Does Your Company Need to Declare a Dividend Before the End of the Financial Year?
For businesses operating under a company structure, one key decision to make before the end of the next financial year (31 March 2025) is whether to declare a dividend. Understanding the role of retained earnings and the tax implications will help you to decide.
Your bank account is your best friend when you operate your business using the Profit First Methodology. Unfortunately, NZ banks don’t seem to share the love! Besides the fact that they are slowly disappearing from our main streets, it’s almost impossible to open new business trading bank accounts. For this reason, if you are converting to Profit First cash management system, I suggest making an appointment with your bank asap because the process can be painful! Here’s the list of the best banks in New Zealand for small businesses, based on criteria such as fees, overdraft rates, reputation in lending, and mobile banking app usability:
As your business grows and your personal circumstances evolve, it’s important to regularly review your business structure to ensure it’s still aligned with both your financial goals and personal needs. Changes in your lifestyle, family, or long-term plans can impact the way your business should be set up, and reviewing your structure now can help ensure you're getting the best outcome.
Hey Sole Traders, did you know "Taking a Break Isn’t a Luxury - It’s a Necessity"
As a sole trader, it can feel like there’s always something that needs to be done. Without the traditional safety net of paid leave, it can seem impossible to justify taking time off, especially when your income directly correlates to the hours you work. But the truth is, taking breaks isn’t just a luxury—it’s essential for your long-term success and well-being. Saving for time off is just as important as saving for your taxes and looking at how to make sure you can take that well-deserved break without sacrificing your business or financial stability. Plus, you get to look forward to deciding where to go and planning that holiday.
"A goal without a plan is just a wish." – Antoine de Saint-Exupéry
Kick off the year with a clear vision. Set SMART goals (Specific, Measurable, Achievable, Relevant, Time-bound) and create an action plan to guide you.
Having a vision and setting SMART goals is the foundation for a successful business. January is the perfect time to start planning and setting goals to implement in the new financial year.
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