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Managing business finances and cash flow can sometimes be tricky, especially if you're just starting out. Whether you need help with the financial basics or you're experienced and looking to fund your expanding business, the financial resources and tools here can guide you in the right direction.
Many New Zealand businesses, especially new or growing ones, need extra investment from time to time. If your business has potential, or you're developing a new product, expanding into new markets, carrying out research, or looking to employ extra staff, you may be eligible for financial help such as grants from Government or industry organisations.
Do you need extra funds to invest in your business? There are many different ways to finance your business. You can apply for a business loan from a bank or finance institution, or seek out interested investors. You'll need to have a sound business strategy and plan before you approach lenders or investors. This is an introduction to financing your business.
Setting your pricing at the right level is very important. There are many things to consider including what the market is willing to pay for your product or service, what your competitors charge, your costs and overheads, and your financial goals. Your terms of trade outline the payment arrangements between you and your creditors. This is an introduction to setting prices and terms of trade.
Juggling cash flow can be a challenge for many businesses. It's a good idea to develop an annual cash flow forecast for your business and review it regularly. It s a simple outline of what you expect your monthly income and expenses will be for the coming year. You'll be able to predict any future cash shortfalls and manage and adjust the cash flowing in and out of your business. This is information to help you manage business cash flow.
Businesses operating in New Zealand must comply with New Zealand financial regulations, including the Financial Reporting Act, accountancy standards and the Personal Properties Securities Act. This is an introduction to financial regulations.
Ultimately business owners are responsible for the financial management of the business, so it's important to keep good financial records. You need to be able to account for all of your business transactions. Inland Revenue requires businesses to keep records for seven years and if your business is audited, you'll need to provide evidence of your business transactions. This is an introduction to keeping good financial records.
The two most common financial statements are the balance sheet or statement of financial position, and the profit or loss statement or statement of financial performance. These documents, usually generated by your accountant, provide a snapshot of your businesses financial situation. Here is an introduction to understanding your financial statements.
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In 2006, the manufacturing sector was New Zealand's largest employer, with 263,700 employees.