Business Basics - Engine Room Chartered Accountants

Project management project manager using software.

Should Deposit Invoices or Progress Payments Be an Essential Part of your Business?

Business Basics, Xero & Software / March 6, 2024

If you’re a project-based business you are mostly likely familiar with deposit invoices and progress payments, but you could be offering a product or service and still benefit from creating deposit invoices. Here are 6 advantages of having deposit invoices or progress payments as part of your business process: The overarching theme here is that […]

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men and women in suits sitting around a meeting room table.

Directors: Know your Role

Business Basics, Business Growth & Planning / October 16, 2023

If you’re a company director, you have legal and ethical duties and some important tasks to attend to. If you’re new to leading and overseeing a company, start with understanding your role. Being a good director can help your company run well, achieve its goals, and maintain a good reputation. As a company director, you

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5 Questions to ask when buying a business

Business Basics, Business Growth & Planning / September 13, 2023

Here are 5 vital questions to ask before entering in to a purchase.

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The importance of a correct address

Business Basics / December 1, 2022

If you’ve had a change in your name or address, it’s important the correct information is on record. We can help get things up to date so you don’t miss important information.

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Entertainment Expenses – Income Tax and GST

Accounting & Tax, Business Basics / November 18, 2022

As a general rule, if you provide entertainment for your team or clients, some of your business entertainment expenses are tax deductible. Download the guide to entertainment expenses.

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Five things employers should consider in early December

Business Basics, Business Growth & Planning, Payroll / November 17, 2022

As the holiday season approaches, take some time to think about how you want to organise your business operations over the summer. Confused about holiday pay calculations or unsure how to interpret entitlements showing in your payroll system reports? Call us, we are here to help.

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FBT – calculating the real cost of employee perks

Accounting & Tax, Business Basics / October 17, 2022

Rewarding your team with vouchers or trips? Providing a car or a gym membership? FBT can be tricky, so make sure you’re calculating the true cost of employee perks. Fringe benefit tax is one of the trickier areas of day-to-day taxes for Kiwi businesses. What is fringe benefit tax? Fringe benefit tax, or FBT, is

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GST invoicing changes are coming

Accounting & Tax, Business Basics / October 11, 2022

GST changes are coming in 2023, designed to support e-invoicing and electronic record keeping. All businesses need to be aware of the changes to ensure their business processes can manage the new requirements. New rules modernising GST invoicing and record-keeping requirements will apply from 1 April 2023. The key change is removing the requirement to

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What are the forces driving your industry?

Business Basics, Business Growth & Planning / July 4, 2022

When you’re in business you tend to know the main forces that either compete with you or work with you. For example, your main competitors, your suppliers, your buyers. There are so many factors that can impact profitability of a business. According to the Porter’s Five Forces framework, there are 5 forces that can help

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Communication important in managing debtors

Business Basics / May 16, 2022

Like any relationship, timely communication between creditors and debtors goes a long way to avoiding trouble. If you operate on credit terms and are upfront with customers about what payment is expected and when, it’s much easier to follow up with them on an overdue account. Business owners who keep track of when invoices are

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