We’ve all heard that phrase “cost of living crisis” for a little while now. Navigating these times can be daunting for small business owners. With the pressure to balance rising expenses and maintain cash flow, it’s understandable if you’ve lost sleep over financial worries. But don't lose hope—there are effective strategies to stretch your dollar further without simply cutting costs.

Understanding your business's financial health is essential for success, and the Statement of Financial Performance, often known as the Profit and Loss account, is a great place to start. Typically presented in two sections, this statement helps demystify your business's income and expenses. Let’s break it down for you.

Making a significant purchase for your business is a pivotal decision, especially when funds are tight in the early days. To pinpoint the right time for such investments, understanding the potential Return on Investment (ROI) is essential. This involves calculating whether the financial benefits outweigh the costs, including indirect expenses like training.

Starting a business is a wild ride, filled with highs and lows. Among the challenges entrepreneurs face is the gap between expected profits and the actual cash available at the end of the financial year. This guide, brought to you by your trusted Wellington accountants at Affinity Accounting, aims to help you uncover where your seemingly elusive profits might be hiding.

The landscape for small businesses in New Zealand is both exciting and challenging at the moment. With rapid advancements in technology and shifting consumer expectations, staying competitive requires agility and strategic planning. Here's what you need to know to navigate the market effectively this year.

Ah, that age old question! It’s fair enough that you want to keep more of your hard-earned cash in your pocket, and we’re here to help you do exactly that, while staying on the right side of the IRD. Let's dive into how you can maximise your tax deductions and make the most out of what you’re entitled to.

In today's digitally-driven world, small businesses need to keep up with technological advancements to stay competitive. Digital payment systems have become a necessity for enhancing efficiency, improving customer satisfaction, and ensuring smooth financial operations. This guide will provide you with all the information you need to understand and implement digital payment systems in your small business.

In today's digital age, cybersecurity is no longer just a concern for large corporations. Small businesses in NZ are increasingly becoming targets for cybercriminals who seek to exploit vulnerabilities in their systems. Here are some practical tips on how to safeguard your financial data.

For tradies in New Zealand, managing finances can often be a daunting task, especially when juggling multiple projects, clients, and suppliers. However, online accounting software like Xero is a game changer for tradies. We’ll show you why.

The 2024 tax season is in full swing and so are scammers! Here are some helpful tips to assist you in identifying scams.

As a business owner, managing your finances efficiently is crucial for your success. Xero, one of the most popular accounting software platforms, offers a range of shortcuts designed to streamline your financial tasks and save you valuable time. In this article, we'll explore some of the most useful Xero shortcuts that can help you navigate the platform with ease and improve your productivity.

If you want to monitor how your business is actually performing, you need to be tracking Key Performance Indicators (KPIs). And if you’re a small business owner with limited resources, you need to focus on the metrics that matter most to your operations. KPIs provide valuable insights into various aspects of your business and help you make informed decisions. In this article, we'll delve into the top 5 KPIs every small business owner should track.

Effective budgeting is crucial for the success of any small business, especially in New Zealand's current market. However, many business owners often make common mistakes that can hinder their financial stability and growth. In this guide, we'll explore the top budgeting mistakes and provide practical advice on how to avoid them, ensuring your business remains financially healthy and poised for success.

The team at Affinity Accounting have narrowed down 5 fundamentals for managing your business finances, so you can have the best chances of success.

Managing cashflow is one of the most critical aspects of running a successful business, especially in New Zealand’s current economic state. Proper cashflow management ensures that your business can meet its financial obligations, invest in growth opportunities, and weather unexpected challenges.

Hiring employees is a significant milestone for any small business. It signifies growth and the need to bring in additional talent to help your business thrive. For New Zealand small business owners, there are several key considerations and requirements to keep in mind when hiring employees. At Affinity Accounting, our Wellington team of accountants are here to guide you through the process to ensure compliance and success.

We are delighted to announce that we have partnered with Taxi, a leading provider of innovative financial solutions designed to streamline provisional tax payments. As part of this partnership, you are now eligible for an exclusive 10% discount on your quarterly facility fees when you use Taxi through Affinity Accounting.

We all know business is rocky sometimes. That’s why finding a little certainty can make all the difference. While the future will always be a mystery, tools such as budgeting and cash flow forecasting can significantly reduce the level of uncertainty, allowing you to anticipate challenges, learn from past events, and enhance your ability to navigate your business.

As a business owner, creating a budget is one of the most important steps you can take towards financial success. A budget is a financial plan that outlines your projected income and expenses for a given period of time, typically one year, but you can make the budget for longer or shorter periods if needed.

Financial statements are essential tools for any business owner, providing a clear picture of your company’s financial health and performance. However, many small business owners find these documents complex and challenging to interpret. At Affinity Accounting, our accountants are committed to helping you understand your financial statements so you can make informed decisions for your business.