Tutbury Associates LtdTutbury Associates Ltd

By Kelly Tutbury

Keep up to date with the changing of rules around write-offs for tax debt with New Zealand-wide accounting specialists Tutbury & Associates Limited.

Keep up to date with the changing of rules around write-offs for tax debt with New Zealand-wide accounting specialists Tutbury & Associates Limited.

In a move to ease the financial stress, the New Zealand Government has changed the rules around write-offs for tax debt says New Zealand-wide accounting and financial experts at Tutbury & Associates Limited.

“Its important to keep yourself up to date on the latest changes with tax, as it can save you or your business a bit of money,” says Kelly Tutbury, Accountant and Managing Director at Tutbury & Associates Limited

For the 2019-2020 income tax year, tax payable up to $200 will be written off which is updated from the usual threshold for writing off tax is $50. Increasing this write-off threshold can go a long way in reducing tax bills for approximately 149,000 taxpayers.

“This amount of write off might not seem massive to some, this amount can reduce a significant amount stress for many kiwis,” says Kelly.

Inland Revenue’s auto-calc process has ensured that people have by now started getting their refunds. As at 10 June, there have been 2.3 million assessments carried out resulting in $586 million in tax refunds and $118 million in tax bills to pay.

This auto-calc process only applies to people whose income is only salary, wages, interest or dividends, not those who use the IR 3 tax return.

This change was settled on last week but legislation is still needed to amend the returns for the 2019/20 tax year. “However, it should be noted that for subsequent tax years, the threshold will revert to the $50 limit,” advises Kelly.

A newly fixed increase to provisional tax thresholds is projected to eliminate 95,000 taxpayers from the provisional tax net. This means that existing provisional taxpayers with residual income tax less than $5000 will have until February 7th of the year after they filed to pay their tax.

Expanding the provisional tax threshold decreases compliance costs for those businesses who’re now find themselves out of the net. It also keeps cash in the business for more time.

Businesses can still choose to make voluntary payments throughout the year. Additionally. if taxpayers think they have paid more than they should their provisional tax for the 2020-21 income year, they can contact Inland Revenue to get a refund.

If you have any questions or issues about these tax changes, don’t hesitate to contact the friendly accounting professionals over at Tutbury & Associates Limited. Tutbury & Associates Limited can help you with your accounting needs and liaise directly with the Inland Revenue on your behalf.

About Tutbury & Associates Limited:

Tutbury & Associates Limited has worked hard to build their reputation of excellent customer service by working interactively with their clients and making sure that their clients get value for money. They are ideal for ideal for trades people, or anyone who wants to grow their business.

 

Contact Tutbury & Associates Limited:

Phone: 07 576 2194

Email: admin@tutburyassociates.co.nz

Address:  23 Myres Street Tauranga

Website: https://tutburyassociates.co.nz

Facebook: https://www.facebook.com/tutburyassociates/

Instagram: https://www.instagram.com/tutburyassociatesltd/

Youtube: https://www.youtube.com/channel/UCTYBVKrnJdeuxPLwnjDejfw

Pinterest: https://www.pinterest.com/tutburyassociatesltd/

Twitter: https://twitter.com/TutburyAssoc

LinkedIn: https://www.linkedin.com/company/13728219/admin/overview/

 

By Kelly Tutbury

Five tips for choosing a financial advisor with New Zealand’s leading accounting experts Tutbury & Associates Limited.

Choosing a financial advisor can be a big choice that shouldn’t be taken lightly as there are many factors you need to consider. New Zealand’s premier accounting professionals, Tutbury & Associates, have outlined five tips to help you select a financial advisor that you can trust with your money.

What can a financial planner or financial advisor do for you? “A financial planner can assist you in making more informative financial decisions and plan for the future,” advises Kelly Tutbury, Accountant and Managing Director at Tutbury & Associates Limited.

This might include advice about budgeting, investing, super, estate planning, retirement planning, insurance and taxation.

