How Cloud Accounting Can Help Small Business Owners

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Your finances just got easier to manage with the use of cloud accounting. Cloud accounting gives you online access to manage and maintain your business accounts and financial records with ease.

If you are running a small business, it is not always easy to control your finances and accounting can sometimes seem overwhelming with all the measuring, auditing and reconciliation you need to do. This is where cloud accounting can help.

Here are some of the ways cloud accounting can help small business owners take charge of their finances.

One: It can improve collaboration between each party

Emails, calendars and important documents can be easily shared with colleagues and clients via cloud accounting. This improved sharing of information has the potential to enable your company to react quickly to business opportunities and can optimise your business performance.

According to a 2015 survey by CompTIA, it is suggested that around 47 percent of small businesses are using technology to improve their business efficiency.

Using cloud-based programs is an easy way to make use of technology to streamline your accounting processes and you will quickly see the benefits for your business.

Two: Limitless availability of the application

Cloud accounting provides huge assistance to the management of your business as it is a virtual accountant which you can access anytime rather than having to rely on a real-person with limited work hours.

If you also access the cloud accounting service frequently your subscription will certainly cost less than what a professional would charge for the same availability.

Three: It secures your data backup

Most business owners are too tied up in their business agendas to have time to implement a backup strategy. A cloud-based service is able to back up your data frequently and automatically to a safe online location.

If the unexpected happens, it will back up and run within minutes; it will retrieve the latest version of data in case of disaster or failure. The data will be saved in multiple centres across multiple locations to improve security.

If you are unsure about managing your accounts online accountants specialist cloud accountants should be your first port of call. If you are looking for chartered accountants in Wellington who have experience in cloud accounting then talk to Stephenson Thorner. The team are business growth specialists and cloud accounting experts who can help take your Wellington business to the next level.

Just visit their website at www.stephensonthorner.co.nz to find out more about how cloud accounting can make your business greater.

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How to Find a Good Accountant

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Even with the ever increasing use of do-it-yourself accounting software, the benefits of engaging an accountant cannot be over emphasised. You can find accountants who specialise in different aspects of your business, from accountants who help with taxation to business growth specialists. If you are looking for a Wellington accountant here are some things to keep in mind.

Financial management

Proper management of the financial aspect of your business is important in determining the financial position of the business. If you know where your business stands on a monthly basis, you can adapt your business spending to improve its performance and record sustainable growth at the year end.

The benefits of hiring an accountant go beyond just understanding the language of business. If you have a business in Wellington consider hiring Xero accountants in Wellington who can go above and beyond the contractual obligation and give you financial advice to help your business expand. They help you make a business plan that is not only professional, but also realistic and highly likely to succeed. When it’s time push your business growth, they can give you financial advice like whether to take out a business loan and the best available loan to go for.

When you have a professional tax accountant you can be sure that you are up to date when the tax man comes knocking. Your accountant will have helped you to put your house in order with tax compliance advice. He can also provide you with tax planning advice to help you reduce your tax burden.

When finding an accountant, look for those who are knowledgeable in your business niche and who are able to assess your tax situation as well as the financial statements of your business. Your accountant should be able to give you sound and relevant advice at every stage of your business. For a small business, you should look for an accountant knowledgeable in all the basic areas of accounting practices such as bookkeeping, record keeping, tax advice and auditing. Tips on finding a good accountant:

• Referrals

The best way of finding an accountant is through referrals. You can get referrals from your business partners, your bank and lawyer or from friends and family. Alternatively you can check with the Chartered Accountant organisation in New Zealand for local registered accountants.

• Interviews

Once you have a list of qualified accountants, shortlist the best candidates and invite them for an interview. In this era of technology you can conduct the interview online. Ask the right questions like their experience, services offered, and the fee to be charged. Don’t forget to call any references given that are related to your industry and find out their level of satisfaction with the services they were offered by the accountant.

• Sign engagement letter

After you find the right accountant for you, go through the engagement letter and ensure all the terms of agreement, the statements and returns to be prepared and the fees charged are all spelt out. Hold up the end of your agreement and maintain a good working relationship with your client.

