#### COVID-19 wage subsidy and leave payment
The NZ government has announced a comprehensive package to assist businesses and individuals. If you are affected, either as an employer or employee, you may be entitled to some relief, either through financial or tax relief. To apply for the wage subsidy, either as an employer or a self employed person, click on the link here. If you are eligible I’d suggest applying for this as soon as possible.

#### Talk to your bank manager
There may be some immediate financial support available to assist with your cash flow and working capital. Your bank may be able to help via increasing temporary overdraft facilities, extending trade credit, deferment of repayments, interest only periods, extension of term lending periods and short term / hardship loans. I would recommend making these inquiries soon.

#### Talk to your insurance broker
It may be that you have business interruption or income protection insurance. Discuss the specific wording of your policies with your broker and if you can make a claim surrounding your current situation.

#### Review your staffing requirements
This may be one of the most challenging items to review, even though reviewing business operations and resourcing is one of the most important for business continuity. Re-forecast your sales pipeline for the next 12 months based on the current climate, then re-forecast the appropriate staff levels required to complete this work. If you need to review the next steps for staffing, ensure you have the right support around you, including HR and legal.

#### Speak to your landlord
Rent is generally a significant cost for a small business. I would front foot a conversation with your landlord as it could be worth discussing the potential for reduced rental payments in the interim. Full rental payments could then be deferred and paid later when your business is back and running at full capacity. After the government’s announcement yesterday, Commercial rental property landlords are now able to claim 2% depreciation deductions on buildings (from April 2020). This will reduce landlord’s income tax payments, so may mean that they’re open to different payment terms in the short term.

#### Prepare a cost out on other costs
This is, driving profitability through cost savings. I would start by running your business Profit and loss and identify any costs that aren’t required. These should be classified as temporary or permanent. Do some analysis and act quickly. You will end up with a lean business, in a better position to counter the unknown.

#### Delay payments for provisional tax (due 7 May 2020)
Unless you have excess cash flow and want to pay this on time, I’d recommend delaying these payments to the IRD. This will result in more retained cash in the business. When things improve, you can pay this tax to the IRD. If you do take this option, I’d suggest calling the
IRD to let them know, to mitigate your risk against penalties. Another option is when normal business resumes, you pay your tax to a tax intermediary, and buy the income tax required at an interest rate less than the IRD (dependent on how liberal the IRD around interest charges for the COVID-19 period)

#### Delay payments for GST
If cash is significantly tight for your business, I’d also suggest delaying these payments to the IRD. GST returns will have to be filed on time with the IRD though. Again, if you do take this option, I’d suggest calling the IRD to let them know, to mitigate your risk against penalties.

#### Pay payroll taxes on time
It is highly important this is adhered to as normal. The IRD can take legal action against those who don’t comply with payroll taxes, including non payment. This is a serious offence and can result in prosecution. An employer can be fined up to $50K and / or be sent to prison for up to five years. This tax has to be paid on time.

#### Chase outstanding monies owed to you
I’d get in quick with your customers, so you’re in the front of the queue. For some basic tips on chasing debtors click on this link.

#### Tax Pooling payments can be refunded
To my clients that pay their company or personal tax into the Tax Pooling Solutions tax pool, these funds can be refunded to taxpayers if required. This is one of the significant advantages of paying income tax to a tax intermediary. If you want to know how to get these funds out, let me know.

#### Keep adding value to customers
This is a very basic tip and self-explanatory, but the more value you add to your customers, the more likely they are of continuing with your service and paying you on time.

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There is significant uncertainty surrounding the global outbreak of COVID-19 (coronavirus). NZ business owners are facing a unique situation with unprecedented challenges. The key is to engage in business activity that will support maintaining stability, minimising disruption and managing cash flow.
I thought it timely to write an article with some helpful tips in protecting and minimising the risk of your business.

Covid-19 Business Tips

Cash flow forecasting is an essential business tool that shouldn't be overlooked. Whether you're considering expanding, buying a new asset, or simply want to get an idea of your business's future financial state—doing a cash flow forecast can help you make informed business decisions and avoid unnecessary financial challenges. 

To help ensure that you've got the right information you need, let's take a deeper look into cash flow forecasting, the benefits of doing one, and, of course, how to calculate it. 

