and professional finances separate: use a separate credit card and bank account for business-related expenses. This makes it much easier to manage business cash flows and track your business expenses.

Stay tuned for our final Cashflow tip (Cashflow Tip #12) which will be posted next week.

Xero Tip of the Month: How to Use Tracking Effectively

Fri, 21 Oct 2022 03:07:12 GMT

Have you used the Xero tracking feature yet?

Setting up tracking categories will allow you to report on on different aspects of your business (such as departments, cost centres, or locations). This way, your reports can help you make proactive financial decisions.

Tracking also makes your chart of accounts more manageable as you only need one code for each expense that can be used by all of the departments.

To setup up tracking categories:

In the Accounting menu, select the Advanced option, then click Tracking categories.
Click + Add Tracking Category.
Under Tracking category name, enter the name of the tracking category (eg Stationery). Enter your tracking option names under Category options (eg Office/Admin).
Click save. Now you will be able to run reports by filtering on specific tracking categories.

If you would like any assistance setting this up please contact our team on 04 970 1182.

Scam Alert: Unsure if It’s Inland Revenue Contacting You?

admin@aafl.nz (Ben Duflou) — Thu, 20 Oct 2022 06:02:05 GMT

Have you received a suspicious email, call, or text from someone pretending to be from Inland Revenue?

For information about how to spot a scam and how to protect yourself, including how to report a potential scam - visit the IRD website: https://www.ird.govt.nz/managing-my.../scams/signs-of-a-scam

If you are unsure about any correspondence received from the IRD, you can always contact us on 04-970 1182.

The General Ledger - October 2022

admin@aafl.nz (Ben Duflou) — Thu, 20 Oct 2022 05:56:42 GMT

View our October 2022 General Ledger:

- Why You Should Have a Business Continuity Plan

- Xero Tip of the Month - How to use tracking effectively

- Staff Wellbeing: Guiding Principles to Achieve a Healthy Work-Life Balance

- New Premises Update

- Question of the Month: Will change in share ownership trigger bright-line date for residential property?

- Tax Pooling with TMNZ: Spreading Tax Payments

- IRD Upcoming Tax Payment Dates

https://public2.bomamarketing.com/email/LwVm

Why You Should Have a Business Continuity Plan

admin@aafl.nz (Ben Duflou) — Thu, 20 Oct 2022 01:38:49 GMT

Keeping your business operational is a full-time job. It’s a balancing act that requires you to keep a multitude of plates spinning, while your executive team and employees support you at every stage of the operational journey. But what happens if these plates stop spinning?

Sudden unexpected threats can catch you on the hop. What if an unexpected circumstance comes up that derails your usual operational procedures? How will you cope? What will you do to overcome the issue? And how will you get the business back on target? The answer lies in having a thorough business continuity plan.

What’s a business continuity plan?

A business continuity plan is an executive plan that describes the risks that exist in the business, your strategy for dealing with these known and unknown risks, and how you will mobilise your team to overcome any issues, emergencies, or gaps in trading, etc. If you can plan ahead and put contingency plans in place, you'll be better prepared when a worst-case scenario does appear

How do you formulate your plan?

Every organisation’s business continuity plan will be different. We all have different business models, different company hierarchies and different risks that are peculiar to our own sectors. But the fundamental basis on which you create your business continuity plan will be the same however your company works.

For example:

Identify the critical areas of your business – look at your operational business model and think about where it’s most likely to break down under pressure. Are you reliant on a specific supplier to operate? Which are the fundamental departments in your model and what do they bring to the business? Who are your core heads of department and staff, and who could deputise for them in their absence? In short, look for anything that could break down and how this could affect the whole business.
Create back-up continuity plans for each critical area – you obviously need your main continuity plan to cover the entire business. But it’s also important to look at the risks, essential personnel, and key operational activities for each separate department in the company. Your finance team will need a very different continuity plan to your logistics and delivery team, for example. So, tailor each continuity plan to fit the needs of your main business areas, and make sure they’re all fit for purpose.
Assign a continuity lead and department leads – it’s a good idea to assign a main business continuity lead role or champion, so the responsibility for reviewing and updating the plan sits under someone’s remit. You’ll also need to have a lead person for each critical department, so every cog in the wider machine is represented.
Make sure everyone knows the continuity plan – a business continuity plan is useless unless the whole company is aware of the plan and knows what to do. Have a central phone number, WhatsApp group, and email address set up for any business continuity emergency. And use your internal communications team to provide regular messaging, training, and updates on changes to the ongoing continuity plan.
Keep the business operating – ultimately, your continuity plan exists to keep the company operating in challenging times. It could be that your HQ is flooded out and has to be closed down and moved to an alternative location. It may be that significant employee sickness hits you, leaving only a skeleton staff to run each department. Whatever the circumstances, your plan needs a contingency in place, so you and your remaining staff can continue to trade, make sales and bring in revenues.

Talk to us about building a business continuity plan

No plan can completely remove the threat of the unknown – that’s an impossibility. But with a continuity plan that’s well-conceived and ready to implement, you reduce the potential risks and give you and your team a practical strategy and tactics to work with.

Need to get a plan in place?

We’ll help you analyse your business model, look for the critical areas and assess the potential risks. We’ll also help you put together a watertight business continuity plan that’s ready to implement if (and when) specific threats hit the business. Want to know how, contact Ben Duflou or Sarah Toner via advice@aafl.nz .

Create Your Financial Future Seminar 2022

admin@aafl.nz (Ben Duflou) — Wed, 12 Oct 2022 21:04:53 GMT

Are you ready for the future? Do you have a financial plan to retire? Can you get by on just the Govt superannuation?

These are some key questions to have answered when you're planning on how you're going to achieve the retirement you want. Your best retirement starts with a great plan. No matter where you are on your journey, the perfect time to start planning for retirement is now.

Join us at the upcoming "Create Your Financial Future" Seminar on 9 November 2022, presented by seven industry professionals (including our director, Ben Duflou) who will be sharing their in-depth knowledge and no-nonsense, practical, and professional tips, helping you make more informed retirement decisions and retire with confidence.

With a bit of planning and foresight, you can ensure that retirement is precisely what you want it to be - a happy and fulfilling time in your life with peace of mind knowing that your loved ones are secure and taken care of.

https://www.eventbrite.co.nz/.../create-your-financial...

Balance & Wellbeing: Kemi's 7 Principles of Living a Balanced Life

admin@aafl.nz (Ben Duflou) — Mon, 10 Oct 2022 00:10:34 GMT

At the Xerocon Conference 2022, we heard from inspiring speaker Kemi Nekvapil, who invited us to consider our well-being within ourselves, prioritising our self-care to feel nourished, happy, and fulfilled.

Below are Kemi's 7 Principles of Living a Balanced Life – founded on the premise that you cannot be sustainable to others if not to yourself:

1. Body nourishment – food, sleep, and exercise.

2. Self-care – you can't give to others if you don't give to yourself.

3. Creative expression

4. Joy creation

5. Elevating relationships and communities

6. Living passions

7. Purpose and contribution

The key takeaway message from this talk was that we must do something daily that brings us joy and excitement. Without a balanced life, how can we succeed? So, what will be on your list today that brings you joy and excitement?

The Cost of Living Payment: Third Instalment Monday 3 Oct 2022

admin@aafl.nz (Ben Duflou) — Sun, 02 Oct 2022 23:26:09 GMT

Cost of Living Payment:

If you are eligible for the Cost of Living Payment, the third instalment of $116.67 will automatically be paid into your bank account today, Monday, 3 October 2022.

You may be eligible for the cost of living payment even if you have not received the first two payments. If you earned less than $70,000 between 1 April 2021 and 31 March 2022, you are eligible for the one-off $350 payment, paid over three months.

For more information about the Cost of Living Payment visit the Inland Revenue website: https://ird.govt.nz/cost-of-living-payment or give us a call today on 04 970 1182.

Cashflow Tip #10: Use Technology to Manage Cashflow

Wed, 21 Sep 2022 21:43:02 GMT

Keeping tabs on your cash flow and financial situation can be extremely time-consuming, but this issue can be resolved with the use of cloud software. Use accounting software like Xero to help manage and track your finances!

Xero works in the cloud, so all your bookkeeping, invoicing, banking, and accounts can be managed in one place, through your web browser or mobile device. And when Xero is optimised and set up to work effectively for your business, you get a complete real-time view of your finances.

The key to making cash flow work for you is having the best possible overview of your finances. And this is where Xero online accounting truly excels.

Talk to us to learn more about Xero and our competitive Platinum Partner pricing packages. We’ll teach you how to use Xero to manage your business numbers.

Xero Tip of the Month: Using the Assurance Dashboard

Fri, 16 Sep 2022 04:11:38 GMT

Zero in on Xero; with the Assurance Dashboard!

The assurance dashboard allows you to monitor the accuracy and integrity of your financial data - all in one place! You can find the Assurance Dashboard under the Advisor menu by clicking on the Accounting Tab and then selecting the Advanced Section. Use the Assurance Dashboard to:

Check user activity as well as users' roles and last login dates.
Monitor bank account activity: the bank accounts tab shows the details of any manual bank account updates, specifically manually deleted statement lines or manually reconciled transactions.
See if any suppliers have duplicate bank account numbers or if any have been edited recently
Invoices and bills that have been backdated will show under the assurance dashboard where you can filter by time and drill into any transactions if necessary

Cashflow Tip #9: Anticipate and Plan for Future Cash Needs

Fri, 16 Sep 2022 00:54:04 GMT

Stay one step ahead of the game and build cash flow forecasts, reviewing them often and revising as needed. Doing so will help you anticipate your business's financial trajectory and help you respond and adapt faster than the competition.

Forecasting can enable you to utilize existing assets effectively. It can also help you confidently plan for other significant milestones in your business's evolution. Make analysing your statements a regular part of your back office routine. The more you do it, the better you'll get at spotting opportunities to increase cash flow—and nip shortages in the bud.

Need a hand with your business forecasting? We can help. Give us a call today to discuss your concerns and potential options, and together, let's get you and your business ahead of the game!

The General Ledger - September 2022

admin@aafl.nz (Ben Duflou) — Thu, 15 Sep 2022 05:07:55 GMT

View our September 2022 General Ledger:

- Cash Flow vs. Profit: What's the Difference?

- Audit Shield Insurance - Protect Yourself From a Tax Audit

- The AAF Team at Xerocon 2022

- Xero Tip of the Month - Using the Assurance Dashboard

- Xero Pricing Increase - 15 September 2022

- Keeping on top of your Tax Reminders: IRD Upcoming Tax Payment Dates

- Question of the Month: Should Company Be Withholding Rwt on Interest Paid Within Company Group?

https://public2.bomamarketing.com/email/bynx

Cash Flow vs. Profit: What's the Difference?

admin@aafl.nz (Ben Duflou) — Thu, 15 Sep 2022 02:46:09 GMT

The foundational goal of any business is to make a profit. As a business owner, that’s one of your key financial aims – to make enough sales, at a big enough margin, to generate profit from your enterprise. But how does profit differ from cashflow? And why is cash king?

How do profit and cashflow differ?

To really understand the difference between generating profit and managing cashflow, we need to look at what both these terms mean. You might think that delving into the accounts is a job for your adviser, but being in control of your profit and cashflow is an invaluable business skill.

Let’s take a look at the differences:

What is profit? – Profit is the surplus left from your income once all of your expenses have been paid. It's driven by creating a profit margin and generating value from your products and/or services.
What is cashflow? – Cashflow is the ongoing process of ensuring that the business has the available cash (or ‘liquid’ cash) needed to operate. This provides the money needed to trade, pay suppliers, cover wages or buy raw materials, etc.

Why is positive cashflow so important?

‘Cash is king!’ may be a cliche these days, but it’s a maxim which underpins any successful business model. Yes, it’s great to make a profit at year-end, but if you don’t look after your cashflow then your business will struggle.

What’s needed is good cashflow management to enhance your financial health. And without a careful eye on your cash numbers, things can quickly go awry.

A business can generate high revenues and big profits, but still, be cashflow poor. In other words, it can have profits at the end of the period but have very little liquid cash to fund its day-to-day operations over the course of the period.

Talk to us about improving your cashflow management

Good cashflow management is all about being in control of your cash inflows (income you’re generating) and your cash outflows (what you’re spending). To achieve ‘positive cashflow’ you need to proactively work to keep your inflows higher than your outflows.

At All Accounted For, we’ll help you set up detailed cashflow reporting and forecasting, so you can keep the business in that ideal positive cashflow position. And we’ll also look at key steps for keeping your revenues high, margins profitable, and meeting your financial targets.

Interested to hear more? Get in touch with us today to discuss how we can help manage your cashflow effectively on 04-970-1182

Cashflow Tip #8: Cut Unnecessary Expenses

Mon, 05 Sep 2022 05:04:55 GMT

Overspending can often result from covering unnecessary expenses or paying for expenses at unstrategic times. Cut overspending to increase cash flow.

Do an inventory check and make a list of the goods you purchase that aren’t moving off the shelves at the same pace as your other products. Your costs increase when you hold on to unsold inventory. In order to minimise unnecessary costs and free up storage space, focus on products that move quickly and sell slow-moving or outdated items for a lower price.

The Cost of Living Payment: Second Instalment Thursday 1 Sept 2022

admin@aafl.nz (Ben Duflou) — Wed, 31 Aug 2022 05:00:12 GMT

Cost of Living Payment:

If you are eligible for the Cost of Living Payment, the second instalment of $116.67 will automatically be paid into your bank account tomorrow, Thursday, 1 September 2022.

You may be eligible for the cost of living payment even if you have not received the first payment. If you earned less than $70,000 between 1 April 2021 and 31 March 2022, you are eligible for the one-off $350 payment, paid over three months.

To find out more about the Cost of Living Payment and check your eligibility, visit the following link below: https://public2.bomamarketing.com/email/kPja

Cashflow Tip #7: Log Expense Receipts

Tue, 30 Aug 2022 23:34:53 GMT

Unfortunately, it is a common mistake for small business owners not to save copies of their expense reports. This can result in various tax, accounting, and cash flow issues.

If you have ever looked at your bank statement and seen a charge for a hundred dollars and had no idea what it was, then you are familiar with the problems that come with poor record keeping. One way you can solve this problem is by saving a receipt for every purchase your business makes. It may seem like a lot of work, but there are a few accounting tips to make it easier.

The first is to use one credit card to pay for all business expenses and, second, keep track of your receipts by having a designated location, such as a spot in your car or desk. Or, better yet, take a snap of your receipt on your phone instantly! These tricks keep you organised so you can file for taxes on time.

Unsure what business expenses you can claim for? Give us a call today, and we'll talk you through it.

Reporting Requirements for Domestic Trusts

Wed, 24 Aug 2022 22:30:11 GMT

Inland Revenue has introduced new financial statement reporting and standards for domestic trusts, which will apply from the 2021-22 income year. This might mean another layer of obligation for you, so we've compiled a quick rundown of the new rules to keep you updated.

To read these requirements, visit: https://public2.bomamarketing.com/email/X6yP

We understand that the new reporting and disclosure requirements may be overwhelming, so if you'd like to discuss the requirements and how we can help you navigate through these complex trust requirements, contact us today on (04) 970-1182 and we'll talk you through it.

Cashflow Tip #6: Utilise Cheap and/or Free Financing Options

Tue, 23 Aug 2022 22:24:47 GMT

If you are looking to invest in your company through low to medium-cost purchases such as upgrading your computer system, buying new furniture, or replacing your company vehicles, you should take advantage of financing options that have low or no interest for the initial period of the loan.

Using this strategy for a business loan will help you save money by cushioning the cash hit to your business. If you pay off the full loan upfront before the interest rates kick in, you will save even more, allowing you to make the most of your investment.

Cashflow Tip #5: Consider Leasing Instead of Buying

Mon, 15 Aug 2022 03:22:32 GMT

Business owners can often avoid the large up-front costs of new equipment and other capital expenditure by renting instead. Leasing equipment for a fixed monthly fee will allow you to make smaller payments that don’t eat into your cash reserves.

Remember to consider the costs of repairs and maintenance of equipment the business owns when weighing up the benefits of leasing vs. buying. Many commercial lease agreements include servicing, so leasing may be a better option if you’re spending a lot on technicians’ fees.

Cashflow Tip #4: Renegotiate Existing Service Contracts

Wed, 10 Aug 2022 03:19:43 GMT

Another tip to increase your business cash flow is regularly reviewing service plans and contracts. Start by looking at your internet, phone bills, copiers, software support, and janitorial/building maintenance contracts to pinpoint opportunities to save.

Improved technologies and increased market competition have driven prices down on many services, so it’s worth taking the time to shop around for a better deal.

Cashflow Tip #3: Improve Your Accounts Receivable

Fri, 05 Aug 2022 03:15:59 GMT

In a small business, it’s easy to be focused on driving new sales; closing deals is exciting, especially when you’re trying to grow. But, once the business is won and the service has been provided, the job is far from over.

By actively managing your accounts receivable, you can stay on top of outstanding invoices and decrease the time it takes to get paid.

One way you can do this is by encouraging customers to pay early. For example, if your payment terms are net 30 days, consider offering a slight discount for customers paying net 10 days.

Offering various payment options, such as credit card payments or through online payment gateways, such as PayPal, will make it as easy and convenient for your customers to settle their balances. While these options may come with processing fees, getting money faster is better for your business if cash flow is tight and eliminates time & labor spent on collection. These options can help prevent you from stacking up credit card debt to cover expenses.

The Cost of Living Payment: First Instalment Monday 1 August 2022

admin@aafl.nz (Ben Duflou) — Mon, 01 Aug 2022 03:02:33 GMT

Cost of Living Payment:

- First Payment today (1 August 2022), for those earning $70,000 or less

- To receive the payment, the IRD needs your bank account number

- If your 2022 tax return has not yet been filed, you'll receive the payment later in the year

- Any questions, contact the team at All Accounted For or read more at the following link

https://public2.bomamarketing.com/email/6MzW

Cashflow Tip #2: Keep Your Books Accurate and Up to Date

Thu, 28 Jul 2022 21:49:35 GMT

Having a good grasp of your business's cash flow position is impossible without keeping detailed financial records. The more attuned and in touch you are with the numbers, the better your chances are of spotting any unwanted trends, patterns, or warning signs.

Keeping your books accurate and up-to-date will allow you to see your business's financial health at a glance and make business decisions based on actual figures and facts.

Need a hand? Talk to us today about your bookkeeping needs and find out how All Accounted For can help.

Cashflow Tip #1: Maintain a Cash Reserve

Thu, 28 Jul 2022 21:22:04 GMT

Uncertainty is a predominant theme running through most businesses today. Between a tight labour market, COVID-19, and the current inflation rate, staying competitive as a small or mid-sized enterprise has become challenging. But there are a few ways to make you weather any storm that the future holds, and having a cash reserve is one of them.

Cash reserves are funds set aside to cover operating expenses in emergency situations. Cash reserves give you time to reset and recover, whether your problem is late-paying customers, seasonal revenue fluctuations, or temporary business closures. An emergency cash reserve ensures you make it through difficult times in your business without having to stack up credit card debt.

Maintaining a cash reserve puts you in a position of strength. It might mean paying yourself a little less in the short term, but in the long term, it will put your business on the path to success. That ultimately means more money in your pocket.

Xero Tip of the Month: The App Launcher

Tue, 19 Jul 2022 04:14:45 GMT

Have you tried the Xero App Launcher?

A new button in the navigation bar allows users to find and switch between connected apps within Xero. Simple to use, App Launcher increases accessibility to all your favourite apps while also making it easier to manage your apps without closing Xero!

To access the app launcher, click the 9 dots on the right side of the navigation bar, as per the image below.