Stephenson Thorner meets all the above criteria and has sufficient staff who can run the financial aspect of your business. With cloud technology and accounting software you can now monitor the financial position of your business with just one click. Consider Stephenson Thorner to be your cloud accountants in Wellington and get financial advice at every stage of your business. Visit their website, www.stephensonthorner.co.nz, to find out more.

Business Accounting for the Small Business Owner

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Would you like to grow your Wellington business to make it achieve its full potential? Your financial accounts make up a large part of the growth, stability and long term success of your business so it is important to have a good overview and control of your numbers. If you are not confident with your finances, taxation and budgeting then it is important to work with professional accountants that do!

Stephenson Thorner is a Wellington based chartered accounting firm with a team comprising of business advisors as well as chartered accountants. As much as the team love numbers they speak your language so if you are a local business owner why not give the Stephenson Thorner team a call and find out how their business accounting packages can grow your business.

For the small business owner, choosing a type of business accounting technique can be overwhelming, especially if it is for the first time. At Stephenson Thorner, their team of chartered and cloud accountants can help you choose the best accounting technique for your business. They help you do this first by understanding your type of business and the goals you have set for it.

At Stephenson Thorner, they offer three main service plans for small businesses. The Essentials plan, the Growth plan and the Strategy plan. The essentials plan is geared towards helping business owners sort their tax and accounting requirements. This plan is suitable for micro and start-up businesses. Subscribers to the essentials plan will also get a quarterly business newsletter, income tax returns, annual accounts and an annual meeting with your Stephenson Thorner accountant to discuss and review your business goals.

The growth plan comes with the services under the essentials plan but it also comprises other services such as quarterly board of accountability meetings, annual budget and cash flow forecasts as well as spotlight management reports on a quarterly basis.

The strategy plan is more comprehensive and offers all the services enjoyed by the other two subscriptions as well as free entry to the online system Launching Pad and any other activities that are organised for Stephenson Thorner clients.

Stephenson Thorner use the Xero system to make accounting in Wellington very easy for our clients. The system was launched in 2007 and is updated regularly to ensure that their clients get accurate information concerning their finances. Apart from the packages offered at Stephenson Thorner, their team of advisors and accountants can help you with any questions you may have.

If you want Stephenson and Thorner to handle your accounting needs for your small business, visit their website at www.stephensonthorner.co.nz to get a free fixed quote on their business accounting services. Stephenson Thorner are a dynamic company that seeks innovative accounting solutions and keeps up to date with the current accounting trends and products to the benefit of all their clients.

Understanding Business Accounting

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Many people today crave the independence that comes with starting their own business. Going into business for yourself is a pursuit of passion and often begins with an idea, relentless determination and a scrupulous work ethic. New Zealand is ranked as the easiest place in the world to start a business and is ranked third, second only to Singapore and Hong Kong, for ease of doing business. Ninety seven per cent of enterprises in New Zealand are small businesses.

In Wellington, the capital city of New Zealand and second most populous urban area, there are over fifty one thousand businesses: a whopping ten percent of all New Zealand businesses. However, even with such prime conditions, most budding business owners struggle with the endless number-crunching that comes with operating a business.

Cash flow is the lifeblood of a business and it is crucial to be fastidious in your bookkeeping to protect your investment. It is not, as some as some may think, enough to know how much your business made in a year. Let’s take a look at the often misunderstood world of Business Accounting.

To understanding the Basics of Business Accounting, you must consider three things:

  • A business owner requires accounting and finance information to make future forecasts, to increase efficiency in running the business, to attract customers and finally as an assessment of progress to determine business strategy
  • You should start out by understanding the terminology and the purpose of the three main financial statements – the balance sheet, income statement and statement of cash flows – so that none of it is any longer overwhelming or mind boggling.
  • Having acquired a grasp of how critical bookkeeping is, choosing a chartered accountant who is an expert in business accounting is paramount.

