5 common accounting mistakes (and how to avoid them) Starting a business can be a challenging experience, especially when it comes to managing your numbers and staying on top of your financial management. Unless you’ve got some experience in finance, the bookkeeping and accounting requirements can be quite daunting. And even with today’s helpful cloud […]
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accounting rules
The importance of good financial management
Why Good Budgeting Matters for Your Finances When you’re operating and managing a small business, you have a finite pot of cash to work with. Because of this, it’s incredibly important to manage your cash well and to have clear budgets and spending limits for every area of your business operations. Let’s take a look […]
5 ways to get in control of your business finances
Having proper control of your business finances is a big advantage. It helps you make well-informed business decisions and keeps your organisation profitable.With so many digital tools for managing your bookkeeping, accounting and management reporting, it’s never been easier to manage, track and forecast your financial position. But what are the main tools you need? […]
Strategic business partnerships: the benefits of working together
Strategic business partnerships are all about finding the common ground. If you share the same customer audience and create a complementary way of meeting their needs, you can significantly expand your target market. Your business may compete head-to-head with a number of other companies, but this doesn’t mean you have to treat ALL other businesses […]
What’s more important, Cashflow or Profit?
Cashflow and profit are two of the most important financial metrics for any business. But while they’re both related to the financial performance of a company, they measure different things. Knowing the difference – and how cash and profit contribute to your business is key if you want your business to have the best possible […]
The stress of doing business
Small business owners and self-employed Kiwis create companies for all sorts of reasons. Being their own boss or chasing long-held dreams are a way of fueling their passion. But for many, the realities of running a business can often mean losing sight of why they’re in it – especially during a period dominated so heavily […]
Working from home – Home Office Health and Safety
“Hey, I’m only handling paperwork in my office, not using dangerous plant and equipment”. “I’m a sole operator, I don’t have any staff”. “I work from my own home, it’s my place so I can do what I like”. Any of this sound familiar? Well, the answer is that you should still have a health […]
I Got Trapped
Another financial year finished (a month ago) – where did the time go I (Chris) looked back at my last website blog – September 2019 – what the hell happened??? Well in reflection I got into the same situation as many of the people who come to us looking for assistance. Yes I got so […]
Most Trusted Accountants 2019
This is the third year in a row that Upshot NZ Ltd has been awarded the “Most Trusted Accountants” in Tauranga. These awards are based on actual client votes submitted, so thanks to all who voted for us. Our passion is helping small businesses succeed and getting rid of the paperwork headaches for the owners, […]
Most Trusted Accountants 2018
For the second year in a row Upshot NZ Ltd was handed the Most Trusted Accountants award for Tauranga. Last year (2017) Upshot was also awarded the Most Trusted Business title in the overall categories. We are very passionate about helping small business succeed. We can assist with: New business set up (business plans, forecasts/budgets, […]
Most Trusted Business 2017
We are very privileged to have been voted winners of the 2017 Tauranga Most Trusted Business. Our thanks go to our many clients who made us clear winners of this award, not just for the Most Trusted Accounting business which we were entered under, but also the overall winner for all businesses. This really confirms […]
Running a Small Business
NZ is a nation of small businesses. Of the half a million businesses, more than 350,000 (70%) have no staff, and 100,000 (20%) employ 1 to 5 staff. Congratulations if you own and run a small business – it’s your business, but is it good? Running a small business involves: Obtaining (Selling)and retaining good clients […]
Financial Year End Getting Close
As 31st of March approaches, thousands of businesses throughout NZ will be starting to collate data for their year-end accounts. This can be confusing, stressful and time consuming, especially for small business owners, as they still have to do their normal work to keep their business going. The tidier you have this information when you […]
Small Business Planning For Christmas
For many small businesses Christmas can be a tight time, cash flow wise, especially if they have a business close-down period (additional to the Statutory Holidays). Client gifts and entertainment expenses can be high, also if you employ staff and pay them holiday pay for a close-down period, you have this expense at a time […]
Business Motor Vehicle Costs
Often when we are completing small business accounts we find people confused about what can be claimed for their business vehicle costs. In many cases the vehicle is used for both personal and business travel. There are several ways these costs can be allocated i.e.: 1. Private motor vehicle (also used for business) a) If […]
Entertainment Expenses
Often when completing small business accounts we find people confused about what they can claim for Entertainment Expenses. The number 1 Rule is the expense needs to be related to your business i.e. linked to earning your income. For most small businesses the majority of entertainment expenses are only 50% deductible. Examples of these are: […]
GST – Getting It Right
GST Registration You need to register for GST with IRD (Inland Revenue Department) if you carry out a taxable activity and your annual turnover (gross sales) are more than $60,000, or if GST is included in your selling prices. GST Returns GST Return frequency has 3 options i.e. 1 monthly, 2 monthly , and 6 monthly. For […]
Head In The Sand?
Ignoring your small business accounting and compliance just does not work! We often find new clients who haven’t filed Company Annual Returns for a number of years or even haven’t filed any GST Returns. Some have been employing staff but have not registered with IRD as an Employer, nor made PAYE payments. Most are extremely […]
SMALL BUSINESS ACCOUNTING – Keeping Personal Expenses Separate From Business Expenses
We often encounter people who mix up their personal expenses with their small business accounts. This increases the time it takes to complete the accounting, which in turn increases the accounting cost. The best way to keep these expenses separate is to use different bank accounts or credit cards, and also know what expenses you […]
SMALL BUSINESS ACCOUNTING – Home Office Costs
A lot of people do their small business accounts & book work at home, in a set area i.e. a small office or separate room. Costs associated with this area can be claimed as ‘Home Office Costs’. Costs can include a percentage of: Home Phone & Internet Property Rates & Water Rates Property Insurance Electricity […]
SMALL BUSINESS ACCOUNTS – Year End
For most small business their financial accounting year end is 31st March. Many then take considerable time before supplying the necessary information to their accounting services provider. Don’t leave it too long as things get lost or forgotten. Some of the key things to supply are: Sales and purchases invoices bank statements showing 31 March […]
Changes To Property & IRD Number Rules For Small Businesses
Property sales are booming in Tauranga – if you’re thinking of selling a property, you may need to read these new IRD rules…
Financial End Of Year Accounting Getting Close?
As March 31st rears its ugly head (gee, it was only Christmas a minute ago!), most small businesses need to start looking at their year end accounting. Here is a handy checklist to help you get started with sorting those accounts…
Small Business Basics
Just launching your small business or been going for a wee while but the paperwork and accounting is starting to bog you down? Or maybe just unsure of what you need to comply with? Here are some of the basic accounting requirements…
Employment Documentation
Many small businesses are deficient or lax with their employment documentation. Find out here what you need to start getting sorted…
