A financial calendar is where your eyes should be

The famous motivational speaker Denis Waitley said, "Chase your passion, not your pension." How true it is! Doing business and working smart is a passion many seek. However, many are terrified to take the leap of faith. They feel it is too risky. Even if you have the brightest ideas, you bury them deep down where you can never see daylight. For most of the financial management skills is the highest hurdle in following what they truly want. This article follows some essential accounting tips that any beginner can follow to reach their goal and be on top of the game.

A financial calendar is where your eyes should be

It is rightful to quote Paul J. Meyer, "Productivity is never an accident. It is always the result of a commitment to excellence, intelligent planning, and focused effort." When you are passionate about your business, you need to be focused and organized. Missing a tax deadline in the business world is a sin. So as simple as following a financial calendar like a hawk is a chief skill. For a growing business in New Zealand, paying provisional tax and to keep on top of GST returns is crucial. There are a lot of IRD resources to keep you abreast of tax updates.

Planned invoicing

Small-to-medium businesses always face problems in tracking invoices. Most of the clients we serve are trustworthy, and payments are made swiftly. However, we cannot put aside the possibility of slow-paced returns. This can affect the money of your business. It is important to remember that you and your team have been working hard to provide good service to your customers, and it is your right to expect prompt payments from these customers. However, make a point that before agreeing, both parties should reach an agreement related to issues of invoices. In addition, there should be a perfect consideration of when you will be sending the invoices, payment methods, and due dates. Finally, there should be an effective follow-up procedure for overdue payments.


A little help from the technology

In our present day, we have a number of automated accounting software used by businesses. Accounting software can come in handy if you have minimum-to-no knowledge about accounting affairs. This software can help you in basic financial management. This can take away a fair amount of load from your shoulder. Most of the software providers see to it that every business has a unique modification to fit in. Business Pillars is one such accounting software provider that provides customized packages to fit a small business.

Now comes the professional help

You can be passionate about your business, and you are full of ideas. You are ready to work hard to take your business to heights, yet you don't need to be proficient in accounting skills. One of the grave mistakes a small business owner makes is trying to maneuver bookkeeping in hopes of cost-cutting. However, this will end in a disaster. The cost of hiring professional help is nowhere near the expensive errors in your bookkeeping. Even though an accountant is needed for a very short time in a year, it will be beneficial to have good brains involved in accounting to guide you in critical financial decisions.

Awake the fortune teller in you

A successful businessman foresees his future. It is their superpower. Expecting unexpected and unfortunate events can help you in disastrous turns of life. "Save in good times, spend in bad" is an excellent mantra to remember. It can save you from future dilemmas, and it can help your business grow when all may fail.

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Bookkeeping

You can create any structure you want by using the same tools as in the regular workflow. Add buttons and forms or anything else you'd want.

Being experienced with an accounting background, we can offer a wide range of reliable and accurate bookkeeping services. A common question often asked is, "What exactly does a bookkeeper do? "The answer to this question is shown below for our services as specialist bookkeepers. We can,of course, modify our services to suit the needs of your business whether you need a few of these services or all.

·      Accounts Receivable*-Invoice preparation and follow-up with the client

·      Accounts Payable* - Suppliers' invoices are processed and paid when due.

·    Bank Reconciliations -Reconciling Bank and Credit Card accounts with daily bank feeds

·     GST Filing                        - Timely filing of Bi-Monthly or Six-Monthly returns

·     System Training               - Training is required whenever you choose new software. We provide free training.

·    Accounting Software conversions – With our expertise, we can switch your accounting information to XERO/MYOB

·        Payroll

·        Unlimited Email Support

*Note:- Accounts Receivable and Accounts Payable are closely monitored to ensure that your business has no issues with cashflow

Payroll Management

Business Pillars offers all-inclusive payroll services that help your business run efficiently. We are committed to being legally compliant. Our services are built to simplify payroll processes for small to medium-sized businesses throughout New Zealand.

PAYROLL processing made easy

We provide the most updated payroll solutions tailored-made that is affordable to your requirement. We are committed to taking care of all the work demanded, allowing you to focus your time and energy on more essential things you love to do.

Our payroll services are:

·        Employees pay, On-time payments including benefits, reimbursements, deductions, Weekly/Fortnightly/Monthly

·        Employee PAYE

·        Payday Filing   – Timely filing returns to IRD

·        Leave entitlements– Accruals for each type of leave

·        Leave Payment - As per Holiday Act 2003

·        KiwiSaver contributions

·        Maintaining payroll records – payments and documentation

GST Filing

Timely Processing

We ensure that we file all GST Tax returns two weeks before the due date. We keep our clients informed before we proceed. This ensures that the client is at ease.

·        GST Filing        - Timely filing of Bi-Monthly or Six-Monthly returns

Monthly / Quarterly Advisory

The clients are in a position to process their reports from the software chosen. Based on the service requested, additional reports are also given that are not available in their chosen software. These reports enable the client to make corrective business decisions. Business Pillars reaches out to clients who require more assistance.

Monthly Management Meetings

The primary purpose of a monthly management meeting is to get the business to grow. This is either done through a phone call, zoom, or meeting in person.

Cash flow Management

Managing cashflow is a significant responsibility faced by most small businesses. We reach out to businesses making it stress-free to ride on the highs and lows of the cash flow throughout the year.

We assist in producing a cashflow statement which is a financial statement that summarizes the amount of cash entering and leaving the business. The cashflow statement measures how well the business can manage its cash position, meaning how well the business can generate cash to pay its debt commitments and fund the day-to-day operating expenses.

Budget Forecasting

Small business budgeting and forecasting

We need to get some relevant numbers to know what the future will look like regarding a business. Budgeting and forecasting will help to support this vision. Business Pillars can work alongside you to understand these basics so you can build a financially sustainable business.

What is a budget?

The budget estimates how much money will come in and go out from your business over time (usually a year). Budgeting and forecasting normally benefit all businesses and first-time startups to see if they can afford to run the business and compensate for all their hard work with a good return for their initiative.

What are the main principles of having a budget

Budgets forecast the money-making possibility of a business. It will also highlight things like:

  • How much will it cost to startup?
  • How much money is needed to borrow?
  • When will be the breakeven point?
  • How much should the customers be charged?
  • How many staff are needed?

Monthly / Quarterly Advisory

The clients are in a position to process their reports from the software chosen. Based on the service requested, additional reports are also given that are not available in their chosen software. These reports enable the client to make corrective business decisions. Business Pillars reaches out to clients who require more assistance.

Job Management

Job Management is software that supports project managers and teams to complete client requests and projects efficiently. Most professionals depend upon this job tracking software which assists them in supervising multiple sections of a business. Business Pillars are here to assist in setting up this service to track income and expenses related to service jobs.

XERO and MYOB both have the capability for Job Tracking

These are the advantages:-

·        Create quotes immediately

·        Easily track jobs from quote to invoice

·        Schedule the jobs on the go

·        Get paid quicker