##  What is a cash flow forecast? 
As its name suggests, a cash flow forecast estimates the amount of money expected to ‘flow’ in and out of your business. A forecast can be calculated for any future period (e.g., the next week, month, or quarter). 

The information is generally presented as a document with an overview of: 
- Cash inflows — Cash expected to be received by the business within that period. 
- Cash outflows — Cash is expected to be spent by the business within that period. 
- Net cash flow— the remaining cash after subtracting cash outflows from cash inflows. 

Despite the easy misconception, cash received and spent refers to much more than just sales and operating costs. When forecasting your cash flow, you should take into account three key business areas: 

1. Operational business activities (cash flows linked to core business operations). 
2. Investing activities (cash flows related to investment sales and purchases). 
3. Financing activities (cash flows from raising debt or issuing shares). 

By including these various cash flows in your forecast, you will get a more accurate prediction of your company’s future financial state. 

## Why forecasting your cash flow is important 
The financial strength of a company ultimately relies on having cash. By forecasting cash flow, businesses can make more informed decisions and avoid facing unnecessary financial challenges. 
An accurately forecasted cash flow can help: 
- Identify potential issues before they occur (e.g., upcoming cash shortages). 
- Prompt you to increase marketing activities or get more funding. 
- Ensure that expenses can be paid on time (e.g., wages and supplier invoices). 
- Plan for growth or expansion (e.g., expanding your workforce). 
- Establish the best time to purchase a new asset (e.g., equipment or vehicle)
- Communicate the business’s financial positioning to shareholders. 
- Attract future investors. 


## How do you calculate cash flow forecast? 
The easiest way to do a cash flow forecast for a business is using the formula “Cash Flow = Cash Inflow - Cash Outflow”. This calculation is known as the ‘direct method’. 

### Forecasting Cash Inflows
Considering the three key business areas mentioned above, let’s look at potential cash inflows that could be included in a cash flow forecast. 

**1. Operating Cash Inflows: **
Operating cash inflows primarily consist of sales from products and services. Any cash expected to be received from customers at the time of purchase can be listed under “cash sales”. 

Cash that will be collected from a customer at a later date (e.g., invoice payment) should be listed as “accounts receivable”. Once customers pay the invoice, it can then be referred to as “cash from accounts receivable”. 

**2.Investing Cash Inflows: **
Investing cash inflows include the "sales of assets" (also known as property, plant and equipment). For instance, if a company sells a piece of machinery, land, furniture, or vehicle, the sale should be included in your incoming cash flow.

**3.Financing Cash Inflows: **
Financing cash inflows include any cash that flows into the business from an investor, eg. shares being issued or any debt that is raised by the company, eg. bank loan.

By adding these cash inflows together, you should get a good idea of the total amount you expect to receive by the end of the period. 

### Forecasting Cash Outflows
Likewise, cash outflows can also be broken down into operating, investing, and financial. 

**1.Operating Cash Outflows: **
Operating cash outflows include the expenses associated with your main business operations—such as employee wages and money paid to suppliers. 

All business operating expenses expected to be paid at the time of purchase should be listed under “cash spending”. 

Expenses that will be paid at a later date (e.g., invoice payment) should be listed as “accounts payable”. Once the business has paid the invoice, it can then be referred to as “payment of accounts payable”. 

**2.Investing Cash Outflows: **
Investing cash outflows include any assets purchased (such as new land, machinery, or furniture). The cost of the new asset can be listed under “purchase of assets”, often referred to as CAPEX (capital expenditure).

**3.Financing Cash Outflows: **
Any loan repayments should be included under this section. Cash that flows from the business to an investor or owner is an outgoing financing cash flow—for instance, paying a dividend to a shareholder. 

All cash outflows can then be combined to give you the amount you predict to spend by the end of the period. 

## Forecasting Net Cash Flow 
Your net cash flow can then be calculated by subtracting your total outflow from your total inflow (i.e. the amount you plan on receiving minus the amount you plan on spending). 

If the number is positive, that means you should receive more cash than you expect to spend. And, vice versa, if the number is negative, you plan on spending more cash than you will receive. You can then forecast your cash balance by adding your net cash flow to your cash balance. 

