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Update and Check in.....

It's been some time since we last wrote an update or did a post. We have been very, very busy working through wage subsidies, RSP payments, tax returns, GST returns, AIM returns, as well as working from home and trying to educate and entertain children. Most of NZ is in the same boat being at L3 and it makes being in business really tough. We are a small family business as well, so we are not immune from all these things. Please be patient with the team and be kind. We share your frustrations an...

October 13, 2021

Improve your cashflow with great debtor management processes

Good cashflow is the lifeblood of business.  Without it the day to day and long term growth of your business will be impacted. In an ideal world every business would receive 100% payment up front before their customers take possession of the goods or the services you provide.  But the reality is that very few businesses work on that model.  So for those who offer credit terms to their customers Debtor Management is a crucial component of good business management.  You have so...

August 4, 2021

ICNZB Bookkeeper and Bookkeeping Business of the Year 2021

Wow! I'll think I'll be on cloud nine for the next few weeks. What an amazing end to the annual ICNZB conference - Haley and the My Two Cents Team have taken out both of the top awards for the ICNZB Annual Awards Ceremony - Bookkeeper of the Year and Bookkeeping Business of the Year 2021. Every year bookkeepers from all over NZ flock to the annual ICNZB conference for two days of networking, learning, and meeting with industry specialists from all over - and to have fun of course! This year the ...

August 1, 2021

Building your most important asset – your team

When you’re running a small business, you’re only as good as the team around you. Hiring the right people is a start, but how do you turn your employees into a well-oiled dream team? Here are five tips to get you started: Get to know them - Different backgrounds and personalities typically come with different strengths. By really getting to know your employees and what makes them tick, you can harness their strengths in a way that complements the overall team.Involve them early and ofte...

May 6, 2021

The 39% tax rate - Your questions answered

Individuals earning over $180,000 a year will now pay a 39% tax rate, which came into effect on 1 April 2021. If this includes you, are you aware of how your tax obligations change when it comes to shares, property, FBT, superannuation tax, or trusts?The 39% tax rate and trustsFrom now on, you’ll need to disclose a lot more information to Inland Revenue in your annual trust tax returns. The additional information will provide the Government with information on how trusts are being used, partic...

April 4, 2021

What is depreciation? And why is it important?

Something we see time and time again when clients have done their own tax returns, or engaged somebody who isn't quite up to the job, is a lack of claiming depreciation. Almost all businesses will have assets, and if you don't claim depreciation against these assets you may be paying more tax than you need to. Depreciation is what happens when business assets lose value over time. It’s an all to often forgotten cost of doing business – but it shouldn’t be. Here’s why depreciation is so i...

April 4, 2021

The minimum wage increases on April 1st 2021

From April 1 2021, the adult mimimum wage will increase from the current rate of $18.90 per hour to $20 per hour.There are 3 types of minimum wage — adult, starting-out and training.The adult minimum wage - applies to employees aged 16 years or older.The starting out minimum wage - applies to workers who are:16 and 17 years old and have been with their current employer for less than 6 months18 and 19 years old:have been paid a benefit for 6 months or morehaven’t worked for 1 em...

April 2, 2021

Should you buy or lease your business assets?

There are certain items of equipment and machinery that are essential to the operation of your business – whether it’s the delivery van you use to run your home-delivery food service, or the high-end digital printer you use to run your print business.But when a critical business asset is required, should you buy this item outright, or should you lease the item and pay for it in handy monthly instalments?To buy or to lease? That is the questionBuying new pieces of business equipment, plant, m...

March 6, 2021

Tenancy laws are changing in NZ

New legislation in NZ tenancy law brings in a number of changes for landlords and tenants. Below are some of the changes:Increasing rent - From 12 August 2020, rent increases are limited to once every 12 months. This is a change from once every 180 days (six months).Required notice periods are changing - If the landlord or a family member is moving in, the notice period is 63 days notice and if the property is being sold, landlords must give 90 days.Ending periodic tenancies - Und...

February 21, 2021

Selling with Empathy

Everyone has been affected by Covid-19 and lockdowns. Some people are worried about job security and spending cash. Others have the cash they’d usually spend on overseas holidays available to spend locally. To recover from such a major economic downturn, we need to increase our business activity and sales. So, how do we do this while being mindful of the struggles our customers have faced? The last thing we want is to come across as opportunistic or pushy and damage our brand. The answer lies ...

February 19, 2021

Building a Better Business in 10 Steps

You’re in business, congratulations, that takes courage and commitment.It’s not easy, and at times you might question why you’re even doing it, particularly after the impact Covid-19 and the associated lockdowns had on business. But you’re here because you had a vision. You decided being in business was a better way to achieve that vision than working for someone else. And, you’re right; you just have to work on it. It's likely that you're an expert at what you do… may...

December 5, 2020

Merry Christmas!

We wish you all a very merry Christmas and seriously well-deserved end of year break. Stay safe and spend time with loved ones. 2020 has been a very challenging year for everyone. Small business in NZ has changed for good, and the way we did things before will not be the same again. This year we have been so proud to work with an amazing bunch of clients, you have all showed so much resilience and strength and managed to get through the tough times with your businesses and sanity mostly intact. ...