The General Ledger - July 2022

admin@aafl.nz (Ben Duflou) — Mon, 18 Jul 2022 22:25:12 GMT

View our July 2022 General Ledger:

- Keeping Your Cashflow Strong in Tough Times

- Reminder: Small Business Cashflow Scheme

- Welcome to the team: Shruti

- Question of the Month: Claiming Costs for Electric Cars

- Xero Tip of the Month - The App Launcher

- IRD Upcoming Tax Payment Dates

https://public2.bomamarketing.com/email/MjWW

Keeping Your Cashflow Strong in Tough Times

admin@aafl.nz (Ben Duflou) — Mon, 18 Jul 2022 02:52:22 GMT

Small businesses are particularly vulnerable in tough economic times. When sales are slow, there are still overheads and salaries that need to be sorted. Pre-planning and being proactive can help you weather tighter economic periods and allow you to continue to thrive.

Businesses must have a clear picture of their payroll and any other planned expenses that will need to be accounted for.

If there's even a possibility that there could be a shortfall, it's essential to meet this head-on. Whether this means talking to your supplier or creditors to figure out an arrangement or compromising on other business outgoings, it's essential to make a plan ensuring that the business, or your staff, won't be negatively impacted.

To help weather the storm, here are some ways you can minimise the stress of your business cash flow:

Invoice early - Send any invoices that you can, and in advance if possible. Perhaps consider whether you have any regular clients or customers whom you could offer a retainer or similar deal to if they book services or make a purchase from you in advance.
Chase payment - Use this opportunity to chase up any outstanding payments. Strong communication and relationships matter - talk to clients and chase invoices.
Talk to suppliers - A little honesty can go a long way. Perhaps they can extend a line of credit for your payments to them. In most cases, a good supplier would rather offer a little flexibility to keep an ongoing business relationship.
Review inventory - Can you find a cheaper supplier locally to avoid the shipping costs or discuss alternative products that allow you to reduce expenses?
Review your costs - It’s also a good idea to do a general review of expenses. Business costs can creep up, and it’s a great idea to make time to check on your expenses regularly, no matter what your financial situation. Review all of your regular payments and subscriptions as well as upcoming costs. There may be travel, functions, or purchases to which you can decide on an alternative approach.

Talk to us about implementing cash flow strategies:

At All Accounted For, we can work with you to implement strategies to protect your business long-term and help you alleviate cash flow worries to improve economic resilience. Interested to hear more? Get in touch with us today to discuss how we can help manage your cashflow effectively on 04-970-1182.

Cryptocurrency Tax Records

admin@aafl.nz (Ben Duflou) — Fri, 15 Jul 2022 04:37:53 GMT

Do you invest in cryptocurrency?

Cryptocurrency is becoming more and more popular as an investment option. Whether you're holding, trading, mining, staking, lending, or otherwise investing crypto assets, your gains are likely to be taxable, so it's important that you are aware of the tax implications. These tax rules can be complex and challenging to understand. That's where we come in.

We'll help you get on top of your tax obligations early, so you don't end up with an unexpected tax bill further down the line, saving you valuable money, stress, and time.

If you have any queries on the taxability of cryptocurrencies, please get in touch with our team today.

Bookkeeping Simplified with All Accounted For

admin@aafl.nz (Ben Duflou) — Sun, 03 Jul 2022 21:04:03 GMT

Are your days filled with following up on endless customer payments, processing receipts, and reconciliation instead of focusing on the important work that matters most to your business?

Whatever your bookkeeping needs are, we can help. Whether it's ongoing bookkeeping support, Xero setup and training, one-off queries, or checking your accounts, All Accounted For Bookkeeping services have got you covered. All Accounted For specialises in cloud-based services, primarily Xero Accounting software and other cloud-based systems such as Workflow Max and Paysauce.

Our talented bookkeepers will untangle that paperwork and turn chaos into calm, providing the support you need to help manage and understand your day-to-day finances so you know what's happening in your business. With All Accounted For by your side, you'll also be able to maximise your time and work more efficiently, saving you valuable money and allowing you more time to focus on the big picture.

Want to hear more? Let's talk! Give us a call or send us a message for a chat about your bookkeeping needs and to find out how All Accounted For can help.

Future-Proof Your Business With All Accounted For

admin@aafl.nz (Ben Duflou) — Thu, 16 Jun 2022 04:40:45 GMT

Our experiences of the pandemic have demonstrated one very clear lesson – you never know exactly what lies around the corner for your business. But the more prepared you are, the better you can respond when new threats and opportunities appear.

With this in mind, forecasting and scenario planning can be exceptionally important tools. Rather than crossing your fingers and hoping for the best, our experts can help you plan for two, three, or more different outcomes – with different strategies and tactics for each scenario. You can't bullet-proof your business, but you CAN make sure that you least have a Plan B (or C).

If you would like help putting in place a plan for your business, give us a call to talk through your concerns and potential options.

4 Strategies to Help Your Business Weather Inflation

admin@aafl.nz (Ben Duflou) — Thu, 16 Jun 2022 04:35:45 GMT

As we navigate through the challenge of the rising inflation rate across the nation, it's essential that businesses look closely at their expenses and what they can do to ease the effects of high periods of inflation. To help guide you through that process, we've put together a short guide on the core areas to review & common tactics that can help your business adapt during times of high inflation.

You can read this guide in our May 2022 General Ledger Newsletter by clicking the link below:

https://public2.bomamarketing.com/email/9wke

The General Ledger - May 2022

admin@aafl.nz (Ben Duflou) — Thu, 16 Jun 2022 04:31:17 GMT

View our May 2022 General Ledger:

- 4 Strategies to Help Your Business Weather Inflation

- Kiwisaver Government Contribution - Are you on track?

- Welcome to the team: Hollie, Tanya, Vivian & Nerissa

- Question of the Month: Can employees claim home office expenses while working from home due to COVID-19?

- Xero Tip of the Month - Part-payment of invoices

- IRD Upcoming Tax Payment Dates

https://public2.bomamarketing.com/email/9wke

4 Strategies to Help Your Business Weather Inflation

admin@aafl.nz (Ben Duflou) — Mon, 30 May 2022 03:06:48 GMT

Spending review: Reduce expenses when and where possible:

Now is the time to review spending across all areas of the business. This process includes pure spending costs and analysing the cost process. How much control is being taken over the spending and costs that are going out of the business? Are there some immediate gains that can be made by changing suppliers, negotiating new rates, and stopping some costs altogether?

It is critical that costs are streamlined so that the business can operate effectively to achieve its business goals and profitability. Now, this is of course something that should be done at all times, not just in times of inflation, but the opportunity is presented to start this process now in response to these inflation rises.

Efficiency analysis:

A core part of spending review is automating processes. This will reduce costs tangibly and increase the efficiency of the business. Saving time costs, particularly team costs, will deliver savings that can be redirected into other areas of the business, ideally to the most profitable areas.

Focus on profit:

All businesses must identify new or focus on the most profitable revenue streams in their businesses, or at least the revenue streams that will better withstand the rising inflation market (or have fewer costs associated with it). Focusing on these streams and directing resources, efforts, and costs here will make for a resilient business model as they go through the next 12 months and beyond. This isn't always an option for every business, but if there are multiple revenue streams, this should be a priority.

Review business pricing:

With inflation causing you to spend more, your business may need to review its pricing. While raising prices always comes with some customer resistance, it needs to be done to combat inflation's effect on your business costs. This is always a sensitive topic to tackle with clients and customers, but at least the way has been paved for you by prices rising across almost every single sector and industry.

How we can help:

If you're wondering how to implement some of these strategies or how much you need to increase prices in order to keep up with inflation or maintain your margins, do give us a call. We can run the numbers, test out scenarios and figure out a sweet spot that will work for your business. We would love to help.

Claiming Vehicle Expenses

admin@aafl.nz (Ben Duflou) — Wed, 25 May 2022 04:51:22 GMT

If you only use your vehicle for business purposes, you can potentially claim the full running costs as a business expense.

However, if you use your vehicle for both business and personal reasons, you can claim only a portion of the total running costs. It’s essential to keep a logbook to accurately calculate and justify the percentage of work-related vehicle use to Inland Revenue (IRD). Not keeping logs may limit what can be claimed.

If you would like to discuss how the motor vehicle deduction rules would apply to your business, please contact the team today.

The General Ledger - Budget Special - May 2022

admin@aafl.nz (Ben Duflou) — Wed, 25 May 2022 04:48:41 GMT

View our May 2022 General Ledger: The Budget Special

- New funding for health, education & more infrastructure.

- $350 payments for eligible tax payers earning under $70,000

- No new taxes.

- Small business - limited support.

Our summary of the key budget impacts can be found here:

https://public2.bomamarketing.com/email/B6x7

Budget 2022 at a Glance: What You Need to Know

admin@aafl.nz (Ben Duflou) — Wed, 25 May 2022 04:42:39 GMT

After tuning in to watch this afternoon's 2022 Budget announcement, we've put together a short summary of the key points:

Here's what you need to know:

- Fuel tax cuts and half-price public transport have been extended for two months with ongoing half-price public transport for community service cardholders.

- New 'cost of living payment' for people earning up to $70K. This is a temporary payment for people not entitled to the Winter energy payment. It will be paid across three months from August, totalling $350.

- $2.9b for Climate Emergency Response - some of which is supporting businesses with decarbonizing

- $264m for business growth infrastructure and tourism projects

- An extension of the apprenticeship boost scheme

- Additional $2.8b into the Education Sector

Keep an eye out for our General Ledger Budget Special coming soon, explaining what this means for you and your business.

New to Xero: The App Launcher

admin@aafl.nz (Ben Duflou) — Wed, 25 May 2022 04:34:30 GMT

Have you tried the Xero App Launcher?

A new button in the navigation bar allows users to find and switch between connected apps within Xero. Simple to use, App Launcher increases accessibility to all your favourite apps while also making it easier to manage your apps without closing Xero!

More info here: https://central.xero.com/.../About-the-Xero-App-Launcher

Xero Tip of the Month: Part Payment of Invoices

Mon, 16 May 2022 04:18:22 GMT

If your customer pays an invoice in multiple stages it can create a bookkeeping nightmare... But Xero has a quick way to record part payments!

To part-pay from within an invoice follow these instructions below;

Click on the match tab to bring up outstanding invoices.
Find the invoice the payment relates to and tick the box to the left. Xero will recognise that the full amount has not been paid and the word Split will appear to the right.
Click on Split and it will bring up the part payment.
Click Split again to save and then click on reconcile. Done! You have now successfully part paid your invoice.

Annual $521 KiwiSaver Government Contribution: Are You on Track?

admin@aafl.nz (Ben Duflou) — Thu, 12 May 2022 21:54:19 GMT

A reminder that you have until 30 June 2022 to make sure you have contributed at least $1042.86 into your KiwiSaver account to maximize the Government KiwiSaver Contribution top-up. Every dollar counts! Do you need to make a one-off payment to get yourself over the line?

So how does it work?

If you’re eligible, the Government will contribute 50 cents for every dollar you contribute to your KiwiSaver account, up to a maximum of $521.43 each year. All you need to do is contribute at least $1,042.86 of your own money between 1 July to 30 June each year. For Salary and wage earners, your employer will pay your KiwiSaver contributions on your behalf. However, if you are self-employed, you can set up an automatic payment to your KiwiSaver provider.

To be eligible, you must:

- Be a KiwiSaver member

- Live in New Zealand

- Be 18 years old or younger than 65

- Make one off or regular contributions by 30 June each year.

More information is available on the Inland Revenue website -

https://www.ird.govt.nz/.../getting-the-kiwisaver...

Scam Alert: Unsure if It’s Inland Revenue Contacting You?

admin@aafl.nz (Ben Duflou) — Wed, 04 May 2022 04:21:54 GMT

Have you received a suspicious email, call, or text from someone pretending to be from Inland Revenue?

For information about how to spot a scam and how to protect yourself, including how to report a potential scam - visit the IRD website: https://www.ird.govt.nz/managing-my.../scams/signs-of-a-scam

If you are unsure about any correspondence received from the IRD, you can always contact us on 04-970 1182.

The General Ledger - COVID-19 Special Update

admin@aafl.nz (Ben Duflou) — Wed, 04 May 2022 04:05:06 GMT

View our General Ledger: COVID-19 Special Update

- Reminder: COVID Support Payment (CSPs) Applications close Thursday, 5 May 2022

https://public2.bomamarketing.com/email/ndKp

Working Solo: Tips to Stay Mentally Well

admin@aafl.nz (Ben Duflou) — Wed, 04 May 2022 03:45:52 GMT

Are you working solo? If you're your own boss or work in a small team, and you're feeling worn out and stressed, it can affect your business. And if your business is facing some challenges, that can also affect your well-being and personal relationships. Therefore, it is essential to have ways to cope with the stress of owning a business to avoid burnout.

Check out the link below to read some tips to keep you feeling well and connected from business.govt.nz. Also, remember that the Xero Assistance Programme is available free to those on Xero Starter, Standard & Premium plans, and their employees and families.

https://www.business.govt.nz/news/working-solo-tips-to-stay-mentally-well

Xero Tip of the Month: Create a Xero Desktop Shortcut

Thu, 14 Apr 2022 04:21:41 GMT

Want to shave more seconds off your bookkeeping? Speed up your login by creating a Xero shortcut on your desktop to allow quick and easy access to your Xero file. Its a simple trick but convenient one nonetheless!

Create a shortcut on your desktop and access the login screen directly without typing in the Xero’s address.

This is how you can do it. On windows desktop:

Right click and and go to “New”
click “shortcut”
Enter the URL above in, “Type the location of the item” field. Again, make sure to replace the capital letters in the URL with your username.
Click “Next”
Type the name for this shortcut and click “Finish”

That’s it. Just open up this shortcut every time you need to access Xero accounting software. It will take you to your login screen where you username is already entered. Enter your password and start working.

The General Ledger - April 2022

admin@aafl.nz (Ben Duflou) — Wed, 13 Apr 2022 03:52:13 GMT

View our April 2022 General Ledger:

- Happy Easter & AAF Out-Of-Office Dates

- Goal setting for the New Financial Year: Tips on how to plan for success

- Xero Tip of the Month - Create a Xero desktop shortcut

- IRD Upcoming Tax Payment Dates

- Question of the Month: Does converting a residential rental property to a family home trigger a bright-line disposal??

https://public2.bomamarketing.com/email/XV2R

Latest Xero Product Releases - April 2022

admin@aafl.nz (Ben Duflou) — Mon, 04 Apr 2022 23:24:00 GMT

Have you seen the April 2022 product releases from Xero?

Here are the latest product changes and features that may be of interest to you:

- Track time on your desktop in Xero Projects

- Navigate to your favourite apps from one place with Xero's App Launcher

- A fresh new look across bank rules and the Xero dashboard

Check out the full update here:

https://bit.ly/3wUShdC

Got a question regarding some of these changes? Give us a call today, and we can guide you through the latest product updates, enhancements, and how they can work for you and your business.

Changes to the Small Business Cashflow Scheme (SBCS)

admin@aafl.nz (Ben Duflou) — Tue, 29 Mar 2022 20:29:16 GMT

Changes to the Small Business Cashflow Scheme (SBCS) have now come into effect, with the loan amount now increased to $20,000 (from $10,000), plus $1,800 per full-time equivalent employee.

A top-up loan is also available for businesses and organisations that currently have a loan under the original amount.

To find out more, visit:

https://www.ird.govt.nz/.../business-and-organisations/sbcs

Xero Tip of the Month: Setting up Invoice Reminders

Fri, 25 Mar 2022 03:25:55 GMT

Need to follow up on your accounts receivable but don't have the time? Let Xero take care of it for you with the automatic invoice reminder feature! You can set up invoice reminders, configuring Xero to automatically send customer reminders based on how far an invoice is past due.

To set this up:

Go to Settings, then General Settings, then Invoice Settings, where you’ll see the Invoice Reminders button. Here you can turn on invoice reminders.
Choose from the predetermined days' past due parameters or create your own reminder. You can even customize what each reminder email says by clicking on the Edit link.

Additionally, Xero has an option to include a link to the invoice in the reminder email as well as an option to not send reminders for outstanding invoices under a certain amount. If you need to get even more specific, you can turn off reminders for a particular customer or invoice.

Minimum Wage Increase: Friday, 1 April 2022

admin@aafl.nz (Ben Duflou) — Thu, 24 Mar 2022 22:08:01 GMT

From Friday, 1 April 2022, the minimum wage will be increasing.

Details of the changes are:

• The adult minimum wage will increase from $20.00 to $21.20 per hour.

• The minimum wage for starting-out and training will go up from $16.00 to $16.96 per hour.

• All rates are before tax and any lawful deductions, for example, PAYE tax, student loan repayment, child support.

If this change affects you and your business, now is the time to talk this through with us. We can help your business forecast for the year ahead and create a realistic budget to account for this minimum wage rise and other factors you might need to consider in the upcoming year. Give us a call today.

To find out more on the minimum wage 2022, visit: https://www.business.govt.nz/news/minimum-wage-rises-1-april-2022

The General Ledger - March 2022

admin@aafl.nz (Ben Duflou) — Thu, 24 Mar 2022 21:58:41 GMT

View our March 2022 General Ledger:

- 2022 Annual Accounts (EOFY): Questionnaires

- An Update on the COVID-19 Business Support Provision

- Managing the impact of COVID-19 cases within your business: Schemes available

- Minimum Wage Increase ($21.20 per hour)

- Xero Tip of the Month - Setting up invoice reminders

- IRD Upcoming Tax Payment Dates

- Question of the Month: Is rollover relief available to transfer of trust property to beneficiary?

- Client Spotlight: Bea DnD Games on Jackson Street, Petone

https://public2.bomamarketing.com/email/wg17

Applications now open: The Second COVID-19 Support Payment (CSP)

admin@aafl.nz (Ben Duflou) — Sun, 13 Mar 2022 21:55:37 GMT

Applications are now open for the second COVID-19 Support Payment (CSP), with a third payment opening on 28 March 2022.

The period each CSP will cover are:

• For the 1st CSP, businesses will need to show their income is 40% lower in a 7-day period any time between 16 February 2022 and 4 April 2022, compared to a typical week between 5 January and 15 February in either 2021 or 2022.

• For the 2nd CSP, businesses will need to show their income is 40% lower in a 7-day period any time between 7 March 2022 and 4 April 2022, compared to a typical week between 5 January and 15 February in either 2021 or 2022.

• For the 3rd CSP, businesses will need to show their income is 40% lower in a 7-day period any time between 21 March 2022 and 4 April 2022, compared to a typical week between 5 January and 15 February in either 2021 or 2022.

Businesses can now compare their income drop to a typical week in 2021 from today, Monday 14 March 2022.

Self-employed people who have received the Ministry of Culture and Heritage’s one-off emergency grant for self-employed people will be able to apply for the 2nd and 3rd CSPs.

Please note that all applications for all 3 CSPs will close on Thursday, 5 May 2022.

For further information, visit: https://www.ird.govt.nz/covid-19/business-and-organisations/covid-19-support-payment?fbclid=IwAR3BgYM09exX8t3yMNTklx9utHUsSDg0O1V76dMzoBHzFV3Vl0dtHZWaOdc

Applications now open: COVID-19 Support Payment (CSP)

admin@aafl.nz (Ben Duflou) — Fri, 04 Mar 2022 01:48:42 GMT

The COVID-19 Support Payment (CSP) is available for businesses struggling with revenue during the Omicron outbreak with the first of the three payments now open for the period starting from 16 February 2022.

A further amendment to the scheme has since been announced yesterday, Monday, 28 February 2022, which will allow non-eligible businesses who have experienced a drop in revenue before this period to compare their income to the same period in 2021.

