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Why accountants charge so much and what you can do about it

“Please charge me more in accounting fees” said no business owner ever. In fact you only have to belong to a couple of business oriented Facebook Groups to see posts from people querying or complaining about how much they are paying their accountant and how little they get in return.We totally understand and share your frustration. So lets dig a little deeper into why accountants appear to charge so much for seemingly very little in return....

New GST rules for the “Platform Economy”

Anyone who provides accommodation through an online marketplace in New Zealand, such as Airbnb or Bookabach, will be affected by new Goods and Services Tax (GST) changes starting from April 1, 2024. ...

How To Change Accountants: Why It’s OK And What To Expect

New to business or wanting more from your current accountant?  It IS possible to switch.  The thing is, you are the boss of your own business. You get to choose who you want to engage as a service provider. You’re also free to discontinue working with someone if they aren’t quite the right fit.  Finding an accountant that ‘fits’ is crucial.  You need to feel comfortable having discussions with them and know that you can reach them when you need the...

How does Provisional Tax Work?

When you’re a business owner, all of a sudden income tax gets messy. Taxes are pretty straight forward when you’re an employee: You are paid a salary or an hourly rate.Tax gets calculated based on how much you’d earn assuming that you keep getting paid the same amount each week or month.Your employer pays the taxes to IRD and what’s left over is yours to spend Income tax for business owners is not so simple – it’s difficult to calculate how much tax you should pay during the year bec...

How to navigate an economic downturn

There’s no escaping the fact that today’s economic climate is difficult for small businesses. Several years of disruption thanks to the pandemic followed by high inflation means that as a small business owner, you are probably struggling and your customers are too. Adding to the pressure you’re already feeling, the media is full of predictions of a looming recession. Inflation and recession don’t have to equal disaster for your business. But you can’t afford to bury your head in the sa...

From Depreciation To Gross Profit: Accounting Jargon Interpreted

Do you speak accounting?   Accounting jargon is a language all of its own! And it doesn’t help that there are multiple names for the same things.   If you haven’t learned to speak the lingo, this communication barrier can make doing your accounts or talking to your accountant a struggle.   But the numbers in your business tell a story and it’s essential to know your own story.   Luckily for you, we not only speak accounting but we can make it underst...

End Of Financial Year – Here’s What You Need To Know

If only the end of the financial year was as fun as the end of the calendar year! But alas, for many business owners, the approaching financial year’s end is anything but a party. As 31st March approaches, numerous deadlines and chores lie in wait, and it can all get a bit confusing. But this time of year doesn’t have to be stressful. With proper planning, you can survive tax time without tearing your hair out. This blog will tell you what you need to do and what you need to consider around ...

Looking after your finances is good for your mental health

Good mental health is important to any business owner. It keeps you grounded, stops you from being overwhelmed and keeps the stress levels at a minimum. We all know the basic principles of maintaining good mental health. It’s all about eating well, getting enough sleep, taking regular breaks, not pushing yourself too hard and moving your body. But, did you know that having your finances in order is also good for your mental health? In fact, if you don’t have your finances sorted, it can easi...

Planning And Goals Setting For Success

Have you got your business goals for the new year all mapped out? If not, you could find yourself lost in the woods as the months go by. Let’s face it, not having a destination in mind may be a great approach to a summer road trip, but it’s not a smart move for your business! Planning and goal setting may sound tedious, scary, or complicated, but it doesn't have to be! When you do it correctly, it can fun, motivating, and highly effective. Let’s look at how planning, goal setting, and a sp...

12 Days of Christmas Kindness

It’s been a topsy turvy couple of years, and I’m yet to meet someone who hasn’t felt the pressure at some point during the past two years. Our country feels divided. People are stressed, overwhelmed, anxious, fearful, and angry. The best antidote I know of to all those emotions are kindness and gratitude. So we've decided to spend the first 12 days of December doing random acts of kindness. We'd love you to join us.  Now we’ve all heard inspiring stories of incredible generosity and...

The Scary Times Cashflow Guide - Managing Cashflow In Difficult Times

When you started your business, I’m sure you knew it wouldn’t be an easy journey. You were aware that storms are a part of life and were prepared to tackle whatever life threw your way. But even so – none of us were expecting quite the storm that we’ve had in the last few years! For many business owners, the dark clouds are seriously lacking their silver lining, and it may be difficult to imagine a way forward. Times are tough, and you may be struggling to make ends meet in your business...

Why Do You Need To Know Your Numbers?

“Seemingly small decisions left unchecked over time can take you off track and possibly over the edge.” I love this quote from entrepreneur James Ashford. It really highlights the importance of paying attention to the details of your finances. In life, it’s easy to focus on the big milestones and gloss over the small, seemingly insignificant happenings. But this is often a bad idea, especially when it comes to managing your business. Let’s take the example of a dripping tap in your house...