## How can you make sure a cash flow forecast is accurate?
The accuracy of a cash flow forecast will vary significantly on the information and detail included. 

Using past financial data can be extremely valuable when forecasting your cash flow if you're an established business. 

It is recommended that when preparing your calculations you have checks in your workings, so you can identify if there are any issues with formulas or calculations.

Those relatively new to business can use detailed information by doing their research—including looking at online resources such as Stats New Zealand's Industry Profile Tool and the NZ Government Employee Cost Calculator. 

In all instances, the forecasting process can be made a lot easier (and more accurate) by speaking with an experienced Chartered Accountant, such as Baker Accounting.  Using bespoke forecasting software can eradicate common spreadsheet errors that can occur.

With over ten years of accounting experience, the team at Baker Accounting offer a range of in depth services, including business coaching and advisory. We help out a lot of clients looking to borrow funds from the bank or purchasing a business. The banks are requiring 3 way forecasts which include Profit and loss, Cash flow and Balance sheet. This is a real specialty area for the team at Baker Accounting.

If you're looking for a hand with your cash flow forecasting or need some general business advice, you can contact Baker Accounting by using our online form, emailing hamish@bakeraccounting.co.nz or calling 021 050 97 42. 


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Cash flow forecasting is an essential business tool that shouldn't be overlooked. Whether you're considering expanding, buying a new asset, or simply want to get an idea of your business's future financial state—doing a cash flow forecast can help you make informed business decisions and avoid unnecessary financial challenges.

How to Forecast Cash Flow? 

## Helping you build a stronger business
Construction and trades can be a demanding industry, especially in New Zealand. Amongst all the tax requirements, you also have to navigate accrual accounting, profitability assessments, cash flow planning and much more. Let Baker Accounting keep your back office running while you focus on keeping this crucial industry going.
The Baker Accounting team are your experts for accounting services in the construction and trades industry. Our intimate understanding of the construction and trades industry and its unique challenges mean we’re prepared to help you — no matter what the season throws your way.

## Accounting for construction and trades businesses
There’s a lot to stay on top of as a construction or trades business — compliance requirements are just the tip of the iceberg. There are enough demands in your day-to-day operations without having to stress about tax, profitability and cash flow.
With all the complex challenges of running a construction or trades business comes the need for professional accounting support. At Baker Accounting, we can provide you with a full range of services to take the pressure off your team, improve the competitive position of your business and make sure your business is earning what it deserves.

Our services for construction and trades businesses include:
- Business structuring and set-up advice
- Construction industry financial management
- Accounting for retention in construction contracts
- Cash flow strategies and contingencies
- Planning and forecasting
- Multi-level profitability assessment
- Revenue recognition
- Tax planning

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## Revenue recognition for construction and trades
In many industries, but especially construction and trades, the timing of when revenue and expenses are recorded is crucial. Recording revenue and expenses in the wrong period makes tracking your profitability a significant challenge. To rectify this, we employ the revenue recognition principle. 

We ensure that revenue is recognised in the period that it is realised and earned (i.e. when you complete the work) and not when the payment is received. We match expenses incurred to complete the work, in the same period as the revenue. This is the fundamental accounting principle of matching revenue and expenses. Often clients can have different payment terms and cycles, so this accrual accounting is important to maintain a true and accurate picture of your profitability and margins.

## Granular profitability assessment
Accurate business planning requires seeing how you’re performing at every level, and evaluating which activities and clients are worth your time. The team at Baker Accounting can generate a granular profitability assessment to provide key insights for your operations.

We can give you insight into your business profitability at a total level, or break it down to view profits by work type, labour and materials, customers, and by project. With a granular profitability assessment for your construction and trades business, you can better identify which projects, clients and types of work are valuable to you, where leakages are occurring and what your real profit margins are.

## Cash flow planning for trades businesses
Many construction and trades companies have cash flow issues. It’s simply the nature of the industry. But these challenges don’t have to impact your business in any meaningful way. Once you’re aware of the problem, it becomes much easier to plan for consistent cash flow and to put contingencies in place ie. bank facilities.

At Baker Accounting, we work closely with business bankers to have bridging facilities in place to meet cash flow demands for our clients. We will forecast your cash flow accurately and provide thorough planning to ensure any fluctuations aren’t causing you undue stress.

