Innov8 Bookkeeping Services Ltd

12/03/2021

Innov8 tips:

When purchasing road user charges at VTNZ, ensure you specify that you require a GST tax invoice.

Or better yet, pay for them online and save yourselves $3 in admin fees.

10/03/2021

𝗟𝗼𝘄-𝘃𝗮𝗹𝘂𝗲 𝗔𝘀𝘀𝗲𝘁 𝗧𝗵𝗿𝗲𝘀𝗵𝗼𝗹𝗱 𝗖𝗼𝗺𝗶𝗻𝗴 𝘁𝗼 𝗮𝗻 𝗘𝗻𝗱 – 𝟭𝟲𝘁𝗵 𝗠𝗮𝗿𝗰𝗵 𝟮𝟬𝟮𝟭

Did you know that since the 17th March 2020 any assets you purchase for your business under the value of $5,000 can be claimed as a business expense?

This means that you can claim the cost of the entire asset in your 2021 business tax return rather than having to wait for several years to offset (depreciate) the total purchase cost.

The Government brought this temporary legislation in response to Covid, in an effort to encourage business owners to continue investing in their businesses, but, as is the case with all good things, it has almost come to an end.

If you were thinking of investing in assets less than $5,000 in value each, get in before the 16th of March 2021 to take advantage of this legislation change.

Innov8 Bookkeeping Services provides an innovative and responsive bookkeeping and small business ser

14/01/2021

Have you paid your GST for the Nov/Dec period? Don't forget it's due Today!

03/01/2021

Book a discovery call today to discuss how we can help you!

31/12/2020

05/11/2020

Excited to be attending the ICNZB Bookkeeping Conference 2020 over the next 2 days

20/10/2020

Do you have a return and payment due on 28th?

GST returns and payment are due on the 28th for the taxable period ending 31st September 2020.

Talk to us.

We can help you with your tax obligations, so you can focus on your business.

14/09/2020

Fantastic News - Hot Off The Press!

Xero Starter Plans have been improved!

If you are on the Xero Starter Plan the limit of 20 bank transactions per month has been removed and you can now issue up to 20 invoices per month (was five previously). This will be a big help to smaller businesses we are sure.

10/09/2020

Our good friends over at Pulse Accountants Ltd had this to say about Cashflow so we figured it was as good a time as any to share it in these times of Business Unusual.....

What is Cashflow? Well it is definitely not profit! Many people assume a profitable business must have good cashflow but this is not the case. A business can realise a profit and still struggle with cashflow.⁣
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Quite literally cashflow is the flow of cash in and out of your business. Cash flow is the net change in your business's cash position from one period to the next. If you receive more cash than you pay out in the period, you have a positive cash flow. If your flow of cash out exceeds the cash you receive, you have a negative cash flow.⁣
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It is one of the key performance indicators of the health of your business and therefore something that as a business owner it is important you take the time to budget/forecast, track and manage.⁣
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So how do you calculate Cashflow?⁣
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Whilst profit = income – expenses, a fairly simple equation. Cashflow is much more complex.⁣
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Cash flow forecast = current cash holdings ＋ Projected Inflows (accounts receivable ＋ interest ＋ investments ＋ any other incomings) – Projected Outflows (accounts payable ＋ tax ＋ GST ＋ payroll ＋ loan repayments ＋ any other outgoings) = Ending Cash⁣
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If cashflow is something you feel you are neglecting because you’re too busy, or it’s just been put into the too hard basket, get in touch. We can help! Pulse not only offers 1:1 cashflow coaching, but we can also help you create your annual cashflow or create a one off cashflow for you :)⁣
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09/09/2020

Did you know that Xero has a very handy "Cash Flow" report available in their starter and standard plans, it is still in 'pilot' mode however we've found it useful for clients (and ourselves - as we're a small business too).

The report is customisable in the sense that you can choose the length of time you'd like to run the report (7 or 30 days)

One caveat however, it is only as good as the information entered into Xero. This means that your bank feeds need to be current and operational and accounts payable and receivable need to be up to date.

If you need a hand with any of these book a discovery call today!

Innov8 Bookkeeping Services Ltd located in the Hawkes Bay of New Zealand specialising in assisting small business owners with their bookkeeping needs

02/09/2020

Are Your Invoices Effective?

Given the current climate where cashflow can be the difference between being able to keep the doors open and the lights on or not, we thought we would share what we often come across as bookkeepers that can cause delays in getting paid as a business.

It is not uncommon to see invoices that are missing vital details, we suggest that invoices should include the following:

- The words 'Tax Invoice' in a prominent place (if you are GST registered)
- The words 'Invoice' in a prominent place (if you are not GST registered)
- Your business contact details (include your email address for remittances)
- Your GST Number (if you're GST registered)
- Buyers Name, address (& GST No. if the invoice is over $1,000 in value)
- An invoice number - this should be unique to each invoice issued
- The date the invoice is being issued
- Quantities of goods/services provided (if invoice is over $1,000 in value)- A description of goods/services provided
- The dollar amount of the goods/services provided without GST
- GST amount (if you're GST registered)
- Total amount to pay
- A statement that the total amount payable includes GST (if invoice is under
$1,000)
- A Due Date
- Your Bank account details to make it easier for the customer to pay you
- Terms of trade if you have any

Include all these details and you are more likely to be paid without the hiccup of "can you re-issue your invoice with....." requests.

To further improve and speed up being paid we recommend using a third party payments processor to enable customers to pay by credit card.

Better still, contact us today and we can assist you with a bookkeeping package that includes invoice templates already set up ready to go and various payments processing systems to choose from!