Click on any of the topics here to tap into our resources. If there is anything you would like to discuss, please feel free to contact us.
Under recently announced changes to GST on low-value imported goods, offshore suppliers will now have to collect and return New Zealand GST on goods valued below $1000 that are sold to consumers in New Zealand.
Draft legislation is expected to be introduced to Parliament this month and once enacted should apply from 1 October, 2019.
As of 1 October 2018 accountants are now included in the Anti money laundering and countering financing of terrorism Act (AML/CFT).
You may already be familiar with the implications of AML/CFT if you have tried to open a new bank account in the last few years. You will have had to supply information including proof of address and identity verification.
Owning a small business is exciting. You get to do what you love, day in, day out. But traditionally, small business accounting isn’t exciting. So how can we change this stereotype and make accounting fun and easy?
Some benefits of social media and content marketing are normally inaccessible for small businesses and startups because:
Do I even need my Trust anymore? This is a question that comes up regularly with my clients. Sometimes the answer is - no you don't. Trusts can be expensive, they take time and energy to run and if you don’t have a good reason for it – then get rid of it.
Cloud computing got you perplexed? You’re not alone. Most of us talk about ‘the cloud’ without even realising what it really means. We’re clearing the air on cloud computing and how it can benefit your small business.
We equate being busy as being virtuous. When we’re maxed out, it feels safe. It must be productive. (Or is it?) It’s a badge of courage, honor or something …
Want to peek into the mind of your ideal customer and find out how they engage with social media video? How they are interacting with brands via video? How are they purchasing?
Take a seat, because in this post we break down exactly how customers are watching social media video and more importantly, how they are purchasing from video.
And it’s all based on data and research, so you can start using this intel now, to get results in your business.
Successful businesses spend that little bit of extra time on record keeping and getting their tax right, including preparing and lodging business activity statements (BAS). Once set up and organised, you’ll save time in the long run.
Construction is unlike any other business. Building projects can last for months or even years – and you might be both an employer and a contractor. So how do you learn the basics of construction accounting?
A few weeks ago, the new shiny iPhone XS entered the market. For all the Apple lovers out there, this might mean being the first to wrap your hands around the irresistibly smooth all-glass design, or finally upgrading your old glitchy iPhone 6 to the new model.
If this is you, I’m guessing you’re focused on the opportunity to start afresh, buy a new case, clear all those apps cluttering your current device, and start playing with its new features. Right?
Email is a notoriously fickle channel. Something as simple as tweaking the subject line can be the difference between an 8 percent or an 80 percent open rate.
The $20,000 instant asset write-off threshold has been extended to 30 June 2019. This means you can continue to claim the cost of new or second-hand assets that are less than the threshold of $20,000.
The Labour-led government has resurrected its old R&D tax credit and given it a new set of clothes.
The government’s goal is to increase New Zealand business R&D spend from its current 1.28 percent of GDP to two percentover the next 10 years (the current OECD average is 2.38 percent).
When it comes to GST, charities and non-profit bodies (NPBs) are often favoured compared with other taxpayers. NPBs can claim GST on most of their expenses, which is often greater than the GST they have to return on the on the goods and services they sell. This means they often receive GST refunds.
Inland Revenue (IR) is is now planning to close a loophole that enables NPBs to claim GST on goods and services purchased, while not having to return the GST if these goods and services are later sold.
One thing I see from time to time when a client decides to sell their business is a surprised look when I tell them that sadly no, you won’t be selling their business for mega-bucks. People sometimes have pie in the sky assumptions about what their ‘baby’ is worth and that often blinds them from the reality that there can be things in their business that are real road blocks to getting top dollar.
During the Christmas holiday season, businesses of many types employ seasonal or casual workers to meet extra demands. Often these workers are hard-working young people who have travelled from overseas, bringing with them their own language and culture. This international melting-pot makes for a fun and productive work environment, although it can also present challenges.
The homepage is the most important page of your business’s website. It is the virtual shop front to your business, providing your customers a first impression of what you have to offer. You only have seconds to grab your customer’s attention so it is key to make sure that they can find what they’re looking for quickly and easily.
Clichés. Can’t live with them, can’t live without them. (See what just happened there—it’s that bad).
The most widespread, just-waiting-to-pop-out-at-you, cliché is a very short one, measuring just three words—time is money.
Too often businesses leave collecting debts at the bottom of the pile. Why? Often there is anxiety and worry around the process, or lack of trust in collection agencies. Sometimes lack of time and understanding of the process.
