Sneak Peek at Xero Payroll

As usual the smart cookies at Xero have been head down working hard on rolling out their next project- namely Xero Payroll, brilliant! Here's what Xero has to say...

Xero Payroll is shaping up well and is due for release early next year.

Wages and salaries are the largest expense for many businesses, so sending detailed cost information from a pay run straight into the accounting ledger gives business owners a much better understanding of where the money is flowing. They can then prepare for the deduction of large expenses and the likes of superannuation payments.

This video previews how Xero Payroll will work:



Xero Payroll is ideal for small businesses that still run their payroll manually. With Xero Payroll you create your template payslips to use each week and easily copy previous pay runs for faster processing where the amounts don’t vary much. We’ve introduced a ‘payroll admin’ user, so only people with this access can see the detail of a pay run anywhere in Xero, and there’s also a new employee contact for pay transactions.

Xero Payroll complements our existing payroll partners who take the payroll process a few steps further to include automated tax calculations, leave accrual and other payroll specific functions. Over time we envisage these partners will continue to build out on Xero’s core payroll features and provide other valuable services such as self-managed employee kiosks.

See a full list of our payroll solution providers here.

Xero Payroll is included free in our business editions, and users of the Xero Small plan will be delighted to know that invoices created by our payroll function, to post amounts into the ledger, won’t affect invoice limits each month.

Managing payroll is a big chore so we want as many people as possible to get off manual systems.

Stay tuned for this release in 2011.

Merry Christmas!

Wishing you all a very safe and fun Christmas from the Findlay and Co team. Take care on the roads and make sure you eat, drink and be merry!

Egg Nog

Now we know that Egg Nog isn't really a Kiwi thing but give this a whirl it is delicious!! And if it's a no go, maybe just crack a Speights.

Ingredients

6 cups of unsweetened vanilla almond milk or vanilla soya milk

3/4 cup egg whites + 1 whole egg, beaten

2 Tablespoons of agave nectar or Sucanat1 teaspoon of vanilla extract

1 ½ teaspoons rum extractPinch of sea salt, ground cinnamon and nutmeg

Directions:In a medium saucepan heat the almond milk, eggs andagave/ Sucanat(cane sugar). Bring to a boil and allowto simmer continually stiring and allow to thicken forabout 5 minutes.Stir in the vanilla, rum, sea salt and spices.Remove from heat. Refrigerate and serve in a lovelyglass and sprinkle with an extra pinch of cinnamon and nutmeg.

Enjoy!

Thanks to livethemsartway.com for the recipe!

Festival of Colour Volunteers

The Festival of Colour will be gracing our shores again in Twenty Eleven from 12-17 April. The team in charge are look for 50 special volunteers to help out over the festival. Drop them a line at info@festivalofcolour.co.nz

The line up is under wraps until February 11th and tickets go on sale on the 21st of February. Put this date in your diary to be part of the fun and we can look forward to all sorts of fun mid April...exciting!

Get Your Good Deed Done Early 2011

Have you signed up to be one of the Locations Volunteer Crew for Challenge Wanaka early January? You could get all your good deeds out the way early in the year!

The 2011 Challenge is on January 15th and you can sign up to be part of the day here.

With race entries now closed, it' going to be a record year for Challenge Wanaka with 1,200 set to take on the world's most scenic iron distance triathlon. With athletes hailing from all corners of the globe and including some of the sports most respected names, race day promises to be memorable!

So get on board, sign up to help today!

Sorted

Have you checked out Sorted yet?

Sorted is New Zealand's free independent money guide, run by the Retirement Commission. It is full of calculators and information to help you manage your finances throughout your life.

The site offers advice suited to the stage of life you are in and has specific plans to help you map and achieve your goals. There are calculators for savings, paying off debt, plan for retirement, mortgage repayments and more. It is a handy little tool with a cute little mouse for a guide!

These basics will see you setting some goals, make a budget and start saving, all good New Years resolutions!

We would like to propose a toast!

There is always something to smile about!

