3 Accounting Tips for Small Businesses in Wellington

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Small business owners in New Zealand represent a large portion of the overall population. In fact, there are more than 45,000 small businesses in the country, and every one of them must pay taxes. Unfortunately, there aren’t many tax breaks for these entrepreneurs to take advantage of that would enable them to save money. There are, however, some ways business owners can save money that they can reinvest in their business.

Business owners must claim all of their eligible expenses on their tax return in Wellington. Businesses have a lot of expenses and, by claiming them, they can reduce the company’s taxable income and, therefore, the amount they will have to pay in taxes. It’s important to be honest when claiming expenses related to the business. However, small businesses are rarely questioned regarding this aspect of their tax returns.

Software can help a small business keep track of expenses. With xero accounting installation in Wellington, companies can be confident the records they use to complete their tax return in Wellington will be accurate. This type of software also makes keeping track of expenses and profits much easier than doing it all on paper. Software enables business owners and managers to run reports that can help them make strategic decisions for the business.

Any business owner who isn’t absolutely sure they are able to complete their own tax return should hire accountants in Wellington. Most business owners know their own market very well. Accountants know their industry as well and can often help companies save a lot of money on their taxes by maximizing their deductions. Missed expenses can result in paying too much in taxes so the cost of an accountant is almost always worth it.

Working with an accountant from Count on Us will allow a business owner to focus more on the tasks that will help them earn more money. More revenue gives businesses the opportunity to hire more employees and make a bigger impact on the world. There’s no reason for an entrepreneur to struggle to do their own taxes when there is professional help available to them. Visit www.countonus.co.nz for all your business accounting needs.

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How Can a Work-Life Balance Help Your Business Succeed

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As a small business owner in Wellington, New Zealand, you have a great amount of responsibility that can affect various aspects of your enterprise. You are tasked with managing and overseeing many aspects of your business: operations, sales, marketing, HR, finances, and more. This leaves you with countless tasks, duties and responsibilities to juggle on a daily basis.

Because of this, you tend to be a workaholic; always working at a fast pace in order to get ahead of the competition. But one thing you may not realize is that: all work and no play can harm your business. To put it another way, too much hard work can kill you – literally!

Driving yourself too hard is counterproductive and can destroy the business you’re trying to build, as well as your life. The stress that comes with being constantly in “overdrive” will negatively impact your productivity and that of your employees and also stifle creativity and kill motivation in your organization. What’s more, it can lead to burnouts and health problems such as high blood pressure, heart problems, lack of fitness, obesity, depression, and more. Maintaining a healthy work-life balance is essential to ensure business success.

Here are some top tips to help you explore how you can find balance between work life and personal life.

Tips To Manage Your Business And Achieve A Healthy Work-Life Balance

1. Track and manage your time 

Effective time management is critical to ensuring that you’re able to accomplish important tasks on time so you can find time for your personal life and avoid the stress and anxiety that comes with overworking. To improve your time management, you need to track your time to find out where and how you spend your time. This will allow you to identify time wasters, tasks you could delegate, your optimal productive times, and other things that you need to take control of your time.

Start by writing down or recording everything you do each day, when you do it, and how long it takes you. You can do this on a piece of paper, Post-It note, or utilize tools like excel spreadsheet or weekly timesheet. Do your time tracking for at least a few weeks, or for one month. This will give you a clear picture of how you spend your time; and you’ll be surprised by the number of workhours/workdays that you waste attending pointless meetings, handling tasks you could delegate, or on activities that provide no tangible benefits.

2. Find ways to avoid time wasters

Once you have a good indication of what you spend most of your workdays doing, you’ll be able to identify timewasters that you could do without. Common timewasters that you and your employees could be indulging in include: extended meetings that could take a shorter time, drop-in visitors and sales people, unnecessary telephone calls and emails, and monitoring social media.

3. Get organised

Use the results of your time tracking to develop and implement efficient business systems for your organization to help you work smarter, rather than harder; save time; and increase productivity.

For example, if your time tracking shows that you spend a great deal of your time searching for paperwork or important documents, you can set up an accounting information system or a virtual filing system to organise your records. Talk to professional accountants Wellington experts to see how business computing systems could boost efficiency in your organization.

