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Chartered Accountants

Trusted advisers of all tax compliance and annual accounting issues facing both individuals and small businesses.

Setting sales targets

Posted on Nov 29, 2016 by editor

Setting realistic sales targets is a key factor in improving performance and maximising profits. Realistic sales targets can help improve cash flow, increase motivation of sales staff and meet your overall business goals. Sales targets can be used for products and services, regions or even for particular types of customers. For a business to continually grow, business owners must set sales targets in areas that will boost growth and development. When setting sales targets, here are three things to keep in mind: Tailor for your business Every business is different and sales goals will vary depending on the stage of […]

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Marketing plan basics

Posted on Nov 29, 2016 by editor

Marketing is a crucial component of a small business’ success yet many business owners fail to create a marketing plan. A solid marketing plan helps businesses to achieve their short-term goals and overall strategic vision. It helps to ensure everyone in your business is on the same page as your business’ goals and marketing activities are clearly communicated. Marketing plans will vary between businesses and industries but most will cover these basic components: Background/situation analysis This section of your marketing plan will cover the background information about your business and the environment it is operating in. A background analysis usually […]

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Tap into the spending season

Posted on Nov 29, 2016 by editor

The holiday season provides the perfect opportunity to connect with customers and leverage off the seasonal shopping period. For many businesses, the upcoming Christmas season presents a peak in sales and revenue. Businesses that fail to maximise the holiday shopping season can miss out on a huge revenue opportunity and risk losing customers to competition. It pays to adjust your marketing based on seasonal sales opportunities. A marketing campaign that capitalises on the upcoming season provides businesses with the opportunity to position themselves as an adaptive and quick-to-react business. When crafting your holiday marketing campaign, it is not a good […]

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Employing casual staff over the holiday period

Posted on Nov 23, 2016 by editor

As the holiday period approaches, employers should consider their obligations when employing students or casual staff over this period. Like any new person that starts working for a business, students need to complete a Tax code declaration (IR330) that includes their IRD number and tax code. If they don’t complete an IR330, the employer needs to deduct tax at the no-notification rate. For employees, this is 45 cents in the dollar plus the ACC earners’ levy (1.39 cents in the dollar for the 2017 tax year). Full-time students with student loans Those who employ full-time students and think they’ll earn […]

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FBT on the private use of a motor vehicle

Posted on Nov 23, 2016 by editor

Fringe benefit tax (FBT) is payable for any whole or part day (24-hour period) a motor vehicle is available for private use. The default FBT day starts from midnight, unless an alternative start time, i.e. 9am is selected. If a vehicle is taken home overnight, it will generally incur two days’ FBT. For example, where an employee takes a work car home at 6pm and returns it to their employer’s premises the following day at 2pm, the employer will have to account for two days’ FBT. Electing an alternative start time applies to all motor vehicles an employer files an […]

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Fixed vs variable loans

Posted on Nov 15, 2016 by editor

When choosing between a home loan with a fixed rate of interest and a home loan with a variable rate of interest, it is important to take both your personal and financial circumstances into consideration. While both options offer certain advantages and disadvantages, individuals should consider what they will gain and lose through either option. Fixed-rate home loans are often set for a certain period of time. They remain at the same rate over this period, regardless of whether the interest rate rises or falls. This can be both a good and a bad thing; if the interest rate rises, […]

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Developing a code of conduct

Posted on Nov 15, 2016 by editor

A well-written code of conduct is essential for every business – it can provide guidance to staff as well as stating your business’ values and ethical principles. A code of conduct provides staff with clear guidelines for expected behaviour in a variety of situations, for example, attending work-related social events or taking business trips. A workplace code of conduct can cover any areas of behaviour and generally includes a standard of conduct and practice, values, ethical principles, accountability and disciplinary actions for violation of the code. Here are some tips for writing a code of conduct: Involve all staff and […]

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Building brand loyalty

Posted on Nov 15, 2016 by editor

Converting casual customers into brand-loyal customers is challenging in today’s competitive marketplace. With thousands of brands competing to stay top of mind; retaining customers is no easy feat. Fortunately, there are some ways businesses can encourage repeat purchase customers: Be consistent Surpass your customers’ expectations by consistently delivering the same level of quality in your product and service offerings. Customers will return to your business if you deliver on your brand promise through each and every transaction. Focus on customer needs Understand what drives customer behaviour by listening to their concerns and encouraging feedback. Consider introducing a loyalty program to […]

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How to quickly build your network

Posted on Nov 8, 2016 by editor

Building a strong network is key to entrepreneurial success but can be daunting for new business owners. Successful networking involves having the right conversations with the right people. Networking can help gain clients, improve your reputation and open doors to new opportunities for business and career advancement.  Here are three tips to quickly build your professional network when you are starting out: Attend industry-specific events Industry events, such as trade shows and conferences, are a great way to meet key people in the industry and join communities where the right audience exists. Networking through industry events allows you to position […]

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Tips for achieving success from scratch

Posted on Nov 8, 2016 by editor

The financial power and freedom that comes from being a successful business owner can be enough to entice anyone to take on the financial risk of starting up a business. But growing a successful business from scratch is no easy feat. Below are some tips to keep in mind when starting a business from scratch: Find an experienced mentor: Listening to someone who has done it before can help make a difference in your success. Advice from an experienced mentor can provide you with valuable insights that can help you form better decisions and strategies. Work harder than everyone else: […]

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Latest news

Business tax bill is now law

Posted on April 12, 2017 by BDS Hughes

The Taxation (Business Tax, Exchange of information, and Remedial Matters) Act 2017 received Royal assent on 21 February 2017. The new legislation focuses on changes to business taxation to make tax simpler. From 1 April 2017, the threshold for self-correction of errors under section 113A of the Tax Administration Act 1994 has increased from $500 to $1000; the use-of-money interest will be reduced or removed for the vast majority of business taxpayers; and most RWT exemption certificates can now be issued for more than one year. For the 2017-18 and later income years: The 63-day rule for employee remuneration has […]

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