1. According to the new Global Peace Index (GPI), New Zealand tops the list of countries that are the safest in the world.
2. According to the just released Human Development Report released by the UN, New Zealand is the third best country to live in the world, climbing 17 places in this year’s index.
3. According to the IFC and World Bank, among 183 economies, New Zealand is in the top 3 for ease of doing business for local firms.
4. Australia and New Zealand shared first place, in a first-of-its-kind survey ranking 153 nations on the willingness of their citizens to donate time and money to charity. China ranked near the bottom, barely higher than last-place Madagascar.
5. And if that doesn’t put a smile on your face, the world recession has created an oversupply of bubbly from France. Retailers are waging a ’champagne war’, with prices for Moët slumping by almost 30%!

Cheers to that!

BNZ Money Map-Santas Little Helper

We love tools that help things to run smoothly!! Have you seen the BNZ Money Map?? This sharp little tool is designed to help you to manage your money - savings and spending!

Ahem, does it look a little familiar...yeah our Xero friends have teamed up with our BNZ friends to roll out this little number.

Got questions? Click here to read some things that are commonly asked. All in all great minds think alike and any inexpensive little helper is perfect for watching your pennies over Christmas. Cool!

Bye Bye Gift Duty

On 1 November the Government announced that it will abolish gift duty with effect from 1 October next year. This decision seems quite a sensible one. Gift duty raises a paltry $2.2M each year for Government, when in fact it collectively costs trusts around $70M per annum to file gift duty statements, most of which result in no gift duty needing to be paid. At last, some simplification!

It’s natural to be concerned that the removal of gift duty creates an ‘open slather’ environment, encouraging people to hide assets in trusts to avoid creditors. Not so, says the Government, who suggest that there is plenty of protection in the Insolvency Act to safeguard creditors. The abolition of gift duty will be included in legislation to be introduced in November 2010 and will be effective from 1 October 2011.

Mark Magill Mortgage Man!

The Findlay and Co Queenstown crew have settled nicely onto their office in Terrace Junction. We have found ourselves amongst like-minded business owners who are also looking to help their customers succeed. Mark Magill from Mike Pero Mortgages is a prime example!

Mark originally hails from Canada. He has been lucky enough to marry a Kiwi lass and lives in Wanaka with his young family. Mark balances his career as a top ranking Ski Instructor with full time Mortgage Broking action. The business is built on giving holistic advice that is current and tailored to each client...that goes for both skiing and finance!

We are in a climate where seeking good advice is key, especially around finance. Mark is able to offer independent advice that is objective and straight up. So if you just need to chat over your existing mortgage or are considering a new one (in this buyers market) give Mark a call and chat through your plans.

A little bit of independent advice goes along way!

Christmas Drinks and Closed Dates

On 16th December from 4.30 we are shouting Christmas drinks to say thank you to our valued clients. Please join us to toast to summer and a New Year approaching.

Our closed dates over the festive season will be from 5pm 23rd December and we are back on deck January 17th 2011.

We look forward to seeing you for a drink mid December.

So much to do!

Summer in the Southern Lakes is awesome! It doesn't matter what you are into, you can find it happening here. But the key is to keep a beady eye out so that you don't miss out!

One to mark in the 'Fun Diary' is Waitangi Weekend, Shotover Sunshine Festival. Lots of great bands, Fat Freddys Drop, Hollie Smith, Shapeshifter, Ladi 6, Opensouls and more. Check it out here.

To keep your finger on the pulse check www.summerdaze.co.nz and go get amongst it!

Statements - Getting the Axe!

Feedback from our clients has been "no, thanks, we are happy without them". So, we are giving the axe to sending out monthly statements!

So unless your account is overdue (which is when we will send a sneaky reminder) or if you really have a burning desire to receive one (please let us know, no worries) this task is officially marked complete.

We hope you are happy with one less piece of mail in the mailbox or inbox.

Financial Snapshots

Xero has launched a snappy little function designed to help you keep your personal finances in order. You can choose the information that you would like to be emailed as a wee update to keep you on track with your spending and savings plans. This can be weekly, fortnightly or monthly.

This oughta help you keep yourself in line....brilliant!

Feesmart - 'tis Smart!

