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One of the most important aspects of running a successful small business is payroll management. It entails overseeing employee pay, keeping track of their working hours, and ensuring compliance with tax laws and regulations. In this blog, we will go over the fundamentals of effective payroll management for small businesses, as well as GST and…
As a business grows, payroll matters typically only become more complicated. For those in charge of payroll, it’s usually a slow boil as the company scales up and brings in more staff and contractors over time. Sooner or later, it can feel like payroll has become a complicated, difficult, and time-consuming task almost overnight. The…
History In 1990 Hiram Long inherited an accounting practice from Allen Dale – a friend and colleague who had passed away. After being overwhelmed with work Hiram reached out to Neville Cowan to join the accounting firm as a partner and Long + Cowan was created. Neville Cowan at the time was the treasurer at…
Thanks largely to the COVID-19 pandemic, staff turnover is on the up and up. Firms are losing staff and finding it tough to hire staff. But what if you were to improve workplace conditions? In this newsletter, Long + Cowan is taking a look at employees and how we employers can be supportive of our…
Track small business cashflow without spreadsheets The cashflow newsletter Your chartered accountant considers the question of how to best manage or rather record your cash flows. A particularly pertinent topic in these turbulent times. Cash flow is critical to business survival. If you have any concerns at all about your cash flow, and not just the recording…
A formula for success “Would you like me to give you a formula for success? It’s quite simple, really: Double your rate of failure… You are thinking of failure as the enemy of success. But it isn’t at all. You can be discouraged by failure or you can learn from it, so go ahead and…
The Financial Health of Your Business At a Glance – Part 2 Financial Health – Part 2 This is the second of the two articles we, as your certified chartered accountant, have written to you to help with the understanding of the “ins and outs” of financial management for your business. In this article we take…
The Financial Health of Your Business At a Glance – Part 1 Financial Health – Part 1 We’re developed a couple of articles to help with your understanding of the “ins and outs” of financial management for your business. It’s all very well checking the firm’s online bank statement but proper records are vital for…
In a Covid-19 Lockdown Now’s the Time to Upskill Now’s the Time to Upskill Thanks to the Covid-19 lockdown, now is a great time for updating your business skills or even upskilling yourself and maybe staff, especially if you are unable to go to work, or work reduced hours and/or from home. Continuing Professional Development…
Financial Business Improvement Tips We, your certified chartered accountant, offer a few suggestions on where you might take action to improve the operations of your business plus a couple of ideas on improving your business work/life balance. Get Started on What You Think Could Change for the Better Here are a few accounting “thought starters” relating…
Accounting Tips For Managing Your Business We, your certified chartered accountant, have a few suggestions to improve business success. We look at discounts, current assets (“cash”) and talk about due diligence for those thinking about buying or selling a business. Accounting Tips Sales discounts and discount reserves: Does your business regularly offer sales or cash discounts…
Accounting – Do You Have the Whole Picture? In this article your certified chartered accountant considers the health of your business, via the main accounting indicators. View from the dashboard: Do you have the whole picture? We have so much information literally at our fingertips these days. As individuals, our days and nights are punctuated with the…
Turn on the charm These days we are forever hearing about leadership. It’s the in word in many quarters. Yet, as your certified chartered accountant, to my mind it’s only part of the equation in creating effective teams. You need attitude – the right attitude of course. Here I’m talking about charisma – about turning on the charm.…
Profit – the Nuts and Bolts When you look at your accounts or financial statements, can you read your profitability? Here are some things your certified chartered accountant suggests you look for: Gross Profit Gross Profit = Net Sales – Cost of Goods Sold On your Profit and Loss Statement, gross profit is the difference between revenue…
Great Team: Great Business That age old saying, ‘family first’, can also be true in the workplace. Your employees, your team, are much like a family unit, and without them you don’t really have a business. It may sound clichéd, but employees are much like the cogs of a wheel, each performing individual tasks to…
How well do you know your breakeven point? A breakeven point tells you what dollar value in sales is needed to cover costs. It’s a tool for thinking about sales, costs and pricing. The Concept Of A Breakeven Point You may have heard of the concept of breaking even and wondered what it was and…
How To Effectively Respond To Customer Complaints Dealing with client complaints. There’s nothing more damaging to a business’s reputation than one that mishandles a customer’s complaint. We, your certified chartered accountant, also draw your attention to the pros and cons of Cash and Accrual accounting methods. The topic may seem dry, but it is important that you understand…