If you are a business owner in Wellington the question then becomes how to choose a qualified and experienced local chartered accountant.

Find a quality Wellington accountant using the following guidelines:

  • Qualifications – you want to choose someone with the relevant professional qualifications working for a recognised firm adept at Business Accounting with industry knowledge and experience.
  • Compatibility – you should find a chartered accountant who is a good fit for your business: an accounting firm specialising in the farming industry may not be the most compatible choice for an import/export business.
  • Trust – finding a dependable chartered accountant who is accurate, authentic and with principled business values is crucial.
  • Fees – work within your budget and find an accounting firm that can meet your requirements.
  • Location – central to choosing an accountant is their proximity to your business; you want to be able to reach your accountant in case of urgent queries, to arrange physical meetings, and to have them be able to visit your business premises when needed. These things foster good communication and build the relationship between you and your chartered accountant.

Stephenson Thorner chartered accountants aim to provide all of the above qualities, making them an excellent accounting choice for businesses related to the creative industries. Experience a more holistic approach to your finances through the experienced accountants at Stephenson Thorner. Visit http://www.stephensonthorner.co.nz/ for more information.

A Guide To Streamlining Your Business Accounting: Financial Survival For Your Business

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In New Zealand, particularly in Wellington, we are very aware of the potential for damage from natural disasters. It is important to protect your business infrastructure like your office building and equipment… but what about having a plan in place to protect your financial processes and records? Businesses should think about emergency preparedness, which not only covers the immediate physical risks to infrastructure but also the long term impact that could prevent business recovery further down the line.

It is easy for businesses to concentrate entirely on their core day to day operations and completely overlook financial record keeping and the importance of creating back-ups. Business survival requires implementing a strategy that measures financial performance and assess how company goals, targets and expectations are met. Regular performance reviews will help identify key areas of the business that are underperforming and can also increase business efficiency both immediately and over a course of years.

Professional accounting and bookkeeping can help you maintain an accurate financial record of your business, allowing you to make more informed decisions that will increase your profitability. Ensuring you have backups of your data also means that if your work environment is disrupted then you can continue to operate your business off site.

There are two primary ways to maintain your records:

1. Using spreadsheets

One advantage of utilising spreadsheets is that they are easy to customise and cheap to maintain. However, they are slow and prone to human error. In bulk, pages filled with numbers can easily become overwhelming, leading to mistakes that may be enacted upon to the detriment of the business.

For instance, if multiple people have to update the same spreadsheet, there is increased risk for mistakes and work duplication. It can be difficult for financial processes to stay robust if only one person in the company is responsible for them. There is also a huge risk of loss of knowledge to the company if a skilled financial person leaves the organisation.

2. Using an automated process held in the cloud

The cloud offers businesses numerous advantages including speed, simplicity, and accessibility. There are affordable cloud systems that allow businesses of all sizes to take advantage of these benefits. Companies have access to real-time information that helps them to better manage their business. They can react to last minute decisions, manage cash flow better, cut back on year-end processing time and operate more efficiently.

Also, cloud-based businesses recover faster from disaster compared to those with data held on their own servers. For instance, you can integrate cloud accounting software with cloud point-of-sale software.

If your financial systems need an upgrade or you need some advice about getting your accounting practices up to date then contact Stephenson Thorner, Chartered Accountants Wellington. Hiring the services of professional chartered accountants in Wellington will give you access to ongoing accounting expertise not available in-house, giving you peace of mind in knowing your bookkeeping is accurate, up-to-date and secure- no matter what the future holds.

A Guide To Streamlining your business accounting

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When it comes to starting a new business, it’s important to get as much done as you can before the launch: Increase your long-term chance of success by establishing good business practices and processes early. This can be daunting if you have no previous financial or business experience so let’s break things down and tackle them step by step.

Understanding your business financials and streamlining your accounting processes are the two most essential things you can do to set up your business for success. Read on to find out more!