## Get specialist construction and trades accounting services with Baker
The Baker Accounting team knows the unique challenges that businesses in the construction and trades industry face. We understand your business and its hurdles and bring that intimate understanding into the work we do. We’re not here to count beans but to take your construction and trades company to the next level and help you achieve your goals.

[Get in touch with Baker Accounting today](https://bakeraccounting.co.nz/contact) for a no-obligation chat about your construction and trades accounting needs.


Construction and Trades

## FAQS

### What does a business advisor do?
A business advisor becomes a trusted on-call member of your corporate team. Baker Accounting will work alongside you to plan and grow.  **Your dedicated business advisory accountant is similar to a virtual chief financial officer – but at much less cost!** 

You gain the benefit of an advisor’s experience, knowledge and dependable accounting systems at all levels of small company operation.

### What are examples of advisory services?
An advisor can help you set up a new business, creating the framework that will provide optimum support for your enterprise.  **As new or established small companies grow we provide accounting and tax planning, identify financial needs and offer assistance with funding, financial due diligence and reporting.**

### What is the meaning of management advisory services?
You know what you want and hope to do with your business endeavours.  A management advisor works alongside you and your partners or staff to deliver on your vision.  **Advice is tailored to the size, nature and growth opportunities of your business.**

We can help you from set-up through to business maturity.  And beyond:  potential acquisitions or mergers, business valuations, succession planning, restructuring to meet expansion or new directions.

## Build your existing business or start a new enterprise with the right business advice

Baker Accounting provides comprehensive business advisory services based on your specific requirements and our professional experience.

Everyone needs specialist advice to help structure and operate a business efficiently and profitably.  We work with you to identify and clarify your goals, turning ideas into reality thanks to sound business techniques and proven support systems.

Seeking advice is not a weakness – it is essential for success.

A professional advisor is your partner, acting as a mentor you can trust and rely on to strengthen your business and meet your goals. We will help you surpass your initial goals and set new targets.  Advice is dynamic, evolving to match phases of business development.

**Our advice is entirely confidential.  It can range from the basics through to specialised ongoing support services.  You choose the level of assistance best suited to you and your company.  **


Business advisory

## FAQS

### Is yacht salary tax-free for New Zealanders?
Whether you need to pay tax in NZ depends on the number of days in a year you are in the country and where your ‘permanent place of residence’ is. IRD regulations classify you as a non-resident for tax purposes if you spend over 325 days outside of NZ in any 12-month period.

IRD will also classify you as a non-resident if you don’t have an ‘enduring relationship’ with NZ.

### What’s an enduring relationship with New Zealand?
We can work through this with you when planning your strategy. **Among things to consider are how often you return to New Zealand, whether you hold residential property in NZ, family and social connections, any economic interests such as investments you have here, local employment or business connections and whether you intend to return here to live.**

### Do I need to settle my non-residency status before leaving NZ?
Inland Revenue allows backdating to the first of the 325 days.  These do not need to follow each other.  We’ll help you understand and comply with this.


## Super yacht crewing is a mighty adventure, but what about paying tax?

**Accurate tax advice on crewing super yachts is vital.  Baker Accounting offers specialised tax counselling **for anyone currently crewing a yacht overseas or planning to set off on this great adventure.

Many hundreds of New Zealanders take up yachting jobs around the world every year.  These range from deckhands to licensed captains as well as roles such as chefs or stewards.  Opportunities abound.  Some estimates have put global super yacht crewing at 35-40,000 overall.

Kiwis benefit from being known as a maritime nation.  And New Zealand crew have a good reputation worldwide for dependability, respect and willingness to work hard.

It’s a wonderful adventure and can become a long-term career.  Most of the jobs pay well and the benefits are many: travelling the world, leisure activities, no rent, great food.

**Whether you’re taxed in New Zealand depends on your tax residency status.  Baker Accounting can explain this clearly and work out a strategy to ensure your compliance.  **

This will avoid later worries, especially if your funds have been depleted by partying and on-shore touring!


