Beware the Lowest Tender

While Rotorua is yet to feel the ‘building boom’ reportedly hitting other parts of the Bay of Plenty, the increasing activity will be creating financial risks that make it important for businesses quoting and working with subcontractors to beware of the lowest tender. The key issue here is that the start of a financial upturn in the building industry is also the period of highest financial risk… balance sheets can…  Read more

Act Now to Save Later

As the financial year-end rolls round and many businesses are reflecting on surviving another tough year, I like to remind them that now’s the time for tax savings. What’s required to achieve maximum tax savings is carrying out some organised checks – BEFORE BALANCE DATE (31 March). It’s always well worth the effort. Writing off bad debts before balance date Review debtor accounts to assess the likelihood of collection considering…  Read more

Money Matters – Easier rules for small businesses

New financial reporting rules for small businesses take effect from 1 April 2014 putting in place the new reduced reporting framework established by The External Reporting Board (XRB), New Zealand Institute of Chartered Accountants (NZICA) and Inland Revenue. Inland Revenue has given details on the new framework of minimum reporting requirements for companies that are no longer required to prepare general purpose financial statements. Given that these changes are likely…  Read more

A fool and his gold

I have written before and reiterate that it is great to see signs of growth within Rotorua including outside investors looking at business opportunities in Rotorua.  I have also written about the importance of seeking professional help when assessing the viability of business opportunities – this will include seeking the advice of your accountant and solicitor.  I still find it frustrating when this due diligence isn’t completed or the advice…  Read more

BDO and ReSolve Accountants Join Forces

As of 1 March 2014 BDO Rotorua and ReSolve Accountants will be joining forces in a merger of the two practices.   The two practices are of a similar size and share the same values which makes a perfect foundation for the new partnership. Both teams are extremely excited about the new venture and the benefits it will have for staff, clients and the community. Operating under the BDO brand the…  Read more

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