NZ is a nation of small businesses. Of the half a million businesses, more than 350,000 (70%) have no staff, and 100,000 (20%) employ 1 to 5 staff.
Congratulations if you own and run a small business – it’s your business, but is it good?
Running a small business involves:
- Obtaining (Selling)and retaining good clients
- Working efficiently (time and costs wise)
- Making money (after all that’s what it’s meant to be about)
- Having a good work life/personal life balance
All of these involve time and often small business owners don’t have enough time, so inevitably some things don’t get done properly or at all.
We see and assist many small businesses who are behind in their GST Returns, Annual Accounts etc. – and are facing late payment/filing fees from IRD and ACC. Also with jobs not charged out yet and money owing from slow payers, and grumpy suppliers owed money.
It takes a lot to keep on top of everything, especially if you are the only person involved in the business. Apart from doing the actual work that you charge for there is:
- Invoicing of completed jobs
- Chasing up customer payments (if you don’t get paid on time you may net be able to pay your bills or even yourself)
- Purchasing goods and services for your business
- Reconciling bank accounts with Client payments, Supplier payments
- Collating and filing all your paperwork
- GST Returns (if applicable)
- Staff wages (if applicable)
Paramount in achieving efficiency in the above is a good accounting package that will do Sales, Purchases, Bank statement downloads, GST Returns, Profit & Loss reports, Annual reports, and Payroll.
We recommend Xero as an accounting package as its very easy to use if you are computer literate. If not we can train you to use some of Xero’s features or do the day to day administration tasks for you. We are Xero Certified Advisors and a Tauranga Xero Gold Partner.
Our motto is “Do what you do best, we’ll do the rest!”