Blogs

Is that team member an employee or a contractor? It’s important to know the difference, because getting it wrong could be an expensive mistake.

Balance was a proud sponsor of both the Boys’ and Girls’ 16’s & under grades playing in the 2022 Whanganui Junior Open held recently.

We’re living in a world where remote and hybrid working are now the norm. Driven by lockdowns and the pandemic, businesses have been forced to adopt a....

There has been a huge drive towards sustainable business practices recently with people choosing to spend their money to support greener businesses.

We live in a digital world where our company’s data and (crucially) our customers’ data is under constant attack. Hackers are always looking for new w....

Is that team member an employee or a contractor? It’s important to know the difference, because getting it wrong could be an expensive mistake.

As a business owner, you have access to a huge variety of online channels for sharing your marketing message. But if your business is small and you do....

As a business owner, you want to know you can trust your team to work well for you and your business. Introducing a few simple processes can make it m....

Inflation is the term used to describe an increase in the average prices for goods and services through the economy. Inflation is a loss of purchasing....

Everyone’s talking about cash flow forecasting and you know it’s important but how does cash flow forecasting actually help your business?

There are certain items of equipment, machinery, and hardware that are essential to the operation of your business. Whether it’s the delivery van you ....

FIVE TIPS FOR YOUR NEXT BUSINESS NEGOTIATION The world of business negotiations often has a lot of contradictions. You need to be firm but flexible; o....

We all know that farming is a different business to any other, not to mention that farm accounting is much more complex when you factor in the assets,....

Landlords and suppliers can sometimes ask you for a personal guarantee on a contract.

The Short-Term Absence payment is for businesses (including self-employed) to help pay for workers who can’t work from home or attend work while they ....

One of your biggest areas of business expenditure will be buying the goods and services that are needed for the company to operate. Whether these are ....

Christmas holiday breaks are a chance to recharge for the year ahead especially after the year we have had. We look forward to warmer weather and fina....

For retailers, having excess stock will not only take up precious backroom or shelf space, but can also tie up capital and can keep you from re-invest....

The Government’s announcement on the next stage in the COVID-19 response plan introduces a new framework of measures that will commence when 90% of el....

If there’s one positive to take from the events of the last two years, it’s the opportunity to consider what’s important. For those of us in business,....

The Government has now released the draft legislation around the removal of tax deductions on loan interest for rental properties. Previously, interes....

The pandemic has acted as an impetus for reflection, with many workers and business people reassessing the hours they work and the priority that work ....

Sole traders using home offices for business have long been able to claim deductions for home office expenses. Now, through lockdowns and increased ac....

It’s important to keep current. Catch up with the detail below, including changes to resurgence support, wage subsidy payments and working from home (....

Running a business will always mean incurring certain expenses, or ‘spend’.

Earlier this year, the Government announced the removal of tax deductions on loan interest for rental properties. Previously, interest payments could ....

You’re running a business, so you know the legal requirements around producing accounts and submitting tax returns. But do you truly know WHY you’ve e....

Have you ever found yourself struggling to achieve your goals because you just don’t have enough time to commit to them? Chances are, you’re doing thi....

One of the best ways to increase sales is to use the Value Ladder to build a relationship with your customers. The higher the customer values their re....

Plenty of Kiwi businesses buy utes as company vehicles. If you’re in the trades, for instance, a ute can be the perfect way to haul everything around ....

Whenever we’re going on holiday or have plans for the weekend, we always check the weather forecast so we can plan accordingly.

Why does your business exist?

For any sort of planning, whether it’s your Strategic Plan, Business Plan, or Personal Development Plan, you must first know your starting point to pl....

Do you understand your ‘why’? Does your team understand it? How about your customers? Your ‘why’ is why your business exists for your customers (and i....

You’re running a business, so you know the legal requirements around producing accounts and submitting tax returns. But do you truly know WHY you’ve e....

Are you undercharging for your services? It can be hard to tell, particularly if you’re in a niche industry or you’re a contractor. Costs have been ri....

When you’re self-employed, you’re the one in charge of your KiwiSaver contributions. Without an employer to make contributions on your behalf, you nee....