  1. If you need to advice relating to investments like KiwiSaver, managed funds, shares or bonds then look for an Authorised Financial Adviser (AFA). If you want advice on very simple investments such as bank term deposits a Registered Financial Adviser (RFA) is a great place to start. If you are looking for advice on products provided by a company such as a bank, then seek out a Qualifying Financial Entity (QFE) adviser.
  2. Once you know what type of advisor you need, your next step to take is to make a list of what you want to get out of having a financial planner. “Think about where you are at with life, how much money you have, and what you’re trying to achieve,” advises Kelly.
  3. Once you have got a shortlist of potential financial advisors, you can further narrow down the list by checking out their qualifications. Most authorised financial advisers (AFAs) have the National Certificate in Financial Services (Financial Advice), which is also known as the New Zealand Certificate in Financial Services. “Good financial advisors are also required to take on constant development to sustain their professional capability, and to gain new knowledge and skills,” comments Kelly.
  4. Another thing to do is look at their work history. Have the handle situations similar to yours? Ask for testimonials and reviews from former clients. “You can even ask to see examples of their portfolio reports,” adds Kelly. This will give you a good idea whether they can handle your financial situation.
  5. When hiring a financial professional, make sure you do some background checks before hiring anyone to make a plan for your money. Not sure who to choose? If an adviser is not on the Financial Service Providers register when they should be, you need to be careful about taking their advice.

If you have any questions or issues don’t hesitate to contact the expert and friendly team at Tutbury & Associates Limited.

About Tutbury & Associates Limited:

Tutbury & Associates Limited has worked hard to build their reputation of excellent customer service by working interactively with their clients and making sure that their clients get value for money. They are ideal for ideal for trades people, or anyone who wants to grow their business.

 

Contact Tutbury & Associates Limited:

Phone: 07 576 2194

Email: admin@tutburyassociates.co.nz

Address:  23 Myres Street Tauranga

Website: https://tutburyassociates.co.nz

Facebook: https://www.facebook.com/tutburyassociates/

Instagram: https://www.instagram.com/tutburyassociatesltd/

Youtube: https://www.youtube.com/channel/UCTYBVKrnJdeuxPLwnjDejfw

Pinterest: https://www.pinterest.com/tutburyassociatesltd/

Twitter: https://twitter.com/TutburyAssoc

LinkedIn: https://www.linkedin.com/company/13728219/admin/overview/

By Kelly Tutbury

New Zealand’s leading accounting experts Tutbury & Associates Limited are helping New Zealand businesses apply for the wage subsidy extension.

New Zealand’s leading accounting experts Tutbury & Associates Limited are helping New Zealand businesses apply for the wage subsidy extension.

The COVID-19 wage subsidy scheme designed to help those impacted by the pandemic and lockdown has been extended and New Zealand’s premier accounting professionals Tutbury & Associates Limited are here to help business who need help navigating all the ins and outs of applying for the subsidy.

The wage subsidy was created to support employers, including sole traders, impacted by COVID-19, and face laying off staff or reducing hours.

The wage subsidy is designed to cover the wages of employees over a 12-week period. “However, you can not apply for the same person twice, if self-employed and have several streams of income you’re only covered for one” also if you have ‘passive’ eg Airbnb you don’t qualify either, and if paid out, expect to have to pay that back, advises Kelly Tutbury, Accountant and Managing Director at Tutbury & Associates Limited.

There is also the COVID-19 Leave Support Scheme available to employers. But you can’t receive both COVID-19 payments for the same employee.

To meet the criteria you must be an eligible New Zealand employer, your business must be in New Zealand, your employees must legally be working in New Zealand, you must have a 30% decline in revenue, you must mitigate the financial impact and you must retain the employees that you are applying for.

Following this, the wage subsidy has been extended from the 10 June 2020 until 1 September 2020 so employers can keep paying their employees. “You cannot apply for the wage subsidy extension for an employee until their 12-week wage subsidy has finished,” adds Kelly.  Applications open from 10 June 2020.

To qualify for the extension your business must have had, a revenue loss of at least 50% for the 30 days prior to application, compared to the closest period last year. “This will cover 8 weeks per employee from the date you put in your application,” says Kelly.

