3 Accounting Tips For Small Businesses in Wellington

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Did you know that small businesses in New Zealand contribute a whopping $60 billion to the economy every single year? Keeping accurate accounts is one of the fundamentals of any business, regardless of what industry you operate in. Whether you are a recent startup or have been in business for some years, keeping a tight reign on your finances can provide you with various benefits.

Here are some tips on how to make your small business grow in 2016, just by making some slight changes to your accounts in Wellington.

1. Develop a proper bookkeeping system

It’s important to track finances as you go rather than waiting until the end of the year to organise your accounts. This is a lot easier than it sounds, especially with the latest software. Today, there are bookkeeping apps and programmes that will help you keep a closer eye on your accounts – saving you a lot of time and hassle. One of the best ways to keep a proper bookkeeping system is to use an accountant in Wellington, who will advise you on the best way to monitor receipts, collect payments and send out invoices to your clients.

Cloud accountants in Wellington will use new technology – like storing data in the cloud – so that you can access your accounts wherever you are in the world, even if you are away from the office. Developing a proper bookkeeping system should be your top priority for 2016.

2. Pay close attention to the latest market trends

Accounting can be time-consuming and confusing – especially when there are changes in legislation and market conditions that could influence how you do business. For 2016, make sure you pay close attention to the latest market trends and industry developments that pertain to tax, finances and small businesses so that you can operate using more accurate finances throughout the year.
If you struggle to find the time to do this or lack the resources, enlisting the services of business advisors in Wellington will put you on the right track. A professional will be able to provide you with advice on how to make sound investments and provide you with an exit strategy if you are thinking about winding your business down.

3. Change your payroll system

If your payroll system is out of date, it could be having an effect on your small business. Luckily, there’s help out there. Hiring accountants in Wellington will provide you with the advice you need on how to pay your customers and clients in a more efficient manner, and you will be able to streamline any business or administrative tasks that are slowing you down. You might want to change the way you send out invoices for example, which could save you time and money when it comes to administration.

Contact us

Looking for a chartered accountant you can trust in Wellington? Head over to www.stephensonthorner.co.nz, the online home of Stephenson Thorner Chartered Accoutants, Wellington. They have a number of plans that will suit your business needs and their services include account management, tax returns, budget forecasts and tax management.
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