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Are These The Most Expensive Words in Business…?

“I’ll do it myself.”It’s a phrase every business owner has said at some point, but it might just be the most expensive sentence in business.When you’re running your own show, it’s easy to slip into the mindset of wearing all the hats. After all, you know your business inside out. But this ‘do it all’ approach can lead to burnout, stagnation, and missed opportunities.You’ve probably heard the excuses:“It’s quicker if I just do it myself.”“I can’t afford to pay someone ...

Streamline Your Expense Tracking with TaxSnaps

We know keeping track of expenses can be a hassle, especially if you’re used to spreadsheets, manual records, or the classic “shoebox of receipts.” That’s where TaxSnaps comes in, a game-changer for self-employed individuals and small businesses looking to make expense tracking easier and more organised....

Work-Related Meal Deductions: Explained! (Inlcudes Examples)

In the past, business owners in New Zealand could claim meal and light refreshment expenses while travelling for work. However, with IRD’s release of interpretation statement IS 21/06, this is no longer the case.The determination has been made that, regardless of whether you're at work or not, you still need to eat and drink to survive. As a result, food and beverages are now considered personal expenses and are no longer deductible for business owners. Any expenses related to food or drink fo...

New Financial Reporting Standards for Incorporated Societies

If you haven’t yet read our first blog on the introduction of the Incorporated Societies Act 2022, which covers new requirements for constitutions, management committees, and membership, we recommend checking it out. Click here to read more. Now, let’s dive into the new financial reporting standards that societies need to be aware of.With the Incorporated Societies Act 2022 now in force, all incorporated societies need to prepare annual financial statements under new reporting standards. Som...

The Incorporated Societies Act 2022: What You Need to Know

The Incorporated Societies Act 2022 ("New Act") has come into force as of 5 October 2023, replacing the century-old Incorporated Societies Act 1908 ("Old Act"). This new legislation brings significant changes for the 24,000 Incorporated Societies in New Zealand. Here, we summarise the key updates, focusing on the necessity for re-registration and some important operational changes. We'll discuss changes to Tier 3 and 4 Financial Reporting in a subsequent article....

Upcoming Xero Price Changes and New Plans: Everything You Need to Know

At My Two Cents Accounting, we are committed to keeping our clients informed about important changes that may affect their business. We wanted to notify you about upcoming changes to Xero’s pricing and plans, which will take effect from 12 September 2024. We understand that price increases can be challenging, especially in the current economic climate, and we want to provide you with all the necessary information to help you navigate these changes....

Decoding Employment Types: Casual, Part-Time, and Fixed-Term Explained

Understanding the differences between casual, part-time, and fixed-term employment is crucial, as mixing them up can lead to costly mistakes....

WorkflowMax is Shutting Down - Here's What You Need to Know

If you’re a business owner currently using WorkflowMax, you will be aware that this popular job management software by Xero will be shutting down on June 26, 2024. This means you’ll no longer be able to use the program after this date, and it’s crucial to start planning your transition to a new system now.Time for a ChangeoverTo ensure a smooth transition and avoid any disruption to your business operations, you need to choose and migrate to a new job management software before WorkflowMax...

🎉 Giveaways Galore as We Celebrate Our 10th Birthday! 🎂

Can you believe it? April marks a very special occasion for us - it's our tenth birthday! 🥳 We're bursting with excitement as we celebrate this milestone with you, our fantastic clients.Throughout the month, we’ll be giving away loads of prizes, suppliers merch, prezzy cards, and an amazing 12 month subscription to Paidnice, automated software that takes care of your debt collection!Make sure to keep an eye on our Facebook and Instagram pages (links below) for the giveaways.Click here for o...

GST changes for ‘Marketplace’ operators from 1 April 2024

Important changes are on the horizon for online service providers and 'Marketplace' operators such as Airbnb and similar accommodation service providers, as well as ride-share and food delivery service providers. These changes relate to GST and will take effect from 1 April 2024.If you engage in activities like renting out your private home or bach to earn extra income, these changes will impact you. Therefore, we urge you to take a moment to read this email/blog.Online platforms offering short-...

Minimum Wage on the Rise from April 1st!

As we approach April 1st, 2024, there are some important updates heading our way that could affect your business.Here's what you need to know:Minimum Wage Increases: The adult minimum wage will be going up from $22.70 to $23.15 per hour. For those on starting out and training wages, the rate will increase from $18.16 to $18.52 per hour.ACC Earners Levy Rates: Expect an increase from $1.53 to $1.60 (per $100), inclusive of GST. Plus, the maximum annual threshold for liable earnings will rise from...

Join Our Team! My Two Cents Accounting is Seeking a Practice Manager

Are you an experienced tax accountant with exceptional organisational skills and a passion for driving efficiency? Look no further! My Two Cents Accounting, a female-led firm with a team of 12 talented ladies, is on the hunt for a Practice Manager to join our dynamic team.About Us:At My Two Cents, we pride ourselves on our supportive and family-focused environment. With flexible working arrangements and a strong emphasis on work-life balance, we provide an ideal opportunity for parents seeking f...

Keep Ahead: Essential 2024 Tax Dates

As we dive further into 2024, it's essential to keep track of important dates on IRD’s tax calendar. If you haven't already, take the time to add the applicable dates to your calendar to avoid any penalties.Click here view IRD’s detailed list or scroll down and review applicable dates.7th FebruaryEnd-of-year income tax and Working for Families bills are due, unless your tax agent has an extension of time to file your income tax returnYour FBT income year return and payment are due if you hav...