4. Prioritise your time

Create a to-do list with all of your daily tasks on it. Rank these tasks and activities in order of priority, from the “most urgent and important” to “neither urgent nor important.” Start with the most urgent and important tasks to ensure these jobs are completed by deadline.

5. Find the right work pattern

Gauge your work habits to identify your personal productive times. Assign tough, high-concentration jobs to those times when you’re most productive. You can create a timeline of your daily activities to help you with this.

6. Be realistic

Don’t push yourself too hard. Remember you are human and you can only do so much. Be realistic when setting workhours and assigning tasks. Know your limits and strike a balance between stretching and overworking. And don’t forget to keep track of your own progress.

7. Delegate and/or outsource tasks

Create a list of duties you could delegate and identify responsible staff that could handle them. Let them take over. Also, consider outsourcing some tasks to professionals. For example, you could outsource bookkeeping and other financial matters to chartered accountants Wellington professionals. This will free up time and declutter your day.

8. Organize your workspace

Having a well-organized workspace can positively impact your productivity by increasing your concentration, creativity and cleverness. Declutter your workspace and invest in appropriate equipment that will support you.

9. Take a break

When creating your to-do list, be sure to include breaks that will allow you to take time out throughout your day. Use those breaks to meet like-minded business owners, partners, or clients in an informal setting. Ensure exercise is included in one of your breaks for the sake of your health.

As well as taking breaks, be sure to have that holiday every quarter. Don’t forget to notify your customers/clients about this.

10. Tap into technology

Be sure to utilize the power of technology to boost your efficiency. Time tracking applications, video conferencing technologies, tablet computers, business software products and support services, etc., can help your business increase operational efficiency, reduce costs, and improve customer satisfaction. Consult professional accountants Wellington providers about appropriate business computing systems for your company.

11. Find time for your business’s finances

Managing your finances is an aspect of your business that typically takes up too much of your time. Make an effort to cut down on the amount of time you spend dealing with money matters at your business. Below are a few specific tips to help you with this.

Tips To Save Time And Effort Managing Your Business’s Finances

Good financial planning and management is one of the most important factors for your business success. Unfortunately, it can eat up a lot of your time – a resource that can be better utilized elsewhere.

To save time managing your business finances:

Make Sure You’re Organised

Develop appropriate systems to capture, file, label and track key records and data to ensure you don’t waste time looking for things like files, receipts, invoices, documents, and so on.

Remember to take inventory of all of your financial tasks – daily, weekly and monthly financial related duties and schedule them appropriately in your calendar so nothing falls off your radar or left to the last minute.

Take Advantage Of Accounting And Financial Management Tools

Make use of the plethora of software tools available to you to organize your records, save time, and produce professional financial statements. Software solutions, such as Banklink, Xero, MYOB, and other accounting systems for your business can help you save time and money.

Engage The Services Of Professional Accountants

Hiring the services of qualified accountants Wellington service providers allows you to stay on top of your business’s finances and accounting while saving you time and money. Don’t attempt to tackle your all your business’s finances by yourself. Professional accounting advice is important in ensuring you get it right and comply with the law without spending too much time on it.

Chartered accountants in Wellington provide specialist help for businesses in multiple areas. These include: preparation of financial statements, tax return Wellington services, GST, Payroll and RWT, ACC Administration, business and strategic planning, succession planning, business coaching, IRD refund Wellington service, company statutory administration, supply and installation of accounting software solutions and business computing systems, budgeting and cashflow forecasting, taxation, new business startup, finance applications, benchmarking, and more.

These professionals have the knowledge, skills, tools and processes in place that can add considerable value to your business. They know what to look for and where you can afford to cut costs, reduce time wastage and enhance your efficiency to help your business to remain competitive and lead you straight to success. Hiring their services will be worth every cent.

Count On Us Chartered Accountants Know How To Save You And Your Business Time And Money

Count On Us is a very respected and well known accountancy firm providing friendly and professional accounting services to businesses and individuals in Wellington, NZ. As members of CAANZ Chartered Accountants of Australia and New Zealand, we boast vast knowledge and expertise in all aspects of accountancy, taxation and financial planning.

