Gunson McLean Ltd

Blog

21 Mar, 2024
We’re nearly at the end of the financial year, so if you’re balance date/end of financial year is 31 March, there are a few things you need to do to help us prepare your financials. Take a stocktake If your business sells products/has stock, you’ll need to do a stocktake on 31 March. If you’re a business that sells products, then you need to take a stocktake of your physical inventory. If you’re a farmer, then you need to take a physical livestock tally. Send in your EOY papers Compile a folder (digital or hard copy) with a copy of the following documents: Bank statement that shows the balance on 31 March 2024 for all your bank accounts and loans. Insurance invoices. ACC invoices. Loan statements for the year (if applicable). Any new loans or refinancing documents. Invoices for assets purchased and sold. GST workings and reports. Submit the online questionnaire In late March/early April, you’ll receive an email from us with an online questionnaire to fill out and submit. If you haven’t received this by the end of April, let us know.
18 Mar, 2024
Did you know that you can email your digital invoices or receipts straight into your MYOB In tray? You no longer need to print a digital invoice or receipt, you can simply forward them into your MYOB In tray and store them there. This saves on printing costs AND storage costs as it reduces the amount of paper you need to store for the next 7 years. The MYOB In tray lets you store documents such as bills and receipts in MYOB. Think of it like an electronic version of a physical in tray. To get your documents into your In Tray, you can simply email them as attachments. Your In tray has a unique email address that allows you to email documents straight to your In tray. It’s easy to find your In tray email address: click ‘In tray’; then click ‘More ways to upload’ and you’ll see Your In tray email address. You can send yourself documents that are PDF, JPG, JPEG, TIFF, TIF, or PNG files only.
14 Mar, 2024
Your business faces an increasingly complex regulatory landscape when it comes to data privacy, consumer protection, and industry-specific compliance requirements. Keeping on top of these compliance requirements is a complex task. Failing to meet your requirements can have serious implications, with non-compliance (whether intentional or accidental) resulting in legal repercussions and possible reputational damage for the company. Taking excellent care of your customer data We live in a digital world, where your business collects huge amounts of data from your customers. This includes contact details, financial information, credit card details, and detailed breakdowns of their spending habits and buying preferences. In an effort to protect this data and preserve customer privacy, there are various data regulations that you must comply with. A sample of these global data privacy laws include: The Privacy Act 2020 in New Zealand The Privacy Act 1988 in Australia The Data Protection Act 2018 in the UK General Data Protection Regulation (GDPR) in the EU If you trade mainly in New Zealand, it’s not too challenging to abide by The Privacy Act. However, if you’re trading overseas, you need to be aware of the data regulations you may need to comply with. Here are five simple steps to make compliance as simple and effective as possible: Work closely with legal advisers Compliance can get complicated if you’re not a legal expert. It’s sensible to seek advice from legal professionals, so you understand the specific compliance obligations for your industry and region. Run regular compliance audits It’s important to conduct regular risk assessments of your in-house data compliance. This helps your organisation comply with all the relevant regulations and industry standards, and stay updated with changes to compliance law.  Protect your customer data Your customers expect you to take good care of their data, both personal and financial. Secure your customer and business data through end-to-end encryption and use of the best data privacy practices. Deliver regular training and keep your employees up to speed Your team needs to know the latest rules around compliance and what’s required of them. This means running frequent compliance training, so there’s a culture of compliance awareness. Use the latest data storage solutions With so much customer data being generated, it’s important to use up-to-date documentation management, and data storage software. This keeps the records and data you need safe, organised, and easy to access.
12 Mar, 2024
When you run a business, work can ebb and flow, and unexpectedly busy periods can create too much work and stress for your team or business. But if the surge is seasonal or unreliable, you don’t necessarily want to commit to taking on another employee. This is where outsourcing could give you some flexibility during the busy times. What could you outsource? Some tasks are more suitable to outsourcing than others, but a good place to start is tasks that your business has low expertise in, or aren’t passed around like a hot potato. Some tasks you could consider outsourcing are:  Data entry/administration tasks. Social media management. Cold calling. Marketing/advertising. Inventory management. Payroll. Bookkeeping. If you’re tempted to start outsourcing some tasks, we can help with the last two roles on the list. We assist a number of clients with payroll and bookkeeping. For the other tasks, there are plenty of platforms and organisations that can help you. Sometimes, friends or other business owners will know of someone who’s able to assist in that area. While outsourcing takes a bit of time to set up, the long-term benefits make it worthwhile, especially if you have the flexibility to increase the number of tasks that are outsourced based on your business needs. Need help getting started? Considering outsourcing and wondering how much to spend or where to start – or you need help with accounts and payroll? Get in touch, we’d love to help.