A Guide To Streamlining Your Business Accounting

From the primary industries of manufacturing and agriculture to creative industries such as television and film, New Zealand has a lively and colourful economy that thrives on both a national and international scale. As you look to expand and improve your business, daily accounting becomes an ever more essential tool for thriving. You can manage the business accounting yourself or find some help; however self-managing the business accounts can distract from interfacing with the clients and customers that make the company the success that it is.

Wherever you are in the world, most business owners would rather put their time and energy towards the front end of the business than dedicate hours to working out accounting and the legal jargon which accompanies it.

  1. Establish a routine: If at all possible, ensure that there is a particular day when money is deposited into, or withdrawn from, the account. This will make it easier to chase up unpaid bills and to make informed decisions for the health of the business.
  2. Cover your overheads; budget for the unexpected: Having a little saved by each month will mitigate any unforeseen circumstances when they crop up. Having a fund set aside that will prevent large outgoings and massive changes to the overall accounting will keep the business running smoothly, both on the page and in practise.
  3. Separate business expenses and personal finances: This may seem like stating the obvious, but little purchases ‘here and there’ because the card was closest to hand will increase the time it takes for you or someone else to separate later. That time is – or was – your free time and money better invested into the business.
  4. Switch to a dedicated accounting system: Whether working on paper or with the basic computer software, switching to an accounting system will make data entry and analysis fast and efficient. There are plenty of accounting programs for both small and large businesses; shop around and see what will work best for you.
  5. Hire a dedicated accountant: Whether part time or full time, a dedicated business accountant can sort out the legal aspects of your business so that you don’t have to. An accountant can streamline the business to the latest standards in accounting while at the same time producing clear, concise reports which will be easily understood by anyone taking on the role in the future.

Consult the best business advisors Wellington has to offer by going to www.stephensonthorner.co.nz to help streamline your accounting. These chartered accountants are well-versed in finances and can help you get more done financially. Stephenson Thorner provide cost effective financial services for many business owners in the Wellington region. These business growth specialists can help you design a road map for your business and work with you to help your business thrive without the financial headaches.

Tax Minimisation in Wellington

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If you need a professional, trustworthy and well-established accounting company in Wellington then contact Stephenson Thorner. Our accountants and business advisers have a solid background in the industry and provide tailored and efficient business advice, along with high-quality accounting and tax minimization services, to business owners in the Wellington region.

Finding a reliable, experienced and skilled accountant can be a challenge. By using the team at Stephenson Thorner you can rest assured that our chartered accountants can help you grow and expand you business in a professional and efficient manner. We can measure and monitor your business in real-time, and come up with a customized plan of action designed to improve your business processes and long-term outcomes.

High-End System Implementation Services

We live in a fast-paced era where technology is everywhere – this is why it is essential for all business owners who are struggling to be ahead of their competition to constantly improve not just their products and services, but also their technology. Our business advisers and chartered accountants offer personalised advice and solutions designed to help business owners manage their business operations smoothly and without any hassles.

Cloud-based accounting systems, for instance, play an important role and they are a great choice for busy business owners who don’t have the time to manage the accounting needs of their business all by themselves. The systems we use are cost-effective and safer than live-based systems and can benefit your business.

Grow Your Business

Only a highly trained business advisor can help you achieve real success, and at Stephenson Thorner our creative, skilled and experienced advisers will create a business development plan that achieves a positive and encouraging ROI for your business.

Business Planning And Valuation

In addition to helping you expand your business, we also offer high-end business valuation and assessment services designed to help you know where your business stands. By using the latest business valuation techniques and methodologies, our specialists can offer you a deeper insight into your business prospects and provide solutions designed to grow your company.

Budget, Cashflow and Tax Minimisation in Wellington

Every business owner needs a professional and certified chartered accountant who can help with tax minimisation and tax returns so that in the long run you may get some of your tax money back. At Stephenson Thorner our team is on hand to help with all your tax questions so if you want to know how to minimise the tax payments of your Wellington business contact us today!

Get In Touch!

If you want to find out more about tax minimisation and other accounting services on offer, contact the team at Stephenson Thorner or visit our website for a full list of our financial services.