5 Ways To Simplify Your Accounting

Struggling to find time to do your business accounting? Whether you love numbers or would rather face a trip to the dentist than sit down with your finances, there’s no arguing the importance of staying on top of your accounting duties. The more you put it off, the more complicated the task gets, until you are so behind that you’re faced with a virtual mountain of paperwork to get under control by the end of the month. If only there was a way to make accounting more simple! How about five w...

Why having a Life Centred Accountant matters

Trio Accounting recently became a founding member of Life Centred Accountants, an international group of accountants focused on helping business owners identify, get and keep the life they want. Here’s why we signed the manifesto:...

What Should You Expect From Your Accountant?

Did you know that great accountants do more than just end of year tax returns? That’s right! It’s time to get rid of the old “bean counter” assumptions and look at your accountant in a whole new way. Your finances are one of the most critical things in your business. They deserve much more attention than a yearly glance in the rear-view mirror. And you deserve proactive, insightful support as you grow your business. If you are getting anything less than that, it might be time t...

Residential Property Changes to Bright-line and Interest

With 3 young adults in our family, housing affordability has been a hot topic in recent years as we consider how our kids (or indeed anyone) might one day buy a home of their own. The housing changes announced yesterday by the Government are intended to help slow the pace of the ever-increasing property prices, and help make first home ownership more achievable. Whether or not they will achieve the desired outcome is up for debate and there is a lot of emotive narrative in the press at the momen...

How To Build A Successful Business From Day One

Every year, thousands of Kiwis start new businesses, all with a vision of helping people and having more time, more money & more freedom. But globally, twenty percent of businesses fail within the first two years. And right here in New Zealand, 40 percent of small businesses don’t survive to celebrate their fifth birthday. So how can you make sure that yours isn’t one of them? The statistics are scary, particularly if you are just setting out on your business journey. Nobody wants their busi...

Recharge, Reflect, Reset - Business Planning For A Great Year Ahead

Feeling exhausted, spread thin, strung out, and ready for some time-out? We hear you! Running a business can be hard. And by the end of the year most business owners are running on empty. Which is understandable, but it’s not great for you or your business in the long run. Even when things are tough, it’s so vital to celebrate the wins and get some rest. And before you say, “I just don’t have the time,” it’s essential to make the time for celebration and rest in your business. R...

Why your drawings are not what you've earned this year

“I pay tax on my drawings, right?” “I don’t have to pay any tax because I’ve only taken drawings” “Isn’t drawings the same as a salary?” Drawings is one of the most confusing areas for business owners and it’s not surprising. Google “What are drawings” and you’ll find a huge range of answers using a bunch of technical words. It’s almost guaranteed to give you a migraine. If you not entirely sure about drawings or other accountanty terms like shareholder current accoun...

Numbers don't have to be scary

Many people find money & finances, particularly business finance a mystical and scary topic. It’s not surprising as our relationship with both numbers and money comes with a lot of baggage. But here’s the thing… numbers just like words are simply a way of communicating and conveying information. Numbers on letterboxes tell us if we’re at the right house. Numbers on road-signs tell us how fast we should take a corner. And numbers on a profit and loss report tell us whether all the ha...

What to do with bad debts

If you’ve been chasing unpaid invoices and its looking highly unlikely that you will ever receive payment then perhaps it’s time to consider whether you should write it off as a bad debt. Under normal circumstances, you have to physically record the invoice as a bad debt in Xero before the end of the financial year. However, due to Covid, Inland Revenue have extended the deadline for writing off bad debts until 30 June 2020....

How to pay yourself as a business owner

As a business owner, you’re usually the last to get paid. Simon Sinek's book, Leaders Eat Last is a fantastic book on leadership but paying yourself the “left-overs” isn’t ideal especially given the blood, sweat and tears you pour into your business. So how much should you pay yourself? And what’s the best way to do it?...

Managing stress and worry as a business owner

For most business owners and entrepreneurs, worry is a fact of life. You’ve been there with the 3am wake-up call when you’re sweating over cashflow or how you’re going to handle a poorly performing team member. Worry and stress normally ebbs and flows. But lately it seems like worry moved in over lockdown, has taken up permanent residence on the couch and is showing no signs of moving out.  While you can’t always control external forces like a global pandemic or a recession, you can...

How much will your accounting fees cost?

One of the biggest questions in your mind when you start talking to an accountant is likely to be how much does it cost to do my accounts? And it’s a perfectly reasonable question. Your time is short, your money is precious and you don’t want to waste either talking with a prospective accountant only to find that you’re miles apart when it comes to price. Unfortunately there is no simple answer. Which I know is incredibly unhelpful. However, the reality is that every business is different ...

Considering the Small Business Cashflow Loan?

The Government’s Small Business Cashflow Loan Scheme (SBCS) is designed to help small businesses with funding to pay their operating expenses. With up to $100,000 of funding per business and much lower interest rates than you’d get from the bank on the surface it seems like a no-brainer for businesses to apply. While things seem quite straightforward on the surface, before you rush off to lodge an application it is essential that you take the time to understand the eligibility criteria, the ...