Criteria:

• Each payment will be $4,000 per business plus $400 per full-time employee, capped at 50 FTEs or $24,000, this is the same rate as the most recent Transition Payment.

• To be eligible, businesses must have experienced a 40% or more drop in revenue in a 7 day period from 16 February 2022 compared to a typical 7 day period between 5 January 2022 and 15 February 2022. However, as a number of businesses have already experienced a drop in revenue before this period and cannot show the 40% drop, the Minister of Finance has announced yesterday (Monday, 28 February 2022) that these businesses will also be able to compare their income to the same period in 2021. This option is not yet available, but we will let you know as soon as it is.

• Applications for the first payment are now open with payments starting from 1 March. It will be available on a fortnightly basis for 6 weeks, with 3 payments in total.

If you have questions, require any assistance, or would like us to complete the applications, please get in touch with us today.

COVID-19 UPDATE: New financial support for businesses affected by Omicron

admin@aafl.nz (Ben Duflou) — Wed, 23 Feb 2022 00:48:41 GMT

New targeted COVID-19 Support Payment

The Government has announced a new targeted COVID-19 Support Payment which will be made available for businesses struggling with revenue during the Omicron outbreak.

Each payment will be $4,000 per business plus $400 per full-time employee, capped at 50 FTEs or $24,000, this is the same rate as the most recent Transition Payment. To be eligible, businesses must show a 40 per cent drop in seven consecutive days within the six weeks prior to the shift to Phase 2 of the Omicron response on February 15. Applications for the first payment open on 28 February, with payments starting from 1 March. It will be available on a fortnightly basis for 6 weeks, with 3 payments in total. More information will be available soon.

Small Business Cashflow Loans Scheme

Changes are also being made to the Small Business Cashflow Loans Scheme to increase the amount of funding available to eligible businesses through the introduction of a ‘top up’ loan. The top up loan will allow businesses that have already accessed a loan to draw down an additional $10,000 with a new repayment period of five years and the first two years being interest free.

To read the official statement, visit: https://www.ird.govt.nz/updates/news-folder/omicron-support

Omicron update: What you need to know

admin@aafl.nz (Ben Duflou) — Wed, 23 Feb 2022 00:35:45 GMT

Omicron update: What you need to know:

Phase 2 of the Government’s Omicron response will come into force from today, 15 February 2022, at 11.59 pm.

Here’s what it means:

• Positive cases and household contacts will isolate for 10 days at the same time

• The isolation time for other close contacts will be reduced from 10 to 7 days

• Rapid antigen tests (RATS) will be used alongside PCR’s to help keep NZ running

• Critical workers without symptoms can leave isolation after a negative RAT test

We’d like to take this opportunity to remind you that we are here to support you and your business needs throughout the next phase of the Omicron, if you need any assistance please give us a call.

Xero Tip of the Month: Creating Repeating Invoices and Bills

Wed, 16 Feb 2022 03:32:07 GMT

Do you have invoices you create and send regularly? Want to save yourself the time and trouble of having to repeat the same process again and again?

Utilize Xero's repeating invoice function by developing a template and Xero will automatically create an invoice or bill for you based on the frequency you specify. Xero will put it in the Draft tab if you need to vary the amount (or another field), and if everything is the same each time, it will go in the Awaiting Payment tab.

Again, this feature can be set up for both invoices and bills and is done by accessing the Repeating tab in each respective category. From there, click “New Repeating Invoice/Bill” and you’ll be able to create a new template or use an existing one, and set up the specifications you require.

The General Ledger - February 2022

admin@aafl.nz (Ben Duflou) — Tue, 15 Feb 2022 00:27:25 GMT

View our February 2022 General Ledger:

- COVID-19: New financial support for businesses affected by Omicron

- COVID-19: Existing Workplace Support Schemes

- Fringe Benefit Tax (FBT): A brief overview

- Xero Tip of the Month - Creating repeating invoices and bills

- Question of the Month: Is the sale of bonds by a trader taxable under the financial arrangement rules?

- Client Spotlight: Gerry's Charcoal Chicken

https://public2.bomamarketing.com/email/w7lQ

New to myIR? Having trouble logging in with your IRD number?

admin@aafl.nz (Ben Duflou) — Mon, 14 Feb 2022 22:20:50 GMT

New to myIR? Having trouble logging in with your IRD number?

In myIR there is space for 9-digit IRD numbers. If your IRD number only has 8 digits, simply add a 0 to the front of it when keying it into myIR, and you should be good to go!

For more on how to use myIR, visit: https://www.ird.govt.nz/topics/myir-secure-online-service s

Latest Xero Product Releases - February 2022

admin@aafl.nz (Ben Duflou) — Thu, 03 Feb 2022 03:15:16 GMT

Yesterday morning our team attended the Xero quarterly product update; a webinar presented to partners (such as us) keeping us up to date on all the latest product changes and features that may be of interest to you.

This quarter, Xero presented several updates from inventory, expenses, and Xero HQ to help you further customise Xero to your needs.

Check out the full update below: https://bit.ly/3Lc9vIr

Got a question regarding some of these changes? Give us a call today and we can guide you through the latest product updates, enhancements, and how they can work for you and your business.

Time to Review 2021 and Plan for 2022!

admin@aafl.nz (Ben Duflou) — Thu, 03 Feb 2022 03:08:22 GMT

Start planning now for a great 2022! What will you do differently this year to enable your business to thrive? Conducting a past-year review with one of our expert advisors will provide valuable insights for this year's goal setting.

We can help you thrive again by implementing a tailored business plan. Whether it's working through a financial model, providing support to execute your plans or helping to identify your advantages - together, we can do it!

Let's catch up to talk through your business plan today. Give Ben Duflou or Sarah Toner (04-970-1182) a call to discuss how we can help.

Xero Tip of the Month: Setting Different User Roles

Thu, 27 Jan 2022 03:38:57 GMT

By creating customized roles for each Xero user, you can give staff access to certain parts of your Xero file. So, you don't need to show everything to everyone.

To set a user's role when you add them to your Xero organization, do the following:

1. Click on the Settings tab, then select General Settings.

2. Click the Users link, then click Invite a User

3. On the next screen, you will see options ranging from Advisor (which is the role you want to assign to us as your Chartered Accountant, to none). There are six different options

So, if you have a team member responsible for invoicing, then just give them invoice only mode. They might not need to see your full Profit & Loss report.

At the bottom of this screen, you'll see a link to "Understand user role details". This takes you to a page that fully explains what each role can access; no more confusion when choosing the correct options for a new user.

COVID-19 Red Light Setting Protection Framework: Contacting the AAF Team

admin@aafl.nz (Ben Duflou) — Wed, 26 Jan 2022 21:17:29 GMT

In response to the move to the Governments COVID-19 Red Light Setting Protection Framework effective 11.59 pm on 23 January 2022, we have split our Wellington team into two to protect our team, their families and to ensure we can continue to provide services to our clients in the event of an outbreak of COVID. The teams will be taking turns, week-on week-off in the office, working remotely during their weeks out of the office. As a result of splitting the team, your access to the team will operate slightly differently in the meantime:

If you need to reach us by phone, please continue to call through as usual (04-970-1182), and if the respective team member isn't in the office, you will either be connected to their mobile phone, or we'll take a message, and they will get back to you. While we appreciate that this is not ideal, we ask for your understanding and support as we work to keep everyone as safe as possible and to continue providing services to meet your business needs.

As the community outbreak of Omicron develops, we will review this approach and keep you posted on any updates within the office.

Take care, and ensure you look after the family and yourself through this next phase of the COVID pandemic.

The General Ledger - January 2022

admin@aafl.nz (Ben Duflou) — Wed, 26 Jan 2022 21:12:01 GMT

View our January 2022 General Ledger:

- COVID-19 Red Light Setting Protection Framework: Contacting the AAF Team

- Welcome 2022: Helping You Reach Your Financial & Business Goals

- Short-stay Accommodation: Tax guidance for Airbnb hosts

- IRD Upcoming Tax Payment Dates

- Xero Tip of the Month - Setting different user roles

- Question of the Month: Is interest deductible on funds borrowed by trustees to pay a capital distribution to beneficiaries?

- New Premises Update

https://public2.bomamarketing.com/email/rKEe

Xero Tip of the Month: Business Snap Shot Feature & Analytics Plus

Fri, 17 Dec 2021 03:45:28 GMT

Want to see a Business Snapshot of how your entity was tracking over the last 12 months – all on one page? Well, you can! With Xero's Business Snapshot!

Business snapshot is a dashboard that shows you valuable financial information, such as profitability, income and expenses, plus much more allowing you to view your financial wellbeing and identify trends in a single snapshot!

How to access Business Snapshot:

In the Business menu, select Business snapshot
To change the dashboard's reporting period, click Year to date . The text on the button changes to show the selected reporting period.
You can change the reporting basis from accrual to cash basis by clicking on Accrual in the top right-hand corner.
To print the snapshot, click Print . You can save the snapshot as a PDF when you're in the print preview.

The General Ledger - December 2021

admin@aafl.nz (Ben Duflou) — Wed, 15 Dec 2021 23:40:45 GMT

View our December 2021 General Ledger:

- Merry Christmas & AAF Out-Of-Office Dates

- COVID-19 Transition Payment (Resurgence Support Payment #7)

- Financial matters for the holidays

- IRD Upcoming Tax Payment Dates

- Xero Tip of the Month - Business Snap Shot Feature & Analytics Plus

- Welcome to the team: Kelly and Nerissa

- Question of the Month: Are Partners counted as "one group of persons" for grouping tax losses?

- New premises in 2022!

https://public2.bomamarketing.com/email/1YmD

Applications now open: COVID-19 Resurgence Support Payment #7 : The Transition Payment

admin@aafl.nz (Ben Duflou) — Fri, 10 Dec 2021 02:40:29 GMT

COVID-19 RESURGENCE SUPPORT PAYMENT #7 :

The Transition Payment

Applications are open TODAY, Friday 10 December 2021, for the one-off transitional payment (Resurgence Support Payment 2021 #7) and is available to all eligible businesses and organisations particularly in recognition of the length of time and restrictions Auckland, Waikato and Northland have had under the higher Alert Levels.

Businesses and organisations may be able to get the payment if a 30% drop in revenue is experienced due to the increased alert levels in a consecutive 7-day period between 3 October 2021 and 9 November 2021. The drop in revenue must be compared to a typical 7 days in the 6 weeks prior to 17 August 2021. All other eligibility criteria remains the same.

Applications will close at midnight on 13 January 2022.

Resurgence Support Payment available to more businesses:

From today, 10 December 2021, businesses that changed ownership on or after 18 July may be able to get the RSPs made available from 29 October.

To get an RSP in this situation, the business:

- needs to meet the RSP criteria

- must have been operating for at least 1 month before 17 August

- activity must remain largely the same as before the change in ownership.

For more information or to apply, visit:

www.ird.govt.nz/updates/news-folder/transition-payment-and-resurgence-support-payment-change

Applications now open: COVID-19 Resurgence Support Payment #6

admin@aafl.nz (Ben Duflou) — Thu, 25 Nov 2021 22:37:00 GMT

COVID-19 RESURGENCE SUPPORT PAYMENT #6

Applications for the sixth round, Resurgence Support Payment 2021 #6, have opened TODAY, Friday 26 November 2021.

The payment is available to eligible businesses and organisations which experience a 30% drop in revenue due to the increased alert levels, in a consecutive 7 day period starting on or after 19 November 2021. The drop in revenue must be compared to a typical 7 days in the 6 weeks prior to 17 August 2021. Businesses and organisations can apply for the 6th payment even if they have received all previous payments.

Application end dates for 4th, 5th and 6th payments:

The Government has also set the end date for the affected revenue period for the 4th, 5th and 6th payments to the day before any part of the country moves into the COVID Protection Framework. Once there is a confirmed date that Auckland will move into the COVID Protection Framework, IRD will then confirm all available payments and relevant dates. An update is to follow next week.

REMINDER: Applications for 1st, 2nd and 3rd Resurgence Support Payments close on 1 December 2021.

For more information or to apply, visit:

http://www.ird.govt.nz/.../bus.../resurgence-support-payment

If you have any questions or need any assistance, please give us a call.

Applications now open: COVID-19 Resurgence Support Payment #5

admin@aafl.nz (Ben Duflou) — Thu, 11 Nov 2021 22:54:08 GMT

COVID-19 RESURGENCE SUPPORT PAYMENT #5:

Applications for the fifth round, Resurgence Support Payment 2021 #5, have opened TODAY, Friday 12 November 2021.

The payment is available to eligible businesses and organisations which experience a 30% drop in revenue due to the increased alert levels, in a consecutive 7-day period.

The period starts 5 November 2021 and ends immediately before all areas of New Zealand return to alert level 1 or are at Orange or Green under the COVID-19 Protection Framework. Applications will close on the first working day that is one month after the end of the affected revenue period.

For the 5th payment, eligible businesses and organisations can apply to receive the lesser of:

- $3,000 plus $800 per full-time equivalent (FTE) employee, up to a maximum of 50 FTEs

- eight times (8x) the actual revenue decline experienced by the applicant.

For more information or to apply, visit:

http://www.ird.govt.nz/.../bus.../resurgence-support-payment

If you have any questions or need any assistance, please give us a call.

Latest Xero Product Releases - November 2021

admin@aafl.nz (Ben Duflou) — Mon, 08 Nov 2021 23:49:27 GMT

Xero is changing! From the increased visibility of your contacts to new invoicing and employee expenses features, Xero has rolled out several product enhancements offering you a customised suite of experiences that gives you a trusted and insightful view of your business performance.

Read the full update here: www.xero.com/blog/2021/11/product-news-nov-2021/

Need help navigating the changes? Give us a call today and we will guide you through latest product updates, enhancements and how they work.

Thank you, Xero!

admin@aafl.nz (Ben Duflou) — Wed, 03 Nov 2021 23:43:47 GMT

It’s a thumbs up from the team at All Accounted For!

This week, we had our very first Xero Amplify session – a pilot training programme we are excited to be a part of as one of the selected 18 companies throughout New Zealand! What an honour!

A big thank you to Xero for these delicious cupcakes and for giving us the opportunity to be involved!

Xero Tip of the Month: The Plus Icon

Mon, 01 Nov 2021 22:13:31 GMT

Want to save time streamlining your actions on Xero?

When you log in to Xero, you will see a little plus icon (+) at the top right of the screen. Although it may seem like such a small detail, this one icon can be extremely helpful as the icon will let you access common actions in Xero from anywhere in the application.

Clicking this icon lets you quickly access several different functions, such as creating a new invoice, contact, bill or purchase order. This shortcut will save you time and help you develop a flow within your accounting process.

The General Ledger - November 2021

admin@aafl.nz (Ben Duflou) — Mon, 01 Nov 2021 21:38:28 GMT

View our November 2021 General Ledger:

- COVID-19 Resurgence Support Payment #4

- COVID-19 Wage Subsidy Payment #6

- ACC Payment Options: ways to pay your levy invoice

- Inland Revenue Scam Emails

- IRD Upcoming Tax Payment Dates

- Xero Tip of the Month - The plus icon

- Welcome to the team: Abhay, Kerrin, Ian and Maria

- Question of the Month: Can depreciation be claimed on a flat used for a B&B activity?

https://public2.bomamarketing.com/email/5BjA

Business Forecasting: What's your Plan B?

Mon, 01 Nov 2021 21:30:23 GMT

Our shared experiences of the pandemic have demonstrated one very clear lesson – you never know exactly what lies around the corner for your business. But the more prepared you are, the better you can respond, as and when new threats and opportunities do appear.

With this in mind, forecasting and scenario planning can be exceptionally important tools. Harnessing the power of business forecasts can help you make smarter decisions around your business's marketing strategies, finances, and long-term growth.

Rather than crossing your fingers and hoping for the best, our experts can help you plan for two, three or more different outcomes – with different strategies and tactics for each different scenario. You can't bullet-proof your business, but you CAN make sure that you least have a Plan B (or C).

Keen to hear more? Let's talk! Give us a call today to talk through your concerns and potential options, and together, let's get you and your business ahead of the game!

Applications now open: COVID-19 Resurgence Support Payment #4 & Wage Subsidy #6

admin@aafl.nz (Ben Duflou) — Mon, 01 Nov 2021 21:14:24 GMT

COVID-19 RESURGENCE SUPPORT PAYMENT #4:

Applications for the fourth round, Resurgence Support Payment 2021 #4, have opened TODAY, Friday 29 October 2021 and will remain open until Auckland moves to the new COVID-19 Protection Framework.

Businesses need to show a 30% or more drop in revenue in a 7-day period from 22 October 2021 until immediately before all of NZ returns to Alert Level 1, compared to a typical 7-day period in the 6 weeks before 17 Aug.

The 4th payment will stay as $1,500 plus $400 per full-time equivalent (FTE) employee up to a maximum of 50 FTEs, or four times the actual revenue decline experienced by the applicant, whichever is less.

Following last week's government announcement, subsequent RSP payments will be for $3,000 plus $800 per FTE, still up to a maximum of 50 FTE. They will be available fortnightly, on 12 November, 26 November and 10 December as long as Auckland has not moved to the COVID Protection Framework.

COVID-19 WAGE SUBSIDY #6:

Applications for the sixth round, Wage Subsidy 2021 #6, have opened TODAY, Friday 29 October 2021 and will remain open until 11.59 pm, Thursday 11 November 2021.

The Wage Subsidy will continue to be available on the current criteria while areas of the country are still in Alert Level 3. You can apply two weeks after your last Wage Subsidy application, even if you are waiting on the last application to be granted. Businesses that didn't apply for earlier wage subsidies are welcome to apply for Wage Subsidy #6.

For more information or to apply, visit: https://covid19.govt.nz/business-and-money/financial-support

If you have any questions or need any assistance, please give us a call.

Inland Revenue: myIR system upgrade complete

admin@aafl.nz (Ben Duflou) — Thu, 28 Oct 2021 22:04:31 GMT

As you may be aware, the IRD website has been temporarily unavailable due to a system upgrade relating to myIR and child support to create a more user-friendly system. These changes are now complete, with all services back online.

Due to the system upgrade, myIR may look a little different. To familiarise yourself with some of the changes, you can read up on updates here: https://www.ird.govt.nz/day1businesses

Please note - the due date extension for GST and provisional tax payments of 4 November remains in place.

If you require any assistance or support, please get in touch with our team to discuss.

COVID-19 Financial Support Special: Government Announcement 22 Oct 2021

admin@aafl.nz (Ben Duflou) — Thu, 28 Oct 2021 03:49:28 GMT

View our General Ledger COVID-19 Financial Support Special: Government Announcement 22 Oct 2021:

- Resurgence Support Payment (RSP)

- Wage Subsidy

- Funding for Business Advice Support

Applications now open: COVID-19 Wage Subsidy #5

admin@aafl.nz (Ben Duflou) — Mon, 18 Oct 2021 02:42:37 GMT

Applications for a fifth round of the August 2021 Wage Subsidy Scheme (WSS #5) are open to eligible businesses and self-employed people for a two week period from 9.00am Friday 15 October 2021 until 11.59pm Thursday 28 October 2021.

Businesses will need to show at least a 40% drop in revenue between 12 October 2021 and 25 October 2021, compared to a typical 14-day consecutive period of revenue in the six weeks immediately before the move to Alert Level 4 on 17 August 2021.

You can apply two weeks after your last Wage Subsidy application, even if you are waiting on the last application to be granted. Businesses that didn't apply for earlier wage subsidies are welcome to apply for Wage Subsidy #5.

For more information and to apply, visit: https://workandincome.govt.nz/covid-19/wage-subsidy

If you have any questions or need any assistance, please give us a call.