21 Feb, 2024
With the new government well into their 100-day plan, there are some policy changes that are being made that may affect your business. Here’s the top five changes you need to be aware of: 1. 90-day employment trials are back for all businesses The government has extended the availability of 90-day employment trial periods for all businesses, reversing changes made in 2018, which scrapped 90-day trials for businesses with more than 20 employees. 2. The clean car discount and ‘ute tax’ has ended The clean car discount, which allowed people to claim back up to $8,625 for an electric or hybrid vehicle, has been discontinued as has the levy on higher emissions vehicles, such as utes. 3. Fair Pay Agreements cancelled The Fair Pay Agreements Bill has been repealed. Collective agreements can still be negotiated by unions through collective bargaining, however with the repeal of the Fair Payments Agreements Bill, any person or organisation that obtained personal information for the purpose of Fair Pay Agreement bargaining must now dispose of that information in line with the Privacy Act 2020. 4. Fuel tax changes National have previously stated that the Auckland fuel tax, adding 11.5 cents to every litre of petrol sold in the city, is set to go. This will end on 30 June 2024.. National also wants to cancel planned fuel tax increases that would have added a further 12 cents per litre. 5. Rural regulations set to go National and Act have committed to reducing regulation and red tape in the farming sector, though it’s not certain yet what that looks like, so we’ll keep you posted. If you’re concerned or would like advice on how these policy changes might affect your business, drop us a line and we can chat through how this might affect you.
19 Feb, 2024
Managing cash flow can be tricky, but there are a few things you can do to help manage your cash flow and get paid faster. By getting your invoicing right, invoicing customers as soon as possible, and using tools like invoice reminders, this can all help move payments along. 1. Get your invoicing right Make a habit of sending invoices quickly. If you’re out and about and that usually delays your invoicing, use MYOB Online Invoice Payments to invoice your customer on the spot using your smartphone – don’t wait until you get back in front of your computer. You can also take payment on the spot which is much easier than following up afterwards. If you’re an MYOB Business user, login to your account, navigate to the sales tab, and then select “turn on invoice payments” and start their application. 2. Make your invoices easy to pay Email your invoices so that your customer receives them quickly. Use full descriptions so that your customer doesn’t need to query the invoice as this will result in a delay in payment. Offer different payment methods so it’s easy for your customer to pay you. 3. Send invoice reminders Automate your invoice reminders so it sends an automatic reminder about invoices being due. When setting up invoice reminders, you can either set it up for all your customers or specific customers. Once this is set up, your customers will receive an email that will give them access to their list of unpaid, online invoices. You can customise your reminder message, and choose when you want them to be sent. 4. Keep an eye on your accounts receivable Keeping a close watch on your accounts receivable allows you to see how many invoices, and for what amount, are outstanding. This allows you to follow up with customers sooner rather than later and can help prevent late payment or payment being received months down the track. If you need help organising your invoicing, or creating an accounts receivable process, get in touch and we can help you set this up.