Over 100 accounting/bookkeeping, marketplace and banking partners across Asia joined us in Brisbane this year to attend Xerocon, the most innovative conference for cloud leaders in Asia, Australia and New Zealand.
There’s literally hundreds of blog posts giving you the 7-10 steps to reduce debtors and improve cashflow. Yet the debtors problem still exists to some extent in the majority of small and medium size enterprises (SMEs) globally.
We no longer need studies to tell us: Smartphones are almost everywhere. Most of the customers coming through your doors have a mobile device with them. And these devices aren’t always shoved in pockets or bags — shoppers are using them while they’re in store too.
Offers for grants worth over $3.5 million will support 7 businesses to help launch their innovative products, processes and services into domestic and international markets.
The funding has been provided from the Accelerating Commercialisation element of the Entrepreneurs’ Programme.
Anticipating future demand is a tough job, wrought with ways you might go wrong. Proper demand forecasting and inventory control can save a company from buying too much or too little of something, which of course avoids expensive overstock scenarios or stockouts.
Tax time is fast approaching—it’s important to do your homework and know exactly what tax deductions you can claim.
From 1 April 2019 employers will be required to file their employees’ payroll information with Inland Revenue in respect of every payday.
Currently, employers file their employee payroll information with Inland Revenue once a month on the IR348 Employer Monthly Schedule.
For those who have investments in forestry, it’s timely to consider the legitimate opportunities available to manage your tax bill when the harvest income finally starts to roll in.
With average log prices tracking above the three-year average, investors are earning significant lump-sum amounts of income as the stands are harvested and sold.
A new Bill introduced into Parliament proposes to make tax easier and simpler for individuals as well as including a raft of business-friendly changes.
The headline-grabbing change is that the new legislation will mean automatic tax refunds for around 750,000 New Zealanders, according to the Minister of Revenue, Stuart Nash.
Shhh. Keep it down. I don't want everyone to know. I’ll just tell you if you can keep it to yourself.
There's a sure fire way to pay next to no tax and I'm going to tell you how. For free. No complicated structures, tax havens or offshore entities required.
You might not understand it at first. But I'll try to keep it simple.
Going into business with someone is just like a marriage. It’s helpful to agree on stuff up front. Finding out 6 weeks in that your wife doesn’t want kids - problematic. When she invites her mother to stay 3 months without checking first – not ideal.
Where taxpayers use their motor vehicle for both business and private purposes, the kilometre rate method has been one of two permissible methods used to calculate the expenditure that is deemed to relate to the business use of the vehicle.
The second method is to use the actual costs of running the motor vehicle, this method being known as the “cost method”.
A new method is available to calculate how much of your home office costs you can write off for tax purposes.
The new method will often give a better result than the old method. It is also faster and easier to apply and calculate.
The new method is not compulsory and tax payers can still use the old method.
To own or to rent your business premises? That is the question.
There are advantages to owning your business premises over renting, but also potential disadvantages. On the upside, there’s the obvious benefit of paying an amount you would have otherwise spent on rent off against a mortgage used to fund the building – a compulsory savings scheme for you and your business.
Part of purchasing a business means thinking about what you are going to end up with after you settle. Are you going to buy the shares of the company that owns the business – or will you just buy the assets of the company plus some goodwill? Most transactions in the SME space are asset and goodwill sales, rather than share sales and I’ll go over a few reasons for that.
As passionate believers in the healing power of flower essences, Scott Harris and his co-founder Jayne Tancred established Tribe of the Tree in Sydney seven years ago.
Delving into the e-commerce world is an exciting adventure albeit somewhat daunting. You need a ‘shopfront’ – somewhere you can show off your wares to customers. Here we review some points to consider when choosing your cloud-based e-commerce software.
The manufacturing industry is changing and new trends are shifting the way manufacturing companies operate their facilities. In addition, manufacturing companies are looking to become more sustainable in their operations.
As businesses grow, it is often inevitable that additional entities will be needed. Typically these will arise from international expansion into new markets or for legal and risk mitigation.
Your profit margin is a metric that should always be on your radar, and for good reason: it answers critical questions about your business, like whether or not you’re making money or if you’re pricing your products correctly.
Strategic planning is the blueprint for your business. It’s an aspirational and practical plan for your future that can give you an exact outline of where your business is, and where it should be.
Over 2,000 years ago, Aristotle said “ First, have a definite, clear and practical ideal; a goal, an objective. Second, have the necessary means to achieve your ends: wisdom, money, materials and methods. Third, adjust all your means to that end.”
The world of accounting and bookkeeping is changing. It was a decade ago that I decided to upgrade our small business from spreadsheets and Word documents to a proper accounting system.
Students in the US won’t be flocking back to campuses until September, but for retailers, it’s high time to ramp up back to school (BTS) and back to college (BTC) marketing campaigns.
Outsourcing ‘business as usual’ tasks can bring focus and efficiencies your business needs in order to succeed in today’s fast paced environment. A new level of agility and access to quality analytics and expertise can be brought into your business. To get ahead of the competition, consider outsourcing.
Seasonality might make you think of the holiday season but seasonality is not exclusive to Christmas, Easter or Halloween! Seasonality also encompasses the summer seasonal boom.
As traditional retail channels dwindle in popularity, more businesses are turning to multi-channel retailing to provide an extra income stream and keep business ticking over.
The shopping habits of consumers has changed significantly over the past 10 years and will continue to change over the next decade too.
The UK retail landscape is changing rapidly. Consumer spending is decreasing, competition is increasing between businesses, and people are turning to e-commerce at an unprecedented rate.
These days, it seems like every retailer is running some sort of sales promotion. 25% off, $5 off a purchase of $50 or more, buy-one-get-one-free — these approaches are becoming so commonplace that it’s easy to get lost in the mix.
Due diligence. DD. You've probably seen those words somewhere on an accountants' website. DD is to buying a business what inspecting the roof and moisture testing is for buying a home. You don’t want just anyone doing it – if you’re putting your capital into a business you want to get it right from the start.
Would you like to spend less time working while growing your business and increasing profits?
Join guest speaker Mark Jenkins and our Ingham Mora Directors at an informative '7 Ways to Grow Your Business' seminar to understand the mind-set change required to succeed in a changing business landscape.
At Ingham Mora we are always looking for ways to make our clients' lives easier. Our latest initiative is Receipt Bank, a tool which allows a more automated book-keeping workflow and tackles specific compliance problems in a cost effective manner.
Security while online is a priority. Check out some security alerts from IRD and XERO so you can stay safe online.
Family trusts can be a highly effective mechanism to protect assets, create tax flexibility and provide for inheritance and succession of family and business assets.
However, change is upon us with the proposed enactment of the new Trusts Bill.
Join the Ingham Mora team for beverages, canapes and an informal family trust seminar series.
The government is intent on shaking property speculators from the residential property market in an attempt to level the playing field for owner-occupier home buyers.
The latest weapon under development in the government’s arsenal is the proposal to ring-fence or quarantine any losses residential property investors make.
In the cosmetic industry, managing the supply chain efficiently and effectively is crucial for cosmetic companies to gain a competitive advantage.
13 may be unlucky for some but if you follow these 13 top tips on how to use Xero and make the most out of your account you won’t need luck.
Have you ever considered selling private label products? If so, keep reading. For this post, we caught up with Sarah Ferrence, the founder of Mod. Merchant, a firm that helps retailers and wholesalers adapt and grow their businesses in the new era of retail.
Many firms will decide to take on debt at some point, at different stages of growth and for several reasons.
Managing seasonal pressures in the automotive industry is an ongoing struggle for car dealers, repair shops and others in the auto business.
Father’s Day is just a few short weeks away, and while this holiday isn’t as huge as the day dedicated to moms, consumers still increase their spending quite a bit.
As more businesses use online inventory management, manufacturing and procurement tools, businesses that stick to traditional ways of operating are likely to surrender their competitive advantage.
Scammers use clever tricks to reel you in and get you to reply to their email or not hang up the phone. Most scams seem like genuine offers but they are carefully designed to trick you into giving away your money or your personal details.
One of the major differences between brick-and-mortar and ecommerce retail is the ability (or inability) to create a physical customer-product interaction.
When was the last time you gave your retail checkout counter some love? (And no, we’re not just referring to cleaning up your countertop or moving some stuff around.)
Competition is rife in every industry. In order to keep up with competitors you have to be innovative and quick.
There are many factors that can contribute to business success or otherwise. When first starting out, business owners can be focused solely on serving customers that they forget to check out the competition.
In an ideal world, your business would never have excess or obsolete inventory. However, this can and often does happen when demand for certain products decreases and supply remains steady or increases.
Cash flow can be hard to get to grips with for any business; whether you’re growing, just starting out, or established. In fact, 82% of businesses become insolvent because of bad cash flow.