Please Vote for All Accounted For in the Xero NZ People's Choice Award 2021

admin@aafl.nz (Ben Duflou) — Thu, 14 Oct 2021 02:51:01 GMT

The 2021 Xero Awards are just around the corner, and we are asking for your support by nominating us for the Xero People’s Choice Award 2021!
The Xero Awards celebrate excellence amongst Accountants and Bookkeepers in New Zealand, so if you love what we do here at All Accounted For, we would be grateful for your nomination before the closing date FRIDAY 15 October 2021.

�� To nominate us in the Xero Awards, visit: https://awards.xero.com/

Thank you for your support!

Resurgence Support Payment #3

admin@aafl.nz (Ben Duflou) — Thu, 14 Oct 2021 02:30:05 GMT

COVID-19 RESURGENCE SUPPORT PAYMENT #3:

The third payment of the Resurgence Support Payment (RSP #3) for the alert level increase that started on 17 August 2021 is open for applications. Businesses will need to show a 30% or more drop in revenue in a 7-day period from 1 October 2021 until immediately before all of NZ returns to Alert Level 1, compared to a typical 7-day period in the 6 weeks before 17 August 2021.

The payment will stay as $1,500 plus $400 per full-time equivalent (FTE) employee up to a maximum of 50 FTEs, or four times the actual revenue decline experienced by the applicant, whichever is less. Businesses and organisations can apply for the third payment even if they have received prior payments.

Applications for RSP can be made via your myIR.

If you have any questions or need any assistance, please give us a call.

Xero Tip of the Month: Date Shortcuts

Mon, 27 Sep 2021 22:24:51 GMT

Did you know that you can use shortcuts to enter dates in Xero saving you valuable time?

To speed up the process when entering sales invoices, bills, journals and other transactions in Xero

(including due date shortcuts when entering invoices and bills) we suggest using date shortcuts.

For example;

For today's date, type T in the field and press tab

For tomorrows date, type tom in the field and press tab

The General Ledger - September 2021

admin@aafl.nz (Ben Duflou) — Mon, 27 Sep 2021 03:03:18 GMT

View our September 2021 General Ledger:

- COVID-19 Resurgence Support Payment #2 : Applications now open

- COVID-19 Wage Subsidy Round 3: Applications now open (Round 4 from Friday)

- Audit Shield - Protect yourself from a tax audit

- Tax pooling with TMZ

- Inland Revenue late payment letters

- Inland Revenue online portal: Changes

- Xero Tip of the Month - Date shortcuts

- Question of the Month: Does change in LTC shareholding trigger the Bright-Line test?

Pay provisional tax when it suits you with TMNZ tax pooling

admin@aafl.nz (Ben Duflou) — Mon, 27 Sep 2021 02:59:00 GMT

Short on cash for upcoming tax payments or want an alternative source of funding? Tax pooling with TMNZ is an option that is helping more than 100,000 taxpayers, allowing you that extra bit of leeway to make your provisional tax payments at a time and manner that suits you, without the risk of facing late payment penalties and IRD interest.

What makes tax pooling an effective tool is the benefit of having that extra flexibility if you cannot pay your provisional or terminal tax on time (or have a better or more urgent use for those funds). Tax pooling allows you to defer the full tax payment to a date of your choice paying what you owe in instalments.

If you'd like to learn more about setting up tax pooling for your business, get in touch with our team today to talk you through the options in more detail on managing your tax better.

#AAF #BusinessAdvisory #SmallBusiness #BusinessSupport

Support local, Aotearoa

admin@aafl.nz (Ben Duflou) — Mon, 27 Sep 2021 02:44:22 GMT

Buying local is a great way to connect with your community and support nearby New Zealand businesses struggling with the impacts of COVID-19. Your support really means a lot to smaller independent & family-owned businesses; whether you are ordering a takeaway meal or a cup of coffee, every cent helps.

Aside from buying local, here are some other ways you can support local businesses:

Sharing your positive review online
Following the business page on social media and engaging on posts

These actions will help expose the business to a broader market, introducing new audiences to their brand and provide a much-needed morale boost. Support local, Aotearoa! Together we can make a difference by spreading the word!

#Supportlocal #AAF #BusinessAdvisory #SmallBusiness #BusinessSupport

Applications now open: Resurgence support payment #2 & Wage subsidy #3

admin@aafl.nz (Ben Duflou) — Mon, 27 Sep 2021 02:38:58 GMT

COVID-19 RESURGENCE SUPPORT PAYMENT #2:

Applications for the second round, Resurgence Support Payment 2021 #2, has opened TODAY, Friday 17 September 2021 and will remain open until one month after a nationwide return to Alert Level 1.

The second Resurgence Support Payment is available to all businesses and organisations in New Zealand that have experienced a drop in revenue of 30% or more in a 7-day period from 8 September 2021 until immediately before all of NZ returns to Alert Level 1 compared to a typical 7-day period in the 6 weeks before 17 August 2021.

COVID-19 WAGE SUBSIDY #3:

Applications for the third round, Wage Subsidy 2021 #3, have also opened TODAY, Friday 17 September 2021 and will remain open until 11.59 pm on Thursday 30 September.

The Wage Subsidy #3 is available to all businesses and self-employed people in New Zealand who have experienced a drop in revenue of 40% or more from 14 September to 27 September, compared to a typical 14-day period in the 6 weeks before 17 August 2021.

For more information or to apply, visit: https://covid19.govt.nz/business-and-money/financial-support

If you have any questions or need any assistance, please give us a call.

The General Ledger (COVID-19 Wage Subsidy Applications for Rounds 1 &2)

admin@aafl.nz (Ben Duflou) — Fri, 03 Sep 2021 03:40:24 GMT

The General Ledger : COVID-19 Wage Subsidy Applications for Rounds 1&2

- COVID-19 Wage Subsidy: Round 1 Applications close 11.59 pm 2 Sep 2021

- COVID-19 Wage Subsidy Round 2 Applications will open 9.00 am Friday 3 Sep 2021

Working from home? Don't forget to take your breaks

admin@aafl.nz (Ben Duflou) — Mon, 30 Aug 2021 21:55:40 GMT

Scheduling regular breaks while working from home is essential for managing stress and maintaining healthy wellbeing.

Taking regular breaks by going for a walk in your backyard, connecting with someone in your bubble or enjoying the simplicity of a coffee on the deck can make all the difference; not only will it benefit your wellbeing but also boost productivity and focus.

A good tip is to set up your break times in your calendar each day to help you remember to stop, relax and take some time out to recharge. Your productivity, your mood, and your wellbeing will thank you.

The General Ledger COVID-19 Financial Support Special: COVID-19 Wage Subsidy Extension

admin@aafl.nz (Ben Duflou) — Thu, 26 Aug 2021 21:36:22 GMT

The General Ledger COVID-19 Financial Support Special: COVID-19 Wage Subsidy Extension

- COVID-19 Wage Subsidy Extension - Alert Levels 3 & 4

- Summary of Other Financial Support Available for Businesses

- Xero Assistance Programme

The General Ledger COVID-19 Financial Support Special:

admin@aafl.nz (Ben Duflou) — Tue, 24 Aug 2021 01:58:35 GMT

The General Ledger COVID-19 Financial Support Special:

- COVID-19 Wage Subsidy - How to Apply

- COVID-19 Resurgence Support Payment - How to Apply

- Summary of Other Financial Support Available for Businesses

- Xero Assistance Programme

Maintaining wellbeing during COVID-19

admin@aafl.nz (Ben Duflou) — Tue, 24 Aug 2021 01:53:23 GMT

Given the recent lockdown alert levels, we understand that this can be an overwhelming and tough time for all, so whether you are working from home or looking after the whanau, remember to be kind to yourself and those around you as we navigate through the challenges of Covid-19.

To help you maintain and manage your wellbeing during lockdown, we recommend using the Xero Assistance programme, a tool available free of charge until March 2022 for all starter, standard and premium Xero subscribers. The service provides free and confidential wellbeing support to New Zealand small business owners, their employees, and families. Users will have access to face-to-face, telephone, live chat and online counselling, as well as through an app.

For more information on how to access the Xero Assistance Programme, visit: https://www.xero.com/nz/xap/

If you have any questions or need any assistance, the team at All Accounted For is here to help, support and guide you, so please don't hesitate to give us a call.

Kia Kaha, New Zealand! And remember, we're all in this together!

Can you claim clothing as a business expense?

admin@aafl.nz (Ben Duflou) — Tue, 03 Aug 2021 03:04:24 GMT

Buying clothing for work can be expensive, whether that's smart shirts or steelcap boots. You only purchase these clothing items to carry out your job, so it feels as though they should be business expenses, right? Well, not quite.

So what types of clothing can you claim as a business expense?

You can claim specialist gear that isn't suitable for personal use, such as uniforms; protective clothing (like overalls, goggles, steel toecap boots), safety clothing and distinctive clothing you wouldn't wear other than for carrying out your job.

You cannot claim for everyday clothing (even if you wear it for work). That includes clothes you buy specifically for work, like an expensive suit that you wouldn't otherwise have purchased (unless clearly branded).

Not sure whether your work clothing qualifies?

Give us a call or drop us an email - we can answer your questions about what's claimable against your business.

We live and breathe all things Xero!

Fri, 02 Jul 2021 02:42:53 GMT

Not on Xero yet? Want to streamline your business and gain back control of your finances? With Xero, you can!
That's why At All Accounted For, we use Xero to save you a vast amount of time, hassle and money. By integrating Xero into the everyday running of your business, you will experience a smooth, more streamlined business from budgets to complete financial reports – all done beautifully, anytime, anywhere!

So, if you want to get back to your business, and away from the accounts, get onto Xero! We'd love to show you how! Talk to us to learn more about our platinum partner competitive pricing packages.

COVID-19 - Resurgence Support Payment

admin@aafl.nz (Ben Duflou) — Sun, 27 Jun 2021 03:51:40 GMT

Wellington will remain under alert Level 2 COVID-19 Restrictions ( https://covid19.govt.nz/alert-levels-and-updates/alert-level-2/ ) until 11.59pm Tuesday, 29 June 2021.

Interestingly, the Government has opened the entitlement to the Resurgence Support Payment ( https://www.ird.govt.nz/covid-19/business-and-organisations/resurgence-support-payment ). Generally, this is only available after 7 days of alert level change, which would have been if restrictions stayed in place beyond 6pm, Wednesday, 30 June 2021.

To be eligible, your business needs to have experienced a 30% decline in revenue or capital raising ability, when compared to a typical 7-day period, in the 6 weeks prior to the alert level change.

The entitlement amount is $1,500 per business, plus $400 per Fulltime Equivalent employee, up to a maximum of $21,500.

Note, your business does not need to be located in Wellington, it just needs to be impacted by the L2 restrictions (IE: a conference being cancelled, accommodation cancellations, etc).

Applications for the Resurgence Support Payment needs to be completed via the Inland Revenue and the business MyIR login. Applications for Resurgence Support Payments are expected to open within the next couple of days.

If your business will meet the eligibility criteria and you do not have a Business MyIR login, we would recommend getting this process underway. You can register here ( https://myir.ird.govt.nz/eservices/ )

Also, just a reminder that if any of your staff are required to self-isolate, then your business may be entitled to the "COVID-19 Leave Support Scheme" for ( https://www.workandincome.govt.nz/covid-19/leave-support-scheme/index.html ).

If you need any assistance with applying for Resurgence Support Payment or Leave Support Scheme, please contact us via email, advice@aafl.nz or give us a call, 04-970-1182.

Cryptocurrency Tax Records

admin@aafl.nz (Ben Duflou) — Wed, 16 Jun 2021 03:34:20 GMT

Inland Revenue is upping its attention to cryptocurrency investors to ensure they are meeting their tax obligations on transactional cryptocurrency activity. We know that cryptocurrencies can be complicated. That’s why our focus is on helping our clients get it right; providing us with detailed, up-to-date documentation will help ensure you do not end up with an unforeseen tax bill saving you valuable money, stress and time.

The best tip to nail your cryptocurrency gains and losses is to keep accurate records. We suggest keeping the following:

dates of transactions;
the value in NZ dollars at the time of the transactions; and
what the transactions were for, and who the other party was.

If you have any queries on the taxability of cryptocurrencies, please get in touch with our team today.

Getting the Kiwisaver government contribution

admin@aafl.nz (Ben Duflou) — Wed, 19 May 2021 01:20:16 GMT

As the saying goes, the best things in life are free, so it's no surprise that we jump up and down when it comes to the annual Government Kiwisaver contribution. Ensure you are taking advantage opportunity to enhance the kiwisaver balance, helping you into that first home or saving for a better retirement.

So how does it work?

If you’re eligible, the Government will contribute 50 cents for every dollar you contribute to your KiwiSaver account, up to a maximum of $521.43 each year. All you need to do is contribute at least $1,042.86 of your own money between 1 July to 30 June each year. For Salary and wage earners, your employer will pay your Kiwisaver contributions on your behalf. However if you are self-employed, you can set up an automatic payment to your Kiwisaver provider.

To be eligible you must:

Be a Kiwisaver member
Live in New Zealand
Be 18 years old or younger than 65
Make one off or regular contributions by 30 June each year.

More information is available on the Inland Revenue website below:

https://www.ird.govt.nz/.../getting-the-kiwisaver...

Xero Additional Authentication Update

admin@aafl.nz (Ben Duflou) — Fri, 14 May 2021 01:51:38 GMT

As you may be aware, Xero multi-factor authentication (MFA) is now mandatory for all Xero customers giving you an extra layer of security to help keep your school information secure. With the increase in security breaches and account compromises, it’s essential to step up security in order to keep sensitive data secure.

The good news is that many data breaches can be prevented with simple actions, such as using multi-factor authentication (MFA), which adds an additional way of checking that it’s really you when you log in. Think of it as an extra bolt on the door to keep your data secure.

TO SET UP:

For further information and a complete guide on how to implement the MFA, please visit the below link:

https://www.xero.com/nz/campaigns/multi-factor-authentication

Construction sector: Are you meeting your tax obligations?

admin@aafl.nz (Ben Duflou) — Thu, 06 May 2021 03:52:12 GMT

Inland Revenue is currently targeting specific industries in the search for undeclared revenue or overclaimed expenditure. Next on their hit list is the construction industry.

Of particular interest will be "cashies" undertaken by some in the trade. Other areas likely to be investigated are motor vehicle expenses, home office claims, entertainment and a review of gross margins (income less purchases).

We have extensive construction industry knowledge across all trades, ensuring that all our clients maximise their deductions while ensuring they don't attract the erie of the IRD.

However, given this Inland Revenue campaign, we have a couple of recommendations:

Ensure your record-keeping is up to date, recording every job and associated materials; and
Ensure you advise us of any cash jobs undertaken, come the end of the financial year.

If you have any questions, concerns or need to adjust the previous year returns, please get in touch with us. We’re here to help!

You can visit: ird.govt.nz/Rebuild-NZ to find out more information

Tracking your marketing results – why it’s important

Mon, 18 Jan 2021 04:06:20 GMT

When your company is spending money on marketing activity, you want to get a good return on this investment. But, more often than not, businesses spend too little time actually analysing and scrutinising the performance of their marketing campaigns and channels.

Once you’ve invested in an expensive promotional campaign, you'll want to know that the money is well spent. So, setting aside some time to analyse your results and establish your return on investment is not just a ‘nice to have’ – it’s an essential part of the marketing process.

Measuring success in your marketing

Knowing your return on investment (ROI) is vital if you want to make sure your marketing is truly delivering on its promise. It’s only by analysing the performance of each marketing campaign or customer event that you can get a realistic idea of whether it was a success, or a flop.

The key problem with measuring your marketing return is that the impact of good marketing goes way beyond the purely financial impact. But, as we’ll see, to gauge any specific impact on your profitability, you’re going to need to start with the financial basics.

Let’s look at key ways to analyse the impact of your marketing:

Financial return – one way to look at your ROI is sales income minus your investment (the cost of sales and marketing). Use your accounting platform to get an idea of the income (return) generated from sales of the product/service you’re marketing. Then use this number to work out your marketing return with the following formula: ((Return - Investment) / Investment) x 100. For example, if you made 8k from sales of your new app, but spent 2k on marketing the app, this would work out as follows: ((8,000 - 2,000) / 2,000) = 300% ROI.

Engagement and conversion return – knowing your financial ROI is vital, but it’s also important to measure the effectiveness of your marketing. In the age of digital and online marketing, this has never been easier to do. Using web analytics tools, like Google Analytics, you can measure areas such as engagement (people viewing or clicking through to your content) and conversion (people following your marketing calls-to-action). High engagement and conversion scores mean your digital marketing is being seen by the right people, and is delivering a return on your digital investment.

Lead generation return – if your marketing is doing its job, you should see an increase in lead generation and new enquiries. Tracking and nurturing new leads and enquiries through your client relationship management (CRM) platform allows you to follow the progress of these leads. Once set up in the right way, you also see where there’s a direct correlation between your marketing and the conversion of leads into sales (and, by extension, into more revenue for the business).

No marketing strategy should ever stand still. It’s important to review your activity, look at the performance, measure your ROI and see where you can do better.

Find out which channels are delivering the best return, which target audiences are responding well to your campaigns, and which content is knocking it out of the park. Armed with this knowledge, you can refine, rethink and improve your marketing – ensuring that you improve your overall ROI over time.

Now we're accounting and business advisors, not marketing experts, and that's why we're partnered with Grow NZ Business, who in turn offer their services to our clients through Grow Digital Marketing to help you thrive in the digital world. Grow Digital Marketing comes with a thorough understanding of marketing, specialising in “Return on Investment Marketing”. Managing Director, Jamie Farmer, is a business person first and a marketer second, with over 25 years of proven business experience. Jamie understands the value of a dollar and its need to generate a desired level of return.

Grow Digital Marketing leverages world-class award-winning technology and great marketers to deliver, on average, a return of 9 to 1 for its clients. And if Grow Digital Marketing cannot help a prospective client profitably, it will politely advise so.

If you would like us to put you in touch with Grow Digital Marketing and get your marketing efforts delivering results, please contact us.

8 ways to save time (and money) in your business

Tue, 12 Jan 2021 22:45:54 GMT

Like everyone, business owners are always looking for ways to save time. Every minute spent on admin or fixing mistakes is a minute that could be spent on business-building work.

When time really is money, it’s worth finding ways to reduce those tedious and repetitive tasks – and technology is the answer.

Better billing - Billing can be a huge time-waster. Using a digital accounting system to extract data from supplier emails and auto-populate invoices can save hours each week.
Streamline expense claims - Use a digital solution to automate the expense claims process, and your team saves time submitting receipts, approving expenses and dealing with mistakes.
Reduce human error - Manual data entry is fraught with errors. Eliminate the issues by automating key admin tasks, and spend more time on data analysis, not data entry.
Automate approvals - Streamline bank reconciliation with an automated tool, so you don’t waste time manually approving individual transactions.
Quicker invoicing - Invoices and late payments take up a huge amount of time. With an automated invoicing platform, that time is reduced significantly – and manual follow-ups for late payment are eliminated.
Payroll perfection - Use payroll software to upload staff details and calculate tax contributions. You’ll not only save significant chunks of time, but you’ll avoid mistakes.
Quick, accurate taxes - Digitising the tax process can make a real difference. Instead of Excel spreadsheets, receipts and physical documents, everything is accessible through your software.
Better access to business data - With smart software, you get accurate business data wherever you are. No more going back to the office to check a number, getting back to clients with final details, or reworking quotes because the numbers were wrong.

We highly recommend technology solutions such as Xero & Hubdoc (accounting & invoice management) and PaySauce (payroll), as well as other apps specific to your industry, some of which can be found on the industry pages of our website, under Services.

Xero & Hubdoc

PaySauce

⇒ Want to save time in your business?

We’ll set you up with the software to make it simple.

