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The Top 3 Accounting Tips for Small Business Owners in New Zealand

Did you know that there are over 46,000 businesses in New Zealand? Regardless of which industry you work in, there are a number of factors you will need to take into consideration when managing your accounts and reviewing any processes that you have in place for your business. Enlisting the services of a small business accountant in Christchurch could help you manage your accounts so you have more time to spend on other aspects of your business. Here are the top 3 accounting tips for small business owners: 

1. Keep a close eye on your outgoings

As a small business owner, you probably have lots of overheads and outgoings. However, it's important to keep a close eye on your finances throughout the financial year to make it easier when the time comes to do your accounts. Always keep a receipt for any payments you make, and include these in a safe place so you can access them quickly if you need to. Hiring a small business accounting firm in Christchurch can streamline this process will ensure your accounts are more accurate and organised.

2. Use accounting software

There is a plethora of accounting software that can help you manage your finances if you are a small business owner in New Zealand. Instead of using paper and pen, you will be able to file documents and keep an eye on your accounts quickly on your computer and laptop. Some software solutions will even allow you to check your accounts when you are on the go from your tablet or smartphone, making it easier to track your finances and make important decisions about your company even when you are not in the office.

Qualified chartered accountants in Christchurch will be able to provide you with more information about the best software to use in your circumstances for more accurate bookkeeping. You can even manage your payroll with the latest accounting software.

3. Pay your bills on time

Paying your bills on time will also ensure that your accounts are up-to-date and will provide you with a clearer understanding of your current finances. Review your cash flow throughout the financial year and meet any commitments that you have by paying your bills when due. A small business accountant can provide you with the help you need if you struggle with this, and can even identify any cash flow problems that come your way.

They will be able to make forecasts for the upcoming financial year based on previous payments you have made, and can invoice clients who have yet to pay you. When choosing an accountant, you will need to opt for a company with the experience and reputation needed to provide you with a first-class service.

Looking for small business accounting Christchurch that you can trust? McPhail O'Connell Brigden Chartered Accountants Christchurch are experienced business consultants, accountants, and tax advisors who pride themselves on the customer service they provide. For more information on the services they offer visit mcphailchch.co.nz for a confidential discussion.

Contact our friendly team to make a booking!

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