If you have any questions or issues about the wage subsidy or the wage subsidy extension will mean for you or your business, don’t hesitated to contact the friendly gurus over at Tutbury & Associates Limited. Tutbury & Associates Limited can help you with your accounting needs and liaise directly with the Inland Revenue on your behalf.

About Tutbury & Associates Limited:

Tutbury & Associates Limited has worked hard to build their reputation of excellent customer service by working interactively with their clients and making sure that their clients get value for money. They are ideal for ideal for trades people, or anyone who wants to grow their business.

 

Contact Tutbury & Associates Limited:

Phone: 07 576 2194

Email: admin@tutburyassociates.co.nz

Address:  23 Myres Street Tauranga

Website: https://tutburyassociates.co.nz

Facebook: https://www.facebook.com/tutburyassociates/

Instagram: https://www.instagram.com/tutburyassociatesltd/

Youtube: https://www.youtube.com/channel/UCTYBVKrnJdeuxPLwnjDejfw

Pinterest: https://www.pinterest.com/tutburyassociatesltd/

Twitter: https://twitter.com/TutburyAssoc

LinkedIn: https://www.linkedin.com/company/13728219/admin/overview/

By Kelly Tutbury

Benefits of Using Payroll Software with New Zealand’s leading accounting experts Tutbury & Associates.

Automating processes can save your business a lot of money and time, with payroll being one of the best examples says New Zealand’s premier accounting professionals Tutbury & Associates Limited.

Payroll isn’t a job that we love spending our time doing, but it is an important one. By utilising payroll software, you can speed up every part of the payroll process with a range of automated features, saving you time which could be better spent on other areas of the business.

“Using online payroll software can make the task of completing payroll easier and saving them a huge amount of time,” Kelly Tutbury, Accountant and Managing Director at Tutbury & Associates Limited.

Due to its convoluted nature, it can be easy to makes mistakes when doing payroll without a software system, using online software reduces the likelihood of those costly errors. Making a mistake that pays your workers too much (or to little) could leave your business in the dark without working capital, and the logistics of getting that money back will be a real headache.

Manual payroll systems are difficult to tailor to the exact specifications your business needs. However, with a payroll software, customisation is as simple as a click of a button.

“Good quality payroll software can be easily customised to the needs of a business; this mean it’s great for businesses such as entrepreneurial start-ups with a small number of employees or a rising business with a growing workforce,” advises Kelly.

With most things in business, the security of your data is paramount, and your payroll data is particularly sensitive. As payroll files will contain personal information, such as mailing addresses, dates of birth, bank details it needs to be protected. By using a trusted payroll software, you can guarantee this information is securely protected and cannot be accessed by anyone outside of your business.

If you have any questions about payroll or what payroll software you should use for your business, make sure you give the professional and friendly team at Tutbury & Associates Limited.

About Tutbury & Associates Limited:

Tutbury & Associates Limited has worked hard to build their reputation of excellent customer service by working interactively with their clients and making sure that their clients get value for money. They are ideal for ideal for trades people, or anyone who wants to grow their business.

 

Contact Tutbury & Associates Limited:

Phone: 07 576 2194

Email: admin@tutburyassociates.co.nz

Address:  23 Myres Street Tauranga

Website: https://tutburyassociates.co.nz

Facebook: https://www.facebook.com/tutburyassociates/

Instagram: https://www.instagram.com/tutburyassociatesltd/

Youtube: https://www.youtube.com/channel/UCTYBVKrnJdeuxPLwnjDejfw

Pinterest: https://www.pinterest.com/tutburyassociatesltd/

Twitter: https://twitter.com/TutburyAssoc

LinkedIn: https://www.linkedin.com/company/13728219/admin/overview/

By Kelly Tutbury

New Zealand’s leading accounting experts Tutbury & Associates Limited share tips on how to avoid getting scammed during the 2020 tax refund season.

New Zealand’s leading accounting experts Tutbury & Associates Limited share tips on how to avoid getting scammed during the 2020 tax refund season.

Be wary of scammers during the 2020 tax refund season says New Zealand’s premier accounting professionals, Tauranga-based Tutbury & Associates Limited.

