Great Rides

Posted by Katie Pinfold at Thursday, June 16, 2022

A few weekends ago a friend and I decided to go up north, hire a couple of e-bikes for two days and do the Twin Coast Cycle Trail.

The trail goes from Opua on the East Coast and ends up at Horeke on the Hokianga Harbour in the West.

A number of our other friends had already done the ride and spoke highly of it.

The thing that impressed me, and impresses me every time I go for a ride like this are the number of small businesses that have sprung up to support the recreational biking community.

Whether it’s bike hire businesses, accommodation providers, restaurants or small cafes, it’s really great to see how small business can thrive, based on this NZ initiative known as “Great Rides”.

On the second day about 2 hours into that days ride, we came down a steep hill to the flats below and there not far from a bubbling stream and beside the track stood a small cabin. Inside the cabin was a farmer serving coffee and homemade muffins and scones. This really was “way out in the sticks” and proved a must stop for many!

No, these are not large businesses, but I love seeing this wonderful entrepreneurial spirit. It’s great!


New Normal

Posted by Katie Pinfold at Wednesday, December 1, 2021

Bet you are looking forward to a holiday break!

It’s great that people will be able to move around more freely than the past few months. Yes, those beaches beckon!

Thinking longer term, perhaps the past two years’ experience is our new normal and we can’t expect the old normal to come back.

New normal means we will all have to adapt to whatever gets thrown at us.

We are pleased the Government has put in place measures to help business such as the wage subsidy and the resurgence support. Also, Activate Tamaki Makaurau has just launched a fund for which we are registered to provide business advice and implementation support. They pay us to help you. More information coming from us on this shortly.

Please stay safe over the coming holiday period – we are closing on the 23rd of December and will reopen on the 17th of January.

Covid Update

Posted by Katie Pinfold at Thursday, August 19, 2021

Hi everyone

This message will no doubt catch many of you at home, and for some of our clients in essential services, you will probably be reading this at work.

I’m sure we are all watching developments as they are announced – and as we have been through this before, we all know the drill to some extent.

Inland Revenue have today sent out a summary of support that is available – view summary

If you need our assistance with anything, please do let us know – we are very happy to help.

Stay safe. We will get through this again.

With best regards

The Inspired Accountants Team

Succession Planning

Posted by Katie Pinfold at Tuesday, May 18, 2021

“Yep, I need to get around to it”

How often do we say those words.

Indeed, I once saw a sign that said “Rountuits $1 each”. If only it were that easy!

One of the important “Rountuits” is succession planning – when and how will we exit our business and what will we do after that?

Rather than a straight exit sale, perhaps it’s handing over to a family member or maybe even a management buy out!

Every situation is different – so what’s the best approach?

As with almost everything worthwhile, it starts with good planning.

I am really excited when I get to work with people who want to set up their succession plan.

The relief that comes knowing that a good plan is in place is wonderful.

So yep – lets really “get around to it “ and give me a call if you want to know more about succession planning.


Time for some team bonding

Posted by Katie Pinfold at Tuesday, April 20, 2021

We recently managed to squeeze in some time together as a team…

We each work from our home offices so it’s important to our team culture that we set time aside each year to spend together.  To reconnect, plan for the year ahead and have some fun (fun is one of our core values)!!

Craig took us on an adventure and we rode from Waihi to Karangahake Tunnel and back – it was a lovely 28km bike ride.  A good way to stretch the legs and have some fun.

We are each refreshed, passionate and energised to take on the challenges of the year ahead and Inspired to see what we can achieve as a team.  We look forward to working with you to achieve your goals over the next year.

How Robust is your Trust?

Posted by Craig Weston at Thursday, September 24, 2020

Many years ago I formed a couple of personal family trusts.  They were put in place for the protection of assets, a common reason for forming a trust.

There has been quite a lot of discussion around family trusts of late.

As a lot of people know, a new Trusts Act comes into force on the 30th of January 2021.  The Trustee Act 1956 (it’s predecessor) was well and truly overdue for review, and that has now happened.

Many of our clients have trusts which have done the job well for them over the years.  But now is definitely the time to review trusts with a view to making sure they are fit for purpose going forward under the new Trusts Act 2019.

A number of our clients are looking to wind up their trusts, and others will be making amendments before the 30th of January.

We’ll be contacting our clients shortly to discuss what this all means for them – and please, look out for our webinar “How Robust is your Trust” coming your way in October.


The 7 Habits of Highly Effective People

Posted by Craig Weston at Thursday, July 23, 2020

This morning I presented a speech at my regular Toastmasters meeting.

The title was Dr Stephen Covey’s “The 7 Habits of Highly Effective People”.

I have long been a fan of the late Dr Stephen Covey.  He has left a legacy of thought and action that encourages us to be the best version of ourselves.

He tells us how we can apply 7 Habits into our lives that move us through dependence to independence to inter-dependence (ie working productively with others to get great outcomes for all parties).

Probably the key thing that stands out to me in what he says is that in order to be effective in our public life we must first be effective in our private life.  This means being “glass half full” type of people, having the “end in mind” and putting “first things first” (doing the important things, not just the urgent things).

His recently updated book is a great read and life changing (and is a very low cost right now on Kindle).

How did I get on with the speech? – I received the Toastmaster of the Day Award.

Thank you, Dr Stephen Covey!

