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6 Powerful Reasons To Watch Your Financial Reports

Making time to look over your financial reports each month is an important task for any business owner. If you are not taking time to do this, either because you’re too busy, or perhaps you don’t really understand what you’re looking at and it doesn’t make sense to you, then here are 6 reasons we recommend you should start to.But before we get our 6 reasons, let’s talk very quickly about which reports to look at. At a bare minimum, and depending on the complexity of your business, you ...

Don’t adjust your sets as the picture becomes a little clearer…

Following on from my last article about the increase to the Trust tax rate and the first budget announced by the coalition government last week, we have a clearer picture of the tax landscape for the near future....

Xero Invoicing

We recently announced that we’ll be retiring the older version of our invoicing product — classic invoicing — on 2 September 2024. We know you have plenty of questions and concerns about this change, so we thought we’d share an update on what’s happening behind the scenes.The good news: our teams are busy building a new invoicing product that is going to give you far more flexibility and customisation in the future, with beautiful checkout experiences and unlimited payment methods. It�...

Have you updated your payroll systems and processes for the new minimum wage?

Does the minimum wage increase affect you? Make sure your payroll systems are updated now.- The adult minimum wage increased to $23.15 per hour on 1 April.- The starting-out and training minimum wage rates have also gone up to $18.52 per hour.Employers who pay their employees by the day, week, or fortnight, or pay them an annual salary, need to make sure employees are paid at least the minimum wage, appropriate to the basis on which they are paid. Additional time must be paid at least $23.15 per...

HAPPY NEW (Financial) YEAR

As we head towards the finish line of the 2024 financial year on 31 March, you may be thinking about preparing for your end of year stocktake, writing off any bad debts from your Accounts Receivable ledger, or setting some goals for the year ahead.  There are a few proposed changes that are likely to take effect from 1 April 2024 that we thought would be good for you to be aware of.  Some of these changes are currently included in a bill before Parliament and are expected to be reporte...

Setting ourselves up for retirement – is the mighty rental property still an option, and if not, what else is there?

The Government has made it pretty clear that the good ol’ days of buying a rental property, claiming the interest and depreciation to get losses, and receiving tax refunds to help pay down the mortgage are over.No longer is interest deductible unless the house was built after March 2022. (For existing rentals the final year of interest deductibility is 2025).No longer can the house be depreciated.No longer can a rental loss be offset against other income enabling you to receive a tax refund.No...