Inland Revenue automatically processes and pays out tax refunds between Mid-May and July, this is also the prime time for when scammers may try to scam you.

In 2020 Inland Revenue will send around 2.5 million automatically assessed tax refund notices. This will be done by using both customer’s myIR accounts and through the post. These will be sent out in daily batches, Monday to Friday, between mid-May and the end of July.

“Intelligent scammers also know this information and will try to target this time of the tax year in an attempt to scam people and gain access to bank accounts and other personal information,” comments Kelly Tutbury, Accountant and Managing Director at Tutbury & Associates Limited.

There are a few tips that you should know, so that you can avoid getting ripped off.

  • With a bill from Inland Revenue, Inland Revenue give people plenty of notice to pay next year any bill. “Scammers will often say that the bill will need to paid immediately,” advises Kelly.
  • Inland Revenue will always inform people if they have a refund by sending an income tax assessment.
  • Inland Revenue will never put a dollar total of a refund in an e-mail or text message.
  • Inland Revenue will also not ask for your credit or debit card details in order to pay a refund. They also won’t make you to reply to an e-mail or text message to provide your bank account details.
  • The only time Inland Revenue will ask for bank account details is if they don’t have them. You will be asked provide these in a secure way such as using their myIR account or through the call centre.

Absolutely anyone can get caught out with a scam. “A good rule is that if it seems too good to be true, it’s probably a scam,” adds Kelly. You can also tell by the email address is should look like the phishing one below, ie: @ird.govt.nz

If you think you have received a scam, send it to www.phishing@ird.govt.nz

About Tutbury & Associates Limited:

Tutbury & Associates Limited has worked hard to build their reputation of excellent customer service by working interactively with their clients and making sure that their clients get value for money. They are ideal for ideal for trades people, or anyone who wants to grow their business.

 

Contact Tutbury & Associates Limited:

Phone: 07 576 2194

Email: admin@tutburyassociates.co.nz

Address:  23 Myres Street Tauranga

Website: https://tutburyassociates.co.nz

Facebook: https://www.facebook.com/tutburyassociates/

Instagram: https://www.instagram.com/tutburyassociatesltd/

Youtube: https://www.youtube.com/channel/UCTYBVKrnJdeuxPLwnjDejfw

Pinterest: https://www.pinterest.com/tutburyassociatesltd/

Twitter: https://twitter.com/TutburyAssoc

LinkedIn: https://www.linkedin.com/company/13728219/admin/overview/

By Kelly Tutbury

New measures are essential to help the economy recover from the COVID-19 pandemic says New Zealand’s premier accounting professionals Tutbury & Associates Limited.

New measures are essential to help the economy recover from the COVID-19 pandemic says New Zealand’s premier accounting professionals Tutbury & Associates Limited.

All range of businesses across New Zealand are struggling to meet costs such as rent, interest and insurance and are not in a situation to take on debt to survive the pandemic. Support is needed to help to keep businesses afloat so they won’t be closed down permanently says New Zealand’s leading accounting experts Tutbury & Associates Limited.

The Government has announced a collection of new implemented measures to provide respite for small and medium-sized businesses during the COVID-19 pandemic.

The new measures include:

  • $3.1 billion tax loss carry-back scheme, which is the estimated cost over the next two years.
  • $60 million estimated annual savings to business each year from changes to the tax loss continuity rules.
  • $25 million in the next 12 months for further business consultancy support.
  • Better flexibility for affected businesses affected to meet their tax obligations.
  • New ways to support commercial tenants and landlords.

“The tax loss carryback scheme, will permit for a business to offset losses in a tax year against profit from the previous year, and receive a refund of the tax paid in the previous profitable year,” advises Kelly.

Increased flexibility for tax modifications will let Inland Revenue to adapt timeframes for businesses impacted by the COVID-19 pandemic. “This will be limited to a period of 18 months and can include extending deadlines for filing tax returns and paying provisional and terminal tax,” advises Kelly.

The changes to the tax loss continuity rules will make room for businesses to raise extra capital to stay in business and will be clarified in late 2020.

The timeframe that commercial landlords may cancel a lease has been extended from 10 working days to 30.

If you have any questions or issues about what these new measures will mean for your business, make sure you give the professional and friendly team at Tutbury & Associates Limited. “Our office will also be temporarily closed but we will be working remotely from home. We will be accessible via email,” adds Kelly.

About Tutbury & Associates Limited:

Tutbury & Associates Limited has worked hard to build their reputation of excellent customer service by working interactively with their clients and making sure that their clients get value for money. They are ideal for ideal for trades people, or anyone who wants to grow their business.

 

Contact Tutbury & Associates Limited:

Phone: 07 576 2194

Email: admin@tutburyassociates.co.nz

Address:  23 Myres Street Tauranga

Website: https://tutburyassociates.co.nz

Facebook: https://www.facebook.com/tutburyassociates/

Instagram: https://www.instagram.com/tutburyassociatesltd/

Youtube: https://www.youtube.com/channel/UCTYBVKrnJdeuxPLwnjDejfw

Pinterest: https://www.pinterest.com/tutburyassociatesltd/

Twitter: https://twitter.com/TutburyAssoc

LinkedIn: https://www.linkedin.com/company/13728219/admin/overview/

By Kelly Tutbury

Tax-related guidance for employers about the wage subsidies with New Zealand’s leading accounting experts Tutbury & Associates Limited.

Tax-related guidance for employers about the wage subsidies with New Zealand’s leading accounting experts Tutbury & Associates Limited.

In these unparalleled times, New Zealand businesses are facing unprecedented pressures. New Zealand’s premier accounting professionals Tutbury & Associates Limited have expert advice and professional services for getting your business through these tough times.

Inland Revenue has released some tax-related guidance for employers about the wage subsidies.

“It is imperative that all employers pass on the wage subsidies to workers and process them as part of the employee’s normal wages,” advises Kelly Tutbury, Accountant and Managing Director at Tutbury & Associates Limited. All deductions, such as PAYE, KiwiSaver and child support should be made as normal as well.

If the total wage, which is the subsidy and the employer funded pay, amounts to the same wages as previously, the pay and deductions on their payslip will be the same.

Employers will not be accountable for income tax or GST on the subsidy received from MSD. “They also will not be eligible to an income tax deduction for wages paid out of the wage subsidy,” adds Kelly.

If a business is unable to pay its taxes on time due to the impact of COVID19, the IRD can write-off any penalties and interest. “If a business can pay there are numerous options to you, with internet banking or using myIR being the easiest,” adds Kelly.

Inland Revenue has also decided to extend the timeframe for filing Basic Compliance Packages (BCPs). The new due date is 30 June 2020.

If you have any questions or issues about what these new measures will mean for your business, don’t hesitated to contact the expert team at Tutbury & Associates Limited. “Our office will also be temporarily closed but we will be working remotely from home. We will be accessible via email, phone or zoom etc” comments Kelly. Tutbury & Associates Limited can help you with your taxation needs and liaise directly with the Inland Revenue on your behalf.

About Tutbury & Associates Limited:

Tutbury & Associates Limited has worked hard to build their reputation of excellent customer service by working interactively with their clients and making sure that their clients get value for money. They are ideal for ideal for trades people, or anyone who wants to grow their business.

 

Contact Tutbury & Associates Limited:

Phone: 07 576 2194

Email: admin@tutburyassociates.co.nz

Address:  23 Myres Street Tauranga

Website: https://tutburyassociates.co.nz

Facebook: https://www.facebook.com/tutburyassociates/

Instagram: https://www.instagram.com/tutburyassociatesltd/

Youtube: https://www.youtube.com/channel/UCTYBVKrnJdeuxPLwnjDejfw

Pinterest: https://www.pinterest.com/tutburyassociatesltd/

Twitter: https://twitter.com/TutburyAssoc

LinkedIn: https://www.linkedin.com/company/13728219/admin/overview/

By Kelly Tutbury

New Zealand’s leading accounting experts Tutbury & Associates Limited launch second video in their seminar series.

New Zealand’s premier accounting professionals Tauranga-based Tutbury & Associates Limited have launched the second part of their video series this time focusing on how to get the most out of Xero.

