Copy
What's New?...
This newsletter is best viewed in your browser by clicking here
Welcome to the Vision Accounting e-newsletter for July 2016. This is a great way for us to share important information you need to know, helpful tips and hints and practical resources to help you in business for 2016.
 

What’s very important?

We are not psychic, no really, we are not, although we would love to be!

Yes, it may surprise you, but that is the one course we, your trusted advisor, would have loved to have attended, we nicknamed it ESP101, but unfortunately it was not on the curriculum at our universities.

So, when you are planning, contemplating, dreaming about shifting homes or business premises, looking at buying into an existing business or purchasing it outright, refinancing your loans, please be in touch with us at the outset, and preferably before you put your signature onto any document. Especially when that document says “subject to finance”.
We are keen to assist you with the due diligence of the business purchase transaction, to ensure you are aware of the financial risks involved, have the correct ownership structure in place, and above all, review the financial results of the business you are looking into.

When purchasing a property, or refinancing loans, the bank invariably seeks up to date financial accounts, and if your records are not as yet in our offices, then time becomes extremely tight at our end to get meaningful financial data to your finance provider in a timely manner.

It is good business practice to have up to date records, regardless of any big plans, to ensure you know your taxation exposure, have discussed the current financial year whilst it is still only a few months into it. We are keen to assist and be part of your business growth strategy.

So, if there is a particular urgency for your financial records, please relay that to us when dropping them in and we can schedule them in accordingly. We do our best to have an efficient turn around, so if something is urgent we need to give that priority, otherwise we work as much as we can on a first in first out basis, to keep it fair and reasonable between all of our wonderful customers.

What you need to know

New GST online filing

The first steps towards tax simplification lie in the new option for taxpayers for online filing of GST returns. Inland Revenue has been working with two software providers to pilot a service so taxpayers can file their GST returns directly from their business software. At present this can be used for GST only returns or for combined GST and provisional tax returns, although this option is not open to taxpayers who use the ratio option to calculate provisional tax.

To use this service you need two things: you need to be using the software but you also need confidence that your systems are set up to capture your GST position correctly. You want to be sure you won’t be exposed to tax penalties for underpayment further on. If you would like to discuss this further please contact us.
 

R&D Tax credits

Does your business conduct research or development which is making a tax loss? Let us know, as you may be eligible to cash out your R&D tax losses for the 2015/16 tax year. We’ll need to check your eligibility and register your business in the Investment Management System (IMS).​
 

Milage Rate Changes

Inland Revenue announced in May that the Commissioner had reduced the mileage rate from 74c to 72c/km for the 2016 tax year (1 April 2015 to 31 March 2016 for standard balance dates). If you rely on the standard mileage rate when reimbursing your team for travel, make sure your payroll system is updated to reflect the reduced rate.
 

What you may like to measure

KPIs – keys to success

When you look at your numbers, do you see how you’re doing? Do you see how close or how far away the business is from realising your goals? What are you measuring that will tell you whether you’re racing or just revving the engine?

 

What are your key performance indicators? And how many of them are there?

Key performance indicators (KPIs) are the measures your business uses to track progress against your business goals. Your KPIs relate closely to your goals and, if you are going to track performance against goals, you need to be able to measure them.

KPIs need to mean something to you and your team so that the strategic planning session doesn’t just fizzle out under a blanket of corporate-speak. You know the terms: efficient, effective, community engagement, sustainability, productivity, blah blah blah.

They all meant something when they started out in life but unless they mean something to you and your team right now, you may as well watch your team slip gently into a deep sleep. What about the conversion rate from quotations to sales? The average sale to new customers? The number of stock outages or complaint rate?

Not every business is the same and not every business owner wants the same things. So each business’ KPIs may look different.
 

Work on KPIs with your team

When you develop your strategic plan with your team and you work out your goals for the next year, what are the factors that will indicate most clearly how well the business is progressing towards meeting those goals? Try and keep it to six or fewer for the business overall.

It may turn out when the team starts to talk about it that different parts of the business measure their success in different ways. If you find this, work out KPIs for each department (not too many) and make sure it’s clear how they feed into the KPIs for the business overall.

If you know what your goals are but it’s not clear how you will measure whether you’re achieving them, why not talk to us about working out KPIs to suit your business.

Sharing news from my clients with my clients

Introducing Tod Crosby and Jeremy Davis of KICKSTART enlightening us on Adwords and SEO – read on for more clarity.

KICKSTART your way to measurable and genuinely useful online results.

Do you get sick of hearing that you should be using Adwords or that you should have better SEO? What is SEO? Are you spending money to get more website traffic, but find it’s doing little for your business? Is the whole online area confusing or lacking in clear benefits? With so many online options, the key is getting the right people finding you.

85% of SMEs get customers through word-of-mouth but the second most common way for SMEs to gain new customers is through online search engines. Is this the year you’re going to use online marketing options more effectively?