Feemart is a way to pay your professional fees that allows you to budget on a monthly basis and manage cashflow wisely. You can choose a six or twelve month payment plan and set up simple through us here at Findco. So, although you may have the capacity to pay in a lump sum you may want to save lines of credit, overdrafts or cash for other uses, Feesmart is a perfect solution.

Check it out here!

My Tour- iphone Application

Next time you are in a strange city or even your own town consider your creating your own personal tour! You can turn your city walks, museum visits and audio tours into an iphone application. Upload to sell on itunes or give it away for free. Fun!

Check out My Tours for details...and in the meantime if you are looking for a Wanaka Happy Hour in grab this app for about a dollar from Berzerk. Good to know....

Blogging and loving it!

After 9 months of dedicated blogging and tweeting we are seeing some cool results and we are stoked! Our trusty social media coach Jamie Roy has held our hand throughout the initial stages and helped us get things underway.

Social media sites Facebook, Twitter and this super duper blogging platform Blogger have proven to be fun communication tools. We follow Xero, Ben Kepes (a blogger on trends in innovation, technology and business strategies) and of course the trusty Wanaka and Queenstown business community.

If you havent already we suggest you get amongst it. Let us know if you need a hand and we can get you Mr Roys number!

Follow us on Facebook here or Twitter here, or call us on Skype today!

Mental Rental Properties!

As rental property rules change we want to make sure you are kept up to date. We have popped it all in one easy place for you to download or pass on to your mates.

The local real estate agents, mortgage brokers and Investor Associations are loving it!

Grab your copy here!

Use Paper Less!

At Findlay and Co we are paperless!

Our staff all work on two monitors to save printing, we scan and save all documents instead of copying and we think before we print!

You may have noticed we now email all invoices and statements out, which should make this easier for you to file.

This has meant we don't have oodles of filing cabinets, shelves or storage. It is all stored digitally and is double backed up. Clever and simple...

Thinking about going to Xero?

Take a quick squizz at this mini intro then try Xero for free!

It's what the world is talking about!

Trusts, they are a changing...

For those Mums and Dads out there with trusts, it seems an imminent overhaul of the current trust regulation is on the horizon. This may result in the development of the administration, compliance and regulation rules being tweaked to match those that currently govern companies. A paper due to be released next month by the Law Commission may review compliance procedures to include ‘fun and games’ like a trust register and the introduction of an ombudsman (paid for by trust levies). It is expected to outline a detailed statute of trust duties and steps that may make it easier for beneficiaries to remove non-performing trustees. It may be meaty and it may be hard to swallow.

Dot your I’s

Like its older wise cousin, the Companies Act, non-compliance of the ensuing Trust Statute could result in more than a slap on the hand for Mum and Dad trustees. More seriously, failing to carry out the duties may actually result in civil or criminal penalties. Once this new piece of legislation is detailed, more than 500,000 trusts in New Zealand will need to have a structure in place to ensure the power of the trustees and beneficiaries and the assets within it (which the Trust set out to protect in the first place) are protected.

Trust Us

Some of the nitty gritty we expect to be required is around the collection and upkeep of the correct documentation of annual gifting of settlors loans, the trust minutes, ensuring lease documentation is on file and up to date, clear documentation of the settlors wishes and intentions for the trust and a record of all Trustees, beneficiaries, gifts and events. Sound like fun? We will be keeping our ears to the ground on this one to be up to date and on top of the changes for our clients.

Audit anyone?

If your business got the proverbial 'call to the principals office' would it be in good shape for an IRD audit?

Word on the street is that the Inland Revenue is changing gear and investing a further $119 million to investigate the so called 'hidden cash economy'.

They are being open about the methods that they will use to begin the crack down and we will keep you up to date and informed. If you have any concerns or queries, don't forget we are here to help.

Why the Long Face?

Aaaah, yes the bets are going on as the team at Findlay and Co get on their marks and set to go to Wanaka Station Park for an afternoon together in the sun. Just a mini break in preparation to watch the racing of the Melbourne Cup.

A little time out together to enjoy the sunshine and bet on the GG's, it has to be done really!

Our Friends at Challenge Wanaka

You've probably noticed an increase in the folks running and cycling about the place lately - the town has gone Challenge crazy! You probably even know someone who has caught the bug and entered!

