Campbell Tyson Blog

Accounting and Financial Management

Solid accounting processes and practices are key to a healthy business.  Rural, dairy and agri-sector businesses are no different, although there are some additional challenges due to seasonal fluctuations and factors.

We often find that for many small to medium sized businesses the answer is no.Many small business owners get so tied up at the coal face, and as a result fail to plan for the future while dealing with the present.The process of putting together an expectation for the year can be daunting especially if you don’t know where to start.

Why Budget

A budget is an important start in the business planning process.Without a budget you cannot effectively plan for your businesses future.

Some areas where budgeting can help include:

So last week the Government released its budget for the next year and there were a few tax changes announced.  Although not ground breaking there was a little extra in there for middle New Zealand.

Here is our breakdown of the changes...

When we present year end accounts to some of our small business clients, we often find that their eye’s glaze over and you can tell they just want us to hurry up and tell them how much tax they need to pay. Most of the time, it’s just because they don’t really understand the financial side of their business.

Do you have a great business idea? Do you have an entrepreneurial spirit? Do you want to work for yourself?

Starting your own business is extremely exciting but there is so much to think about... There are many practical skills like accounting, marketing, time management, organisational and people management skills that will help - though having the right frame of mind can prove to be one of the most important things. And to get a business up and running are passion, drive, vision, leadership and objectivity.

Are you a business with employees? And if so do you use a software programme to assist with payroll?

We still see many small businesses that use a manual process to calculate staff wages as well as PAYE and other deductions. Although this is acceptable it is very prone to errors which could be costly to your business or employees.

In today’s environment employers have a myriad of obligations in regard to their staff. Some of these can include:

An estimated 50% of businesses in NZ are family owned. While there are many advantages of a family owned business, they also face unique issues which if not dealt with can potentially lead to turmoil, legal disputes, dissolution of the business or worse - the family!

Irrespective of the legal structure of the family business, it is advisable to have a formal written document that outlines the business arrangement and ensures that the business operates on a commercial basis. No family business situation is the same and experience shows that "hand shake" agreements potentially lead to heart ache.

The main issues to consider and clarify in family businesses are: