From 1 March 2020, Inland Revenue will no longer be accepting cheques if customers have an alternative payment option available.
Inland Revenue does not attempt to collect GST on low-cost imports (costing $1000 or less), because it’s uneconomical to do so. This has meant Amazon, and other overseas suppliers, have had an unfair advantage over local retailers
From 1st April 2019 the minimum wage will increase by $1.20 / hour to $17.70 / hour. This adds up to $708 for a 40 hour week.
The starting-out and training minimum wage rates will increase from $13.20 to $14.16 / hour – remaining at 80% of the adult minimum wage.
The end of the financial year is approaching fast. Here are some things to help you be prepared.
How many days is it taking to convert your debtors, stock and work in progress into cash? This is your ‘lock up days.’ The higher your lock up days the more cash either you or the bank needs to tip into your business
If your business has stock or inventory for sale it is essential you understand what stock turn is and how to increase it. Slow-moving, obsolete or ‘dead’ stock will seriously reduce not only your cash flow but your ability to increase profit
How long is it taking you to get paid? How do you measure this and what strategies can you adopt to get paid quicker?