December 5, 2020

When life gives you lemons, pivot

The world of business has been transformed this year and the only way forward is to adapt.  When we have had advisory meetings with our clients, there has been much discussion about diversifying product or service offerings; and pivoting business to be able to make the most of the situation we find ourselves in. It's time to be creative and think outside the square, to be able to drive your business forward. Here are two businesses who pivoted their business offerings, to keep the invoices ...

August 29, 2020

Top Tips for Prospering in a Pandemic

There has been much discussion in our office about what a business owner can do to keep their business - not only trading but successful, in the current climate. Business is challenging at the best of times, now more than ever. There will be some tough decisions to make, but also new opportunities that could lead to a different way of doing business. Be open minded!Zoe has come up with her top tips to help your business prosper during a pandemic.1. Diversify your business - new product or s...

July 19, 2020

Running effective online meetings

In these unprecedented times, businesses must adapt to remain productive. Staff must be able to work remotely to keep the business going. If face-to-face meetings are a key part of your daily business operation, here are some tips to take your meetings online with minimal disruption. Find the best system for you.There's a range of free or low-cost platforms, including GoToMeeting, Zoom, Google Hangouts, and TeamViewer.Before you choose one, consider:How many people generally attend your meetings...

March 31, 2020

Time management tips I swear by!

Good time management is crucial to sustain or increase productivity at work. But everyday brings new distractions that take your attention away from what needs to be done - phone calls, emails, unexpected client queries that need to be actioned NOW. Before you know it, it's 5pm and you have achieved nothing that you set out to get done that morning. Sound familiar? This is a normal day in the office for me. My biggest struggle running a business is being time poor. There seem to never be enough ...

March 8, 2020

GST - How to avoid filing errors

Most GST errors are unintentional. Even so, they can have a big impact on your business as they may result in you paying too much, or not enough GST. Whether you file the GST return yourself or whether you use our services, it’s useful to understand some of the most common errors that can happen. Here are some tips to help you avoid the most common GST mistakes. Before filing your GST Return If you file GST on Payments basis you will be filing GST based on when you have paid or received money,...

March 1, 2020

Xero Assistance Program (XAP)

Xero is passionate about small businesses in New Zealand, but are aware of an ever growing need for mental health support for small business owners, their staff and families.One of the reasons I'm so passionate about Xero is because of the way they support our people, out there doing it all and struggling every day. Mental health is a huge issue in New Zealand, and the more support available to people who need it, the better!Most of us have had moments where we have really struggled to keep goin...

November 22, 2019

Understanding Your Balance Sheet

To understand the financial position of a business at a specific point of time, look at the balance sheet. The balance sheet may also be called the statement of financial position. Together with the Profit and Loss Statement, and possibly other reports such as the Statement of Cash-flow, these reports provide a complete understanding of the financial position and business performance. So what’s involved? - The balance sheet has three sections: assets, liabilities and equity.What are Asset...

November 22, 2019

Understanding Your Profit and Loss Statement

Your profit and loss statement (P&L) helps you understand your business performance and profitability over time. It’s sometimes called an Income statement and its main purpose is to list income and expenditure.While a balance sheet is a snapshot in time, the P&L shows transactions over a specific period of time. This can be a month, quarter, financial year or any other period, and it can be a stand-alone report or a comparative period report.Together with the balance sheet, these two reports p...

November 22, 2019

The Team at My Two Cents

I think it's about time I made some introductions! For just over year now there has been two of us making up the team at My Two Cents. Most of you know me - I'm Haley, your Certified Bookkeeper, tax agent, business advisor, HR support, goal setter, KPI driver, counsellor, and the many other titles that come with the job. To sum it up, I'm your trusted advisor.   Mackyla joined the team, as junior bookkeeper, in September 2018. Over the past year Mackyla has grown in expertise and expe...

October 19, 2019

Questions about GST?

In New Zealand, goods and services tax (GST) is added to the price of most products and services. If your business is GST registered, you collect GST from customers (by adding 15% to your sale price) and you pay this to Inland Revenue, less any GST that your business has paid on GST claimable goods or services.Not sure whether to register your small business? If your turnover (gross sales) was more than $60,000 over the past 12 months, or if you expect your turnover in the next 12 months to be m...

September 7, 2019

How to achieve business success

The success of your business is in your hands. The path to success is a journey, you can chart your path by setting goals and tracking progress. Change may be the only certainty in business, but you still need to know where you’re going and how you will get there.To plan for success, write it down or create a visual image of what it looks like. Print it out, frame it, or put it somewhere so you won’t lose sight of it. If you can visualise it, you will be more focused on achieving it! Stay fo...

August 18, 2019

Building a better business in 10 steps

You’re in business, congratulations, that takes courage and commitment.It’s not easy, and at times you might find yourself questioning why you’re even doing it, but you’re here because you had a vision. You decided being in business was a better way to achieve that vision than working for someone else. And, you’re right; you just have to work on it. Good things come to people who hustle.You’re likely an expert in what you do… maybe you’re a mechanic and know the inside of a ...

August 18, 2019

Northland Bookkeepers leading the way for Small Business

Northland Bookkeepers were honoured this year, taking out three of the eight prestigious awards presented at the Institute of Certified New Zealand Bookkeepers (ICNZB) 9th Annual conference Award evening held in Christchurch recently.   “The high calibre of bookkeepers in our community is incredible, and the award sponsors had a very hard time choosing the winners” states the ICNZB President, Di Crawford-Errington, also a proud Northland Bookkeeper.  Haley Wilson of My Two Cents, b...

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