In this part of the seminar, Kelly Tutbury, Accountant and Managing Director at Tutbury & Associates Limited, shared tips and a guide on how to set up and process in creating efficiencies within Xero. “Employing just a few of these tips will help you save time and get back to doing what you love,” adds Kelly. Just imagine what you can achieve with that extra time.

Xero is an online accounting software that connects small businesses to their accountant, bookkeeper, bank, and hundreds of apps. But often business owners are not taking advantage of all the features of this powerful software.

Kelly and her expert team at Tutbury & Associates are proud to be a Xero Gold Certified Partners, so you can trust their industry leading expertise.

Helping to take the stress out of the day to day running of the business, Kelly went over the benefits of the mobile app and how it can allow you to work from anywhere and at any time, which allows for greater flexibility in your work hours.

Also covered was the ability to send your bills through to the unique bills email address and automatically create a draft bill in Xero, with the original bill attached. “This is beneficial as you can save time but not having to print or copy the details from a bill into Xero itself,” advises Kelly.

Another tip covered was creating bank rules for frequently occurring bank transactions. This will also save you time and maintain consistency by using bank rules code transactions for you.

For those that need a little expert assistance, “We can offer a variety of Xero bundles that cater to your business and individual needs,” says Kelly.

Check out the second part of this video series here:  https://youtu.be/-d1Hq7_5_wE

About Tutbury & Associates Limited:

Tutbury & Associates Limited has worked hard to build their reputation of excellent customer service by working interactively with their clients and making sure that their clients get value for money. They are ideal for ideal for trades people, or anyone who wants to grow their business.

 

Contact Tutbury & Associates Limited:

Phone: 07 576 2194

Email: admin@tutburyassociates.co.nz

Address:  23 Myres Street Tauranga

Website: https://tutburyassociates.co.nz

Facebook: https://www.facebook.com/tutburyassociates/

Instagram: https://www.instagram.com/tutburyassociatesltd/

Youtube: https://www.youtube.com/channel/UCTYBVKrnJdeuxPLwnjDejfw

Pinterest: https://www.pinterest.com/tutburyassociatesltd/

Twitter: https://twitter.com/TutburyAssoc

LinkedIn: https://www.linkedin.com/company/13728219/admin/overview/

 

By Kelly Tutbury

New Zealand’s leading accounting experts Tutbury & Associates Limited announce free 1-hour ring fencing seminar.

New Zealand’s leading accounting experts Tutbury & Associates Limited announce free 1-hour ring fencing seminar

 

 

New Zealand’s premier accounting professionals Tauranga-based Tutbury & Associates Limited are excited to announce the latest in their seminar series, with this one being all about ring fencing. And the best part about it, is that it is absolutely free to attend!

Tutbury and Associates are a group professional young accountants, who specialize in helping burgeoning businesses, and are dedicated to providing quality service and advice when needed.

“This free 1-hour ring fencing seminar will deliver key insights from industry professionals about all the latest updates to ring fencing laws and how to navigate through theses changes,” comments Kelly Tutbury, Accountant and Managing Director at Tutbury & Associates Limited.

This seminar is being held at the centrally located Raft Café on 65 Chapel Street, Tauranga on the Thursday 12th March 2020 at 4PM.

Simply put, ring fencing is a system that divides someone’s financial assets, i.e creating a “fence” around a section of their income.

Before April 2019, property investors could deduct tax (for example, salary/wages or business income) from their overall income when they made a loss on their property. “After April 1st 2019, the ring-fencing of losses law makes this impossible. Instead, deductions will only reduce residential property income,” advises Kelly.

The residential property deductions you claim for the year cannot surpass the total of income you earn from the property for the year. “Any surplus deductions must be carried forward from year to

 

year until they can be used. You cannot use excess deductions from your residential property to reduce your other income,” adds Kelly.

But what all these changes mean for you? This seminar is here to answer all those questions and provide any guidance or assistance you may need.

To register your interest in this seminar, contact the friendly experts at Tutbury & Associates today!