Take Charge of 2024: Explore Our Range of Business Services

Now that we are well and truly into 2024, I think it’s a perfect time to highlight the diverse range of business services that we're excited to offer you.Bookkeeping:Our dedicated team of bookkeepers are here to support you. When you partner with us, you’ll have a personal bookkeeper assigned to you, becoming an invaluable part of your business team. Let them handle the details so you can have the freedom to focus on what you do best.Payroll:Our team includes three payroll specialists well-v...

Meet the Team: Elizabeth Farley

Elizabeth joined the My Two Cents team in early 2023. Based in Mangawhai with her spoiled rotten Cavoodle, Chester, she has been working as a self-employed bookkeeper for the last 18 years. She is Xero Certified and Xero Payroll Certified. Find out more about Elizabeth below where we ask her a few questions about working with My Two Cents and what she gets up to in her spare time.What do you do at My Two Cents?Bookkeeper. I was drawn to bookkeeping because I am good at organising, and enjoy maki...

Protect Your Business from Cyber Criminals: A Step-by-Step Guide

In today's digital age, cybercrime is a real concern for businesses, both big and small. Hackers are out there, looking for opportunities to exploit any weaknesses in your systems. To keep your business and its valuable data safe, it's essential to be proactive about cybersecurity. In this article, we'll walk you through some practical steps to help you defend against cybercriminals.Meet the Cyber Baddies: Cybercriminals come in all shapes and sizes, each with their own motivations. Here are the...

Get Your Invoices Paid Faster

We know the hustle is real when it comes to running your own show. Amidst all the excitement and challenges, there's one thing that can make or break your business: getting those hard-earned invoices paid on time. So, let's dive into some nifty tips and tricks to help you crack the code and get your customers paying faster, with valuable insights from an accountant.1.     Set Crystal-Clear Terms of TradeIt all begins with one essential tool in your credit control toolbox: sol...

Demystifying the Money Talk for Non-Accountants

Welcome, fellow entrepreneurs and fearless financial adventurers, to a captivating journey through the enchanting world of numbers and financial mastery.From balance sheets to profit margins, we unravel the mysteries behind 22 commonly used accounting and bookkeeping terms, and gain a clearer understanding of the language of money. So, fasten your seatbelts and let the magic of numbers unfold before your eyes!1.     Balance Sheet: Imagine a balance sheet as a snapshot of your...

Extreme Weather Events: Recovery Grants and Funds

Applications are now open for business recovery grants for businesses, individuals and community organisations who have been affected by recent weather events.NORTHLANDNORTHLAND INC’S CYCLONE RECOVERY FOR BUSINESSESBusinesses in Taitokerau Northland affected by recent weather events can receive support to recover their cashflow.Twenty five million dollars in recovery support is being offered by the Government to businesses affected by Cyclone Gabrielle in seven regions of the North Island, inc...

The 101 on Claiming Deductible Expenses for New Zealand Businesses

A tax-deductible expense is an expense that can be deducted from a business's gross income in order to reduce its taxable profit. But it’s not always easy to get your head around. If you are new to business here’s the basics on tax-deductible expenses.Why can businesses deduct expenses from their income?By letting businesses deduct certain expenses from their income, the government is effectively reducing the amount of income that is subject to tax. This helps to make it more financially via...

Key Tax Dates for 2023

If you haven't already, it's time to add some entries to your calendar so you don't miss any vital tax dates.Click here to view IRD’s detailed list or scroll down to find your applicable dates.30th JanuaryGST due for the period ending 31 DecemberAIM installments due if you file GST monthly and have a March balance date7th FebruaryTerminal TaxEnd-of-year income tax and Working for Families bills are due, unless your tax agent has an extension of time to file your income tax returnYour FBT ...

The Cost of Christmas

Christmas parties, end of year work lunches or dinners, gifts for staff and clients – December can certainly be a busy and sometimes expensive month.    Do you know what you can claim and how much? We have put together answers to some of the most frequent questions we get asked.  Staff Christmas Parties If the party is held onsite or offsite the treatment is the same – food, drink, venue hire, and entertainment are only 50% deductible. If you are taking staff out for a Ch...

Are You Payroll Ready for Christmas & New Year?

In a little over 3 weeks the silly season will be here!  If you have not already started planning for your payroll over this period now is a good time to start.    To help you we have put together some of our top tips and some handy guides to help make sure your payroll runs smoothly and your employees get paid correctly and processed on time.  Our top tips:  If you are closing down over the holidays make sure you have given your employees at least 14 days' notice i...

Meet The Team: Tiffany Jackson

What do you do at My Two Cents?Certified Bookkeeper & Xero Training SpecialistHow long have you been with My Two Cents? I have been with MTC for 18 months.What do you love about being an all female team?The support that we all give each other both professionally and personally, oh and the laughs! Our team is very much like extended family.If you weren't doing your current job, what would you like to do?I love my job but if I wasn’t doing that I would maybe travel around our ...

My Two Cents End of Year Update

It's been a busy few months since my last update. The Team have been head down bums up working hard to get as much work in progress completed as possible before we go on a much deserved break at Christmas. We have family catch ups, Xmas parties and plenty of summer camping missions on the cards - can't wait!2022 Filing:If you're still waiting on your financials and tax returns for 2022 - please touch base with Zoe. The bulk of returns are in progress, some we are still waiting for info...