Our accounting and taxation services ensure your business not only meets all legal obligations, but also operates smoothly and you’re able to save money and time, so you can achieve a work-life balance. Through our specialist training and experience, we can help you with: business and financial planning, mortgage broking for commercial or residential properties, establishing family and/or trading trusts, company administration services, tax return Wellington services, business computing software tools, establishing a new company, buying an existing business, IRD refund Wellington services, and so much more.

Give us a call on 04 387 8113 to learn more about our professional accountants Wellington products and services, tax returns in Wellington, and bookkeeping services.

Contact our friendly team to make a booking!

Why Work Life Balance is Good for Business!

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Work life balance is something entrepreneurs often struggle with. They are usually so dedicated to their business that they neglect the social and personal aspects of their life. While some would argue that social aspects only serve as an interruption to business, it is not so. A successful entrepreneur is one who is able to balance their work and lifestyle.

Work-Life Balance and Personal Wellbeing

Your personal life away from your workplace greatly affects your wellbeing. Your friends and family give you the motivation and courage to face business challenges; they motivate you to become a better entrepreneur; most importantly, they help you deal with the stresses that come with owning and running a business.

You can only work well if your wellbeing is properly catered for. You become more creative, more energetic, more positive and more resilient. This can affect every employee in your company. They will start mirroring your positive energy. The result is a better and happier workplace with greatly increased productivity from you and your staff.

Is that not the goal of every businessperson, to continually improve the bottom line? So as much you may see your life away from work as an unnecessary interruption it is actually crucial to your revenue and profits.

What Happens when you Neglect Work Life Balance?

• You burnout easily. You find yourself working so hard for 50 or 60 hours a week, barely finding time to eat. Before long, you experience a burnout. You can’t think, you cannot work and you will be more likely to make serious mistakes that could prove fatal to your business.

  • You create a negative work atmosphere. The same way positive energy radiates around the workplace to every employee, so does negative energy. When you let stress overcome you, it flows over to your staff. Instead of a growing business with healthy returns, productivity begins to decline without seemingly any reason. After all, you are working so hard and so long, you business should be growing. Right?

• More health problems. Exerting too much work pressure on yourself without any personal and social life to mitigate it can have physical health consequences. You immunity will go down, you will start complaining of headaches and experience other body pains. Even more worrying, you might start experiencing high blood pressure. With poor health comes low productivity, which is bad news for your bottom line.

Striking the ideal Balance

There is nothing like the perfect work-life balance. Everyone has their own unique needs and situations vary. Look at your own situations and consider how you can balance out your work and your personal life. For example, you can delegate some work or even hire a new employee or two so that you can get more time doing your hobbies and spending time with family and friends.

Help with your Business Accounting

Start achieving that balance today by outsourcing your business accounting to Count On Us. We are the premier accountants Wellington with chartered accountants ready to help your business grow forward. Our services include MYOB software Wellington and Xero software wellington. Visit our website at www.countonus.co.nz to contact us today.

Contact our friendly team to make a booking!

See more: How Can a Work-Life Balance Help Your Business Succeed

Why a Work Life Balance is Good for Business

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If you have a work-life balance then you are likely satisfied with the way you divide your time and energy between paid work and all the other things you either need to do or want to do. The right balance can vary depending on stages in your life. Parents with young children may need more flexibility in their working hours to be able to experience quality time with their families. Evenings and weekends become important free time to spend with older children when they are not at school.

A satisfactory work life balance combines the number of hours you are required to work with some flexibility over the hours required and how satisfied you are with the job that you do with regards to feeling that your job is worthwhile and valued. Many people are happy to work longer hours, evenings and weekends if they feel their role is important and of value to others. Long hours with no flexibility in the daily schedule makes it difficult to carry out chores essential for life such as visiting a bank, doctors or dentist within regular work hours, without having to rush round in lunch breaks.

The responsibilities of running a business, managing employees, organising stock and keeping track of the finances can all chip away at your quality time doing the things you love outside of work hours to de-stress and relax. If you are constantly working late in to every evening or ‘catching-up’ on paperwork at the weekends, then you need to address areas in running your business where maybe you could use some support and advice on how to save time and become more efficient.

