Biz Whiz Advisors

“Meet Prince Mohammed, the meticulous assistant accountant at Biz Whiz Business Advisors! 👨‍💼 Balancing numbers with finesse and precision to drive financial success 💰📊 ✨👔. Check out our website bizwhiz.co.nz or phone
☎️ Ph: 021 786 138

Director Varun Arora: A passionate traveler and dedicated supporter of entrepreneurs, blending a global perspective with entrepreneurial zeal. Check out our website bizwhiz.co.nz or phone
☎️ Ph: 021 786 138

Here are three top tips you can do to save yourself time. 1. Automate the scanning and digitisation of your expenses and receipts 2. Automatically reconcile your bank transactions with your invoices and bills. 3. Connect your accounts to other time-saving apps for mileage claims or staff expenses… stay tuned more tips coming.
Don’t wait, call today! 💪📞

📍 Location: E3, 123 Ormiston Road, Botany Junction, Flat Bush, Auckland
📞 Call us at 021 786 138 or 021 036 3043
📆 bizwhiz.co.nz

How does BizWhiz analyse my finances?

We understand the basics of your business first and then we tailor solutions to each individual’s unique needs, prioritizing personalized outcomes over generic offerings.
Don’t wait, call today! 💪📞

📍 Location: E3, 123 Ormiston Road, Botany Junction, Flat Bush, Auckland
📞 Call us at 021 786 138 or 021 036 3043
📆 bizwhiz.co.nz

Implement real time tools to help you with the cash flow. There are plenty of xero and its addons that help you to monitor your cash flow. You should take help of all the tools that are available in this space and you would be surprised with how effectively these tools can help you manage your cash flow.
Set aside a contingency fund to cover unexpected expenses or periods of reduced cash flow. Having a financial buffer can help your business weather unforeseen challenges without compromising operations. As a rule of thumb you should at least have 3 months of your operating expenses saved in your savings account of the business.

Don’t wait, call today! 💪📞

📍 Location: E3, 123 Ormiston Road, Botany Junction, Flat Bush, Auckland
📞 Call us at 021 786 138 or 021 036 3043
📆 bizwhiz.co.nz

Tax Compliance: What are some basic New Zealand tax laws and regulations:- goods and services tax (GST), income tax, and payroll [f]
Anyone who provides lodging or ride-sharing services through an online marketplace in New Zealand, such as Airbnb or Uber, will be affected by new Goods and Services Tax (GST) changes starting from April 1, 2024.
What is the new legislation?
Presently, service providers are exempt from GST if their turnover is below the $60,000 GST registration threshold. However, the new legislation coming into effect on 1 April 2024 mandates GST on accommodation and transport services facilitated through electronic marketplaces, regardless of the GST registration status of the property owner or driver.
The legislation introduces a new category of services called ‘listed services’, encompassing commercial, short-stay, and visitor accommodations (like Airbnb and Bookabach), as well as ride-share and food/beverage delivery services (such as Uber and Ola).
Under this change, the electronic marketplace is considered the service provider and is obligated to collect and remit 15% GST on all services provided to end-users through their platform.
In summary, GST-registered owners should see no change in their financial situation. Non-registered individuals will need to declare additional income in their tax returns due to the flat-rate credit. This is because they will receive that extra credit in cash, resulting in a net increase in revenue (assuming no changes in sales/bookings

Data is an integral part of analyzing how to effectively run a business. If the chart of accounts are set up correctly, you would be able to categorize to the right accounting head, so that in future you can track your expenses and income correctly. In a way it’s simple, “cash in and cash-out”, which is important, because if you record your accounting data, it will enable your business to be able utilize it to benefit the company in future. Don’t wait, call today! 💪📞

📍 Location: E3, 123 Ormiston Road, Botany Junction, Flat Bush, Auckland
📞 Call us at 021 786 138 or 021 036 3043
📆 bizwhiz.co.nz

Merry Christmas and Happy New Year from team Biz Whiz . We hope you have an amazing 2024. 2023 has been tough for many businesses, but 2024 brings in a ray of hope, that everything will work out when you make sure you set up the Financial GOALS you want you achieve and work towards achieving them.

Top things that should be on your due diligence checklist! If you’d like to know more about this give us a call on
1. Background Check: Research the company's history, management team, and any significant legal or regulatory issues.
2. Financial Statements: Review the company's financial statements, including balance sheets, income statements, and cash flow statements.
3. Legal and Regulatory Compliance: Assess the company's compliance with applicable laws and regulations in its industry.
4. Customer and Supplier Relationships: Analyze the company's relationships with key customers and suppliers, ensuring stability and reliability.
5. Intellectual Property: Review the company's intellectual property portfolio, including patents, trademarks, and copyrights.

Don't wait, call today! 💪📞

📍 Location: E3, 123 Ormiston Road, Botany Junction, Flat Bush, Auckland
📞 Call us at 021 786 138 or 021 036 3043
📆 bizwhiz.co.nz

Brightline test for residential property back to two years, effective from 1 July 2024. Removing this effective capital gains tax means that properties sold after 1 July 2024 will only be subject to the rule if owned for less than two years. Watch the space for Information on this.