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Chartered Accountants

Trusted advisers of all tax compliance and annual accounting issues facing both individuals and small businesses.

Making big profits in small markets

Posted on May 24, 2016 by editor

Even though most businesses want everyone to be their customer, this is not necessarily the right approach to making a profit. Instead, it is often best to think small in order to get big. To maximise your sales and profits, businesses should start narrowing their market to get a niche. Focusing in on a small sub-set of all potential customers seems dangerous. Why limit the pool of customers when it might already be small? But having a well-defined, narrow target market – a niche – gives a small business many advantages. Choosing a niche means finding something that immediately distinguishes […]

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Should your business relocate?

Posted on May 24, 2016 by editor

A challenging decision that a number of small businesses will need to make during their lifetime is whether or not to relocate. Three of the chief reasons why a small business may consider relocation include the potential for a better location, financial gain or for legal grounds. Here is what business owners should consider before making their final decision: Better location Over time, communities change. For example, some owners may have begun their business when the area was thriving; over time surrounding businesses have shut down and the crime rate has increased. This kind of location is not ideal for […]

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Boosting employee morale

Posted on May 24, 2016 by editor

Since employee morale can quickly build or hinder a business’s success, business owners increasingly need to focus on keeping employees motivated and engaged. As low morale is often the cause of increased turnover and low productivity it pays to be proactive when it comes to managing employee satisfaction. Here are some strategies to improve employee morale and productivity in your workplace: Celebrate achievements Recognising and rewarding your employees for their accomplishments demonstrates your appreciation for their work. Rather than singling out people for good work, try rewarding everyone for the achievements of a few to reinforce teamwork. Celebrate your business […]

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Conducting effective meetings

Posted on May 16, 2016 by editor

Meetings, although necessary, can be time-consuming, ruin productivity and are a cause of frustration for many. Running effective meetings is a key managerial skill which is essential to effective decision making and execution which consequently affect business results. Here are some ways to improve the way you conduct meetings: Establish a clear objective Meetings should have a clear and stated objective, with a specific end result defined. An objective for the meeting gives purpose for holding the meeting and directs the content to follow. Include a written agenda A written agenda ensures you cover and stick to necessary and relevant […]

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Year-round bookkeeping

Posted on May 16, 2016 by editor

Staying on top of your records all year round can save time, prevent unnecessary stress and help maximise a small business’s tax return. Although record-keeping can seem like a monotonous job, it is an essential part of running a business. Good recordkeeping makes it easier to meet your tax obligations, manage cash flow and make sound business decisions. Here are some business records you need to keep: Expense or purchase records: You must keep records of all business expenses such as receipts, invoices including tax invoices, cheque book receipts, credit card vouchers and diaries to record small cash expenses. Year-end […]

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Injured ACC earners miss out on KiwiSaver contributions

Posted on May 16, 2016 by editor

While it is possible to contribute to KiwiSaver while receiving ACC payments, it is not obligatory, even if an individual made contributions before they were injured. If an employee’s employer is accredited or has an ACC employer reimbursement agreement and is paying the employee’s weekly compensation, ACC will not be involved in managing the employee’s KiwiSaver contributions. For those who were KiwiSaver members before injuring themselves, the contributions continue at the percentage (three, four or eight) they have instructed their employer to deduct, unless they apply to the IRD for a contributions holiday. Those who are being paid by ACC […]

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Residential land withholding tax

Posted on May 16, 2016 by editor

After 1 July 2016, New Zealand companies, partnerships and trusts with an overseas connection will be subject to residential land withholding tax (RLWT) of up to 33 per cent if they sell residential property within two years of acquisition. Property developers will be able to obtain a certificate of exemption in limited circumstances. The Taxation (Residential Land Withholding Tax, GST on Online Services, and Student Loans) Bill (which is awaiting royal assent) introduces RLWT as a mechanism to collect the tax due under the new residential property 2-year bright-line test from ‘offshore RLWT persons.’ An individual is considered to be […]

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Factoring for cash flow

Posted on May 12, 2016 by editor

Businesses facing a slowdown in cash flow due to tied up capital and slow-paying customers may consider using a factoring service to increase their liquidity during cash-poor times. Factoring is the sale of accounts receivables to a factor company to generate cash immediately. Instead of waiting for your customers to pay your business the factor company purchases your receivables and assumes the responsibility of collecting your customer debts. Here are some things to consider if you are looking to use factoring for your business: Payment time One of the main reasons businesses choose factoring is the quick turn-around time for […]

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Utilising customer loyalty programs

Posted on May 12, 2016 by editor

Effective customer loyalty schemes not only encourage repeat business but can jump start sluggish sales and improve overall profitability. Loyalty programs are an effective way to increase customer retention in a competitive marketplace and recognise your most valued customers. Here are some tips for devising the right loyalty program: Likability Customers are more likely to join your loyalty program if they have a genuine interest in your business. Establishing a personal relationship with each individual customer helps to develop rapport and provides insight into customer preferences. Forming mutually beneficial relationships with your customers can provide you with opportunities for improvement […]

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Choosing a business location

Posted on May 12, 2016 by editor

One of the top considerations new business owners face when preparing where to operate is location. Location is one of the most critical decisions as it can determine whether customers will enter your store or shop with your competitors. There are many factors to consider when determining location such as demographics, visibility, supply chain, competition, budget and legal and environmental obligations. Here are some tips to help you decide on the right business location: Determine what your business requires Understanding the key demographics of your target market can provide insight into where your customers live and prefer to shop. As […]

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We have been with BDS Hughes Accountants nearly 5 years. Without their knowledge and forthright suggestions we would not been able to experience our high level of success. We are comfortable with the working relationship and ease with which they are able to communicate with us. As we as the normal accountancy service, Garry advised us on Xero accounting and taught us to uses the program in plain simple English. We can say only that we have had nothing but exceptional service and the advise we have received has been correct and perfect for our business, which is why i would not hesitate to recommend their services.
Wendy EvansDirectorThe Roof & Brick Shoppe

Latest news

Heavy fines for lack of employment records

Posted on December 7, 2018 by BDS Hughes

Employers must keep complete and accurate records of their employees to avoid severe fines. Remain compliant with the Employment Relations Act 2000 and the Holidays Act 2003 and follow the checklist given below. As an employer you must: Be able to show you have paid your employees all minimum employment entitlements like the minimum wage rate and four weeks’ annual holidays Keep records with the name, age, address, and date employees started working, what their job entails, public holiday payments and tax declarations Keep records for seven years even if they have left Ensure all employees have complete and current […]

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21 Tamariki Ave, Orewa, Auckland

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E: GARRY@BDSHUGHES.CO.NZ