Popular search engines like Google put a great deal of effort in to ensuring the results are as relevant and genuine as possible; algorithms therefore often change to counter (or even penalise) poor or misleading SEO practices. Google reportedly use about 200 factors to rank websites for relevance and quality. A website that is well optimised using best practices, receives a higher quality Google score.

KICKSTART are a North Shore based digital marketing agency providing small to medium sized Kiwi businesses with cost-effective and easy to understand digital marketing plans that are measurable and relevant to your individual business goals.

We have specifically developed two affordable plans to help you make the most of the online opportunity, quickly and cost-effectively driving valuable business leads and sales.

Right now, we are offering a free website audit and $100 worth of Adwords credit. For more information, visit kickstart-online.co.nz or call Tod on 021 220 4080.

In the meantime, here is some useful and relevant information we recently shared with our clients.


Is your website paying its way?

5 ways to ensure your website is helping your business in 2016/17


Do you have a website that is working effectively for your business?
 

1.Set your goals and strategies


Driving traffic to your website may attract ‘tyre kickers’. Even if your ideal customer is a long-term one, managing web visitors properly can still attract quality business leads.

But ultimately what are you trying to achieve? If you do nothing else, you must figure out what your 2016/17 goals are! Is it more customers and more work, or less customers, but more profitable jobs? Then think about how to achieve these goals. Do you want to: drive enquiry, build your customer database, or network and build relationships?

Many Kiwi business owners are unaware of how much their website can be leveraged to improve their customer base. Once you’ve identified your goals and strategies, then you’ll be in a much stronger position to get the best out of any online push for new (or better) business leads.
 

2. Plan to mobile optimise your website

8 out of 10 Kiwis own a smartphone, and on average New Zealanders have 2.6 internet connected mobile devices - half use these mobile devices to search on the internet. Significantly 1 in 3 smartphone users purchased from a brand other than the one they intended to, due to information provided at the moment they needed it.
 
Today Google will only rank websites on a mobile device provided that website has been optimised for mobile searches. Most websites built recently are likely to be mobile optimised but if yours isn’t, make that a key priority for the 2016/17 year.


3. Make sure you are getting the right sort of visitors to your website

Any digital marketer can drive traffic to your website, but are they delivering meaningful traffic? Do they take the time to understand your business and what you’re trying to achieve - and do they even care?


What if you could get more of the right type of customers finding your website? Customers that make genuine enquiries and are prepared to pay for the value you offer?

Some companies want volume sales, others want a handful of profitable clients and most businesses all want ongoing repeat work. And how do you leverage existing clients to create new leads? Whether this is all being handled in-house or you are outsourcing, ensure your digital investment is getting the right sort of people to your website.
 

4. Ensure Google Analytics measures ROI

Online activity can all be measured, but often the standard of intel provided gives little or no insight as to how the internet is actually helping your business.

From company to company the relevance of website visitors will be very different. What exactly is your digital team measuring:
People who clicked on your Adwords ad? How many people came through to your website? And how does this all reflect the goals you set from point 1?

If you’re accessing Google Analytics that’s a great start, but simple customised reports will provide you with much more meaningful data, relevant to your business goals. If required, design your website so there are measurable actions for visitors to demonstrate their interest in your company.
 

5. Stay in front of your audience

Regardless of how you do it, you need to get your brand in front of your audience in the first place. This often takes time, effort and money; so make sure this isn’t wasted investment. A potential customer who does not buy in the first instance is still a potential customer - it’s all in the timing! Many industries have long sales cycles, requiring you to keep your brand in front of every potential customer for as long as possible.

There are a number of effective options to help you drive traffic back to your website. You can circulate interesting and relevant newsletters, share information on a Blog, News page or through Facebook or LinkedIn. If you’re successful in driving relevant traffic to your website, but for the visitor the timing is simply wrong – all is not lost! Previous visitors can be cost-effectively re-targeted with your brand message as they surf the internet.

Ask us a question

Have you got an accounting question that leaves you worried or confused?


We love a challenge – see if we can come up with the answer that gives you the ‘ah ha! moment'.

Contact Virginia at Vision Accounting NOW on 09 415 0319

Remember

We offer the service of a one on one meeting to review your financials and help set you up for a strong 2017.
This one meeting can make a huge difference to the cashflow and profit of your business.

If you would like to schedule a business review meeting, or have a no-obligation chat – we’re happy to help.     

Thanks, and have a great month,
Virginia and the team at Vision Accounting

Please forward this email to a friend if you feel it would be of use to them.

Contact Us

Tel: (09) 415 0319
Email: admin@visionaccounting.co.nz
Web: www.visionaccounting.co.nz
Physical Address:
106A Bush Road, Albany, Auckland
(When posting documents please use the PO Box address, as there is no mail delivery to our street address. Thank you.)
Postal Address:
PO Box 303 157
North Harbour
Auckland 0751