You can delegate some jobs to employees once they have had sufficient training, perhaps even offering a payrise with increased responsibilities. Opening and closing premises, ordering stock, assisting with time sheets and roster planning are all jobs that employees can be trained to do. The finances of the company are however, probably not best shared with employees or even managers. An accountant is an independent consultant whose job it is to save you money and help you get your business reliably profitable.

Employing the services of a good accountant with access to an accounting software package will ultimately reduce the amount of time you spend organising and keeping track of expenses. If you have new free time, thanks to a new accounting software package then you can spend it doing something you want to do, rather than have to do. The more time you can spend on the fun activities in life the better your work-life balance will become.

You will find that an accountant can assist you with identifying areas within your business where you could increase profits, therefore increasing the options for you to take a holiday rather than working every available hour to keep your business just ticking over. You may not have time to learn how to use new software or systems so utilising experts (although there are costs) will ultimately save you both time and money.

Count on Us are accountants in Wellington, New Zealand who can assist you to achieve a better work life balance by reducing the amount of time you have to allocate to managing your finances. Throughout Wellington MYOB software is helping small business owners find more time in their day to spend on the wants rather than the needs in their lives. Larger businesses will find great functionality with Xero software and Wellington based accountants ‘Count On Us’ can be contacted via www.countonus.co.nz for a free consultation.

Contact our friendly team at Count On Us to make a booking!

5 Ways Online Accounting Makes Your Life Better!

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Would you like the freedom to take care of the accounting needs of your business even when out of the office? There are software programs available that allow just this flexibility. So if you want to be able to easily access your accounts whilst on holiday or at midnight read on for the additional benefits of online accounting.

Benefits of online accounting

1. Anywhere access

2. Multiple users

3. Save data in the cloud or to your PC

4. Automatically import and match bank transactions

5. Access automatic updates with extended service and support

Anywhere access to your accounts and data as long as you have Internet access with your computer or laptop. How convenient would that be? You could be sitting in your villa by the beach with a glass of wine just checking in on the data to make sure those payments went in from the clients or that there were no issues with the payroll this month. Check balances, input expenses, prepare a quote, send an invoice and so much more….all from the convenience of anywhere in the world or the local coffee shop with free WiFi!

Not only are you able to access your accounts from anywhere in the world but so can multiple users too. Your accountant has real live access too and can assist with any issues that arise by looking at the exact same screens in front of them as you are viewing. Easy to navigate and explain when you are both on the same page. Your administration assistant can access the same system too and you can set up certain people to access e.g. input expenses, orders and generate invoices whilst someone else may only access payroll.

Saving your data is safe and secure in the cloud (virtual storage) and backups can easily be made to your laptop or computer whenever you like. Easy, convenient and practical management of your business. As your information is stored virtually it can be accessed remotely as long as you have Internet access.

Accounting software such as MYOB software and Xero software allow you to automatically import and match up bank transactions to easily keep track of your cash flow. The programs have different features and have been tailored for use in New Zealand. Choosing an accounting firm who are registered installers and users of accounting software will be a good step going forward for your business. Make sure they offer ongoing support to benefit your business with software updates.

A major benefit of using online accounting is the time saved on paperwork, freeing up that time for you to spend on other areas of your business or with your family. Explore the options for online accounting to maximise efficiency with your accounting and see more positive benefits for your business now and in the future.

Count On Us are accountants in Wellington, who are experienced users of accounting software. They keep up to date with all the latest releases and improvements, offering ongoing support to their clients. Visit www.countonus.co.nz for information on MYOB software for Wellington businesses. In addition to MYOB the team at Count On Us are Xero software experts for Wellington based businesses also.

Contact our friendly team at Count On Us to make a booking!

MYOB and Xero – Two of the Best Accounting Packages for Small Business Owners

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Is MYOB or Xero the best accounting package for you and your business? Both have a variety of applications suited to different types of businesses. Read on for a little more information about each one to see which may be suited to how you run your business.

MYOB Essentials

MYOB stands for Mind Your Own Business. The software packages are designed with all the tools to help small businesses keep track of their business financials. MYOB essentials has been specifically created to meet the needs of sole traders and small businesses.

Check out the list below to see if MYOB software might be right for you:

– your business has simple processes

– you want anytime, anywhere online access to accounts and payroll

– you have limited accounting knowledge

– software updates and data backups stress you out

– you are new to accounting software

MYOB Essentials is ideal for sole traders, new businesses and small business setups because it is simple to create invoices, track expenses, do payroll applications and manage your GST. This is all done online as well so you can access your account information anytime/ anywhere.

If your business needs any of the following services then MYOB essentials* is NOT for you:

– you are a large business with complex needs such as multiple locations or multi-currency transaction

– you need to process hundreds of manual transactions a day

– you need to keep track of stock ins and outs

– you need to manipulate data, export to excel or tailor for reports.

MYOB can provide these business solutions but not through the essentials package, so contact your local accounting firm to find out more!

What about Xero?

Xero is accounting software provider that allows you to do:

– online accounting (real-time cash flow)

– bank account reconciliations (auto import and code all bank transactions)

– financial reporting (handy reports that link to original transactions)

– invoices can be created and sent automatically

payroll (free tax tables, kept up to date, payslips and leave all made easy)

– expense claims (handle personal expenses, easy receipt viewing and approval)

– bill payments (manage spending and make bulk payments)

– easy inventories (track stock, easy invoicing with inventory items)

Xero also has free online support (24 hour support and online help centre) for their clients as well as the ability to manage foreign currency accounts with multi currency options.

With Xero Cashbook you can communicate directly with your accountant from within Xero, There is a handy, ‘Ask My Accountant’ function where your accountant can view and share the same information at the same time as you through this function.

MYOB essentials works best for sole traders and small businesses with simple accounting needs whereas Xero Cashbook can assist medium to large businesses to keep track of all their financial needs.

Your 86% of businesses new to accounting software say the packages save them time! That’s time you can spend working on other areas of your business or with your family. Count On Us are a firm of accountants in Wellington with Xero and MYOB experience. Contact Count On Us for a free no obligation consultation to see whether MYOB or Xero software may suit your Wellington business. For MYOB advice Wellington businesses owners can contact them at www.countonus.co.nz.

Their accountants are there to assist you with the set up of your software and develop a long term relationship with you & your business so that as your business expands they will be on hand with the best accounting solutions.

Contact our friendly team at Count On Us to make a booking!

The Best Accounting Software for NZ Small Businesses

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Running a business is a full-time job. There are a lot of balls you need to keep up in the air to manage your entire business and keep it running smoothly. One of those balls is accounting. It used to be that only companies with big budgets had access to high-quality accounting services. Now thanks to technology, even small businesses can access high quality accounting software. Nevertheless, you will still need a professional to help you navigate through it.

For business owners in Wellington, the top choices for accounting software are MYOB and Xero. Let’s cover a few of the important things about these two software packages

MYOB Software

The dashboard of MYOB is simple, easy to understand and intuitive. There is a top bar that you can select, and it gives you snapshots of different data. MYOB uses BankLink for data feeds and the MYOB bank rules are easy to understand, but it’s basic.

Xero Software Wellington

The dashboard of Xero can seem a little more complicated but it can be very useful to see how the data is presented can be tailored to meet the needs of the user. Xero features two types of feeds. For major banks, Xero is able to get direct feeds from the banks. For other banks and financial institutions, Xero makes use of a third-party data provider. Bank rules for Xero may be more complex but they are much more comprehensive and include with better filters and reporting.

Professional Accountants in Wellington– How They Can Help You

Accounting software is a just one of the tools you can use to help you accomplish your financial goals. The effectiveness of these tools depends on how you use them. In other words, no matter how advanced your accounting software is, you will still need an accountant.

An accountant will be able to help you choose the kind of software that is right for your business and situation and support you while you use it. Every type of software has its ups and downs but a professional can help you pick the right software that offers the most benefit to your business.

An accountant can also help you set up, navigate and use the software. Accounting software relies on the data that is place into it and it needs to be accurate. An accountant can help you set up the back end information so it is easy to input and automate.

Accounting software can help increase the efficiency of your business, however it does have some limitations and they still need humans to connect the dots. If you need help with setting-up accounting software for your Wellington business or anything related to accounting in general, then visit Count on Us at www.countonus.co.nz, for professional accounting software advice.

Contact our friendly team to make a booking!