15 Feb, 2024
Do you know how much time you spend on payroll every week? It's probably a lot more than you think! Payroll is one of those essential tasks that you can't afford to mess up, or you'll face serious consequences. But it's also tedious and complicated - the more employees you have, the more complicated it gets, but your team deserves to be paid correctly and on time, so payroll has to be done. So, how can you solve this problem? The great news is, you don't have to do it yourself! Outsourcing your payroll function is a smart and efficient way to save time and money, and to reduce your stress levels! Payroll Outsourcing Explained Payroll outsourcing is a simple idea. You hire a payroll expert to take care of the entire payroll process for you. You save time and ensure that your staff get paid correctly and on time. A payroll outsourcing provider can handle different aspects of payroll, such as data entry, pay calculation, deductions, fund transfers, tax filing, and record keeping. You can decide which services you want to outsource based on your business needs. Your payroll provider can also integrate with your payroll software (if you have one) so that you and your staff can access the relevant information anytime. Why Should You Outsource Your Payroll? Payroll is a crucial task for any business, but it doesn't have to be done by you. In fact, there are many benefits to outsourcing it to a professional service. Here are some of them: Save money Think about how much time you spend on payroll every week. Maybe an hour or more? If you charge $100 an hour for your services, that means you are spending $450 a month on payroll. That's a lot of money that could be better spent elsewhere. Outsourcing your payroll to a professional service will cost much less than that, and free up your time for more profitable activities. Save time By outsourcing, you are not only saving money, but also time. Imagine what you could do with an extra 4.5 hours a month or 54 hours a year. That's almost two weeks of extra work time that you could gain, every year. Ensure Compliance How familiar are you with all the laws and regulations regarding employee rights and obligations? You may know the basics, but not the details. However, you’re liable for any errors or violations that occur in your payroll. That exposes you to the risk of fines (or worse) if you make a mistake. Fortunately, payroll professionals are experts in this field and know how to comply with all the rules, protecting your business and employees. Leverage Expertise You probably started your business because you are passionate about what you do, and good at it. Along the way, you have learned how to do the things necessary to run a successful business. Payroll is one of those things, but not your core competency. Payroll professionals, on the other hand, specialise in this area and have the skills and experience to do it well. By outsourcing your payroll to them, you can focus on what you do best. How do you choose the right provider? Choosing the right payroll provider is crucial for your business, as they will handle a vital aspect of your operations. To make an informed decision, you should keep in mind these factors: Know your needs Different providers offer different types of service. You should compare their offerings and see if they match your requirements, without paying for unnecessary features or missing out on essential ones. Communication level Even if you outsource your payroll, you still need to communicate with your provider regularly to update them on any changes in your staff, or payroll policies. You should find out how they communicate and how much access you have to your own data. Trust You should feel confident that your provider is reliable, accurate, and compliant. You can meet them in person or online to get a sense of their professionalism and rapport. Ask for referrals One of the best ways to find a good provider is to ask other businesses who use their service. You can get honest feedback on their performance and satisfaction. If you would like to know more about how outsourcing your payroll could be beneficial for your business, then get in touch with us today.
13 Feb, 2024
Good reviews of your business are like gold. You can spend all day telling people how great your product or service is, but hearing that someone else had a good experience can be what makes the difference between them choosing your business over someone else’s. Asking customers for a review Your most loyal and satisfied customers can sell your business for you, through their story and their words. Ask your most loyal customers to send you a short statement on why they chose you, or what they like about your product or service. Ask for them to add their review on your Facebook business page and on your Google Business profile. (Reviews show up next to your Google Business Profile in Maps and Search). Make the process easy by providing a direct link after a successful sale (you can choose to have reviews on or off in the settings of your page – so you can decide if you are ready to implement this). For bigger purchase decisions, case studies offer prospective customers a lot more detail on why you are the obvious choice. Choose customers or clients that you have a good relationship with and ask them a series of questions to highlight how the customer interacts with your business, the problem it solves for them, why they chose your business over the competition, and what they would say to others wanting a similar experience. Showcasing the reviews Now you have customer reviews or case studies, you want to share them as prospective customers are more likely to believe what other customers have to say, rather than what your sales staff have to say. Use them as part of your marketing and upload them to your website, print them on the back of your business cards or on printed flyers, brochures or other material. Make sure to share them on your social media and encourage others to leave you a review too.
