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Ramp Up Your Business With Xero – Training Seminar

Using online accounting software like Xero is one of the easiest ways to save time and reduce stress.

Xero has a lot of features that make things easier for you but knowing how to use them is the essential part.

Join us on May 17th at 10am for our training seminar, Ramp Up Your Business with Xero, where you’ll:

• Discover how you can achieve more financial, mind and time freedom
• Understand the benefits of using Xero in your business
• Learn how to get paid faster with less stress
• Understand how Xero provides important insights into your business

This seminar is best for those new to Xero or who are wanting a refresher.

Register now!

Profit improvement and productivity

Do you already track your gross and net profit but are at a bit of a standstill on how to increase profitability? Think about the relationship between business profit and productivity. You can increase profitability if you produce more and pay less for what you need to produce and sell your goods or services.

It’s not about cost cutting. It’s about looking closely at the value you get for what you spend and how you can best create value for your customers.

Start with your fixed costs. You must pay these to keep your business’ doors open. Some of them are negotiable to the extent that there might be a cheaper way to achieve the same effect. Others are non-negotiable.

The critical thing with each is to ask:

• What service does this provide to my business?
• Can I obtain the same service from another source at a lower cost?
• Is it feasible to switch to another supplier?
• If I did switch to another supplier would I get equivalent quality, and would this affect the quality of my product or service?

Anything your business can do faster or better than your competitors gives you a competitive advantage. If you can produce more for a lower cost, deliver more quickly, serve more clients, improve customer service or increase value add to the customer, the strong relationship between productivity and profitability will help your business thrive.

DOWNLOAD THE GUIDE on PROFIT IMPROVEMENT AND PRODUCTIVITY

Don’t trip! GST mistakes to avoid

Don’t forget your GST and 3rd Instalment of Provisional tax is due on 9 May 2023 and as a client, if you don’t know already know how much to pay please contact us before May 5.

GST can be a thorn in your side but if you understand when it’s due, what to pay, and you make the most of your accounting software, you’ll escape unscathed. Here are four of the most common mistakes we see business owners make with their GST.

1. Not putting aside money to pay GST – For better cashflow, keep 10% of your taxable supplies in a separate account, with expenses to claim this will normally be enough. If you’re registered for GST on a 2 monthly basis, you’ll be expected to pay the GST collected minus the GST you paid for that period.
2. Registering for GST too early or too late – If you are starting your business and you register too late, you may miss out on claiming GST on initial start-up costs, and you also might face financial penalties from Inland Revenue if you later find out you met the requirements to register. Talk to us and we’ll work it out together.
3. Confusion around leasing and hire purchase – If you’re buying assets or equipment (or there’s an option to take ownership) you can claim GST when the asset is acquired. But if you’re only leasing or hiring an asset, the GST is claimable on each payment. There are many different types of leasing deals out there, so be careful with the fine print as GST may only apply to part of the regular payment.
4. Not claiming business purchases paid from personal accounts – When buying assets for business use, you can claim a GST deduction, when the asset is to be used 100% for business purposes. When you buy something using your personal account for the business, it might be missed from the business records, GST forgotten and not claimed. Remember that where there is private use, such as with vehicles, you can’t claim all of the GST – you need to adjust for the expected private use component.

Talk to us now if you have questions or need help with your GST.