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Choosing an Accounting System for Your Small Business

Small business accounting software

Unfortunately, there is no business without bean counting.  But I bet you didn’t start your business to do accounting.  This article will help you choose a system to make it easy, cost-effective and as painless as possible.

Your accounting system should work for you.  At a minimum, it collates your income and expenses for your tax returns.  Ideally, it also provides valuable, at-your-fingertips information to help you understand and improve your business results. Read More…

Hiring Employees or Contractors

Even a micro business will probably never be highly efficient with an owner trying to do everything.  If you want to grow your business, you will need help, probably starting with jobs that you hate but must be done.

But will you hire an employee or a contactor?  You must understand the difference because the cost of getting it wrong is high. Read More…

Kiwisaver for Business

kiwisaver for business and self-employed

As at 31 Mar 2017, 2.7 million people had Kiwisaver accounts with a total of $41 billion invested.  As a Kiwisaver investor, in exchange for tying your savings up until you’re 65, the government contribute up to $521 per year to your account.  If you are an employee, they also force your employer to match your contributions up to 3% of your gross salary.

It is a good deal for employees, but what does it mean for you if you’re running your own business? Read More…

ACC for Business

ACC levies for small business

What is ACC?

ACC (Accident Compensation Corporation) is a government entity that provides no-fault accident insurance cover for everyone in New Zealand.

If you get injured in an accident, ACC will pay for your treatment and care, and will pay you compensation for loss of income if your injury prevents you from working.

You help fund ACC by paying levies, like insurance premiums.  Read More…

GST Explained

How GST works

Along with Income Tax, Goods and Services Tax (GST) is the main compliance obligation for New Zealand businesses.

The major difference between the two taxes is that Income Tax comes out of your business profits while GST comes out of the end consumer’s pocket.  Businesses do not pay GST but collect it and hand it over to IRD.

So how does it work? Read More…