Helpful Tax Rates & Rules
February 7, 2020
write off low cost assets
Increase in the low-value asset write off threshold
June 16, 2020

Four Resolutions to make for your Business

Happy Financial New Years! As the financial year comes to a close, just as you would in your personal life, it’s a good chance to:

  • Reflect on the past year of business,
  • Celebrate your wins,
  • Learn from your mistakes and;
  • Set some goals for the upcoming year.

Here are some ideas to help set you up for a successful new year.

1. Get your financial statements and tax returns done early

Your financial statements should not just be a compliance grudge purchase. If done early they give you valuable information and insights into your performance and assist you in making the right decisions going forward.

Once your financial statements and tax returns are completed, we offer a free annual accounting review meeting to go over and explain the results for the year.
It’s important to understand your financial statements and taxation commitments. Devoting time to understanding your financial reports is one of your first steps towards making better business decisions. A value-packed annual accounts review meeting helps you to:

  • Improve your financial awareness skills.
  • Identify likely profit and cash flow improvement potential for your business.
  • Discuss issues and challenges you’re facing in your business.
  • Identify how to work with us to achieve your goals and address those challenges.
  • Understand any upcoming taxation commitments.

Here’s a link to last year’s BLog article on getting prepared for the 31st March so you can get on your way to crossing off your first resolution.

2. Develop SMART Goals..

It’s all very well setting goals, but about 80% of people give up on their goals by the end of the first month. This is because they haven’t taken the time to set goals that are specific to their objectives or to set goals that are measurable and attainable.

SMART goals are – Specific, Measurable, Achievable, Relevant and Timely.

Setting SMART goals enables you to focus your attention and ensure your goals are more likely to be realised.

3. Share your SMART Goals with your accountant

You have a higher chance of achieving your goals if you share them and have someone make you accountable for achieving them.

Your accountant is the perfect person to share your goals with. This is because they can help you develop measures for your goals, assist in monitoring and make regular contact to ensure you are on track to meet your goals.

4. Get organised and move your accounting system into the cloud

Is it time to take the leap and move your accounting system into the cloud? The beginning of a new financial year is a perfect time to do this.

Cloud accounting systems allow you to streamline your accounting processes and make decisions based on real-time information which will save you time and money. 

Such systems allow you to work more collaboratively with your accountant, improve connections with customers, suppliers and employees and help you stay on track of your IRD compliance requirements.

Real-time information enables you to track your performance throughout the year to ensure you are on track with your financial goals.

As platinum partners, we prefer Xero. If you would like to know why, give us a call. 

Remember “A journey of a thousand miles begins with a single step” just get started!

Vinh Nguyen