Looking for work-life balance?

Tue, 12 Jan 2021 02:17:45 GMT

As a business owner, sometimes it seems impossible to find a balance between work and home life. The following ideas might help provide some light at the end of the tunnel.

Prioritise - Work often dictates to us, rather than the other way around. Create a list of all the things that need doing and categorise them. For example, work out the tasks that are ‘important but not urgent’ and ‘urgent but not important’. There are many task or project management tools out there that can simplify your workload and and help to prioritise your time.

Delegate - Letting go can be an opportunity for others in the team to shine. Alternatively, bring in a contractor to help clear the load and you may find they bring in new ideas, create opportunities or streamline the process. Don’t limit yourself to what’s on at work - think about what would help at home too, such as a meal kit delivery to simplify the end of the day.

Book it in the diary - We are all guilty of putting off an exercise class or a coffee catch up because work takes over. These events are important for your mental and physical health and may give you space for creative thought or the ability to think with more clarity. Plus, you’ll return to work feeling more productive. Book it in and consider joining a group so you are more committed to turning up!

Use the technology to help you - ‘Always on’ technology such as smart phones are designed to make life easier but we’ve ended up busier than ever. So choose the apps and tools that can reduce the stress. Whether it’s for communication and meetings, or your filing and accounting. An app could save you time and allow you to get on with other things. Using Xero as your accounting software solution significantly helps to reduce the paperwork. We can also recommend other apps specific to your business needs, many of which also seamlessly connect with Xero.

Share with your network - Join a networking group or set up a monthly breakfast with like-minded friends and business owners who face the same challenges, so you can support and learn from each other. You’ll go back to work with new inspiration.

Do what you love - At the end of the day, your work is ‘part of’ your life, not separate from it, so if you enjoy it, you’ll feel you have more balance.

Get in touch to talk about how we can help you achieve balance in your business.

What are the consequences of filing your tax return late?

Wed, 16 Dec 2020 00:30:42 GMT

If you do not currently use an accountant or tax agent to file your income tax return, then your return is due to be filed on 7 July each year (for 31 March balance dates). Late filing means a penalty is automatically applied, which can range from $50 - $250 depending on your level of income in the previous tax year. This penalty will be adjusted for the actual net income shown for the current year.

If you have still not filed your return, or made payment by the time payment is due, late payment penalties and interest will also be applied. These are charged at:

1% penalty on the day after payment due date
4% penalty for remaining tax including penalties on 7th day after payment due date
1% penalty every month the remaining tax including penalties is unpaid
Interest is also applied on top of this

Use an accountant (tax agent) to get an extension of time

Did you know that if you enlist an accountant like ourselves, who is a registered tax agent with Inland Revenue, to file your income tax return, the Inland Revenue grants an automatic extension of time for filing the return to 31 March following your balance date i.e. with a 31 March 2021 balance date, the tax return is due 31 March 2022.

As soon as you deregister from a tax agency, your extension of time is revoked, and your income tax return will be due on 7 July (31 March balance dates). If you are not currently using an accountant, or would like further clarification on your tax filing and payment obligations, please get in touch.

Strategies for a financially stress-free holiday period

Tue, 24 Nov 2020 02:18:16 GMT

Christmas holiday breaks are a time to spend with family, friends & have a chance to recharge for the year ahead. We look forward to warmer weather and finally setting up an out-of-office email for the break. However, for business owners, this time can be stressful without careful cash flow planning. Even if you do continue to operate through the holiday season, your customers' financial behaviour may not remain the same.

It can be pretty tough working long hours all year only to find that once you have paid everyone else, there's limited cash for your time off. The below graph highlights that impact on NZ businesses that are generally cash flow positive throughout the year (2020 may have put a spanner in the works though!). Notice the sharp drop in January - don't let this be you! We can help you manage this January impact.

Why is cash-flow planning particularly important at this time of year?

Staff leave needs to be covered in addition to your normal fixed overheads like rent, creditors and tax compliance. The budget and forecasting process ensures you know your numbers and are prepared. If you are shutting down, you won't be driving revenue during this period and sales may take time to get started again in the new year. Here are some simple strategies that can help:

Decide your Christmas and holiday break dates – confirm these with staff, customers and suppliers.

Budget and plan for annual leave – remember the pay rates may be higher than standard hourly rates, also factor in statutory public holidays.

Payroll - remember that your staff still need to be paid throughout the Christmas break. You may be able to set up and schedule your pay run before you go on leave.

Review your work in progress (WIP) - plan to complete jobs or services that can be invoiced and paid before Christmas (remember if you don’t invoice and get paid before Christmas, you may not see the money until late January or after).

Invoice reminders - over this holiday period, there's no harm in sending out or scheduling invoice payment reminders to go out before the invoice due date. This gives you a better chance of getting paid on time. See a reminder of how to set these up in Xero HERE .

Chase outstanding debtors - Follow up your outstanding debtors with a reminder, statement or even a personalised email. Sometimes that is all the prompt they need to make that payment. Focus on the largest and longest outstanding invoices.

Allow debit and credit card payments via Stripe or GoCardless - these are payment services that connects with accounting software such as Xero and enable your clients to pay their invoices with a debit or credit card. You can set it up to pass on the transaction fees to your customers, so that you don't lose out. Set up Stripe HERE or set up GoCardless HER E . There is even the option for your clients to auto pay recurring invoices via these methods, so that they can set and forget, and the payments will automatically be made to you on the due date.

Stock-take - Do you need to order in goods now to be able to complete work in progress, or before your suppliers close for the holiday period? Check that there is stock on hand available.

Confirm your tax payment obligations - if you find you are not able to make payments by the due dates, it is possible to purchase tax and pay it off at your convenience. There are costs associated with this, however it may provide a solution that gets you through the holiday period. We are Premium Partners with Tax Management New Zealand (TMNZ) and can offer you an IRD-approved service that lets you choose how or when you make provisional or terminal tax payments. The benefit of doing this is that you save around 3% in interest (compared to if you don't set up an arrangement), there are no late payment penalties, and you continue to meet your tax obligations with the Inland Revenue. Contact us for more information.

Review cash movements - in order to see your cash flow movements in Xero, you can run a Statement of Cash Flows report. You can choose the periods you want to compare, whether to produce GST inclusive or exclusive figures, as well as other customisable options. Read further instructions on how to run and customise this report HERE .

Do you want a more accurate picture of your cash flow movements ?

We highly recommend setting budgets and forecasting your future cash flow, so that you are prepared. Spotlight Reporting is perfect for this purpose, producing visual representations of your cash flow situation now and in the future. We can work with you to complete a budget or cash flow forecast. Just let us know. Read more on 5 reasons why you need a cash flow forecast .

How does an accountant save you money?

Thu, 19 Nov 2020 07:18:34 GMT

Turning a profit will be high on your list of goals as a business owner. And if you want to generate the best margins, that means keeping an eye on the money that’s going out of the business, as well as what’s coming in.

So, how does your accountant help with this?

The days where your accountant just did the bookkeeping, compiled your accounts and filed your tax return are well and truly over. Modern accounting firms such as ourselves, are far more interested in helping you with your financial performance, your business strategy and offering flexible value-add services that put you in better control of your finances.

If you partner with the right accountant, we can actually save you money – in both the short, medium and long-term. And that’s good news for the growth of your business.

Key ways your accountant can enhance your financial health

The less expenditure you have as a company, the bigger your profit margin. It sounds incredibly simple, doesn’t it? - The smaller your costs, the larger your profit. But if you’re not fully in control of your financial management, it’s very difficult to know WHERE you’re spending money, and WHY you’re not achieving your profit targets.

This is where working with an accounting professional adds a huge amount of value. We help put you back in the driving seat of your finances – and that’s never been more needed than in the current economic climate.

So, what specific things do we do and what will the impact be on the future of your business?

Tax advice and planning – tax costs can be one of your biggest outgoings as a business, so we focus on getting your tax planning under control, applying for all the relevant tax incentives and ensuring you minimise the taxes on your profits. By paying only what you’re legally required to pay – and making use of any reliefs – we can significantly cut your tax spend in the business.
Cash flow management and advice – ‘Cash is King’ may be a cliche, but it’s true. Unless you can balance the cash inflows and outflows from your business, you’ll never have the liquid cash to pay your bills, cover your payroll costs or cover your operational expenses. We’ll show you where money is going out, and coming in, so you achieve the ideal positive cash flow position.
Cost control and spend management – to improve your cash flow, you need to reduce your cash outflows. An important way to do this is to focus on cost control and spend management, reducing your expenditure, removing unnecessary costs and negotiating better deals with your suppliers. The more you cut costs back, the better your cash flow will be and the easier it will be to thrive, grow and become more profitable.
Forecasting and financial modelling – when we understand the key financial drivers in your business, we can build you a full financial model. This allows us to change the variables, run different scenarios and forecast your cash flow, spending, aged debt and revenue. Being able to project these numbers forward gives you a clearer view of the path ahead – and that’s invaluable in the challenging economic times that we all face at present.
Better management reporting and information – your decision-making stands or falls on the information you have available to you. We provide detailed management accounts, including a summary of the key changes within the financial period. This information helps you to save money, make sound decisions and keep the revenues flowing into your business.

Give us a call to discuss how receiving regular management reports could be of benefit to your specific business. We offer monthly, bi-monthly or quarterly options.

If you rely heavily on cash flow in your business, it's best to plan ahead. Ask us about our cash flow forecasting and budgeting services.

Get a clear picture on your business financials to help you cut unnecessary costs, optimise the most profitable parts of the business and increase your overall return on investment.

Increase Productivity by Avoiding These 10 Time Wasters

Mon, 02 Nov 2020 06:39:44 GMT

We all have the same 1,440 minutes each day, but some of us achieve so much more than others. How can we free up time to help lead a better business and ultimately achieve a happier life?

Top 10 Time Wasters

1. Lack of clear goals
Start by setting clear 12 month goals, then break these down into 90 day goals. Your actions each day should be steps towards achieving those 90 day goals, which will ultimately lead to the achievement of your 12 month goals. If you don;t yet have goals in place for your business, a good starting point is to complete SWOT Analysis (identify your Strengths, Weaknesses, Opportunities & Threats). Read more here: https://www.aafl.nz/know-your-strengths-so-you-can-identify-opportunities

2. A messy desk
Desk clutter results in mind clutter. Whether you're working in an office, or from home, tidy your workspace each day before you leave so you don’t arrive to a mess. Also consider how paperless you are; paper becomes clutter. Tools such as Hubdoc (included in all Xero starter, standard and premium plans) can help you process, and get rid of, unnecessary paper. Contact us if you want help to get started with Hubdoc.

3. Procrastination and shifting priorities
Spend a few minutes planning tomorrow’s tasks before you leave for the day or planning today’s tasks as soon as you arrive. Avoid unnecessary pick up and put down. Multitasking is a productivity myth.

4. Interruptions (from humans and technology)
Set clear parameters to reduce distractions, e.g. turn off your email and phone notifications, only check emails between tasks, etc. If it’s urgent, they’ll call or tap your shoulder.

5. Poor delegation
Ensure you give clear instructions when delegating tasks and empower others to do more for you. Responsibility still falls on you… without a clear process you are setting someone up to fail which will ultimately reflect badly on you.

6. Ineffective systems
Mistakes are often attributable to ineffective systems. Eliminate systems that don’t add value; implement new systems that aid efficiency and train up your team.

7. Inability to say 'no'
We are defined not just by what we say yes to, but what we say no to. Planning helps us to say no to things that don’t align with our purpose and goals. “No” is a complete sentence.

8. Ineffective meetings
Ensure every meeting has a purpose, an agenda and clear objectives. Don’t stray from the agenda; refer back to the purpose if you’re going off track. Record clear outcomes and next steps in Meeting Minutes.

9. Inefficient communication
Think twice before playing email tennis. Ask yourself if a phone call would be more efficient, so you don’t find yourself constantly checking for a reply, or getting your wires crossed amongst the text.

10. Poor planning
Effective planning has three key components: a clear strategy (with goals, KPIs and required actions), regular reporting to ensure continuous improvement, and accountability.

What are your biggest time wasters?

Identify your top three and take ownership and responsibility to minimise them today!

Is your Trust compliant with the Trusts Act 2019?

Mon, 12 Oct 2020 21:10:38 GMT

The Trusts Act 2019 comes into force on 30 January 2021 and is the first major Trust reform in New Zealand in almost 70 years. The aim is to make the law more accessible and easier to understand. Most of the changes relate to Trustee obligations and strengthening the ability of beneficiaries to hold Trustees to account.

If you have a Family Trust, or are involved in a Trust in some way, you must make yourself familiar with the provisions of the Act and ensure your Trust is compliant.

The main provisions of the Act provide clarity about:

Trustee Duties : The Act provides for both mandatory and default duties. Mandatory duties can’t be modified or excluded by the Trust Deed; Default duties can be. Any modifications or exclusions must be documented in the Trust Deed.

Retention of information : Trustees are required to retain core Trust documents, such as the Trust Deed and any variations, minutes, accounts, and any other documents necessary for the administration of the Trust.

Disclosure of information : The Act makes the presumption that Trustees must make ‘basic Trust information’ available to all beneficiaries and consider making ‘other Trust information’ available to beneficiaries upon their request. The Act sets out certain factors which the Trustee must consider before providing information that has been requested beyond ‘basic Trust information’.

Exemption and indemnity clauses : Trust Deeds must not limit a Trustee’s liability or provide an indemnity for dishonesty, willful misconduct or gross negligence.

Appointment and removal of Trustees : Statutory powers for the appointment and removal of Trustees have been modernised and broadened to minimise the need to apply to the court.

Lifetime of a Trust : Trusts can now have a lifetime of up to 125 years, subject to the terms of the Trust. Previously, this was limited to 80 years, so your Trust Deed may need to be updated.

Definition of a minor : The age of minority has been reduced from 20 to 18 years old.

Disputes resolution : An alternative disputes resolution process is set out in the Act to allow for mediation and arbitration.

If you’re unsure about how these changes may impact a Trust you’re involved in, let us know and we can put you in touch with one of the law firms that we work closely with.

6 reasons to look at your financial reports

Mon, 21 Sep 2020 06:23:14 GMT

Making time to look over your financial reports each month is an important task for any business owner. If you are not taking the time to do this, either because you’re too busy, or perhaps you don’t really understand what you’re looking at and it doesn’t make sense to you, then here are 6 reasons why you should.

Understand your business better - by looking at your Profit and Loss report monthly you will get a good picture of how your business is performing month by month and it will give you a better understanding of what makes up your profit. It can be helpful to compare periods, or to look at a month by month P&L, so you can clearly see on one page the revenue and expenses month by month. This will help to identify trends in your data and many also help to highlight anomalies in coding/categorising.
Accurate information for lending purposes – If you are applying for a loan or an overdraft, the bank or financial institution will look closely at both your Profit and Loss report and the Balance Sheet as a lot can be learned about a business by looking at these reports together. If you are unsure what some of your balances are in your accounts, get in touch and we can explain them further.
Get paid quicker and reduce bad debts – by looking at your Accounts Receivable Aged Summary each month you can follow up with overdue accounts promptly which often results in getting paid quicker. The longer an overdue amount is left unpaid the higher the risk of it not being paid at all, so it is important to keep on top of this.
Better relationships with your suppliers – Assuming you are entering your supplier bills into your accounting software (we recommend Xero to get an accurate profitability figure), your Aged Payables report will alert you to any unpaid or overdue amounts. Supplier relationships are an important aspect of your business and paying on time is crucial to maintaining those relationships. (read our blog on How to build stronger relationships with your suppliers )
Better cash flow – having an accurate understanding of how much money the business is owed, and how much money the business owes, can help with cash flow planning to ensure that there is enough money when needed. Additionally, understanding the trends of your business, its profitability drivers, its expenses, etc., can help to plan sales and marketing campaigns so that the revenue keeps coming in.
Better business decision making – Your financial reports tell the story of your business and it’s important that you understand the story that they are telling you. The better you understand what’s going on in your business the stronger position you will be in to make better business decisions that affect the profitability of your business and its financial viability.

If you want to better understand your financial reports and what’s going on in your business, then get in touch.

Your business success is important to us and we are here to help you.

Tips for managing debt in your small business

Tue, 15 Sep 2020 04:32:36 GMT

Running a small business requires taking some risks. Debt is one of those risks, but it is also a positive tool for small business that is usually necessary in order to fund your growth. However, when circumstances change and your debt levels grow, it can keep you up at night. It is important to act early and put a plan in place to manage it.

Here are some useful tips from Xero to help you take control of your debts.

Understand your situation and take action

If you’re facing increasing debt, take action instead of hoping for the best. Stay sharp and aware of your situation. Use good quality accounting software (like Xero!) to keep a close eye on your outstanding debt and monthly payments. This information should be at your fingertips at all times. After that, your priorities will depend on the type of business you run and how flexible your suppliers are willing to be. The following payment priorities are suggestions, but the actual order is for you to decide:

Payroll
If you don’t pay your employees' wages on time you may be penalised for this. You may be able to renegotiate contracts with some staff, but that's likely to affect their morale.
Suppliers and business partners
Avoid losing valuable goodwill with your most loyal suppliers and business partners.
Aged payables (60 days or more)
If you don’t pay, your credit score will be impacted, which will affect your ability to borrow money in the future.
Bills
Outgoing costs such as rent and utility bills need to be paid to keep the lights on! And again, not paying these could affect your credit rating.
Secured debts
If you run your business as a sole proprietor or partnership, you might be held personally liable for debts, and creditors could try to take your assets. This is one good reason to form a corporation or limited liability company.
Insurance
Especially professional indemnity and public liability cover.
Credit cards
Avoid penalties or interest charges as these can pile up quickly.

Renegotiate bank loan terms

You may be able to renegotiate your bank loan so it's spread over a longer term, to reduce the interest payments and also the monthly repayment cost. The bank may want to charge a higher rate due to the perceived increased risk of default, so you won't save as much money as you might like. Even so, this can give you some breathing space.

Discuss more favorable payment terms

Talk to all your creditors. Explain the situation and make it clear you have a comprehensive plan for resolving it. Stay positive – tell them you want to pay in full but need to renegotiate terms for that to happen. They should understand that it's in their interest to accommodate your request. After all, if your business fails they'll get nothing back. Be proactive here. If you approach your creditors before they start chasing you for missed payments, they're more likely to take you seriously and agree to your terms.

Increase your revenue

Easier said than done, of course, but there are ways you can boost short-term revenue. By taking action, you could reduce your debt payments enough to get you back on track.

Offer your customers mark-downs or reduced prices
Discounts for fast payment can help improve your cash flow .
Get to know your customers better
Get their feedback on your business so you can tailor what you sell to meet their needs better – and maybe charge a mark-up for doing so.
Meet with your accountant, financial planner or banker
Share your business plans and see if they can introduce you to some of their other clients, perhaps in exchange for a small finder’s fee.

Reduce business costs: 5 tips to consider

Think about where you can cut costs. Use accounting software to list your largest outgoings and see where you can make reductions. For example:

Reduce the amount of space you rent or lease, especially if you're not using it all.
Consider making some employees redundant, but be careful about hiring too many short-term consultants instead – as that can work out to be more expensive.
Can you combine your business loans into one payment that will reduce monthly costs and not adversely affect your credit score? Talk to debt consolidation companies about this, but read the small print carefully.
Consider refinancing, if your credit record will allow it.
Negotiate with suppliers. Don’t be shy about asking for discounts, especially if you buy in bulk or place regular large orders and have a good payment history.

Be intelligent about where you cut costs

You might feel like you need to cut costs to the bone when debt looms over you, but sometimes it can be counter-productive. Don't assume cutting costs will automatically save you money. It's where and how you cut costs that matters.

