Business Plus One Blog
Governance isn’t corporate red tape — and it’s not just for big companies.
For SMEs, governance is simply how decisions are made, monitored, and held accountable as the business grows.
It’s not just compliance. Even the Institute of Directors in New Zealand makes it clear governance is about strategic oversight and lon
Now’s a great time to get started on our end of year questionnaires — before the months fly by and the job takes four times as long!
If you or someone you know has a promising business idea but limited financial resources, you may qualify for WINZ support benefits created to assist New Zealanders in launching and developing their businesses.
Starting or growing a business in New Zealand can be exciting — but it can also be financially tough, especia
Stocktakes aren’t just a tick‑box task — they’re essential for protecting your financials.
1. No Claims Discount is ending
The No Claims Discount will be discontinued because it hasn’t achieved the intended health and safety improvements and has required subsidising from other businesses.
What’s changing:
Levy invoices will no longer include a 10% discount or a 10% loading based on claims history
As the financial year wraps up, it’s a good time to check in on KiwiSaver, especially with several important changes coming over the next few years. Some affect how much you contribute, while others change what the Government puts in.
Depreciation might sound like an accounting buzzword — but it plays a HUGE role in your financial
Starting a new financial year is a great chance to get on top of your cashflow and make sure the bus
Common Accounting Mistakes and How to Avoid Them Accounting is the backbone of any successful business. Accurate financial records help you make informed decisions, stay compliant with tax laws, and maintain healthy cash flow. Yet, many businesses—especially small ones—fall into common accounting traps that can lead to costly errors. In this post, we’ll explore the most frequent mistakes and practical steps to avoid them. 1. Mixing Personal and Business Finances The mistake: Using the same bank account for personal and business transactions. Why it matters: It makes tracking expenses and profits difficult, complicates tax filings, and can raise compliance issues. How to avoid: Open a dedicated business bank account. Use accounting software to separate and categorize transactions. 2. Ignoring Cash Flow The mistake: Focusing only on profit without monitoring cash flow. Why it matters: A business can be profitable on paper but still run out of cash, leading to missed payments or insolvency. How to avoid: Regularly review cash flow statements. Forecast future cash needs to prepare for slow periods. 3. Misclassifying Expenses The mistake: Incorrectly categorizing expenses or failing to distinguish between capital and operational costs. Why it matters: Misclassification can distort financial reports and lead to tax issues. How to avoid: Learn the basics of expense categories. When in doubt, consult an accountant or use software with built-in guidance. 4. Not Reconciling Accounts The mistake: Skipping monthly reconciliations for bank and credit accounts. Why it matters: Errors and fraud can go unnoticed, resulting in inaccurate balances. How to avoid: Schedule monthly reconciliations. Use automated tools to match transactions quickly. 5. Forgetting About Tax Deadlines The mistake: Missing filing dates or underestimating tax obligations. Why it matters: Late filings lead to penalties, interest, and unnecessary stress. How to avoid: Set calendar reminders for tax deadlines. Use accounting software with tax compliance features. 6. Overlooking Depreciation The mistake: Not accounting for depreciation on assets. Why it matters: Inflates profits and misstates asset values, which can affect tax and investment decisions. How to avoid: Apply the correct depreciation method for each asset. Update records regularly to reflect changes. 7. DIY Accounting Without Expertise The mistake: Trying to manage complex accounting tasks without professional help. Why it matters: Small mistakes can snowball into major financial problems. How to avoid: Invest in reliable accounting software. Hire a qualified accountant for reviews or ongoing support. Final Thoughts Accounting mistakes are common, but they’re avoidable with the right systems and habits. By separating finances, monitoring cash flow, and seeking expert advice when needed, you’ll keep your business financially healthy and compliant. Tip: If you’re feeling overwhelmed, consider outsourcing your accounting or using cloud-based tools that simplify the process.
