How Working With Holly Blair Accounting Will Benefit Your Business

Holly Blair Accounting, we are a small boutique practice that provides personalised, understandable and friendly service to our clients all across New Zealand. We are here to provide you with the extra support you need to make sure your financial statements are in order. We have an affordable weekly service, which will cover your Xero subscription, year end income tax return, full support and communication. Our practice is fully operated online, where we work flexible hours and can schedule calls and video calls at times that work best for you. 

Holly Blair

My Story

Founder Holly Blair

I am Holly Blair, a mum of two little boys and my office is my home. I have graduated with a Master of Professional Accounting from the University of Auckland and I am a tax agent with the Inland Revenue Department and a member of The Accountants and Tax Agents Institute of New Zealand (ATAINZ). I also have a Xero Advisor Certification and I am a Xero Partner. Most of my experience is in small business and not-for-profit accounting. As a past social worker, I have come to know the value of continuous support and communication which I always aim to incorporate into my work and business to create everlasting relationships, ensuring growth and satisfaction for all my clients.

5+

Years of experience

300+

Client Partnerships Built

Tax Tips For Your Business

Choosing the right type of entity for your business is important, as it determines the rates that your business will be taxed at. Your long-term goals for the business as well as your personal situation will be determining factors in selecting the right entity under which to run your business.

 

Online accounting software packages such as Xero can help you keep track of your business’s progress during the year, allowing you to monitor your profit and how much you should be putting aside for tax during the year. The beauty of an online accounting solution is that your accountant can have direct access to your files so that they can also monitor your progress and prepare year end financial statements.

Keeping receipts for an entire year can be a hassle; a lot of pieces of paper get misplaced or tossed away. The great news is that Xero has a feature built into its software which houses photos of your receipts, matched up to the transactions in your bank feed. This way, you can make sure you have the proof you need without worrying about misplacing them.

If a part of your home is used as an office, or you run and operate your business from your home, you may be entitled to claim a portion of your home expenses as a business expense.  Expenses that you can  include in a home office claim could include mortgage interest, part of the rent, power, water/ gas rates, and even the insurance you pay. An accountant will be able to help you determine your correct entitlement and help you in filing for them too.

For GST Registered Businesses​

Every time a client pays an invoice, take the GST portion and transfer it into a bank account dedicated to Savings for GST, that way you create the mindset that GST money is never yours and is just passing through your business. When it comes time to pay the GST you always have it on hand and don’t have to dip into your own profit money to pay it (your expenses will get deducted as well, then you will have some leftover as ‘forced savings’ which you can then spend, save, invest or save in yet another bank account for year-end Income Tax)

For cash businesses, do the same as above for GST, but instead of after each invoice, you transfer the GST portion of Sales at the end of each day or each week.

If you have your online banking app on your phone this process should only take a few minutes daily.

Benefits Of Working With An Accountant

01.

Saves your time – As a business owner you dedicate every minute you can developing your business and services to improve your client satisfaction and profits. Having someone who can help to check that you’ve filled in your forms correctly, helps you to meet key deadlines and offer financial advice will help you to concentrate on leading your business.

02.

Saves your money – Filling in forms incorrectly or not understanding new laws and legislations could lead to a fine, something that would put a dent in your profits. Not only that, but an accountant can help you to minimise your tax bill by taking advantage of legal benefits that are available for your business.

03.

Helps you to grow – An accountant knows your business almost as well as you do, and would know the financial side of it better. An Accountant helps you to make sound judgments, and helps you grow your business. Accountants can also help you to identify and fix problems before they become a big drain on your finances.

04.

Removes worry – Lots of businesses find managing their finances a daunting task. There’s a good chance that you as a business owner never come across all of the paperwork and terminology involved in filing your tax. The importance of deadlines can cause many people to worry. An accountant can ease this burden by taking on the responsibility of meeting these deadlines and filing the necessary paperwork for you

Advice For A LEAN Business

Be smart about expenses. Many businesses take on a business expense, such as a subscription, because they can ‘write it off’. But I always advocate for a LEAN business, remember these 3 things:

Maximise Income

Minimise Expenses: everything not necessary should go

Put Away for Tax (early and often)

Yes, you will pay more for tax, but taking on an expense because it’s deductible makes no sense because every expense decreases your profit – the amount you take away, whereas tax is only a % of the profit. As long as you plan and save for it, try not to think of tax as a bad thing – it’s a way of contributing to society and helping pay for all the things we and our business use.