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Tips To Better Understand Your Customers

understand your customersUnderstanding your customers is one of the major ingredients of a successful business. Business owners who truly know their customers and what they want are bound to flourish in whatever venture they undertake.

That is why, before starting a business, you need to know who your target market is and what they want. This needs to be included in your business planning and business strategy.

As an experienced business advisor in Auckland, here are some tips to help you achieve this.

Tip #1 - Know your customers

If you want to understand your customers, you first have to know who they are. This may seem a little difficult but in reality it is not. A simple way that you can know your customers is by looking at the foundation of your business. Read more…

Things that prevent you from getting richMost of us want to be rich - to buy the things that we want, to travel to different places, to perhaps build our own business and more. But for most getting rich is not that easy. Even though you work hard every day, the money you earn is still not enough to buy and do all the things that you want.

One of the reasons for this is due to our poor money habits.

As a trusted personal financial and business advisor in Auckland, we are sharing some of the common things that we notice people do that prevent them from building a strong financial position. So, what money traps can you fall into? Read more…

Ways To Improve Your Sales

ways to improve your businessOne of the main reasons for starting a business is to make money. But what if your business is not what you dreamed it would be? What if it is not earning enough? What if you have tried all kinds of marketing and sales strategies but your sales continue to drop and you are left with a negative cash flow?

What should you do?

As business advisors and chartered accountants in Auckland, we've seen many small and medium businesses struggle to increase their profit and business value. When this happens we assist them to get back on their feet and help them create a business strategy to improve their sales and performance.

So if you find yourself struggling to improve your sales, here are some tips that may help: Read more…

starting a businessThe year is just starting and there are many things you could do this year that could change your life - like perhaps starting a business.

Starting a business can be overwhelming. But the rewards are great once you know how to handle the responsibility and get the business planning right. To get you excited and inspired to start a new venture, here are some of the reasons you may decide to start a business this year.

1. Monetary success

The main reason why people launch their own business is to make money! A successful business should provide financial stability. You can earn a very decent income if you get things right. However, many established and experienced business owners would say that money should not be the sole purpose for starting a business. If it is you may end up failing. Read more…

Demystifying Income Tax

income taxTax is often a headache for business owners. As much as they want to avoid it, they can't because tax is part of their financial responsibilities. Many people find it daunting but once you understand some of the basic tax facts, you will be more prepared to deal with it.

As a dedicated tax accountant in Auckland, we are sharing this tax overview so you can better understand your tax obligations - which will also help you more effectively manage your business finances.

Income Tax

Income tax is payable on the net taxable income of the business. Broadly speaking it is computed based on the difference between your business income and your business expenses. However, there are some expenses that you need to adjust when calculating your taxable income - like entertainment expenditure. Talk to your accountant about these special rules.  Read more…

Sorting your financesUltimately business owners want to earn more and spend less to maximize their business profit. This is achievable if you know how to handle your finances and follow these simple tips.

1. Be honest and realistic when analysing your finances

Examine the funds in your business closely. Do you have enough money to sustain your operations for the next 3 or 6 months or the whole year? What is the status of your cashflow? Is money regularly coming in? Are you aware of your outgoings? Last year or in past years, were you spending more and gaining less?

Answer these questions as honestly as possible without any bias. Then, analyse your business finances. If you are spending more and gaining less, admit it. Be realistic about your finances. Track down the problems. And once you do, focus on how to solve them. Read more…

Tax Tips for 2017

Tax Tips for 2017For most business owners, tax is not at the top of the list of what they want to focus on when the new year hits. But managing taxation is a business requirement you cannot ignore, especially now that the Inland Revenue Department (IRD) is making technological changes to modernise tax administration.

As a trusted tax accountant in Auckland, we are sharing these top tax tips that will help keep you informed, as well as helping you to meet your tax obligations in 2017.

1. Proposed PAYE system changes being considered

The IRD proposes to further integrate the PAYE (Pay As You Earn) system into day-to-day business operations. This is to improve the accuracy of employee deductions and reduce the compliance effort for employers. Read more…

Business upgradesBeing in business is very competitive. Considering the many businesses and startups sprouting up everywhere, plus with continuous market changes, competition just gets tougher. That is why as an entrepreneur, you need to offer something new or come up with better service if you want to stay in the game.

So how do you do that?

How do you attract more customers and improve your service?

The new year is fast approaching so you should review and revitalise your strategy to keep your business growing. As trusted business advisors in Auckland, we have put together some business suggestions that you can start planning today and execute at the start of the new year. These aim not only to help you stay in the game, but also put you on top. Read more…

Cash Flow TipsChristmas is the most awaited time of the year. Not just because of the festive and merry vibe everywhere, but because it is also the time that we can relax due to the long holiday break. However, that long holiday break may not be a good thing for some businesses as it means an irregular period of cash flow.

Businesses might close for a few days or even weeks during this time - but it doesn't mean that their expenses stop. There are still business expenses that occur while your business is on a break.

Some of the cash flow woes that small and medium sized businesses experience over this season include insufficient funds to cover expenses over the summer break and the employees who are responsible for managing your cash flow, accounts receivable and other financial affairs are on holiday.

So how do you beat these cash flow problems while enjoying the rest of the holiday?

Here are some simple cash flow management tips that you need to do to have a worry-free holiday season: Read more…

Tax deductions on entertainment and giftsAre you holding a Christmas function or a year end party this year?

Giving gifts to your employees?

If you are, you may be able to claim a tax deduction.

Below is a quick guide to tax on Christmas entertainment and gifts for your business.

1. Entertainment

There are rules and conditions when it comes to tax deductions with Christmas parties, year-end functions and other client/customer or employee entertainment expenses. Some entertainment expenses are fully deductible, while some are not. Here are some quick tips to help you: Read more…

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