For example, if you slash your marketing budget you might save a lot of money in the short term, but you will lose potential new clients. Cut your shop floor space and you'll save rent, but reduce the range of stock you can display to customers. Make some of your staff redundant, and you won't be able to handle any larger contracts that come your way.

Cut when you need to, but do it sensibly. Before you start, use accounting software to forecast the financial impacts of different cost-cutting options. Trim the fat out of your business, not the muscle.

Raise funds to pay your debts

This will be difficult. A new business that's free from debt is a better investment proposition than one that's having financial problems. Still, you have choices:

Borrow from friends or family
This can be awkward and could strain your relationships, but you may get favorable rates.
Liquidate assets
Creditors are likely to accept this because they'll want to be paid at least something, and this way they'll get a better deal than if you went bankrupt. Their only other option might be litigation, and that's timely and expensive.
Look for new investors
Be aware that any new money will be expensive for you. Investors who might have wanted 5% of your new business in exchange for their money might want 30% now you're in difficulties.

Be realistic about your options

More than a third of business owners are less than comfortable about their levels of debt, so you're not alone. Do everything you can to keep your business running, and talk to local business advisors to see what help they can offer.

With luck and perseverance, you'll be able to turn your business around. But if things don't improve, you may have to consider closing your business and declaring bankruptcy. That would hurt, of course, but it doesn't have to be the end of your dreams.

Many entrepreneurs fail in business at least once before finding a successful strategy. And as long as you learn from the experience, you may be able to bounce back stronger next time.

All Accounted For can help you assess the situation and create a repayment plan. This will include your business priorities and your obligations such as payroll, suppliers, tax, insurance and other bills.

So, if you're in debt, come and talk to us about your options.

Original article link: https://www.xero.com/nz/resources/small-business-guides/business-management/manage-debt/

Key numbers to focus on in your business now

Thu, 03 Sep 2020 08:13:41 GMT

As a business owner, it’s always been helpful to have an understanding of accounting – but in the post-lockdown world, it’s never been more important to have a good grasp on your finances.

With the business world irreparably changed by the impact of coronavirus, your business is facing a ‘new normal’. Priorities have changed, customer behaviours have mutated and revenue streams have had to evolve and pivot in order to create a viable post-lockdown business model.

To track, monitor and drive your financial performance in this new business world, it’s increasingly important to have a handle on your key financial reports and metrics.

Getting to grips with your financial reports

Whereas in the past, extra cash in the business may have been seen as a surplus that needed to be spent on something, COVID-19 has shown us that having these reserves is vitally important for the survival and long-term health of businesses.

To truly be in control of this cash, it’s vital that you can dip into your accounts, financial reports and dashboards and ‘see the genuine story’ behind your financial position.

So, what are the key reports to focus on? Let’s take a look:

Budget – your budget is the financial plan that's tied in with your strategic plan. In essence, the budget is your approximation of the money it will take to attain your key strategic goals, and the revenue (income) and profits you hope to make during this period. It’s a benchmark you can use to measure your actuals (historic numbers) against, allowing you to see the variances, gaps and missed targets over a given period.
Cash Flow Statement – a cash flow statement shows the flow of money into and out of your business. Understanding these cash inflows and outflows in detail allows you to manage this ongoing process, allowing you to aim for a ‘positive cash flow position’ – where inflows outweigh outflows. In this ideal positive scenario, you have enough liquid cash in the business to cover your costs, fund your operations and generate a profit.
Cash Flow Forecast – forecasting allows you to take your historic cash numbers and project them forward in time. As such, you can see where the cash flow holes may appear weeks, or even months, in advance – and that gives you time to take action, whether it’s increasing your income stream, reducing your underlying costs, chasing up unpaid invoices (aged debt) or going to lenders for additional funding.
Balance Sheet – the balance sheet shows you the company’s assets, liabilities and equity at a given point in time. In a nutshell, it’s a snapshot of what the business owns (your assets), what you owe to other people (your liabilities) and what money and profits you currently have invested in the company (your equity). The balance sheet is useful for seeing what stock and equipment the business owns, how much debt (liabilities) you’ve worked up and what the company is actually worth – all incredibly useful information to have at your fingertips when making big business decisions.
Profit & Loss – your profit and loss report (P&L) Your P&L gives you an overview of the company’s revenues, costs and expenses over a given historic period of time. Whereas the balance sheet is a snapshot, your P&L is more like a moving video. It shows you how your finances are progressing by demonstrating how revenue is coming in and costs/expenses are going out (rather than cash coming in and going out, as you see in your cash flow statement and cash flow forecasts).

Talk to us about accounting and financial reporting for your business

We’ll run you through the key reports in your accounting software, and can help you track performance, take action and prepare your company for surviving the new business normal.

Practical Advice for Businesses to Prepare for Changing COVID-19 Alert Levels

Thu, 13 Aug 2020 04:35:29 GMT

Business Continuity Planning

If this pandemic has taught us one thing, it's that the ability to work from home is extremely important (where practically possible). Do you or your team have the tools you need to work satisfactorily from home? Now is a great time to take stock of the equipment that you or your staff may need set to continue your business operations as efficiently as possible if our alert levels change and we are unable to go into work. A comprehensive business continuity plan (BCP) should cover multiple scenarios, such as earthquakes, power outages, or your server going down. Do you have a backup? There is a great guide and action plan available from business.govt.nz (available HERE ), covering what you should consider.

Cash Flow Forecasting

Is your cash flow forecast no longer relevant due to COVID-19? Or have you not completed one for the current financial year? Now is a good time to reflect and run some updated projections, so that you can identify any gaps that need additional sources of funding, or can be relieved by a reduction in expenses. You may need to complete more than one forecast based on different scenarios e.g. Scenario 1 - we stay Alert Level 3 for say 2 months and you're unable to trade or have reduced capacity to trade; or Scenario 2 - we go into Level 4 for 2 months and you are unable to trade. We have specialist software for this purpose, so let us know if you want us to help you prepare these forecasts.

Cash Management
It is important to keep on top of your invoicing and any debts owed. Do you have any jobs that are finished and are still to be invoiced? Or have you spent time on a job that's now on hold? Why not invoice out your time spent so far as a progress? Yes, it might be a difficult time for your customers, but everyone's in the same boat, so there is no need to feel guilty about chasing debts owed or sending invoices out.

Doing Business Online

If you haven't already jumped on the online selling bandwagon, you might get left behind, as customers find alternatives. To meet the changing demands of many consumers wanting to buy online, or at least view your products and service offering online, you need to have a great online presence. HERE you will find an updated tool from business.govt.nz which helps to assess your situation, then shows you the relevant recommendations and tools to help guide you. However, if technology, apps, website design and digital marketing is not your forté, then it best to call in the experts! Let us know if you need some advice; we can put you in touch with the right people.

You may be eligible for funded support through the Regional Business Partner Network. All Accounted For are a registered service provider, which means we can provide approved businesses with up to $5,000 of funding for business support, planning and building capability within your business. Click the button below to find out more.

5 reasons why you need a cash flow forecast

Wed, 29 Jul 2020 02:02:46 GMT

With the market having changed significantly in the last few months, an updated cash flow forecast enables you to plan with confidence , by accurately predicting how much revenue you will generate.

Be prepared

By using historical data, along with changing the expected sales or cost figures in your forecast, you can look at different scenarios and the result on your cash flow. Will you have enough cash to pay your staff if sales drop over the holiday period? What about if your cost of supplies increases?

Reduce costs

Detailed forecasts help you to plan for different scenarios and search for cost-savings that will ensure you always have the cash you require. The results may identify opportunities to increase revenue, or invest further in your business.

Save time

Have cash flow projections already prepared, so that when it comes time to weigh up capital expenditure or staffing costs, you can make informed decisions.

Increase sales

Take advantage of growth opportunities by analysing the data. Where is my revenue really coming from? Can I increase sales in this area of my business?

Identify shortfalls

Are there any gaps in my cash flow projections, meaning I won’t be able to pay my creditors? Can I cut costs by using a different supplier? Or can I defer upcoming expenditure? Is short-term financing required to get through a sticky patch? Forecasting allows you to see any cash flow shortfall and take action.

All Accounted For use the best cash flow forecasting software, Spotlight Reporting, to produce visual results of your cash flow now, and in the future. Spotlight Reporting integrates with your Xero account, showing a drilled-down view of your cash flow.

Forecasting is an important step to give you the business intelligence to support your decisions. We offer either one-off, or ongoing cash flow forecasts, customised to your business needs.

Get control over your cash flow – contact us today: 04-970-1182 or advice@aafl.nz

Know your strengths so you can identify opportunities

Wed, 22 Jul 2020 01:50:38 GMT

The more you understand about your business, your market and your competitors, the better prepared you are for the business journey that lies ahead – and this is where a simple SWOT analysis can be invaluable.

But what exactly is a SWOT analysis?

Building a detailed picture of your business

SWOT stands for Strengths, Weaknesses, Opportunities and Threats – and this kind of analysis helps you to get a more detailed understanding of your business and market. By breaking things down into four key quadrants, you can review each area and begin to build up your business intelligence profile.

Let’s take a look at each of the quadrants:

Strengths – in this section, you list the areas where the business is particularly strong and has a positive presence. In essence, these are the business attributes that would make a potential customer choose you over a competitor, or that single out the quality of your products/services. Elements to review may include your service levels, brand profile, level of expertise, price point, product features features, or location etc.

Weaknesses – this section is where you list the weaker areas of the business. You need to be impartial and objective here and think about where improvements are needed and where your competitors may do things better. Things to consider include company size, the quality of your management team and workforce, the effectiveness of your marketing, value you’re adding for customers, or even the amount of funding you have available to grow and expand the business.

Opportunities – these are the areas where the business has a chance to grasp an opportunity and enhance sales, growth, revenue or overall profits etc. Think about elements of your product/service delivery that could be done better, customers that are currently not being served by your competitor, or new advances in technology. Perhaps you can turn a weakness into an opportunity? For example, being the smaller ‘underdog’ in the market might be a positive marketing message!

Threats – look at the things which could have an adverse impact on the business over time. This could be the growth of a key competitor, a failing labour market, a fall in the exchange rate that impacts on your exports or the cost of overseas supply, or even a lack of access to the funding required for you to grow and attain your business goals. By recognising these threats, you can proactively plan to avoid the negative impacts.

Finally, stand back and look at the bigger picture that your SWOT analysis is showing you. Are there relationships between the strengths / weaknesses and potential opportunities? Are there things you can do to reduce the threats? Click on the button below to download a template that you can fill in for your business.

SWOT analysis forms just part of your marketing plan and overall business plan, but is an excellent starting point if you're new to business or have never done one before. Get in touch if you want to develop your plans further and drive the next stage in your business evolution.

By getting proactive, you enhance your strengths and boost those all-important opportunities!

Understanding your revenue drivers

Thu, 09 Jul 2020 23:45:14 GMT

For your business to make money, you need to generate revenue. But what actually drives these revenue levels? And how do you get in control of these drivers?

Knowing where your cash is coming from is more crucial than ever

Right now you face the multiple challenges of a global recession, an increase in online consumer buying and a ‘new normal’ when it comes to trading, markets and buying expectations. The better you can understand the nature of your revenue and its drivers, the more you can flex, manage and control your ability to generate this income.

This helps your medium to long-term strategic thinking, and your decision-making, allowing you to be confident that you’re focusing on the business areas that deliver maximum revenue.

Import areas to consider will include:

Revenue channels – where does your revenue actually come from? Do you create income from online sales and ecommerce, through retail sales in bricks and mortar stores, or through wholesales to other businesses? You may focus on just one of these channels, or it could be that you use a mixture of two, three or more.

Revenue streams – your total revenue will be made up of a number of different ‘streams’ So, you might be a cafe, whose revenue streams include coffee sales, cake and pastry sales and lunch sales. Knowing which revenue streams you rely on, which are most productive and what return they are delivering allows you to make decisions. If 80% of your income comes from 20% of your products, perhaps you need to tighten up your product range and ditch some of the poor sellers. If you’re selling more services to one particular industry, perhaps you should focus more marketing in this specific niche, or downscale your sales activity in less profitable niches.

Product/service split – Do you know which products/services are the most profitable in the business? Which products/services have been resilient to market changes (giving you some revenue stability) and which have adapted well to change? The more you can dive into your metrics and find the most productive and adaptable products and services, the greater your ability is to provide constant and evolving revenue for the business.

Value vs volume – Is your revenue based on selling a high volume of products/services at low margin, or low volume at a high margin? Based on this, can you move your margin down to create a more attractive price point (and more value for customers)? Or are their ways to push volume up, shifting more units and boosting total revenue? By diversifying into new channels, new streams or new products/services you can aim to balance value and volume to create brand new sales – and higher revenue levels

Talk to us about exploring your revenue drivers

If you want to boost revenue and increase your overall profitability, come and talk to us. We’ll review the numbers in your business, help you to understand what is actually driving your revenue and will give you proactive advice on enhancing your total revenue and improving that bottom line.

The General Ledger - June 2020

Wed, 17 Jun 2020 05:50:11 GMT

- COVID-19 Income Relief Payment

- Wage Subsidy Extension

- Small Business Cash Flow Loans

- Change to Tax Payments at Westpac Branches

- ACC Levies Invoices Delayed Until October

- Healthy Homes Standards

- Summary of Financial and Tax Legislative Changes (17 June 2020)

Healthy Homes Standards – are your rental properties compliant?

Wed, 17 Jun 2020 01:40:47 GMT

The deadline for landlords to provide a compliance statement for the Healthy Homes Standards has been extended from 1 July 2020 to 1 December 2020. The compliance statement must be provided within new and renewed tenancy agreements, detailing how the rental property complies, or will comply with the Healthy Homes Standards.

Any tenanted properties should already meet the 2016 insulation requirements under the Residential Tenancies (Healthy Homes Standards) Regulations 2019 which required that all privately owned rented homes must have insulation which meets or exceeds the minimum requirements by 1 July 2019.

By 1 December 2020 , landlords must include a statement of their current level of compliance with the Healthy Homes Standards in new or renewed tenancy agreements.

By 1 July 2021 , private landlords must ensure that their rental properties comply with all aspects of the Healthy Homes Standards within 90 days of any new or renewed tenancy.

By 1 July 2024 , all rental homes must comply with the Healthy Homes Standards.

We recommend landlords adhere to all aspects of the Healthy Homes Standards as soon as possible and before 1 July 2021. A summary of each aspect of these standards is below and further details can be found HERE .

Exemptions for apartments If your rental property is an apartment and there is another apartment immediately above it, you are exempt from the ceiling insulation regulations. The same goes for apartments that have another apartment directly below them; these are exempt from underfloor insulation regulations. You will need to liaise with your body corporate or company share regarding their policies around installation of heatpumps or extractor fans, as these may not be allowed at an individual unit level.

Tips for keeping your property warm and dry, and attracting the best tenants

Especially if you’ve got a change of tenancy over winter, you have a better chance of finding tenants quickly and keeping them for longer if your property is well-insulated, well-ventilated and inexpensive to heat. These properties are easier to market and can attract a higher rent.

As well as ensuring your property complies with the Healthy Homes Standards, the following tips will help you keep your rental property warm and well ventilated:

1. Encourage tenants to ventilate the home by opening doors and windows regularly to allow fresh air in. Good ventilation is important for maintaining healthy indoor air, and reducing the amount of moisture in your property will make it easier to heat.

2. Provide tenants with a dehumidifier and encourage them to use this to collect moisture, ensuring dryer healthier air, less condensation and to prevent mould and mildew from forming.

3. Heat transfer systems ensure heat is efficiently and economically used within your property, keeping multiple areas of the property warm and dry – saving you and your tenants money.

4. Between tenancies and when completing property inspections, check for underlying causes of damp, such as broken guttering and leaks in plumbing pipes.

Property Management

Your Wellington property management specialists - LPM Property Management .

Property Maintenance

We work with many trusted professionals that we can recommend for all of your maintenance and compliance requirements; from installing insulation, ventilation, heat pumps, heat transfer systems, or plastering, painting, plumbing, electrical work and landscaping.

Do you offer fringe benefits to your employees?

Tue, 19 May 2020 22:47:55 GMT

If you’re an employer, and you provide benefits to your employees that are additional to their salary or wage, such as personal use of a company vehicle, a staff insurance scheme, or significant gifts, you need to pay tax on these. This type of tax is called Fringe Benefit Tax (FBT).

When to file your FBT return

You need to file quarterly returns unless you’re eligible for, and actively choose, to file your returns annually. The table below outlines the next filing and payment due dates for each FBT quarter.

For Jan to Mar Quarter the due date is 31 May. This is also the due date for those that file annual FBT returns.
For Apr to Jun Quarter the due date is 20 Jul
For Jul to Sept Quarter the due date is 20 Oct
For Oct to Dec Quarter the due date is 20 January

Filing your FBT return

You can complete your FBT return online through myIR - Inland Revenue’s online services website. Filing through myIR is fast and simple, as the system already has your details on file and will do most of the calculations for you. Visit https://www.ird.govt.nz/ to access the myIR login page.

As a business, it is important to file your tax returns correctly and on time. If you would some help filing your FBT return, or if you are unsure if you need to file one, get in touch with the AAF team.

Darwinism in business

Sun, 17 May 2020 23:23:58 GMT

Survival of the fittest, natural selection - call it what you like, but don’t call it luck. Businesses that have survived and thrived during these unprecedented times have evolved their way to success by listening to consumers and making smart, data-led decisions to build their presence and popularity. Let’s take a look at some age-old trades; the butcher, the baker, the candlestick maker, and how they’ve evolved over the decades to become more relevant than ever...including during the COVID-19 pandemic.

The Butcher

Struggling to exist:

Butchers have been around in one shape or form for many hundreds of years, with ancient Romans using stone tools to manufacture their cuts of meat. Today, when most of us think of a butcher, we still conjure up an image of the local village store with sausages hanging in the front window and a sign on the street advertising the special of the day. But, needless to say, these traditional bricks and mortar style butchers were hit extremely hard during lockdown and the ‘invisible loss’ we referred to last week is quickly becoming visible, to the point you may sadly never see some of these artisans open their doors again. Those that do manage to survive will have more than likely lost a significant share of the market.

Fighting fit:

The butchery industry as a whole, however, has done a roaring trade over the past 6 weeks - thanks to those forwarding thinking innovators who went virtual. Yes, meat in a box delivered to your home is a thing and it’s a raging success. These businesses that took their trade online boomed during lockdown and Alert Level 3, gaining more customers than ever and consolidating their competitive advantage with larger databases which they can now remarket/upsell/cross sell to.

The Baker

Struggling to Exist:

Like the butcher example above, many main street baking establishments have had high overheads and wages to pay for with zero income during lockdown. Bakeries employing a traditional business model have been battered over the past 6 weeks. This is partly because of the lockdown and partly due to a lack of investment in digital and a failure to establish customer databases for communication. Customers want to interact digitally; they want to search, to contact, to order, to pay and to arrange collection virtually, and the lack of investment by businesses in this space has been costly.

Fighting Fit:

But again, has this meant no cakes and pastries have been sold in Alert Level 3? Nope. Au contraire. Many bakery businesses has evolved in recent years, boasting a sweet online presence and using customer data effectively to communicate and engage with customers. As a result, repeat business is strong and their potential market has gone from a few hundred nearby locals to thousands of cake lovers with internet access.

The Candlestick Maker

Struggling to Exist:

The ancient business of candlestick making, born well before the days of electricity, died a long time ago, due to its stubborn and eventually redundant focus on candlesticks being a source of light. Seems pretty obvious right? But it wasn’t at the time and many candle stick businesses slowly ‘burnt out’, pardon the pun, in denial of the changes happening in their market.

