A recent survey showed that 93% of respondents believed changes made by the Government had increased their cost of doing business . And rising costs can have a significant impact on your cashflow and bottom line. So, what can you do to minimise the impact of sky-rocketing costs in your business? Seven ways to cutting your expenses and boosting your revenue When costs are rising and profit margins are falling, that’s bad news for the financial health of your business. But there are ways to combat this scenario. In short, you have two main tactics to kick into gear. You can either look at cost-cutting across all your operating expenses, or you can find ways to sympathetically boost your revenue . Strategies for cost reduction: Streamline your operations - Look for any inefficiencies and find ways to streamline your processes and reduce the underlying costs. You can also use technology to automate key functions to add efficiency and reduce your underlying costs. Negotiate with suppliers - Revisit your existing contracts with suppliers and negotiate better terms, while also being mindful of the suppliers own cashflow pressures. Looking for alternative suppliers or finding cost efficiencies by purchasing in bulk. Reduce your energy consumption - Putting energy-saving measures in place, like LED lighting and energy-efficient equipment, is a move towards good sustainability, but can also help you save money. Considering renewable energy options can also help. Manage inventory effectively - Keeping your inventory lean is a good way to optimise inventory levels and minimise your holding costs. Implementing a just-in-time inventory management cuts costs while keeping you ready to service customer needs. Strategies for increasing revenue: Expand your customer base - A broader customer base helps to bring in more sales and revenue. Explore the potential for entering new markets or customer segments, and boost ecommerce and digital marketing to sell more online. Raise your prices strategically - Think about the demand for your products/services in the market and revise your pricing to keep it competitive. Be sure to communicate any price increases sympathetically to customers, so you don’t damage customer loyalty. Introduce new products or services - If your current products/services are not selling, it could be time to diversify your offering to meet changing customer needs. Make the most of your existing resources and expertise to bring new products to market. There’s no magic wand that can make the current economic pressures disappear. But by being proactive about your cost-reduction and revenue-generation, you can do your best to protect your business from the worst elements of increasing costs and an uncertain market. We can help you review your current financial and business strategies to look for the best possible opportunities, whether it’s better cashflow management, cost-cutting or revenue generation. Together, we’ll identify actionable solutions to drive sustainable growth and maximise your profitability. Give us a call today on 04 970 1182.

Have you tried out Xero's new AI-generated answers in the help menu? Now, when you're working in Xero and ask for help, you'll receive an AI-generated answer along with a list of other relevant content articles. This provides a fast, straightforward response with links to the source material and additional details if necessary. The answer takes into account what page you’re viewing, and the version of Xero you use, to make sure that the information provided is relevant to you. This means you spend less time searching and more time focusing on what matters most – managing your finances seamlessly. To access the help menu, simply click on the question mark icon located on the far right of your toolbar.

View our November / Early December 2024 General Ledger: - Key Ways to Overcome Rising Costs and Expenses - Important Notices - Financial Preparations for the Holidays - Xero Tip of the Month: Unlock Faster Support With AI-Generated Answers in the Help Menu - Changes to the Retirement Date of Xero Classic Invoicing - Welcome to the Team: Harpreet & Gurpreet - Tax Question of the Month: What is the cost base for depreciable assets when a look-through company reverts to being an ordinary company? - IRD Upcoming Tax Payment Dates https://public2.bomamarketing.com/email/0dJN

As noted in our August General Ledger, classic invoicing in Xero was initially set to retire this month. However, recognising the busy period ahead, Xero has decided to extend the availability of classic invoicing until 27 February 2025, ensuring a smoother transition for everyone. With the introduction of the new invoicing system, there will be updated workflows to learn. To help you get up to speed, Xero’s new invoicing education hub is the ideal resource to guide you through the process. To access this resource, visit the link below: https://learning.central.xero.com/student/activity/3482 ?

Seeking an easy-to-use cloud-based payroll solution? PaySauce is the innovative answer to all your payroll needs. Designed for New Zealand businesses, it seamlessly integrates with all major NZ banks and the Inland Revenue department, so all PAYE obligations i.e. salary/wage and tax payments, as well as tax return filings, are all part of the package – providing you with a complete end-to-end solution. As a special promotion for new customer sign-ups, PaySauce is reducing the prices of their Standard and Premium plans for new accounts by 25% until the 31 January 2025, with the 25% discount applied through to 30th September 2025 for our clients! PaySauce operates on a flexible subscription model with monthly payments, allowing you to cancel at any time without long-term commitments. What's more, transitioning from another payroll provider to PaySauce is a breeze and won't cost you a thing. Interested in learning more about PaySauce? Check them out here: https://www.paysauce.com/

When guests come to your hotel or motel, they want to feel that you genuinely care about their stay. The best way to show this is by tailoring the guest experience to their individual needs. People from all walks of life may pass through your doors, and each one will want to feel like the most important guest. There are many ways to personalise guest experiences, but the only caveat is that it can get costly. Whatever you do to personalise the experience, you can’t afford to do it at the expense of profitability. That’s where the team at All Accounted For comes in. After reviewing your finances, we’ll help you find cost-effective ways to personalise the guest experience. With our help, any new services you introduce will only strengthen your bottom line. Interested in learning more? Contact us at 04 970 1182, and let’s explore how we can drive your business toward greater success.

One of the most significant upgrades you can make for work efficiency is your screen setup. Xero bookkeeping and accounting are doable on a single screen, but tasks become much easier when you try out the dual-screen setup. Using two monitors instead of one while using Xero can increase your productivity exponentially. You can have your accounting documents up on one monitor, and have Xero running on another. By working on both monitors at the same time, you will no longer have to tab in and out of applications to check reports and budgets, as you can now simply glance over to the other monitor to check instead. Dual screen setups are becoming increasingly common in many workplaces as it gives the user a greater amount of screen space to work with, which can lead to an increase in productivity and prevent their desktop from becoming cluttered with windows and instances of other software. 

View our October 2024 General Ledger: - 5 Ways to Reduce Your Stress as a Business Owner - Important Notices - Following up on Invoice Payment in a Down Economy - Xero Tip of the Month: Making the Most of Dual Screens - Audit Shield Insurance - Protect Yourself from a Tax Audit - Tax Question of the Month: Offset of Bright-Line Profit Against Bright-Line Loss - Welcome to the Team: Chanelle Doole - Farewell to Sarah Toner - IRD Upcoming Tax Payment Dates https://public2.bomamarketing.com/email/LJB0