About Tutbury & Associates Limited:

Tutbury & Associates Limited has worked hard to build their reputation of excellent customer service by working interactively with their clients and making sure that their clients get value for money. They are ideal for ideal for trades people, or anyone who wants to grow their business.

 

Contact Tutbury & Associates Limited:

Phone: 07 576 2194

Email: admin@tutburyassociates.co.nz

Address:  23 Myres Street Tauranga

Website: https://tutburyassociates.co.nz

Facebook: https://www.facebook.com/tutburyassociates/

Instagram: https://www.instagram.com/tutburyassociatesltd/

Youtube: https://www.youtube.com/channel/UCTYBVKrnJdeuxPLwnjDejfw

Pinterest: https://www.pinterest.com/tutburyassociatesltd/

Twitter: https://twitter.com/TutburyAssoc

By Kelly Tutbury

Five tips for keep your business going in hard times with New Zealand’s leading accounting experts Tutbury & Associates Limited.

Five tips for keep your business going in hard times with New Zealand’s leading accounting experts Tutbury & Associates Limited.

All businesses face tough times during their lifetime. Recession, economic downturn, difficult partnerships or declining profits are all situations that can put your business to the test. Here are five tips from New Zealand’s premier accounting professionals Tutbury & Associates Limited for getting your business through difficult times.

When your business is going through a tough time it is really easy to start freaking out based on “what if” situations as opposed to what the situation actually is. “It is important to get all of the information about what is going on and to only deal with facts, not feelings,” comments Kelly Tutbury, Accountant and Managing Director at Tutbury & Associates Limited.

Don’t be paralysed by fear by making things worse or by doing nothing. When you see disaster on the horizon, the single most important thing to do is take action. If you don’t jump into action, things will always get worse and they will get worse quickly.

In both difficult and good times, you should regularly be doing a financial analysis of the financial position of your business. “Your financial position can help you decide whether the business remains feasible and whether it is positioned for potential future growth,” adds Kelly. The financial specialists at Tutbury & Associates Limited can also assist you with a cashflow forecast.  A cashflow forecast is estimating your business’s income and outgoings for any given period in the future.

Chances are, you aren’t the first person in your industry to experience difficult times like what you are experiencing. Reach out and talk to other people who have been in similar situations to learn how they overcame those challenges. “Some of their answers could be valid to your business, or could at least motivate a solution,” advises Kelly.

A business mentor is another avenue for you to explore when your business is going through a hard time. Leading business advisor Kelly Tutbury from Tauranga-based Tutbury & Associates Limited can provided a tailored business advice service based on the unique needs of you and your business.

About Tutbury & Associates Limited:

Tutbury & Associates Limited has worked hard to build their reputation of excellent customer service by working interactively with their clients and making sure that their clients get value for money. They are ideal for ideal for trades people or anyone who wants to grow their business.

 

Contact Tutbury & Associates Limited:

Phone: 07 576 2194

Email: admin@tutburyassociates.co.nz

Address:  23 Myres Street Tauranga

Website: https://tutburyassociates.co.nz

Facebook: https://www.facebook.com/tutburyassociates/

Instagram: https://www.instagram.com/tutburyassociatesltd/

Youtube: https://www.youtube.com/channel/UCTYBVKrnJdeuxPLwnjDejfw

Pinterest: https://www.pinterest.com/tutburyassociatesltd/

Twitter: https://twitter.com/TutburyAssoc

LinkedIn: https://www.linkedin.com/company/13728219/admin/overview/

1 2 3 5
Five tips for choosing a financial advisor with New Zealand’s leading accounting experts Tutbury & Associates Limited.
New Zealand’s leading accounting experts Tutbury & Associates Limited are helping New Zealand businesses apply for the wage subsidy extension.
Tax-related guidance for employers about the wage subsidies with New Zealand’s leading accounting experts Tutbury & Associates Limited.
New Zealand’s leading accounting experts Tutbury & Associates Limited launch second video in their seminar series.
New Zealand’s leading accounting experts Tutbury & Associates Limited announce free 1-hour ring fencing seminar.
Five tips for keep your business going in hard times with New Zealand’s leading accounting experts Tutbury & Associates Limited.