Thinking of buying or selling your business? A new tax rule comes into effect on 1 July 2021 that will have an impact on the way you negotiate.

Budget 2021 was all about big spending on benefits, health and infrastructure. With some critics saying the Government was spending too little and oth....

We often get questions about what business expenses are tax deductible, and one of the more confusing topics is clothing.

There’s a new superannuation rate for 2021: from April 1, it increases by at least $10 a week for everyone. Singles living alone will receive $437 a w....

The rules for property investors have changed, removing tax deductibility for rental loan payments and extending the bright line test to 10 years. How....

We’ve spent more than the past year responding to things outside of our control. Everyone has experienced huge change, a lot of it while in crisis mod....

Since 2020, measures to help support businesses adversely affected by COVID-19 have been introduced in several waves. Initially the intention was to b....

Turning a profit is at the heart of running any successful company But should profits be the only financial focus if you’re looking to create a stable....

On April 1, we move into a new financial year for most Kiwi businesses – and the new top personal tax rate comes into effect. For individuals earning ....

When someone has just bought from you, that’s a golden opportunity to start building a customer relationship. Take advantage of being top-of-mind and ....

Applying for funding is tough. Ensure you have all the data to prove the viability of your business, in order to secure the support. We have the exper....

Should you buy or lease your new equipment? We’ll review your current financial position, cashflow and cost base to decide whether buying or leasing i....

The Resurgence Support Payment was launched to assist small businesses to cover expenses as wages and fixed costs, when there is move to Alert Level 2....

From April 1 2021, the adult mimimum wage will increase from the current rate of $18.90 per hour to $20 per hour. There are 3 types of minimum wage — ....

At Balance Chartered Accountants ‘better business’ means a sustainable business that thrives now and well into the future, while also looking out for ....

Emerging from lockdown will allow a sense of normality. Bring on the simple pleasures of takeaway coffee, McDonald’s drive through and online shopping....

It’s not easy to request payment right now, but it is important to keep cash flowing into your business so you can cover expenses and meet your obliga....

The Government has announced new relief measures to boost confidence and help small and medium-sized businesses get through the COVID-19 crisis.

A new financial year is upon us and that means that it’s time to check the accuracy of your financial information in your accounting software for the ....

Urgent law changes to the Companies Act seek to give company directors temporary relief from potential personal liability when the business faces sign....

Without the 360 degree feedback and annual reviews, that employees get in a corporate business, entrepreneurs can be left out in the cold, not underst....

We understand how new this scenario is and the confusion that has arisen for some in relation to the assistance offerings from the Government.

You need to file your GST return at the end of every taxable period (this may be monthly, 2 monthly or 6 monthly depending on the frequency you have c....

In a crisis, the ability for your staff to work remotely could, quite literally, be a lifesaver. But how do you set up your team to become remote work....

Small businesses are particularly vulnerable in tough economic times. When sales are slow, there are still overheads and salaries that need to be sort....

Your income tax return for the 2019 financial year is due on 31 March. (unless your industry has a recognised balance date).

Running your own business takes up most of your time, as an owner – and finding a window in your diary to take a break can be tricky.

You need to file your GST return at the end of every taxable period (this may be monthly, 2 monthly or 6 monthly depending on the frequency you have c....

If you’re going to grow your company in the right way, pinning down your goals and having a clear vision for the business from the outset is vital. Yo....

Holiday breaks are a time to spend with family, friends & have a chance to recharge for the year ahead. But, for a business owner this time can be....

Cash flow is essential at this time of year, so if chasing late payments makes you feel uncomfortable, outsource those phone calls to a trusted virtua....

Overseas businesses selling goods valued at $1,000 or less online to New Zealanders are now required to register for, collect and return GST where the....

WHAT YOU NEED TO DO If you’re protecting your family property in a trust, there may be changes you need to make before the new Trusts Act comes into f....

Do you have staff taking leave over Christmas? Are systems in place to make sure everyone gets what they’re entitled to? Even if someone else handles ....

Got your staff Christmas gifts sorted? There’s still time! Think outside the box and be good to your people, and the planet, with these sustainable Ch....

Being the boss isn’t just about getting the strategy and financial management of your business right. It’s also about becoming a good leader who can g....