Super Yacht Tax Advice

## FAQS

### How can a business coach help me from Day 1?
The first step includes laying a foundation in the form of optimum financial reporting systems.  From that, we jointly develop a business plan that features a profit and loss forecast.  This creates a reference point for business review meetings.  This drives action and accountability from day one.

### What happens in coaching sessions?
We review the business plan, looking at wins, losses, opportunities, threats and other relevant matters that have arisen in the past quarter.  Is time being utilised appropriately and are you heading in the right direction? Identifying problems or missed opportunities enables transformation from negative to positive.  

We address the issues and agree on what is most pressing.  Then we set priorities in an action plan for the next business period.

### Why does an accountant make a great coach?
There’s a popular cliché that accounting is more than ‘just’ numbers.  It’s true.  **A Chartered Accountancy firm offers a broad portfolio of support based not only on technical knowledge but also on the wide-ranging experience gained in working intimately with clients in many fields.**

Accountants deal with facts but we also encourage aspirations and vision.  We help you look at yourself and progress firmly along the pathway to success.


## Business coaching is essential for a business as well as for personal development

Having a business coach work with you to set goals, monitor progress and review what your business is doing is invaluable.  It’s rather like a quarterly doctor’s visit, checking your health and setting you firmly on an achievement pathway for the months and years ahead.

A coach looks after your ongoing corporate welfare.  This also includes positive personal development and team progress.

Baker Accounting takes a lot of pride in our reputation for effective business coaching.  We add solid value for clients.  It’s a personalised building block for business productivity, profitability and growth.

There’s nothing vague about business coaching.  Nor is it a magic wand.  But an effective coaching program that will deliver substantial, real benefits.

## Here's how our business coaching services work

**Step 1:** We set up the best financial reporting systems, at a minimum this would include Xero. [See our Xero Set Up service](https://bakeraccounting.co.nz/service/xero-set-up)

**Step 2: **We will work with you to prepare a profit and loss forecast. This operates as a reference point for our business review meetings.

**Step 3:** At our **monthly or quarterly** meetings, we review the directors’ report (wins, losses, opportunities and threats) and address any issues. We agree on what’s most pressing and set action items and priorities for the next business period.

**This system drives action and accountability** for our clients, to improve business performance. **We can tailor a service that will cater to your needs **(no matter where you are in your business life cycle).


Business coaching

## When performing financial due diligence, we’ll generally look at:

- Financial statements
- Income tax returns
- GST returns
- Payroll reports
- Sales information
- Stock and work in progress
- Fixed assets
- Board minutes
- Forecasts (Profit and loss, cash flow and balance sheet)
- Business plans and strategy documents
- Organisation structure

In examining these documents, we’ll confirm whether the financial information provided is a true and accurate representation of the business. 


## Buying a business? Go in with confidence.

When buying a business, it’s important to conduct a financial due diligence to ensure the acquisition fits in well with your overall objectives and is priced fairly. By not conducting financial due diligence, you may not have identified the key financial risks of the target, the core profitability, the working capital and cash flow requirements, the capital investment, the price of the business and whether it fits into your financial strategy. We will be able to clarify this with you.  
Baker Accounting is your specialist in financial due diligence for business acquisitions. We have a proven track record conducting due diligence for the purchase of $2 - $10 million businesses and are a trusted referral partner with one of NZ’s premier Business brokerages specialising in selling high value businesses.

## What is financial due diligence? What’s included?
Financial due diligence is the process of assessing the financial performance and position of a business before the sale or purchase. Every part of a business’s finances needs to be put under a microscope to determine if the business is presented fairly and accurately in the Information Memorandum and Financial Statements provided by the vendor. We’ll look at the business’s historical and current performance to forecast future returns and highlight any potential risks.

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## Buy-side financial due diligence

Today, banks will almost always require an integrated forecast before they approve a loan for purchasing a business. This includes Profit and Loss, Balance Sheet and Cash Flow. The bank needs to see these as an integrated forecast to stress test the business and approve the loan according to prudential regulations.

When we conduct your financial due diligence, we’ll help you answer key questions and understand the outlook of your purchase. Such questions include:

- What salary will the business pay you?
- What kind of return on investment will the business provide?
- Are the financial documents provided true and accurate?
- How long will it take you to pay off the loan?
- What kind of cash flow should you expect?

