When it comes to hiring an accounting firm for their bookkeeping service, many businesses underestimate how much time and money they can save – especially new and small businesses. Here at 3rd Arm Admin, we find that average business owners in New Zealand can spend up to 10 hours or more each week on bookkeeping…
Payroll Tips With Christmas fast approaching and summer in NZ its that time when most of us start thinking about our summer break. But if you are an employer it also means Christmas pays and all the complexity that goes with it. Here are answers to some of our commonly asked questions but as always…
Victories at MYOB Partner Connect 2018 3rd Arm Admin has had a busy few months, recording two milestones at this year’s MYOB Gala Dinner and Partner Awards at Queenstown, New Zealand. Firstly – Sue Inkersell, Owner and Managing Director, was awarded Bookkeeper of the Year, and secondly – MYOB recognised 3rd Arm Admin for Bookkeeping…
Keep it out of the family: why outsourcing is better Keeping books and administration work up to date is essential for your business. Tracking outgoing expenses, payroll, and revenue is important to meet your goals and scale your business. Small businesses and creatives often do their own bookkeeping to save on costs. However, the truth…
The Fundamentals of Bookkeeping Bookkeeping is essential for a business to run smoothly. Whether it’s recording transactions, receivables management, or monitoring customer credit and employee wages, bookkeeping is required to both understand your current financial situation and obligations, and prepare for growth down the line. Below, we discuss the fundamentals of bookkeeping, from assets, liabilities…
Multi-factor authentication – what is it and why should I have it? Two-stop verification is defined as a process that involves two authentication methods performed one after the other to verify that someone or something requesting access is who or what they are declared to be. This can also be known as 2FA, Multi-factor verification…
Pay Day Reporting – what does this mean to me?? What is Pay Day Reporting? I’m sure you’ve heard the words pay day reporting or pay day filing being bantered around in conversations and the media recently – but what is it and how does it affect you? From 1 April 19 all employers must:…
Bookkeeping versus Accounting – What’s the Difference? Bookkeeping and accounting are both essential financial business functions, yet many people are unclear on the distinction between the two, and often confuse them to be the same thing. While both bookkeeping and accounting deal with important financial data, there are clear differences between their definitions, functions, and…
Why Hiring a Payroll Service is a Winning Strategy for SMBs Running a small to medium-sized business (SMB) can be a complex process. More often than not, the CEO or owner has numerous job descriptions that can range from sales manager to financial officer – and handling all these various tasks can be draining and…
Why bookkeeping is both science and art Bookkeeping is the starting point of any accounting process. Accurate financial records serve as the foundation to an organised and properly evaluated business, helping the business run smoothly on an ongoing basis. While properly logging a business’s economic transactions can sound like a robotic process to some, there…