Shifting data, systems and the inner workings of a business onto the cloud can be a big move. However, it’s hard to stay away from the cloud these days; the applications of cloud-based software are seemingly endless.
According to Stats NZ’s latest Business Operations survey, 40 percent of businesses cite cost as the main barrier to innovation in New Zealand. Lack of management resources and not having appropriate staff followed closely behind at 38 percent and 31 percent respectively.
When it comes to quality control as a manufacturer, it’s important to remember the role inventory management has on your ability to moderate quality. In terms of running a business, your aim will be to make quality products that will sell, with as little waste as possible.
There were almost 5 million retail sales jobs in the U.S. in 2016. Those workers, both full- and part-time, represent a sizeable chunk of the workforce, and they’re also a key component to every growing retail business. (post by Alexandra Sheehan)
While millennials are still a significant consumer segment for retailers, there is another shopper group that’s continuing to gain spending power.
No matter how inventive or simple your business model is, you can still have problems with cash flow. Here is a rundown of the best and worst businesses for cash flow.
While there are many things that can affect the in-store experience (e.g. products, prices, store environment, etc.) customer service is always going to be one of the top factors that impact how shoppers perceive your brand.
As some of us begin a new financial year, it’s time to reflect on trends from the year that’s been. The 2018 financial year continued the dramatic trend of change that small and medium sized businesses have been experiencing for the last few years.
Perhaps the most important part of retail is the moment of the transaction — when money transfers from the customer to the cashier. (post by Cara Wood)
Local store marketing is critical for many retailers, particularly those who have brick-and-mortar stores. Chances are, the bulk of your foot traffic comes from people in the neighborhood, so it’s vital that you get yourself in front of as many locals as possible.
One critical factor for food and beverage industry growth is innovation. While the food and beverage players are experienced innovators, the industry itself is facing new consumer, food safety and regulatory challenges.
When thinking about threats to your retail store, shoplifting is probably number one, right? The idea of someone swiping hundreds of dollars of products into a giant bag and walking out with them is horrifying, isn’t it? (post by Cara Wood)
No entrepreneur or business startup sets out to fail, yet in every industry, there are those companies that grow and dominate their markets, while others stagnate or ultimately fail.
Working remotely or freelancing has its positives— working in your pyjamas being one of them— but when it comes to self-motivating and staying productive, it can be an uphill battle.
Controlling a supply chain can be a very difficult exercise. Businesses can struggle to control what is going on in their supply chain and this can result in failure.
If you are a startup owner or entrepreneur, it is no secret that you may be working within a tight budget. The ability to make pennies stretch is an important survival skill.
A new financial and social paradigm is upon us with the rise of cryptocurrencies, initial coin offerings (ICOs), and other emerging blockchain applications and technologies.
The Tax Working Group – established by the government to examine improvements to the fairness, structure and balance of the tax system – has released its background paper summarising the current system and calling for submissions.
Recruiting more women into roles within the technology sector continues to be to a major challenge for employers. In the UK technology sector, only 15% of people working in STEM roles are female, and women hold only 5% of tech leadership positions.
There are many lessons to be learned through failure. Each time something does not work in a business, there are endless reasons and factors that could culminate to cause the failure.
Highly successful retail businesses don’t just happen overnight, nor does it (usually) occur because of one big, bold action.
Numbers don’t lie, so if you find yourself at a loss with what’s happening in your business, one of first the things you should do is look at your retail metrics.
Gift giving is a major part of the holiday season. As a result, the holiday seasons is hectic, not only for the consumers, but also the retailers and manufacturers supplying the gifts.
The Harvey Weinstein scandal is back in the news this week – and it’s a reminder that we should seriously think about how we recognize and prevent sexual harassment in the workplace.
Impulse purchases account for a significant chunk of the consumer spending pie. According to a study by Marketing Support, Inc. and Leo J. Shapiro and Associates, about one-third of all consumers make a sizeable impulse buy every week, with a median purchase of $30.
Picture this — you find yourself in an industry that is dominated by big chains at the top and crowded with online stores that keep popping up. How do you stay competitive?
Software as a Service (SaaS) has paved the way for businesses and consumers to test early cloud services. With SaaS being both flexible and financially attractive, businesses continue to take advantage of the simplicity and high performance the cloud offers.
Debtor days measures how quickly cash is being collected from debtors. The longer it takes for a business to collect, the greater the number of debtor days.
Running your own business is awesome, right? There are not many other lifestyles that afford the opportunity to enjoy the kind of life you’ve always dreamed of, on your own terms. Time, money, flexibility… the chance to have it all.