The Art of Delighting Your Clients A couple of items for your consideration. First up relates to that all important concept of delighting clients and of how you might go about turning the concept into reality. Next up, which shouldn’t be a surprise, is an accounting item, from your certified chartered accountant. This time on monitoring your Profit and…
Productivity Boosters! – Creative Office Space Where we choose to work from ends up being the one spot we spend most of our time. Take some advice from your small business accountant and make your workplace comfortable and enjoyable? Boost Productivity It’s no news that being inspired is motivating, and that this in turn boosts productivity. A…
Managing perceptions – the 12 x 12 x 12 rule Managing the perception others have of you As your small business accountant, I’ve recently been reading a short networking article called The 12 x 12 x 12 Rule for Networking, which I thought I would share this with you. In actual fact, the rule is applicable…
Applying for the Wage Subsidy Extension If you have suffered a revenue loss of at least 40% (previously 50%) over a 30-day period then you may be eligible for the Government’s Wage Subsidy. The eight-week Wage Subsidy Extension is available from now until 1 September 2020. Most NZ businesses are eligible to apply including: The self-employed Contractors…
Here we, your certified chartered accountant, provide you with seventeen business tips – 18 if you include our recommendation to come and see us, that will help you pay off the business loan more quickly than you may have thought possible. We consider a range of items from discounts, to adding administration fees, the way to use…
Eligible for the Small Business Cash Flow Loan Scheme? With the arrival of Covid-19 and the subsequent lockdown of NZ, business in many cases have been badly affected. The Government has instigated a number of schemes and activities to help alleviate the financial pressure on small businesses. One such scheme is the COVID-19 Small Business Cash…
The Secrets to Getting Paid Faster For any business, making sure invoices are paid on time, can be a big job. If not managed properly, payments can be consistently late. If paid late, then you may well struggle with your cash flow: with paying your debt obligations and funding your operating expenses. No cash, no…
How Good Are You at Webinars? Webinars and Glossophobia With the arrival of Covid-19, and the associated restrictions on business, the need to keep in contact with clients and potential clients has never been greater. Sending out newsletters is one way. Holding webinars and podcasts are a couple of other ways of doing so. BUT,…
7 Practical Business Considerations… Here are some fairly practical business actions from your chartered accountant you can take to improve both the customer’s experience and to track various actions you have taken in your business. I’m also pleased to announce our new accountant, Nancy Tran, who joined us recently. 1. A Case of a Nice Surprise for…
Beware The Loaded Question When Interviewing Job Applicants! (Accounting Advice on questions to avoid when conducting a job interview) Employment law is a real minefield with extra mines being laid every day. The following list from your chartered accountant might help you to avoid tripping some of those mines at the job interview stage. Of…
How to Enjoy all the Bells and Whistles without the Tax Headache (Accounting Advice to make Entertainment Expenses Tax Deductible) Parties and gifts are all part of the festive fun but they can cost a small fortune. Here’s a list from your Chartered Accountant of the rules around entertainment expenses so you know what’s deductible and non-deductible…
Eliminating those little annoying, profit-draining mistakes I’m sure we have all had moments when you are thinking “I’m so busy fixing yesterday’s mistakes that I don’t have time to think about tomorrow.” Little mistakes, frustrating mistakes, morale-sapping mistakes. Bloody mistakes! Not to mention profit-draining little mistakes. Should we tolerate this situation and accept it as inevitable? I,…
The Importance of Your Financial Management Reports… Understanding Your Monthly Management Reports – Preparation of monthly financial statements contributes greatly to the management of your business. Information provided in a monthly management report provides a useful summary of what’s going on in your business. It is the key to understand the performance, progress and productivity of…
Ideas for When Selling or Winding Up Your Business… A stressful time for all. Small business owners are usually very good at what they do, often multitasking and juggling many tasks and working long hard hours. The way they feel about selling or winding up their business will most likely be tied to their motivation…
How To Motivate Your Staff Using A Recognition and Reward Programme Here’s some great advice for motivating your staff from your favourite chartered accountants. 1. Find out what motivates your people 2. Creating your own staff reward and recognition program 3. Creating an “Extra Yard” staff recognition program What Motivates Your Staff A challenging question… one…
Top Five Time Management Practices By Damien Parker and Dr. Donald E. Wetmore From our 30 years’ experience in the field of time management, we’ve developed the Top Five Time Management Practices to help you pack more punch into every day. And here they are: Download PDF Version 1. Plan an hour per day for…