How will lockdown impact your business long-term?
A key question on businesses’ lips is “how will this current lockdown impact my business, and our local economy, when we come out of it?” Lessons from last time New Zealanders went on a spending spree after we emerged from the Level 4 and Level 3 lockdowns last year –…
How to know when to spend
In business, cash is key to successful financial management, therefore it’s essential you have the most effective tools on hand that will help you know when it’s best to spend or save, and how to respond when the going gets tough. Most businesses would do a cash flow budget at…
Can you claim work clothing as a business expense?
This question about claiming clothing as a tax-deductible expense has been raised by clientsfrom time-to-time. Some business expenses are clearly deductible, but with clothing, it is not soclear. Where-ever you work there is likely to be some sort of dress code – suits and polished shoes forthe office or overalls…
What employers need to know about the COVID-19 vaccination roll out
As the Covid-19 vaccination programme rolls out across the country, Employment NewZealand has released guidelines to help you understand your role as an employer inthe vaccination process. Employers can visit their website for more detailed information, orthis one-page PDF is quite helpful. In brief, here are some ‘rules’ Employers can provide staff with…
IRD activity and Audit Shield
Audit Shield gives you the comfort that any fees incurred answering IRD questions will be covered. We have seen an increase in Inland Revenue activity over the last 12 months and we are expecting to see their activity to continue to increase, particularly queries and reviews in the following areas:…
Here are six reasons why you should look at your financial reports.
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,…
How to look at succession planning.
As business owners we are no strangers to weighing risk and navigating uncertainty, but the current climate has dialed everything up. Many business owners face the uncomfortable position of having to remap carefully thought-out succession plans and exit strategies and to consider selling their business before they’re ready and, possibly,…
Are you thinking about buying an existing business?
Buying an existing business can be a great way to get started as a business owner, or to expand operations if you are already running a business. Established businesses have done the hard work of setting up, so you can get up and running on day one without a lengthy…
Understanding working capital to maintain business success
If cash flow is the lifeblood of your business, then working capital is the health check you should regularly undertake to keep your business alive. Regularly checking working capital plays an essential part in maintaining business success during times of economic insecurity. What is working capital? Working capital is your…
How to make your business recession-proof
There are steps you can take now, to minimise the impact of a recession and build a stronger business. As we enter the recovery phase on the way to establishing the new normal, with lessons learnt from lockdown, we’ve discovered risks in our business that we may not have appreciated…
Using your home to buy an investment property.
If you own your own home, you may be able to invest in residential property. How? Using your equity. Equity is the difference between your home’s value and the amount of your mortgage. For example, if your home is valued at $800,000 and you owe $500,000 on the house to…
COVID-19 Wage Subsidy Extension
From 10 June until 1 September 2020, if you have been affected by Covid-19, you can apply for the Wage Subsidy Extension payment, announced in this year’s Budget. Like the 12-week Wage Subsidy (which ended yesterday), the Extension is so you can keep paying your staff, keeping them in your…
Carrying over the positives from lockdown.
Lockdown and the subsequent restricted ‘levels’ of operation continue to be tough for businesses. Suddenly, the office was empty, employees were spread across various home locations and crucially sales and revenue evaporated for most in the blink of an eye. We had to evolve, and quickly. Teams got used to…
Budget 2020: What’s in it for business
Here are some highlights for business from today’s budget. More info can be found at www.beehive.govt.nz. More detail is still to come from the New Zealand Government, and when it does we are happy to talk with you about what could specifically benefit you. Wage subsidy extension: applications open June…
Small Business Cashflow Loan Scheme
The Government has announced a new Small Business Cashflow Loan Scheme, targeting those who have a viable business but have been put in a position of not generating any revenue. Legislation authorising the Inland Revenue to administer the scheme was passed on Thursday 30 May, with the terms not available anywhere…