Creating a budget for your small business is essential to keep track of spending, manage cash flow, and plan for growth. Here’s a simple, step-by-step guide to setting up a budget that’s easy to understand and maintain. Estimate Monthly Revenue Start by calculating your average monthly income based on past months. This gives you a […]
A steady cash flow is the lifeblood of any business, and one of the easiest ways to keep it flowing smoothly is by mastering your invoicing process. Here are a few simple invoicing tips to improve cash flow: 1. Set Clear Payment Terms Make your payment terms clear from the start. Specify due dates, late […]
Tracking business expenses might seem daunting, but with a few simple habits, it can become a natural part of your routine. Staying organised month-to-month not only reduces financial stress but also helps identify spending patterns and potential savings. 1. Set a Weekly Expense Check-In Dedicate a few minutes each week to log your expenses. A […]
A bank reconciliation involves comparing your sales and expense records with your bank’s records. This critical financial process helps identify and correct any discrepancies or errors between your financial data and the transactions reflected in your bank statement. Bank reconciliations are vital for maintaining accurate bookkeeping, which can help reduce tax liabilities, alert you to […]
As a business owner, you’re always looking for ways to save time. Every minute spent on admin tasks or fixing mistakes is a minute that could be used to grow your business. When time is money, finding ways to cut down on repetitive tasks is essential—technology can help. Improve Billing Billing can take up a […]
Creating a personal financial plan is a vital step toward achieving financial stability and reaching your long-term goals. A well-structured financial plan acts as a roadmap, guiding you through various financial decisions and helping you navigate life’s uncertainties. Here’s Accountants Plus’s step-by-step guide to crafting your personal financial plan: Set Clear Financial Goals […]
Creating an effective invoice is crucial for ensuring timely payments and maintaining professionalism in your business. Here’s Accountants Plus’s concise guide to help you craft clear and professional invoices. What is an invoice? An invoice is a document used to request payment for goods or services provided. It also serves as a record for […]
When it comes to managing finances, the terms “bookkeeper” and “accountant” are often used interchangeably. However, their roles and responsibilities within a business are distinctly different, though complementary. A bookkeeper is primarily responsible for recording and maintaining the daily financial transactions of a company. This includes tasks such as documenting sales, purchases, receipts, and […]
In the dynamic landscape of business, prudent spending is crucial for long-term success. Whether you’re a startup or an established enterprise, managing your spending budget efficiently can spell the difference between thriving and struggling. Here are some practical tips to help you navigate and optimise your business spending: Firstly, start with a comprehensive assessment […]
In the dynamic landscape of entrepreneurship, the quest for business growth often leads to the assumption that external funding is the only catalyst for expansion. However, a judicious approach to internal strategies can foster sustainable growth without relying on external capital. Here’s a roadmap for entrepreneurs keen on nurturing their ventures organically. Operational Efficiency: […]
In the fast-paced world of business, financial stability is crucial for sustained growth. Whether you’re a small startup or an established enterprise, effective budgeting is the cornerstone of sound financial management. As Accountants Plus is dedicated to guiding businesses on their financial journey, we understand the importance of implementing smart budgeting tips and strategies. Here […]
As the dawn of a new year unfolds, small businesses find themselves at a crossroads, armed with the opportunity to redefine their path to success. For many entrepreneurs, setting clear and strategic goals is the compass that guides them through the challenges and triumphs of the business landscape. In this blog post, we’ll delve into […]
In the competitive landscape of New Zealand’s business scene, small enterprises often find themselves facing formidable challenges when trying to compete with big chains. Here are six ways your small business can compete with the big chains: 1. Build Personal Connections One of the most significant advantages that small businesses possess is […]
In the dynamic landscape of small business management, one often overlooks the silent mentor who plays a pivotal role in shaping financial success – your accountant. Beyond crunching numbers and filing taxes, your accountant is an invaluable guide, offering insights and strategies that can transform your business trajectory. As the custodians of your financial […]
In the dynamic landscape of modern business, continuous improvement is not just an option; it’s a necessity for sustained success. Here are ten practical ways from Accountants Plus to enhance your business performance: 1. Set Clear Goals: Establish specific, measurable, achievable, relevant, and time-bound (SMART) goals for your business. Clear objectives provide a roadmap […]
As a business owner, managing your finances is more than just keeping track of revenue and expenses. It’s also about ensuring you receive fair compensation for your hard work and dedication. Far too often, entrepreneurs find themselves paying themselves too little, which can lead to financial stress and burnout. Many business owners fall into the […]
Picture this scenario: The Inland Revenue contacted you, informing you of an impending tax audit. At first, you panic. After all, who likes receiving such notices? In your mind, you frantically scramble to gather the necessary documents and financial records to demonstrate your business’s compliance, only to abruptly halt and burst into uncontrollable laughter. Why? […]
We have officially entered a recession, with the Gross domestic product (GDP) falling by 0.1 per cent in the first quarter of 2023, and the RBNZ is ready to raise interest rates again if necessary. As we navigate through these challenging times, there are predictions that our country may emerge from this recession. However, […]
Imagine issuing a payment on a Sunday or public holiday and seeing it processed on the same day. That is no longer wishful thinking, for the banking world has undergone a radical upgrade. As of the 26th of May 2023, banks are now processing payments to and from other banks every day, 365 days […]
With the incorporation of new roles and responsibilities, skill requirements, and tasks, change is inevitable in any profession. In an ever-changing economy and as new technologies emerge, many professions are undergoing profound restructuring. The financial industry, for instance, has undergone a significant transformation over the past decade with the rise of online banking and […]