Most importantly, we want to help you understand whether or not the business you’re looking to buy can be successful, and what it will take for that to happen, so you can take your next step with confidence.

## Buy confidently with Baker Accounting
The team at Baker Accounting are experts in merger and acquisition activity. We have a proven track record in conducting financial due diligence upon a range of business sizes and verticals. 

[Get in touch with Baker Accounting today ](https://bakeraccounting.co.nz/contact)for a no-obligation chat about your financial due diligence needs. We can work together to understand the business you’re looking to buy and help you create a plan to ensure the best value outcome.

Financial Due Diligence

## FAQS

### What questions should I ask my tax professional?

An explanation of what taxes your company must pay and when, should be matched by advice on keeping payments to the legislated minimum.  You also need to understand reporting requirements, notably for GST and annual returns.  Your accountant becomes a trusted advisor, always willing to explain.

### Why is accounting important for taxes?

Accuracy is the key to meeting tax payments and reporting requirements.  Xero-based accounting systems deliver timely and accurate financial information. A Chartered Accountant such as Baker can build on this with a comprehensive range of business advisory and coaching services.

### How is tax and accounting related?

Paying tax efficiently is part of keeping your business healthy, productive and in good stead with the regulatory authorities.  Complementing this are financial planning, strategic decision making, a program of review and assessment and the other building blocks that make up a successful business. 
Professional accounting services underlie and strengthen your daily activities as a business owner.  


## Timely and accurate accounting and tax services

The availability of dependable financial information is vital to the success of any business.  So too is compliance with the laws covering your obligations to Inland Revenue and the Companies Office.

Meeting these obligations doesn’t need to be difficult if you seek the advice and practical assistance of a Chartered Accountant.

Paying taxes is a necessary part of a business. **Baker Accounting can ensure you pay what is essential but no more than you need to.  **

We understand New Zealand taxation law and are familiar with the way Inland Revenue deals with its complexities.

**We can ensure you aren’t hit by avoidable fees for late or underpayment.**

### How does it work?

Xero software provides the foundation for our interaction on your behalf with Inland Revenue and banks.  We also work with you to meet reporting requirements to the Companies Office and sometimes other public agencies.

You can feel comfortable that you’re meeting all requirements whilst maximising your tax benefits.

Accounting and tax

## FAQS

### How do I set up an account in Xero?
The optimum pathway to success with Xero is to have a Xero champion like Baker Accounting work alongside you from the start.  Together we determine your requirements and decide on the structure of your Xero support that’s unique to your needs.  
And we stay with you in the Xero system as your trusted advisor. See more information about our [Business Advisory service.](https://bakeraccounting.co.nz/service/business-advisory-services)

### What can Xero do for me?
Xero allows you to work from anywhere at any time.  Documents are stored online for quick access.  You can capture bills and receipts via desktop or scan from your mobile.  Send invoices online as soon as the work is done, using intuitive invoicing software. 
Bank reconciliation becomes simple – keep your financials up to date. ** Baker Accounting’s bank accreditation via Xero allows you to set up bank feeds, access loans and streamline payments.**

### Can Xero help with my tax obligations?
Prepare accurate GST returns automatically and file GST securely online from Xero to Inland Revenue.  Xero’s tax services capability is a prime strength.


## Baker Accounting is a Xero Gold Partner offering services for setup, implementation, training, reporting and bookkeeping.

Describing Xero as ‘beautiful online accounting software for small businesses’ is more than a marketing claim. ** It’s easy to use, dependable, grows and adapts with you.**

**Xero was developed specifically for small businesses.  **Working with clients and their accountants, the Xero team has created a large and flexible portfolio of applications which deliver on flexibility and dependability.

Developed here in New Zealand, it’s now a major global services provider with a mighty reputation and millions of users.  That’s because it meets the varied requirements of small business owners.

This cloud-based accounting software not only helps grow your business but grows with it. You can add further apps and tailor Xero services throughout your business cycle.

**Baker Accounting is a Xero champion. That status has to be earned and maintained through training and ongoing education.  We believe in Xero and share its advantages daily with our clients.**


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Covid-19 Business Tips

Hamish Baker

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How to Forecast Cash Flow?

Hamish baker

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