Fighting Fit:

But that's not to say candles aren’t still a thing - because I bet most of you have a fragranced candle in your home. And that’s the catch. Innovative candlemakers managed to keep the art of candle making alive by shifting focus from the essential service of bringing light, to the high-end luxury market of bringing delightful fragrance into the home. One of the early adopters of this concept shift, Yankee candles, is now the biggest candlemaker in the US.

Which brings us to ….

Your Accountant

Accountants can be traced back to ancient civilisation, where they were mostly relied on for keeping a record of crop and herd growth. In more modern history, business owners of all sizes have relied on accountants for their financial expertise and understanding of financial laws and processes. But that’s changing now too.

Struggling to Exist:

As increased automation threatens the traditional role of business accounting, and NZ small to medium enterprises (SMEs) demand better advisory options, Kiwi accountants are being challenged to upskill in order to remain relevant. Sure, an accountant can take away the stress of tax and compliance, but those who continue to focus all their energy on compliance are merely a few years away from extinction. Interestingly, there has been a 30% spike in online searches for accountants during COVID-19 and these are not new businesses opening up. These are established business owners who are feeling dissatisfied and wanting more than a transactional relationship. They are business owners who want help to ‘survive then thrive’ post COVID-19.

Fighting Fit:

What today’s business owners need is a growth partner. A professional who not only has your finances covered, but who also helps you seek out growth. A trusted advisor who can point you in the right direction of the best marketers, HR experts and the latest technology deals. An accountant who wants to do more than check IRD boxes. A Grow NZ Accountant who can help you with the what, the how and the who - not just the ‘grow your profit/cut your costs/increase your revenue’ style of accountancy.

If your accountant is an old-school ‘candlestick maker’ type, contact the All Accounted For team for a no-obligation chat about how we can become your growth partner and give you confidence in business.

How to build stronger relationships with your suppliers

Sun, 17 May 2020 22:28:27 GMT

Building and maintaining great supplier relationships is a must if you want to stay competitive. Having strong relationships with vendors will ensure that your shelves are healthily stocked with great products that bring delight to your customers.

Here are some ideas on how you can do just that:

Come up with carefully-crafted agreements - Don't over-rely on standardised contracts. Make sure your agreements are tailored to each vendor. This requires some upfront work but it will help you maintain a smooth relationship later on.

Talk to suppliers even when you don’t need to negotiate - Check in with your suppliers regularly, even if you're not placing orders or negotiating a contract. Discuss the current state of the industry and talk about any priorities, plans, launches, etc. During these informal conversations, your vendors will likely be more relaxed and share information more freely.

Think of your suppliers as partners rather than just mere vendors - This may not apply to all your suppliers, but in some cases, it helps to think of vendors as partners that you work with, rather than third parties who simply provide products and services. Adopting a “partnership mindset” can help you strengthen your relationships, so you can work better together.

Invest in product forecasting and share data - Providing this feedback will help keep you and your suppliers on the same page when it comes to inventory management and allow you both to optimise the ordering and fulfilment process.

Have efficient systems for purchasing, stock control and payment procedures - There are many cloud systems and apps out there to suit your business and take the pain out of these tasks for you, so that you can maximise your supply chain efficiency. Check out what's available at the Xero App Marketplace .

Be an excellent client - This sounds obvious, but you’d be surprised at the number of businesses that neglect professional courtesies. Things like strictly adhering to payment terms, placing orders in good time, being clear about deadlines and being polite and friendly can go a long way in nurturing strong supplier relationships.

The value of cash flow forecasting during a crisis

Mon, 11 May 2020 00:48:29 GMT

A business cash flow forecast is not a crystal ball. But it will give you vital business intelligence to help you scenario-plan, search for cost-savings and look for strategies that will preserve your cash flow position. During the ongoing COVID-19 crisis, many sectors are seeing income either disappear completely or drop to dangerous levels. To be able to navigate the future path of your cash flow, you need to start forecasting – so you can map out your financial position over the coming months and can take the appropriate action to safeguard your cash position.

Forecasting your future cash pipeline

Projecting your cash flow pipeline forwards during a crisis is vital. Having access to detailed forecasts helps you to scenario-plan, search for cost-savings and look for strategies that will preserve your cash flow position. Remaining in control of the cash coming into (and going out of) the business is the real focus, so you can accurately predict your financial position and can resolve any issues.

How to get more from your forecasting

Run regular forecasts – the financial landscape is changing on a daily basis at present. Variables and external drivers are changing each day, so it’s vital that you run frequent forecasts and react swiftly to any projected cash issues as they become apparent.
Explore the right revenue streams – most sectors will have seen their face-to-face sales drop to absolute zero since lockdown restrictions came into place. To overcome this, there’s a real imperative to explore revenue streams and new opportunities for income. An example of this is coffee shops that now sell roasted beans online or have started doing online ordering and deliveries. The idea is to find ways to increase the money that’s coming in the door and balance out your unavoidable expenses.
Get proactive with cost-cutting – if you can reduce cash outflows to a minimum, that will have a real impact on the health of your future cash flow. Pare back your operations and aim to reduce things like unnecessary software subscriptions, or over-ordering of basic supplies. Negotiating cheaper rates with suppliers, if possible, will also help.
Review your staffing needs – now’s not the time to make anyone redundant, but you can look at ways to reduce the costs of staffing and resourcing. Reducing working hours or redeploying staff in different roles are all options that reduce payroll costs, while also looking after your staff’s welfare.
Run a variety of scenarios – changing the financial drivers in your forecast model allows you to scenario-plan different strategies and options. Many of these will be in a long-term plan when restrictions ease. Scenario-planning lets you answer questions and will give you some hard evidence on which to base your decision-making and strategic outlook over the coming months.
Look at various ways to access funding – if forecasts show a giant cash flow hole coming up, you’re going to need additional funding to get through this crisis. We can assist your business to investigate funding opportunities from Government subsidies, grants, banks and other loan providers.
Use the best cash flow forecasting software – we use Spotlight Reporting to produce visual representations of our clients' business cash flow situation now and in the future. Spotlight Reporting integrates directly with your Xero account, giving a drilled-down view of how your cash inflows and outflows will pan out over the coming months – information that will inform and justify the decisions you make during these extremely challenging times.

Talk to us about setting up cash flow forecasting

Forecasting is an important step to give you the business intelligence to support your decision making. We are able to offer either one-off, or ongoing cash flow forecasts, customised to your business' needs.

Get in touch and get control over your cash flow.

The General Ledger - Small Business Cash Flow Loan Scheme

Tue, 05 May 2020 22:39:27 GMT

Check out our latest General Ledger - Special Alert :

- Small Business Cash Flow Scheme

- Tax Loss Carry-Back Scheme

- Summary of COVID-19 financial and tax legislative changes

On 1st May, the Government announced details of its Small Business Cash Flow Loan Scheme to assist businesses impacted by COVID-19.

Loan funding under the scheme will be accessible via the Inland Revenue from 12 May 2020. While details are still yet to be finalised, we have been advised of the key requirements.

Further details of the tax loss carry-back scheme were released on 4th May. Businesses can utilise the tax loss carry-back scheme were the business is expected to generate a loss in the 2021 income tax year (which can be carried-back against profits within the 2020 income tax year) or the business generated a loss in the 2020 income tax year, it can carry-back the loss against any profits generated in the 2019 income tax year.

We have seen so many changes over the last six weeks, so we summarise these and will look to retain a summary of those at the bottom of our future newsletters.

Business sustainability in uncertain times

Sun, 03 May 2020 23:55:11 GMT

“Focus on becoming sustainable through a period of uncertain weakness, and building flexibility to respond quickly when your particular sustained upturn comes along.” - Tony Alexander, Former BNZ chief economist.

For business owners, it is hard to predict when things will return to normal. Even when lockdown measures ease, there is still a huge amount of uncertainty about customer demand and if the marketplace will still support your business. Many businesses are wondering if they’ll be able to recover. The anxiety driven by so much personal and professional uncertainty is still very real.

There have been some unexpected positives. For many it is a renewed appreciation of our families, friends and colleagues, and a lot of creative baking and more exercise! But also, perhaps, a renewed confidence in their business and their people.

They are deeply appreciative of how their teams and business contacts have adapted. This flexibility might be critical as we continue to adapt to a succession of new normals. Some businesses will be scrambling just to reopen. Others may see a need to restructure or to extend those elements that worked well for them during the crisis.

Businesses already functioning well with cloud software have found the transition to working remotely reasonably smooth.

Can you streamline?

Even as a stand-alone business, you’re already part of a network of suppliers, customers, business advisors and regulators who are increasingly operating online. Can you streamline your setup for smoother, secure online interaction with them?

For example, is your paperwork still largely that? Paper? Do you lose time to manual coding, data entry and filing? Has your annual accounts cycle started each year with sifting through a box full of statements, invoices and receipts? Moving them to electronic format might save time and money.

Products such as Hubdoc (included in all Xero Standard & Premium plans) can help. They extract the key information and present it in a manageable format for downloading or processing with a connected accounting software, e.g. Xero.

Where to start

if your suppliers send you hard copy invoices and receipts, ask them to email them

add a basic scanner to your office setup

take photos of receipts on your phone or digital camera and save the files

utilise cloud software and apps for storing data, recording information and accessing from anywhere - check out the Xero App Marketplace .

There are over 800 apps that connect with Xero, providing fabulous options to extend the features available in Xero – all so you can profit from an integrated platform that promotes data flow over data entry. Whether you're after a tool to help you with project management, inventory tracking, point-of-sale or management of bills and expenses, there is an app that can help you streamline the way you mange your business and increase efficiencies. Our industry pages highlight apps specific to your industry that could be beneficial:

Click and collect?

Not all businesses are suited to online trading, but many have surprised themselves with how they could adapt to this model. Even businesses which traditionally work face-to-face have seen opportunities to shift essential products to click and collect or delivery models, or conduct online meetings and seminars. If you have not yet adapted your sales model to make the most of online selling and service delivery, get amongst it!

We are here to help you assess your options and give you confidence in business.

Scenario Planning

Wed, 29 Apr 2020 00:22:09 GMT

While we don’t yet know how long New Zealand will spend at Alert Level 3, we can all take heart from the sense we are moving closer towards ‘normality’, or at least ‘the next normal’, whatever shape that will take. While we wait to see whether NZ can maintain control over COVID-19, the wise among us have started scenario planning in an attempt to manage a few ‘what ifs?’ and get some plans in place for the most likely outcomes.

While much of the outcome is out of our hands in the sense that we alone cannot cause or contain the spread of COVID-19, together we can follow the Alert Level rules and make some important decisions that are guaranteed to help resurrect our bruised economy.

The idea of crafting a strategic plan for your company when we don’t yet know when we can start seeing our customers and clients again might feel a bit like building a house on shaky foundations, but the reality is, we’re never really sure of what’s around the corner - as COVID-19 has shown us! So, the best we can do is plan our choices on a few possible outcomes and educated guesses. This in a nut-shell is what scenario planning is; making informed assumptions on what the future is going to hold and how your business environment could change.

We recommend pulling some business plans together for best-case, worst-case and middle-of-the-road scenarios to help you plan for any necessary decisions. This way, you’re covered wherever we land and can quickly start to take some positive business actions to give you the best restart possible.

If you would like help putting in place a plan for your business, give the AAF team a call to talk through your concerns and potential options.

How do you invoice during a crisis?

Mon, 27 Apr 2020 23:58:57 GMT

It’s not easy to request payment right now, but it is important to keep cash flowing into your business so you can cover expenses and meet your obligations to others. As with all business dealings right now, a little empathy and a lot of open communication can go a long way.

The following tips might be useful to keep in mind when you are asking for payment.

Communication - Connecting with your customers is important. Try to make it personal to their situation rather than a one-size-fits-all email. Connecting on a more personal level shows you value them and are conscious of the impacts that the current situation may be having on them. The empathy you show now will also be remembered when business returns to normal. Be proactive - early communication will help you stay on top of cash flow and will also alert you, if you need to account for late payments.

Add value - Use your expertise to give something back. Surprise and delight your customers by offering something over and above your usual services. It could be as simple letting customers know you want to help and being open to requests, offering a one-off discount or an offer just to chat one to one.

Offer flexible payment options - for customers who can’t pay in full, consider breaking invoices into multiple payments with payment terms moved to a longer timeframe. Set up a credit card facility to give customers other options for payment. After all, the easier you can make it for them to pay you, the quicker you will get paid. If you don’t have payment services set up in your Xero account, we can help you do this. Offering a discount for early payment might provide the incentive for customers who can settle, to pay your invoice before others.

Keeping cash flow going is vital for your business so the earlier you can communicate with customers the better.

Cash Is Still King...

Wed, 22 Apr 2020 00:10:19 GMT

As certified partners with Grow NZ Business, we bring you the following content written by the Grow NZ Business team.

Crisis or no crisis, this is a universal truth and now, more than ever, we should all be taking the time to revisit our cash flow status to ensure we come out of COVID-19 restrictions as robust as possible. The better your cash flow, the more flexible and resilient you are able to be. There are things we can all do right now to improve our cash flow, as well as actions we can take further down the path of economic recovery. I call these ‘survive and thrive’ measures.

Survive

Create a realistic reset of your cash flow expectations. What’s coming in? What can you be invoicing for? Can you change payment terms?...
Make sure your accountant and banker are your ‘best friends’. If you haven’t already, pick up the phone and connect.
Balance collections, survival and relationships - remember to play the long game with important customers.
Watch that ROI. Every dollar spent must generate cash & profit.
Double down on profitable sales and marketing. If you can, now is the time to invest in profitable initiatives.

And Then Thrive

Invest in digital/eCommerce. If COVID-19 has taught us anything, it’s that no-one can afford not to anymore, it is all about the customer and how they want to interact.
Customer Data is a valuable asset - re-sell, cross-sell and leverage it every way you can.
Leverage reduced competition - now’s your time to shine!
Build networks and reduce single point sensitivities.
Increase efficiencies by considering alternative business models.

With cash the number one worry for most NZ SMEs right now, our partner, Futrli has come to the party with a no-strings-attached, free 3-month subscription to its cash flow management tool. Check out more about the offer below.

Don’t Worry, Get Planning

While we may now be able to see the light at the end of the level 4 tunnel, there’s still a huge amount of uncertainty lingering. How long will we operate at level 3? When will NZ reopen its borders and what will customers’ spending power be like? For this reason, a strong communication plan must sit right beside cash flow analysis in your restart arsenal. And by communication, we don’t just mean a token email to the business to let them know you’re trying your best. You need to be communicating closely with all your stakeholders. This includes:

Checking in with key customers . How are they doing? What changes are they forecasting? Can you help or collaborate to ease strain?
Updating your employees about the business . Check in on the wellbeing of your greatest asset - your employees. Whether your business has gone quiet, or you’re an essential industry run off your feet, your employees and their families are impacted and need to hear from you about what plans you have in place to navigate this pandemic. Communicating honestly on the current state of the business allows your employees to contribute and to be part of the solution; you will probably be pleasantly surprised with what they come up with.
How are your suppliers going? Have they been impacted? Should you expect changes to reliability of supply? What about price changes? All of this will impact your own ability to trade, so don’t leave anything to chance. They might be aware of a change at a competitor, which could present an opportunity for you.

Gather Intel

Check on competitor activities - are they pulling back on marketing in an effort to reduce costs? If so, do the opposite if you can. Now is your chance to shine and make the most of reduced competition. Can you fill a gap that has opened up due changes with your competitors?

Start back with a bang

The General Ledger - April 2020

Wed, 08 Apr 2020 22:58:12 GMT

- Business cash flow and tax relief measures

- IRD offline from 3pm April 9th to 8am April 16th
- 6-month freeze on residential rent increases
- Mortgage repayment holiday scheme
- 2020 annual accounts questionnaires
- Financial pressure and wellbeing resources
- Client profile on Anxiety Specialists
- Upcoming tax dates

COVID-19: Government Wage Subsidy - How to Apply

Wed, 18 Mar 2020 02:57:23 GMT

As per our email yesterday with regards to the Governments stimulus package, we have worked through the aspect that will positively impact businesses in the short term, namely the wage subsidy.

The Government announced yesterday (17 March 2020), that they expected 50% of New Zealand small and medium sized businesses to access the employer wage subsidy, to assist with the retention of staff over the next 12 weeks. While for an initial period of 12 weeks, the wage subsidy could potentially be extended as part of the May 2020 budget, depending on the depth of the economic downturn.

The wage subsidy scheme will be managed and operated by the Ministry of Social Development (MSD) on behalf of the Government.

While businesses have until 9 June 2020 to apply through MSD for the subsidy, they can start applying now if the business has evidence to support the revenue reduction requirements. We have already seen a number of clients that have been impacted by the Government policies combating the COVID-19 outbreak, particularly our hotelier and restaurant clients, due to reduced bookings. A number of our trade clients have also reported that their clients are putting projects on hold, while our childcare providers are under the constant threat of school closures, resulting in reduced bookings.

The purpose of the wage subsidy is to provide employers with an opportunity to digest the impacts of the looming economy downturn, assess how it will impact their business and whether they will need to restructure their business. The wage subsidy will provide some much needed breathing space and thinking time for business owners. The Government hopes the wage subsidy will also allow employers to hold onto staff for longer (meaning staff will stay on higher incomes than the unemployment benefit) and that it will spread the job loses over a longer period.

We have prepared a document that provides a plain English explanation around the eligibility criteria and outlines the key information required to apply for the wage subsidy. There is also a requirement to obtain in writing from staff, approving the disclosure of their personal information as part of the MSD application. We have developed and provided a template for employers to utilise for obtaining that consent; which you will find within the document. You can access the document from the following link: WAGE SUBSIDY DOCUMENT - HOW TO APPLY .

Within the document, we have also provided details around the disclosure requirements and outlined the risks associated with providing false or misleading information. Please ensure you read this section carefully, as MSD has the ability to audit the application and criminally charge any employers providing inaccurate information.

The wage subsidy is available to both employers and also owner operator sole traders, though there are different application forms to prepare depending on the business category. MSD APPLICATION FORM - EMPLOYER MSD APPLICATION FORM - SELF EMPLOYED/CONTRACTOR

If you would like assistance with completing the application or would us to prepare the necessary revenue comparison or projections, please contact any of the All Accounted For team.

A reminder of the key aspects of the wage subsidy scheme:

Full time up to $585 a week (20 hours or more) for up to 12 weeks
Part time up to $385 a week (less than 20 hours) for up to 12 weeks
Paid as lump sum, up to maximum of $150,000 per business to retain employees
Business have either suffered or projected to suffer a 30% decline in revenue compared to last year for any month between January and June 2020. Applications can be made on the basis of forecast revenue decline
Must declare, on best endeavours, that will continue to employ affected employees at minimum of 80% of their income for the duration of the subsidy period
Employers sign declaration that have taken active steps to mitigate the impact of COVID-19 (IE: engaged with Bank/Financial Advisor/Accountant)
Applications to Ministry of Social Development
Available from 17 March 2020 and applications can be made up until 9 June 2020
Money to be paid out within 5 days

If you have concerns about the COVID-19 impacts on your business or want to know more about how the above stimulus package could help your business, please contact the All Accounted For team.

COVID-19: Government Stimulus Package

Tue, 17 Mar 2020 03:10:27 GMT

The Government has today announced a range of stimulus support for employers and employees, as a result of the COVID-19 impacts on business. The stimulus amounts to $12.1bn, which is around 4% of GDP.

