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You are here: Home > Resources > MSBCA Blog

IMPORTANT BUSINESS UPDATE

IMPORTANT BUSINESS UPDATE

Our offices will be closed to all visitors while we are at Alert Level 3 lockdown here in Auckland.

Our team will be working from home, so please call us (09 238 0699) should you need any assistance, or email us. We will be happy to meet over the phone/skype/zoom etc as we did previously, if you need us.

In the meantime, as we all navigate this territory again, please keep safe.

Regards,

The MSB Team

 

The Government has allocated additional funding to support businesses through the COVID-19 pandemic. The Covid-19 Business Advisory Fund, managed by the Regional Business Partner Network, has been provided by government to enable businesses to access expert advice and support.

Business owners can access up to $5000 excl. GST per business from the COVID-19 Business Advisory Fund. This funding can be used with a range of providers of registered services depending on business needs. It is 100% funding; no co-funding is required. 

How to register your Business:

  • Step 1 – register on the RBP website here 
  • Step 2 - Regional Business Partner (RBP) Growth Advisors will contact you and will work with you to assess priority needs and provide access to funding for use with registered Service Providers. Only RBP Growth Advisors can allocate this funding. 

Already registered with the RBP? 

Contact your RBP Growth Advisor or local RBP Partner organisation. Contact details are on the RBP website here

Eligibility Criteria 

Businesses must: 

  • Have undergone an assessment with a Regional Business Partner Growth Advisor 
  • Have fewer than 100 full time equivalent employees, and 
  • Be GST registered in New Zealand, and 
  • Have a New Zealand Business Number, and 
  • Be operating in a commercial environment; and 
  • Be a privately-owned business or are a Maori Trust or incorporation under the Te Ture Whenua Maori Act 1993 or similar organisation managing Maori assets under multiple ownership. 

Non-eligible organisations 

  • Charitable trusts 
  • Incorporated societies 

Funded Services 

Businesses can access expert advice and support in one or more of the following subject areas: 

  • HR & Employee Relations and Legal 
  • Financial and Cashflow Management 
  • Health and Wellness 
  • Business Continuity Planning 
  • Marketing Strategy 
  • Digital Enablement Strategy.
MSB Chartered Accountants Funded Service

We offer the Business Continuity Plan as a funded service through the Covid-19 Business Support fund. Please contact your local Growth Advisor or follow the links above to register and apply for this service.

Your MSB Chartered Accountant client manager is also available to help if you would like to find out more about our Business Continuity Plan service or accessing the Covid-19 Support Fund.

Early adopters of Xero have been reaping the rewards of this online accounting platform for a number of years now. Since integrating with Figured in 2015, farmers using this excellent agri-sector financial planning and management tool have experienced the benefits of both platforms from accounting basics through to comprehensive financial reporting.

Xero/Figured has now recently added crop management and planning functionality to the mix, making this the leading system for farmers and farming advisors to use as a single point of entry. This latest integration now in development with Figured will be a real game changer for the industry, allowing farmers to effectively manage and grow their businesses with tools traditionally only available to regular goods and services companies.

Xero & Figured – a match made in farming heaven

Accurate financial data is about being able to see at any time the financial impact of every decision which is made on the farm as it happens. Being able to forecast the profitability of the farming enterprise and measure the variance to that forecast as the season progresses, modelling the long term impact on profitability of major equipment purchases, or having confidence in decisions to sell or hold livestock. 

Xero sets the standard for day-to-day financial management - bank feeds, account coding, and invoicing in Xero is peerless. While Figured is a leader in financial planning, management and three- way financial reporting capability unlike any other.

The new development to the Figured/Xero platform will result in a complete financial and production management technology system for farming teams. This integration partnership will bring the power of precision agri-planning together with real time financial data to give Farmers, Agronomists and Accountants a level of business insight which is unavailable in traditional desktop systems. 

Accurate Data Sharing Online

The power of cloud/online technology enables the sharing of data between multiple systems, but more importantly it enables the sharing of data between the many stakeholders who contribute to the management of an operation. At the day-to-day level as a farmer, this means you can check on financial data while out on the field, your accountant can provide support at any time (by just logging into our platform) and any other shareholders as well as the bank team can also be referring to and using the same information – any time, anywhere and on any device.

Figured has always worked closely with agri-accountants, including ourselves providing a platform to enable us to build a valuable, scalable financial advisory service. The new upgrade will provide the opportunity to step into a whole new realm of agri-advisory, by linking farm management decisions with financial data.

Financial advisors will be able to look across the whole farming operation and work with clients to make better decisions supported by accurate financial data previously unavailable to the farming team. 

Get involved

Figured is inviting people interested in their latest development to provide some feedback and on-the-ground experience during the testing phases of the roll-out.

Sign up here to join a product beta group and receive updates on the integration work or contact us if you would like to know more.

 

Xero Provides Covid-19 Support

-As published by Accounting Today

Xero has fast-tracked the release of two new features on its online accounting platform to help COVID-affected businesses stay on top of cash flow and their business health. As businesses across New Zealand seek relief from government loans and otherwise, accountants and accounting tools remain of paramount importance in getting them through this crisis.

Xero has been working on expanded reporting tools, and accelerated the release of the Business Snapshot and Short-Term Cash Flow features to meet the business continuity needs of its small-business users now.

Business Snapshot, first announced in November 2019, helps businesses compare profit and loss, revenue, expenses and cash balances in different periods through a real-time, single report, instead of needing to generate additional reports or spreadsheets. By delivering a single report for clients, accountants can help their small business clients understand crucial health metrics quickly, providing a starting point for deeper conversations around business performance, and possible risks or opportunities. View the demo here.

Short-Term Cash Flow, first announced in September 2019, enables businesses to project their bank balances 30 days ahead, showing the impact of existing bills and invoices if they're paid on time. This tool in particular was built in close consultation with Xero's small business and accounting communities. The short-term cash flow pilot will be rolled out in the next two weeks. View the demo here.

The two tools are still in development and testing with the broader Xero community, but are now being rolled out for free to all Xero customers in Business Edition plans until August 31, 2020.

New export feature for accountants

Additionally, accountants and bookkeepers using Xero HQ can now download a monthly revenue export of client organizations to get a high-level view of the health of their clients. The report shows year-on-year revenue changes, current cash balances and their primary banking relationships, giving advisors oversight on which clients are impacted most, potential eligibility for banking support packages, and creating a starting point for conversations with those that need the most help. The export forms part of a new COVID-19 support page, with links to supporting resources. View the demo here.

 

When you make tax payments at a Westpac branch or Smart ATM, you will now need to have a barcode to ensure the payment goes to the right place.

Barcodes are usually printed on Inland Revenue returns, statements or letters. You can also create a barcode on the IRD website for printing or presenting on your mobile device.

To generate a barcode go to ird.govt.nz/barcode

Other payment options

The other usual payment options are also available, including:

  • myIR: Direct debit and card payments can be made securely through myIR online services.
  • Online banking: Through your bank's website.
  • Credit or debit card via our website: Credit or debit cards can be used to make online payments.
  • Self-service phone line: Credit or debit cards can also be used to make payments via our self-service phone line 24/7.
  • Automatic payments: Online or in-branch payments are not for everyone, so automatic payments might be better. It allows for two signatories, and when completed correctly is an instruction to make a regular series of payments, such as debt or arrears.

Find out more at ird.govt.nz/payelectronically