Here at Findlay and Co our crew is fairly involved. We have had staff enter in the past, we volunteer on the big day, we are part of the sponsorship team and Scott sits on the board as a Trustee. Victoria and the team at Evenz who put this mammoth event together do an amazing job and we encourage you to get involved.

Should you like to explore the opportunities available to showcase your business at the event please touch base. There is a huge opportunity to raise the profile of your business in front of the Wanaka community, competitors and their support groups. Participants in the event are like-minded, driven and successful individuals attracted to Wanaka for more reasons than to bust a gut at Ironman. To be involved and associated with an event such as this is exciting and fun.

We will be there with bells on!

Its a Long Way to the Shop if you Wanna a Sauage Roll

This Friday we are teaming up with BNZ to put on a free sausage sizzle down at Glenda Drive.

Around lunchtime we will put another sanga on the barby for ya mate!

Come join us, bring your business cards and go in the draw to win a box of beers....simple as that!

When : Lunchtime Friday the First of October
Where: Glenda Drive Queenstown, look for the flags
What: Sausage Sizzle
Win: Box of beers
Who: You, Findlay & Co, BNZ

See you there!

Marketing and Sales

Some clients may experience a spike in sales prior to 1 October. This was the case for many businesses back in 1989 in advance of the GST rate increasing from 10% to 12.5%.

Conversely, demand may subsequently dip past 1 October.

Businesses need to plan how they can maximize their sales between now and October, possibly even by invoicing customers in advance to accelerate the time of supply so that the 12.5% rate applies rather than the 15% rate.

What to do When IRD Taps you on the Shoulder

Wayne was recently interviewed by Diana Clement from the New Zealand Property Investor Magazine regarding what to do when the Inland Revenue uses the A word....Audit!!

We have attached the article for you to take a read....please enjoy!

When You Need to Make the GST Rate Adjustment

The GST rate change adjustment will ensure goods and services bought or sold on or before 30 September 2010 are charged and claimed at the rate of 12.5%.

You need to make the adjustment if you use the:

• payments or the hybrid basis to account for GST
• invoice basis and have purchased secondhand goods from a non-GST-registered person for your business.

You'll need to make an adjustment if you have income and expenses from before 1 October 2010 and invoices were issued and GST charged at 12.5%, but you have not received or made any payments.

If you make a sale on or before 30 September 2010 when you use the payments accounting basis

You'll charge your customer 12.5% GST.

If you receive the payment on or after 1 October you'll account for it in a later GST return at 15%. This means you'll pay 2.5% more GST than you receive.

We'll give you a 2.5% credit on your GST rate change adjustment that you'll complete as part of your GST return that includes 30 September 2010.

If you make a purchase on or before 30 September 2010 when you use the payments or hybrid accounting basis

You'll be charged 12.5% GST.

If you make the payment on or after 1 October you'll account for it in a later GST return at 15%. This means you'll have accounted for 2.5% more GST than you've paid.

You'll need to pay us 2.5% on your GST rate change adjustment that you'll complete as part of your GST return that covers 30 September 2010.

The adjustment will allow you to calculate the correct amount of GST so the correct amount is returned.

If you make a purchase of secondhand goods on or before 30 September 2010 using the invoice accounting basis

You'll be charged 12.5% GST.

You'll only need to make the adjustment if you have purchased secondhand goods from a non-GST-registered person for your business.

If you make the payment on or after 1 October you'll account for it in a later GST return at 15%. This means you'll have accounted for 2.5% more GST than you've paid.

You'll need to pay us 2.5% on your GST rate change adjustment that you'll complete as part of your GST return that covers 30 September 2010.

The adjustment will allow you to calculate the correct amount of GST so the correct amount is returned.

Rob Fyfe for President!!

Such a great way to promote our town!

Time of Supply Rules and GST on Imports

When there is a GST rate change (in this case from 12.5% to 15%) the general time of supply rule applies for most transactions. This means that a supply is considered to take place at either:

• the time an invoice is issued, or
• the time any payment is received by the supplier

depending on which happens first.

GST on imports

GST on imports is affected by the increase in GST.