Seasonal dips in income can be highly challenging when you’re a small business. But there are proactive ways to predict, plan for and overcome these d....

A ‘she’ll be right’ attitude towards health and safety won’t cut it. You’ve got to make a conscious decision to be safe and get everyone in your team ....

Top tips for working ON your business in 2019 When you’re head down in the day-to-day running of your business, it’s hard to know what needs to be don....

Struggling to recruit ambitious workers? Find out how two new apprenticeships, developed by Primary ITO and Federated Farmers, could help you tackle y....

Sustainable business practices are good for the planet and its people, but can you make money from it? Here are three of the 2019 Ballance Farm Enviro....

In an increasingly disrupted world, the laws surrounding consumer processes sometimes need to play catch up.

Once your business is incorporated and becomes a limited company, you’ll need to have a ‘board of directors’ in place to provide your core leadership ....

Balance teamed up with the Whanganui Cancer Society to design their 2020 calendar. Featuring the works from local photographers, this calendar would b....

Overwhelmed with paperwork? Wading through administrative tasks? or needing more time for key staff communications? As life gets more frenetic, it’s w....

Innovation is seen as the key to assist New Zealand industries in the transition to an economy high in productivity but low in emissions. The challeng....

Mom and daughter are shopping at the supermarket, the concept of family relationships and healthy eating The money we spend each day tends to be invis....

Whanganui Chronicle – By Russell Bell I grew up with a love of statistics and mathematics. So much so that as a child I used to while many hours away ....

Are you aware that legislation is before parliament that will deny taxpayers the ability to claim rental losses against other sources of their income?....

Soft skills are the personal qualities that make people easy to work with and they’re key for business success. Here are five important soft skills an....

Six ways to ‘do good’ by your staff Celebrate! Write down one thing you’ll do in the next six months to reward your team. Book in staff performance me....

Tax pooling is an IRD – approved service offered by a commercial provider such as Tax Traders. It primarily allows taxpayers to pay income tax at a ti....

More than 200,000 New Zealanders and their families will benefit from the minimum wage going up to $17.70 an hour on 1 April 2019 – an increase of $1.....

Payday filing We have mentioned this in the past, but don’t forget payday filing for employers is compulsory from 1 April 2019. Please contact us if y....

Fill your drawers: Can you stock up on stationery, postage and courier bags before 31 March? Claim now and save. Staff expenses: If you owe employees ....

Do your Christmas housekeeping! Chase up unpaid invoices to encourage payment before Christmas to get cashflow off to a good start for the New Year. M....

With the recent increase in spam emails supposedly from the IRD, keep an eye out for the subject heading: “GST returns due in 5 days”. If you get one,....

This month Balance had the privilege of being featured in the Annual Report of our professional body (Chartered Accountants Australia and New Zealand)....

Family trusts are a popular way to protect and manage your assets, such as the family home, for you and your family, now and in the future. They can h....

#1 Extending perpetuity laws At the moment, when you set up a family trust, it has a time limit of 80 years. Then you have to wrap it up and distribut....

December’s mini-Budget allocated $2.1 billion for KiwiBuild to deliver 100,000 affordable houses across the country, including 50,000 in Auckland over....

The Budget allocates $1 billion over four years to finance tax incentives for more research and development (R&D) by Kiwi businesses. R & D ha....

“Our tax system will be fairer and more balanced to encourage investment in the productive economy.” Grant Robertson

Health spending is the headliner of the 2018 budget, with an extra $750 million allocated to capital spending and an additional $3.2 billion to operat....

Things to do this month By now you should be thinking about whether you have all the information you need to give us to complete your annual accounts.....

Things to do this month:

Parliamentary plastic surgery is in store for the Trustee Act, to make trust law easier to access and understand.

New Zealand is a “standout nation” according to the latest Digital Evolution Index, released by Tufts University in Boston in July.

While it’s easy to think of business culture as a bit soft compared with, say, achieving sales, in fact it’s anything but. A 2014 study reported that ....

Do you hate it when GST return time rolls around? If so, you’re in good company. For many business owners, the pain isn’t so much having to hand money....