10 tips cashflow made easy

Cashflow is the lifeblood of any business and is so critical to its growth.  Its all to do with timing and delays. Here are Di’s 10 tips below for cashflow made easy: Keep your eye on the cash – do a cashflow forecast and compare it to actuals regularly to ensure you are tracking in the right direction. Always have separate business bank accounts for each of your businesses.  Separating…  Read more

Payroll – how do I work out leave entitlements..

Talking about payroll and leave entitlements causes people to run and hide and brings on headaches of gigantic proportions. How on earth is the average business owner meant to understand what their obligations are?  Confused?  I am not surprised! Let me try and explain… 1. Annual leave accrues in weeks not hours The Act provides two dimensions for annual leave – time and money. The time dimension, 4 weeks, accrues at the end…  Read more

Woohoo…….. wait, what??

It’s that time of the year when every second ad on TV, the radio or the net is advertising tax refunds. Woohoo… show me the money, My tax refund… money on the mind… and many more.  The question always is “Which company do I go for to get my money back?”, then it’s “wait…what?? they’re charging how much??”. When these companies are charging upwards of 20%-30%, (or ‘ONLY $39″ with…  Read more

How should I file my receipts and invoices?

Do you feel like you drown in paperwork? I often get asked what is the best way to file receipts and invoices, so I thought I would share some of my thoughts with you. There is no right or wrong way on how to file your business invoices and receipts, except that in NZ they need to be kept for seven years.  How quickly and efficiently you would like to access them…  Read more

How do I get it right? New Contractor Tax Changes

Contractor tax changes (Information courtesy of Business.govt) All contractors can have tax deducted from their pay at a rate of their choosing, and some MUST now do this. If you get it wrong, you might find your pay packet is 45% lighter than you expect. If their payer agrees, all contractors can now have tax deducted from their pay at a flat rate of their choosing.  All Contractors hired by…  Read more

Contractor or Employee? How do I know?

I know, its a confusing topic right? There are so many questions! How does the average New Zealander figure it out? Well, hopefully we can help unravel the mystery of the Contractor versus Employee confusion. In a nutshell, an employee is said to have a “contract of service” with an employer, while a contractor is said to have a “contract for service”.     Why the difference is important An employee…  Read more

Where has the year gone? EOFY is coming.. fast!

The end of financial year (EOFY) is zooming up so fast, its hard to get your head around how time just disappears. Now is the time to be thinking about the end of year requirements.   Preparation and some thinking around this now will ensure a smooth process for you.  Here are a few of the things you may need to consider:- Are you changing or implementing software come 31st March?  Are…  Read more

I have a small business… do I really need to file a tax return now?

Generally speaking if you are charging others for goods and/or services with a view to making a profit (your aim does not need to be the result) you are usually operating a business and liable to file a tax return and pay tax on any profit (or claim the loss against any other income if you made a loss). When you have a business you have a range of responsibilities…  Read more

Common bookkeeping mistakes Small Businesses make

Bookkeeping is a significant part of any business endeavor. While it is typically not one of the more glamorous jobs, bookkeeping is at the heart of a businesses success and errors can cost the company significantly. You may be doing your own bookkeeping for your business or are just starting out on the own your own business journey. Here are some common bookkeeping mistakes that business’s make with some practical advice: Not reconciling…  Read more

Is my vehicle claimable?

Using your OWN vehicle in your business If you use your own vehicle in the business, you can claim the running costs. If you use your own vehicle for both personal and business use, you’ll need to make an adjustment to claim the business-use portion. If you use the vehicle strictly for business only, you can claim the full running costs.  If you use the vehicle to travel between home…  Read more

Quick Tips – Quick Parts

There is a cool little feature I came across in Microsoft Office Outlook to save a whole heap of time.  Its called Quick Parts. In Outlook, type the body of your email template out in your email. Eg: We have finalised your GST for you today.  You have GST owing of $…..  This is due by the …….. You can pay this using your internet banking.  Log in and go…  Read more

Entertainment – What can I claim?

The entertainment rules can be rather confusing right?  Some things are deductible, some are 50% and some you cant claim at all.  Some you can but then FBT kicks in.  Goodness me! So I thought I would collate some info that might just help make things a little clearer.. Entertainment Expenses and their Income tax and GST Treatment General Rule If you provide entertainment for your team, clients or any other business…  Read more

The war against paperwork…

The collection of paperwork for year end purposes is really important. If the correct paperwork isn’t provided to your accountant, then there is a whole lot of time spent going back and forth trying to get the information they need and in the end it just ends up costing you a whole lot more than it needs to to produce your financial statements and tax returns..  lets face it, it can…  Read more

To be or not to be… GST registered

There are a lot theories around about whether you should be GST registered or not.  My advice, if you don’t have to be, then don’t be.  And you do not need to be unless you have or are going to be turning over $60k in any 12 month period. (BTW It doesn’t necessarily make you more ‘professional’ to be registered.) Being GST registered means a whole lot more compliance for your small…  Read more

So, you have decided to start a business. Now what?

There is so much to think about when going into business.    Business plans, budgets, marketing, strategy planning, equipment purchases, patents, business structures, licences, permits, taxes and so much more..  Wow that can be overwhelming! My best advice..  talk to your accountant or trusted business adviser.  Friends and family all mean well and can certainly help, but make sure you get professional advice and understand the consequences of anything you…  Read more

Budgets.. now there’s a plan

A budget is the measurement of money coming in and going out.  Whether it is your personal funds or business ones, it pays to have a budget. One the biggest pain points when running your own business is managing the money. Where does it all go?  How do I make sure there is enough to cover my business expenses, and my personal ones? Do you know you need two budgets instead of just…  Read more

Payroll improvements and retail supercharged with Vend

There are some great updates being released by Xero lately. Improvements have been made to the leave functionality in payroll. With this update: You can set up payroll to show annual leave an employee can take in advance of becoming entitled to it. When you set up a new employee in payroll, or make changes to an existing employee’s working hours, Xero will automatically calculate their annual leave entitlement. Read…  Read more

Two down…. two to go

A month ago I wrote about it being award season and writing award applications for relevant organisations.  There is a huge amount of effort that goes into these award applications, and what you learn about yourself and your business whilst going through this process is a win in itself.  If you haven’t done it or are worried about doing it, just give it a go.  I am happy to chat…  Read more

Our story…

Ontrack Bookkeeping was born in 2003 from a passion for helping people and seeing a need in business community for a quality, affordable and stress-free bookkeeping service.  I was working part time for the government and part-time as a bookkeeper for a plumber at the time.  As a mum of two young girls (one of who had serious health issues) I really needed to do something that meant I could…  Read more

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