We will be working through the detail of the specific policies and how they could potential positively impact on our clients businesses. However in the meantime we have summarised the key points below:

$5.1b wage subsidy

Full time up to $585 a week (20 hours or more) for up to 12 weeks
Part time up to $385 a week (less than 20 hours) for up to 12 weeks
Paid as lump sum, up to maximum of $150,000 per business to retain employees
Business have either suffered or projected to suffer a 30% decline in revenue compared to last year for any month between January and June 2020. Applications can be made on the basis of forecast revenue decline
Must declare, on best endeavours, that will continue to employ affected employees at minimum of 80% of their income for the duration of the subsidy period
Employers sign declaration that have taken active steps to mitigate the impact of COVID-19 (IE: engaged with Bank/Financial Advisor/Accountant)
Applications to Ministry of Social Development
Available from Today (17 March 2020) and applications can be made up until 9 June 2020
Money to be paid out within 5 days

Sick Leave expected cost of $126m

Same cash as above
Made available for workers or contractors in self-isolation for 14 days
Will pay out entire sickness period if infected
Not available for those who can work from home
Employers must still meet normal sick leave and employment obligations

Support Package for Beneficiaries ($2.9bn)

Permanent boost of $25 a week for main benefits ($2.4bn)
Removal of hours requirement for In Work Tax Credit associated with Working for Families.
Double the Winter Energy Payment for main beneficiaries. Worth $900 for singles and $1,400 for couples ($480m)

$2.8b package for business

Interest waived on some late tax payments - where taxpayer can prove cash flow impacts from COVID-19
More deductions for low value assets - threshold increasing from $500 to $5,000 for 2020/21 and then permanently to $1,000 from 2021/22
Depreciation for commercial & industrial buildings - Depreciate buildings at 2% diminishing value starting from the 2020/21 tax year
Higher provisional tax threshold $5k (was $2.5k) - providing some timing benefit around tax payments

$500m for the health system to increase intensive care support

$600m for aviation sector

COVID-19: Business Impacts and Considerations

Mon, 16 Mar 2020 02:48:51 GMT

The policies implemented by the New Zealand Government over the last 48 hours to combat the spread of the COVID-19 virus have created some significant uncertainty around the New Zealand economy, with the impacts likely to be felt for a number of months. This will undoubtedly create some negative impacts for all businesses.

Given the current circumstances, we have prepared this newsletter to ensure that business owners and investors are considering the potential impacts on their businesses and investments; and are therefore prepared for all scenarios. We believe the key areas business owners and investors should initially be across are:

Ability to continue running the business if staff are required to work from home;
Funding options to provide access to additional cash if required;
Reviewing customer and supplier payment terms;
Reviewing employment agreements, leave and staffing levels;
Reviewing current insurance coverage; and
Assisting with staff well-being through this difficult period.

For more information and considerations on the above points, you can see our full email campaign HERE .

The General Ledger - February 2020

Thu, 27 Feb 2020 11:00:00 GMT

- Moving on from cheques
- Coronavirus economic effects
- MyACC for Business updates
- Easter Sunday trading laws
- Uber for Business
- Profile on EmbroidMe
- Upcoming tax dates

Read the full articles HERE .

The General Ledger - January 2020

Wed, 29 Jan 2020 01:41:48 GMT

- Business expenditure: now or later?
- Thinking about contracting?
- IRD are targeting property investors
- Working solo? Tips to stay mentally well
- Exclusive offer from PaySauce
- Upcoming tax dates

Find out more HERE .

Business Expenditure - Now or Later?

Mon, 20 Jan 2020 11:00:00 GMT

With a new calendar year just starting, another type of year is drawing to a close; the financial year! While we at All Accounted For look to ensure that all your filing obligations are met, you can think about what you can do to put yourself in the best position heading into the 2021 financial year.

One consideration for this time of year is the timing of purchases and expenses. Expenses reduce your taxable profit and therefore the amount of tax your business needs to pay. Any expenses incurred before year end (31 March) will be recognised in the 2020 tax year, in turn reducing your tax for 2020 tax year. Although expenses paid after year end will still be deductible, you will have to wait an additional 12 months to realise the tax benefits.

For example, if you are planning to have your rental property painted before winter sets in, you could substantially reduce your taxable income for 2020 tax year by ensuring it is done before 31 March. If the rental property made a loss for 2020 tax year, this would be carried forward to offset future years profit.

Although there is a tax benefit in incurring expenses prior to 31 March, this investment should still be considered from the business perspective first and foremost, with tax deduction being a secondary benefit. There is no point in purchasing items not required for your business in order to save on tax as for every $100 spent you will at best save $33 of income tax.

If you would like to discuss your particular situation, please get in touch with us.

The General Ledger - December 2019

Thu, 19 Dec 2019 01:53:41 GMT

- Managing cash flow over the holiday period
- PaySauce
- Hubdoc to be included in Standard & Premium Xero subscriptions
- Round up of law changes in 2019
- Merry Christmas from AAF
- Upcoming Tax Dates

PaySauce - NZ payroll solution

Tue, 17 Dec 2019 01:46:45 GMT

PaySauce is a cloud-based New Zealand payroll software that collects and calculates everything you need to process payroll. It integrates directly with all NZ’s major banks, as well as Inland Revenue, so all PAYE obligations i.e. salary/wage and tax payments, as well as tax return filings, are all part of the package – a complete end-to-end solution.

It is subscription-based, with payment on a monthly basis and you can cancel any time, so you are not locked in for any set period. It is also easy to transfer across your data from another payroll provider, and for free!

If you would like to know more, or would like us to set you up with a PaySauce account, get in touch.

New laws for Trusts

Thu, 28 Nov 2019 01:35:06 GMT

Parliament are in the final stages of implementing the Trusts Act 2019, which will replace the Trustee Act 1956 and the Perpetuities Act 1964. The new Act will come into force on 30 January 2021. With the new Act, there will be increased compliance for trustees, including mandatory duties for trustees. There will also be a requirement to inform any beneficiaries that they are a beneficiary and clearer rules about when trustees are required to provide information to beneficiaries.

If you have any questions about how the changes may affect you or your Trust, please contact us.

The General Ledger - November 2019

Tue, 26 Nov 2019 01:32:14 GMT

- New branding for AAF!
- Xero Assistance Programme: Supporting Mental Health & Wellbeing
- Get set for summer: staff holidays, host responsibilities and cash flow
- BuilderTrend: project management app for builders
- Wellington Night Shelter: Street Appeal
- Billie Brook Photography
- Upcoming Tax Dates

Click HERE to find out more.

BuilderTrend - the perfect app for builders

Thu, 14 Nov 2019 01:29:09 GMT

BuilderTrend is a cloud based software that syncs with Xero, specialising in project management for the building sector.

This is an amazing end to end solution for managing projects, including quotes to invoices, and leads to sales.

If you use BuilderTrend and are looking for a business advisor, we would love to hear from you.

Adam Forrest and Sarah Toner recently completed the BuilderTrend Super User Certification and we'll be looking to have two more staff members complete the Super User Training soon, so we have a team on hand to assist you.

BuilderTrend's Core Values:

Xero Assistance Programme - Supporting Mental Health & Wellbeing

Tue, 12 Nov 2019 01:25:00 GMT

Xero, in partnership with the Mental Health Foundation of New Zealand have released the 2019 Small Business Wellbeing Report . The results of this report show that there is still a crucial need for mental health support amongst Kiwi small businesses.

The latest blog from Xero ( Doubling down on mental health support for Kiwi small businesses ) states the following:

New Zealand has critical mental health statistics to address as a country. For many people their workplace can play a central role in building their resilience and positive mental wellbeing. Looking after wellbeing is not only the right thing to do for our people and ourselves, but also the right thing to do for our businesses.

Shaun Robinson, CE of the Mental Health Foundation echoes this, “Building mentally well workplaces is about adapting the tools businesses already have and integrating a mental wellbeing focus to work that is already underway. There is no one-size-fits-all approach to creating a positive work environment and you don’t need to reinvent the wheel. Allowing flexible hours, open door policies and facilitating opportunities for team members to build connections with one another are very powerful and simple ways to build positive work environments and boost employee wellbeing,” says Robinson.

Xero are extending their Xero Assistance Programme (XAP) to reach more Kiwis. They are offering XAP to all starter, standard and premium Xero subscribers, for an additional 12 months. This service will provide free and confidential wellbeing support to approximately 850,000 New Zealand small business owners, their employees and families . The service is available through Xero’s own provider, Benestar. Users will have access to face-to-face, telephone, live chat and online counselling, as well as the Benehub and Benestar app.

Xero state that: For many business owners, part of the problem is that they don’t know where to start. I hope employers will start by using XAP and other employee assistance programmes as a preventative measure for support , rather than just directing people to these services when they are in crisis. This is one of the ways business owners can make a sizeable impact on mental wellness in the country.

For information about how to access XAP, email xap@xero.com .

Cash Flow – Top Tips

Tue, 05 Nov 2019 01:18:52 GMT

One of the most important aspects of running a business is managing cash flow. Without sufficient cash, a business simply cannot function.

It is well known managing cash flow can be a challenging task, especially for small to medium sized businesses.

Here are our top 5 tips to assist you in managing your cash flow as efficiently as possible.

1. Prompt invoicing

Invoicing is a key component of good cash flow management. Once you’ve delivered a product or service, don’t wait to invoice for it. The later you invoice, the later you will get paid.

2. Keep accounts up to date

Keeping your accounts up to date enables you to view the financial state of your business at any point in time, helping you spot any shortfalls in cash flow before it's too late.

3. Keep your business and personal finances separate

It is essential to keep business and personal finances separate. Combining the two could result in an inaccurate picture of how your business is performing.

4. Build up a cash reserve

Building up a cash reserve enables business owners to have a safety cushion for any unexpected expenditure or unpaid invoices. This helps enable businesses to meet their cash flow commitments.

5. Budget/forecast for expected large expenditur e

If your business is expecting to incur a large outgoing of cash, for example for new equipment, it is crucial you budget for this to ensure your business has the sufficient cash to meet all business commitments.

If you would like assistance with preparing a cash flow forecast to help your business monitor its cash flow please touch base with the All Accounted For team.

Benefits of Business Reporting with Spotlight

Tue, 29 Oct 2019 00:59:38 GMT

When it comes to understanding financial data, most people aren’t sure what to look out for. Very few people enjoy looking at what has gone through the books because it’s as comprehensible as Kurdish to most. Even so, understanding how your business is performing is essential for growing your business revenue, minimising costs and forward planning. Imagine switching on the TV to see the All Blacks playing halfway through the first half but without the score displaying for the entire game. If you don’t know the score, how do you know if you’re winning or losing? (This was written prior to the Word Cup semi; in that instance, perhaps it was best we didn’t the score!)

The same applies to your business. If you know what the score is, you can make informed decisions to grow the business, achieve your goals and win the game.

Spotlight Reporting is one of the tools that we use to help our clients understand exactly how their business or organisation is performing.

Advantages of Spotlight reports:

Easy to understand breakdowns of your largest revenue streams, your biggest costs, and how these are tracking though the year
Customiseable reports that can be tailored to meet each client’s unique needs
Simple and colourful graphs that communicate your business performance in a visual manner
A detailed commentary prepared by an accountant who can give further insight into what the numbers mean and things to look out for
Timely information prepared monthly, bi-monthly, or how often you wish
Very affordable at only a few dollars a month, depending on the frequency of your reports

If you would like to know more about Spotlight reports and if these could help you and your business achieve your goals, please get in touch with the All Accounted For team.

The General Ledger - October 2019

Tue, 22 Oct 2019 00:52:15 GMT

- Competitions and promos for October
- Changes to employer-assisted temporary work visas
- Accommodation for workers - what you need to know
- IRD targeting Hospitality sector
- Want to improve your cashflow?
- Introducing our new Office Administrator, Lisa
- Upcoming Tax Dates

Click HERE to find out more.

Xero Product Releases

Thu, 19 Sep 2019 01:49:00 GMT

Xero is constantly enhancing their system to make it better and easier to use, for businesses and accountants alike. Some of the more recent enhancements have been focused towards improving their app on both Apple and Android devices, allowing you to do more on the go.

You can check out some more of their updates by following the link below. We recommend bookmarking this link, so that can look up future updates too. Try some of these features out to enhance your Xero experience.

https://www.xero.com/nz/about/product-releases/

GST on Special Supplies

Tue, 17 Sep 2019 01:33:16 GMT

Special supplies for GST purposes differ from normal business sales and purchases. A couple of examples you will frequently come across are secondhand goods and hire purchase agreements.

Secondhand Goods

When you purchase secondhand goods from a supplier who is not registered for GST, you can claim a credit for GST, based on the amount you have paid for the goods, as it is assumed GST was never claimed on these goods on the initial purchase. You need to keep a receipt, like you do for a normal purchase; it just won’t have a GST number for the vendor. Please note that livestock and fine metals and jewels are excluded from these provisions.

Hire Purchase

When you enter into a hire purchase agreement to purchase goods, including financing on vehicles, GST is claimable on the purchase price of the goods at the time they are purchased. This is because the financing arrangement is separate to the supply of the goods, and financing is exempt from GST.

Your accountant will need the hire purchase/financing agreement, as it generally includes interest and set-up costs, which are deductible for income tax purposes. They will also need the tax invoice for vehicle purchases, as it can include additional on-road costs that can be claimed in the year of purchase, instead of being included in the vehicle cost that is added to the Asset Schedule and depreciated.

IRD are moving on from cheques

Wed, 11 Sep 2019 01:30:40 GMT

From 1 March 2020, Inland Revenue will no longer be accepting cheques.

There are many different ways to pay – electronically or in person. Here’s a summary of payment options:

myIR: You can pay by direct debit and make debit card and credit card payments securely through myIR online services. Visit the IRD website (ird.govt.nz) and login or register for myIR.
Online banking: Make payments using online banking "Pay Tax" function.
Credit or debit card via IRD website: Use your credit or debit card to make online payments through the website. Visit ird.govt.nz/pay.
In person at Westpac: Pay by EFTPOS or cash at a Westpac branch or Smart ATM.
Money transfer: If you are overseas you can pay IRD using a money transfer service. Search for “make a payment” on the website for more information.

Charges may apply for some payment options.

If you have any questions, or would like some assistance with setting up online payments etc., don’t hesitate to contact us.

The General Ledger - August 2019

Thu, 29 Aug 2019 01:27:23 GMT

- Tax Debt - how financing with TMNZ can help
- Small Business Guidebook
- Employee Break Times - are you up-to-speed?
- AAF Team Event & Wellbeing at Work
- Client Profile: Orange Clinic of Natural Medicine
- Upcoming Tax Dates

Click HERE to find out more.

Do you have Tax Debt?

Tue, 13 Aug 2019 01:17:28 GMT

Are you lying awake at night thinking about unpaid terminal or provisional tax, or worrying how you are going to pay your upcoming tax? It’s important that taxes are paid on time to avoid late payment penalties and use of money interest, which can escalate quickly.

Putting money aside through the year is the best way to manage your tax obligations; however, if you are already behind, it can appear to be an impossible task.

We work with Tax Management New Zealand (TMNZ), a company that can assist with paying off older debt, or to finance upcoming tax commitments. TMNZ interest rates (at around 5%) are significantly cheaper than the Inland Revenue’s (at 8.35% from 29 August 2019), and you won’t have any late payment penalties to pay.

TMNZ has flexible payment options, meaning you can pay off your debt over a number of months to assist with cashflow.

Give us a call at the office to discuss utilising TMNZ to get you back on the right path, before the Inland Revenue contacts you!

GST on Low Value Imports

Mon, 05 Aug 2019 01:14:42 GMT

GST treatment of imported goods has been a hot topic over the past couple of years. A big change is due to take place on 1 December 2019 - just in time for Christmas. This change will see GST built into the price of low value imported goods; that is goods under $1,000, rather than being paid at the border. This includes goods that currently fall below the $400 threshold for GST and import duties.

While this affects low value items that would historically not attract GST, this does not necessarily mean that all imported goods will end up being more expensive. Goods below $1,000 will no longer attract tariffs and border processing fees meaning that some goods will end up being considerably cheaper. For instance, a $450 article of clothing currently would attract a $45 tariff, GST of $74.25 and a $52.67 border processing fee, adding up to $621.92 in total. Under the new system, the same $450 article of clothing will only attract $64.50 of GST, totaling $517.50.

This change will be implemented by requiring offshore companies supplying goods into New Zealand, to register for GST if the total value of goods supplied to New Zealand exceeds, or is likely to exceed $60,000 in a 12-month period. Online market places, such as Amazon and Ebay, will collect the GST on behalf of the sellers using the platforms. Unlike regular consumers, GST registered New Zealand businesses purchasing goods from an offshore supplier, will not be charged GST on their purchases, but will have it calculated.

http://taxpolicy.ird.govt.nz/news/2019-06-17-gst-low-value-imported-goods-application-date

https://taxpolicy.ird.govt.nz/sites/default/files/2018-other-gst-low-value-imported-goods-fact-sheet.pdf

http://www.mondaq.com/NewZealand/x/821868/sales+taxes+VAT+GST/New+Zealand+Enacts +New+GST+Rules+Applying+To+Online+Sales+Of+Low+Value+Goods

Property Update - Q3 2019

Wed, 31 Jul 2019 01:02:20 GMT

Residential Rental Losses - Now Ring-Fenced!

On 26 June 2019, the Government quietly passed the bill that now ring-fences residential rental property losses, which means losses generated from residential property investments can no longer be offset against other income earned by taxpayers.

The obscurely named “Taxation (Annual Rates for 2019–20, GST Offshore Supplier Registration, and Remedial Matters) Bill rules retrospectively apply from 1 April 2019. As a result, any residential property losses generated during the 2020 income tax year (1 April 2019 to 31 March 2020 for most investors) and beyond will be quarantined in the same way as Mixed Use Asset losses are treated.

Future losses can only be offset against other residential rental profits within the investor’s portfolio, or against taxable gains from the sale of property (capture by the intention test, bright-line test or property trade rules – subject to specific conditions).

Quarantined losses not utilised, will be carried forward to be used in future years, though the retention of the losses will be subject to rules around company shareholder and partnership continuity rules, where changes of shareholders/partners could result in the quarantined losses being forfeited.

These rules will apply to individuals, partnerships, trusts, look through companies (LTC) and closely-held companies alike.

Key Impacts

With this in mind, any investors who have relied on income tax refunds generated through residential rental losses need to consider the impact on their future cash flow; this was the key reason behind our recommendation that property investors avoid applying for 2020 special tax codes

For those clients that pay provisional tax or are close to the $2,500 residual income tax threshold, the change to provisional tax could be significant for the 2021 income tax year, and also result in a terminal tax liability for the 2020 income tax year.

On face value, the rules would tend to suggest that restructuring property through LTC’s and Trusts, would no longer provide any benefit to investors. However, restructuring debt against income generating assets will always provide benefits to taxpayers, though the cash flow benefits may take a little longer to be realised under these ring- fencing rules.

Consideration

For clients that operate a business or own other investments, there are potential opportunities to reassess their operating structures to mitigate some of the impacts associated with ring-fencing rental losses.

Given the rules are now in place, if you have any questions around how the rules impact you directly, or you wish to discuss whether restructuring would be beneficial, then please contact Ben and the team at All Accounted For to arrange a time to discuss your implications (admin@aafl.nz or 04-970-1182).

Motor Vehicle: Lease vs Buy

Thu, 18 Jul 2019 00:56:55 GMT

Whether to lease or buy a motor vehicle is a common question for business owners. We highlight some of the pros and cons to consider when looking into purchasing a new vehicle.

Some important questions you should ask yourself are:

Is having a new vehicle every three or so years important?
Do you travel a considerable distance in your vehicle each year (high mileage)?
Is ownership of the vehicle more important than low upfront costs and no deposit?
What will be the financial position of your business at the end of the finance period?
What are the projected cash flows for your business?
Is the vehicle intended purely for business use or will it also be used personally?

As purchasing a vehicle can have a significant financial impact on your business, we recommend you contact us to talk through your options.