One Size Does Not Fit All

As business trends and tax laws change so too do suitable business structures; a topic we are often asked about as accountants and business advisors. And with an election looming as well as increased health and safety and environmental regulation, these questions will continue to be asked. Traditional sole traders and simple partnerships have given way to companies, family trusts and equity partnerships.  So when clients ask which one is…  Read more

What does success look like to you!

When it comes to businesses between 50 – 75% of small to medium sized businesses fail within the first three years, an unfortunate statistic that could be reduced significantly if more business owners were to ask themselves one critical question – what does success look like for me?  And – take some steps in planning to achieve that. While success in business means something different for each individual, identifying what…  Read more

Tips for setting up a small business

There is no question that starting up a business is a bold move that requires everything from vision and passion to plain hard slog. And perhaps most importantly knowledge, which as we know, is power. This month, we offer some tips to help people thinking about setting up their own business. Knowledge. Thorough research before starting ensures you’re making the best informed decisions possible and reducing the risk of failure.…  Read more

Don’t Bankroll your Customers’ Businesses

One of the most pertinent lessons for small business owners is that you can’t afford to let your clients use you as their bank because your bank may not be as supportive as they once were. Not that getting a loan has ever been easy, but it suddenly got tougher a couple of years ago and it is likely to remain that way. A common reason SME owners need short-term…  Read more

A Practical Approach to Systems and Processes

Quite often we can feel as though we are juggling all parts of the business that we own. Trying to be everything to everybody. You neglect to take time out for yourself; there is little or no time for family, friends and holidays. Let’s take a steps back from the business we own, and take a good hard look at things. Think about your role in the business objectively and…  Read more

To be, or not to be in Business. Have You Got What it Takes?

One of the most important questions to ask before going into business on your own is “am I cut out for it?” A question which many small business owners find themselves asking at a much later stage, as they don’t truly understand what’s involved at the beginning. I remember the case of a client who, after three years in business, was suffering major setbacks and unsure whether to cut his…  Read more

Financing the Growth of your Business

How much and what type of finance a business needs to survive is unquestionably one of the most important aspects of management when it comes to running a business.  It is also the least understood. As a business grows it requires more resources unless, of course, it grows by means of a more effective allocation of its existing resources.  However, even if this is the case, further growth will ultimately…  Read more

NEW BUSINESS TAX PROPOSALS – IS CLOSE ENOUGH GOOD ENOUGH?

The Government announced yesterday a package of proposals to simplify business tax and reduce compliance costs especially for small businesses which make up approximately 97% of all businesses in New Zealand. BDO welcomes the proposals. The changes are to be fast-tracked with legislation expected to be introduced in August this year. While the proposals will not suit all taxpayers, some of the taxpayer friendly proposals include: Increasing the current safe harbour…  Read more

IRD INVESTIGATIONS – Who are they targeting & what to do if you get a query?

Over the past few years the Government has been steadily increasing budget funding for Inland Revenue investigations, with a current budget allocation of $74 million over five years. Of that $74 million: 29 million will be spent on investigating property speculation; $25.4 million will be spent on investigating the hidden economy in certain ‘at-risk’ industries; and $19.6 million will be spent on investigating aggressive tax planning issues. The $74 million…  Read more

Keeping up to date with Xero – Budgeting!

Xero have been working hard releasing lots of new features so you could have easily overlooked a few of the developments. Budgeting  Even just the word can evoke a sense of foreboding for some business owners, however monitoring your business and setting a plan is an essential part of any business plan. Yes there are still going to be crystal ball gazing moments, but a lot of it will be…  Read more

Does your business have a united vision like the All Blacks!

When people are united behind a clear vision and strategy, amazing things can happen. The All Blacks back to back Rugby World Cup win is one example. The global success of Xero, driven by its vision of ‘beautiful accounting software’, is another. But often, there’s a gap between the vision and strategy set by the owners, directors or trustees, and what the organisation actually does. When the vision isn’t reflected…  Read more

BDO Know How – January 2016

Welcome to our first BDO Know How newsletter for 2016. We hope you had a wonderful holiday season and had an opportunity to have a break from day to day activities. In this issue we  explore: Your 2016 Financial New Year resolutions Time Xero saving tips How to spot the seeds of business failure Do you know how much your card transactions is costing? Farewell to Judith Stanway Advanced Financial Management…  Read more

Keeping up to date with Xero – Extra invoicing functionality

Welcome to the New Year we hope you had an enjoyable holiday season and have started 2016 off with a bang. Xero have been working hard releasing lots of new features so you could have easily overlooked a few of the developments. Here’s a quick look at the extra invoicing functionality released in 2015. Linking materials to the customer Up until recently when you purchased materials for a particular job…  Read more

Happy Holidays

The team at BDO Rotorua wish you a safe and happy holiday season. We look forward to backing your business success in 2016. Our office will be closed from 5.00pm, 22 December 2015. Re-opening 8.00am, 13 January 2016.    Read more

Keeping up to date with the latest Xero announcements – Top Tips

Xero have been working hard releasing lots of new features over the last year so you could have easily overlooked a few of the developments. “Bet you wish you had known that before” Our BDO Xero Heroes this edition have some great tips they have learned over the years to give you some real Xero superpowers! Faster logging into Xero….remember me? If you decided all those years ago to use…  Read more

Making Your Business Really Fly

When it comes to running a business a lot of people do not realise how important it is to create value.  Business owners simply keep working hard, but quite often they are working on the wrongs things. Most people work IN their business. However, the secret is to work ON your business so that you don’t have to work in it. What does “working ON it” mean? Simply developing key…  Read more

Keeping up to date with the latest Xero announcements – Online quotes

Xero have been working hard releasing lots of new features over the last year so you could have easily overlooked a few of the developments.  Here’s a quick look at Online Quotes. In the past in order to send a quote you created and printed a ‘draft invoice’. For users that knew how to modify the invoice templates (easy to access and straight forward to learn), this proved a way…  Read more

Keeping up to date with the latest Xero announcements – Side by side files

Xero have been working hard releasing lots of new features over the last year so you could have easily overlooked a few of the developments. Here’s a quick look at Side by Side Files released in earlier in March Side by side files are an extension of the Xero file server system which allows you to view the actual invoice you received (pdf) next to the invoice within Xero you are creating.…  Read more

Keeping up to date with the latest announcements from Xero!

Xero have been working hard releasing lots of new features over the last year so you could have easily overlooked a few of the developments. Here is a quick look at one of the important changes coming: The new and improved payroll was released in April of this year and has significantly improved functionality and usability over the last few months. The Xero Payroll can now: Calculate the tax amounts…  Read more

Cashflow Vs Profit

Have you ever wondered why you haven’t got the profit your Accountant has told you you earned, and you pay tax on, in the bank? The purpose of a business is to make money.  In order to ensure it does you need to have a clear understanding of the difference between profit and cashflow, as not recognising the difference between these two is one of the biggest mistakes a business…  Read more

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