Fraud Trial

Posted by Craig Weston at Wednesday, May 20, 2020

As I start to write this, I am sitting at the Auckland District Court waiting to give evidence in a fraud trial.  A company was defrauded of a large sum of money by a trusted employee.  We were asked to calculate the level of offending.

The matter has left the owner frustrated, hurt and out of pocket.

It’s made me think about what can be done to reduce the possibility of this type of thing happening.

Here are some ideas:

  • Don’t implicitly trust people (employees) who seem very nice and committed on the outside, without putting checks and balances in place to materially reduce the level of possible offending.
  • Ensure any cash coming into the business is soundly reconciled to back up documentation eg daily till totals
  • Make sure the boss authorises all payments made with supporting documentation available to check things
  • Keep an eye on monthly gross profit margins – how do these compare (actual vs expected).  If actual is way lower this may (or may not) indicate money is being siphoned off to where it shouldn’t be
  • Ensure payments to employees are legitimate and in line with their employment agreements
  • Review monthly income and expense numbers against expected budget – are the variances explainable? This one is how the theft was picked up.
  • Take out officers and executive coverage on your Insurance policy
  • Never share logins – you need evidence to be attributable
  • Watch for sole charge people who never take holidays and hoard info, and have large debts (these can be fraud signs)

If any of the above throw up questions, then it pays to address them immediately.  Don’t wait until later when it may be too late.

The outcome – the perpetrator was found guilty on all 32 counts but with reparation unlikely.  The person got 2 years 9 months prison.

Fortunately, the business will survive but it may not always be so for others unless the above things are taken heed of.


Biking and COVID-19

Posted by Craig Weston at Tuesday, April 14, 2020

What a change.

6 weeks ago I was out with my 3 old scouting mates doing our annual 4 day run of mountain bike trails – this time we biked the Waikato trails – really good, challenging and much more interesting that I first expected.

The first day was easy – biking beside the gentle flow of the Waikato river – life was good.  Until day two – much different terrain – hilly, demanding, unusual, needed the team to stay focused, needed to watch out for each other.  What a contrast.

And now 6 weeks later here we are….. it’s lockdown.

Most people are prohibited from usual activities.  Most businesses have ground to some kind of halt or a radically changed level of activity.  A bit like day two….it’s hilly, demanding, unusual, we need to stay focused, and watch out for each other.

What do I as an accountant make of all this?

I am heavily influenced by the interactions I have had with my clients.  Many like me were initially stunned by the turn of events and wondered what this would mean.

As time has gone on good practical help has become available:

  • There has been lots of help out there from various industry groups, individuals and Government.  I have been particularly impressed by a group that I am a member of – the Franchise Association of New Zealand.  This represents 37,000 individual franchised business in New Zealand and accounts for $27.6 billion of turnover (11% of GDP).  The Association has run a series of webinars for members focusing on what local franchisors are doing to help their franchisees, with experts in law, accounting and banking giving good advice.  Good down to earth advice from people wanting to help people.  Love this.
  • As accountants we are part of a group of 400+ other accountants based in NZ, Australia and the UK.  This group is known as GAP. Good solid advice and help coming from this group too as we seek to help our clients get to grips with that they can do to make the most of this time and beyond.  Through this group we were able to circulate our Business Continuity Plan resource and a number of our clients have used this to help them plan out their futures.
  • Cash Flow – this is the key to staying in business.  We have been assisting clients with simple forecasts for the bank – predicting what their bank balances will be for the next 12-36 months.  This Service is registered with the Management Capability Development Voucher Fund.

There are still lots of unknowns out there but lots of help available.  Its Kiwis helping Kiwis.

Biking? – as I reflect on the above, life was relatively smooth and easy up to COVID-19, like the “gentle flow of the Waikato river” ….. and now it’s hilly, tough, and we need each other.

So, I’m looking forward to my annual bike trip next year and looking back and thinking, yes we all did the best we could together and while there are still big challenges ahead…. for the most part we as a country are succeeding!


Business Continuity Plan

Posted by Craig Weston at Wednesday, March 25, 2020

The impacts of Covid-19 on health and business are evolving fast. Currently, we are prioritising helping our clients who have the greatest need.  So, if you need urgent help, please get in touch.

It is essential that every business has a plan for dealing with the fallout from this pandemic.

A plan will give you peace of mind and clarify for decision-making for the future of your business, and ensure you access Government support entitlements and maximise opportunities to preserve your cashflow and profitability.  In the worst-case scenario, we want to have certainty about whether your business can continue and plan around that.

We’ve created some practical content to help you build your Business Continuity Plan and have three ways we can help you using our content:

  1. We can set aside 4 hours to create your Business Continuity Plan online with you.
  2. You can draft the plan before meeting with us online for 90-minutes to finalise it.
  3. You can create the plan yourself.

Doing nothing here is simply not an option.  If you would like us to send you the Business Continuity Plan and the Guide for Developing Your Business Continuity Plan then please get in touch (09) 309 2561. This gives you the option to do yourself or we can work with you to ensure you have a comprehensive plan that will see you through.

In the meantime, please understand that our team work from their home offices so there is no disruption to the service we provide.  Our accounting software is cloud based and we are available via email and phone.  So, contact us if you need help.

Lastly, now is the time to prioritise your mental health.  As they say, put your own oxygen mask on before assisting others.  If the situation is affecting you, consider blocking out social media or things that may worsen anxiety, but whatever you do, please stay in touch with us – so that together we set a plan to help you in these difficult times.

Stay safe

Craig Weston and the Inspired Team

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