25 Jan, 2024
Payroll, it’s important to get it right but often that’s easier said than done! It's easy to underestimate the importance of a well-functioning payroll system, especially when caught up in day-to-day operations of the business. However, having a well-functioning system keeps your employees from becoming disgruntled or unhappy, and helps reduce administration tasks for you and your staff. There are many online payroll systems available to help manage employee payments and benefits, ranging from the cheap and simple to fully dedicated software suites. We can deliver hands-on assistance with payroll, or help establish and train your employees in how to get the most from a payroll system. There are a few benefits to implementing a payroll system in your business. Here are five benefits to using a payroll system: It makes compliance easy All organisations must comply with tax regulations, including PAYE, KiwiSaver, etc. This entails making sure that you pay your employees correctly and accurately, whilst recording any deductions, such as ACC contributions. If you don’t have a suitable system in place, it can create a headache when you file payroll returns with the IRD and result in fines or, in worst-case scenarios, even prosecution. A managed payroll service from a good provider will help ensure that you're compliant by explaining any new laws and making sure you avoid any penalties. It saves you time Having a payroll system allows you to spend less time managing your employees' wages and more time focusing on growing your business. If you run multiple businesses, managing each one separately can take up a lot of time. Having a single system that handles all payroll processes saves you time every month. Your data is secure Your data is stored securely within a secure cloud environment, meaning that it cannot be accessed by hackers. Your information is protected against loss, damage, or theft. It reduces your risk If you're like most small businesses, you don't want to take on too much risk. When using a payroll system, you reduce the chance of making costly mistakes. You'll know exactly how much your employees make, their annual and sick leave balances, and you won't have to worry about paying out incorrect amounts. The software will calculate holiday pay, produce wage slips, and generate reports by individual or department. Increased Accuracy When you process payroll manually, you must calculate every single paycheck. If you make a small mistake, you could end up overpaying or underpaying your employees. By using a payroll system, you eliminate the possibility of human error. Your employees receive accurate paychecks, and you avoid having to correct errors later.  If you’re wanting to implement a payroll system but aren’t sure which one to choose or which ones integrate with MYOB, give us a call, we can help you evaluate and choose the best payroll system for your business.
23 Jan, 2024
If you have a manufacturing or product-based business, efficient stock management is a big part of running a smooth operation. However, stock and inventory management has changed radically in the past decade, mostly due to the evolution of inventory technology. There are cloud-based inventory management systems available for even the smallest business. These offer direct integration with your accounting and finance systems – so there's no excuse for not being in control of your inventory and stock purchasing. Yet with the ups and downs of the global supply chain, what can you do to get more from your stock, your inventory systems, and the capital locked up in these stock assets? New ways to enhance your inventory management With today’s inventory management solutions, it’s never been so easy to have complete oversight of your stock levels, popular products, and restocking information. Data is king, and the more information you have at your fingertips, the easier your stock management will be. Let’s take a look at some important ways you can get more from your inventory management: Use the latest inventory management systems When you use cloud-based inventory management software you get the benefits of real-time tracking, accurate forecasting, and seamless inventory control. This gives your operational efficiency a boost, reduces errors, and optimises your stock levels, all of which can make your business more efficient, productive, and profitable. Integrate your inventory app with your finance and business platforms By integrating your inventory system with your finance and business platforms, you streamline your workflows, automate key processes, and synchronise your stock data. With all this info at your fingertips, you can make better business decisions, cut down the time-consuming manual tasks, and enhance the performance of the business. Keep your stock management lean and agile Embracing lean stock management means you only produce or order in the stock you actually need. This helps you to optimise your inventory levels, reduce carrying costs, minimise wastage, avoid stockouts, and align supply with genuine customer demand. This cuts unnecessary waste and spending, and makes your stock operations far more effective and profitable as a result. Sell off your surplus stock to free up cash If you have stock sitting idle, why not sell this dead stock at a discount to turn these assets into cash? Your inventory management software can quickly identify surplus stock, allowing you to run targeted sales strategies such as discounts, marketing campaigns, or customer events to liquidate excess stock. This is a fast way to generate additional revenue and boost your current cash flow. Reevaluate how big your warehouse capabilities need to be Could you move to a smaller warehouse facility to save cash and be more effective? The data you get from your inventory management software gives you deep insights into your stock movement. This gives you the evidence you need to decide whether downsizing could reduce overhead costs, enhance your operational efficiency, and improve profitability. Talk to us about getting in control of your inventory Being the master of your inventory and stock management is an incredibly valuable skill for any product-based business. If you want to get in complete control of your inventory, switching to a modern cloud-based inventory management solution is an investment you won’t regret. We can advise you on the best inventory software tools for your business, and how they integrate with your accounting and business platforms. We’ll also share the best tips on how to improve your operational efficiency, stock management, and overall revenue generation. Get in touch with us to discuss how you can enhance your inventory and stock management.
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