Hubdoc is a software product that stores documents online for future reference and provides the ability for the content of these documents to be automatically imported into accounting software. It is used successfully by many of our clients in conjunction with the Xero accounting software and lays the platform for a business to become truly paperless. We at Diprose Miller have been using Hubdoc for some years, but it is rapidly becoming more popular. We encourage our clients to download the app and use it daily so they don’t have to carry around paper receipts. Turning your paperwork into data you can use. Hubdoc extracts key information from your receipts, invoices, and bills. No more data entry, no more filing. Hubdoc integrates easily with other platforms, like Xero. It syncs with other applications and can create rules to automate how documents are published and coded. Cloud back up is easy thanks to the deep integration between Hubdoc and other add-ons. Back up is automatic. Documents are synced to your accounting software. Using Hubdoc can help you simplify and go paperless. Your important financial records are organised automatically, backed up forever, and available on any device. Our team are fully trained on this software and we strongly encourage you to talk to us about the paperless option. Reach out to us today via emailing us at mail@diprosemiller.co.nz

Selling a hospitality business is a significant step that requires careful planning and preparation.  Whether you run a hotel, restaurant, café, or bar, making your business appealing to potential buyers can significantly increase its value and help you achieve a successful sale. Here’s the six areas we believe you need to focus on to prepare your hospitality business for sale and enhance its appeal to buyers: Organise your financial records Optimise your operations Build a strong brand and reputation Review and upgrade your physical assets Strengthen your team Get professional advice Let’s explain each further. 1. Organise Your Financial Records One of the first things potential buyers will want to see is your financial records. Clear, accurate, and up-to-date financials are essential for demonstrating the profitability and stability of your business. Clean up your books: Ensure all financial records, including profit and loss statements, balance sheets, and tax returns, are accurate and well-organised. Ideally, you should have at least three years of financial records readily available. Show consistent profitability: Buyers are looking for a business that generates consistent profits. If your financials show steady growth or a stable profit margin, you’ll have a stronger negotiating position. Reduce personal expenses: If you’ve been running personal expenses through the business, now is the time to separate them. Buyers want a clear picture of the business’s true profitability. 2. Optimise Your Operations Streamlining your operations not only enhances the appeal of your business but also makes it easier for a new owner to take over. Standardise procedures: Document your operational procedures, from employee training to customer service standards. This makes it easier for a new owner to maintain the quality and consistency of the business. Improve efficiency: Look for ways to cut costs and improve efficiency. Whether it’s renegotiating supplier contracts or implementing energy-saving measures, small improvements can add up and make your business more attractive. Enhance technology: If your business is not already using modern technology for bookings, inventory management, or customer relations, now is the time to invest. A tech-savvy operation is more appealing to buyers looking for a business with growth potential. 3. Build a Strong Brand and Reputation A strong brand and reputation are invaluable assets in the hospitality industry. Buyers are looking for businesses with a loyal customer base and a positive public image. Invest in marketing: If you haven’t already, develop a robust marketing strategy that highlights your business’s unique selling points. This could include social media campaigns, partnerships with local influencers, or special promotions to boost visibility. Maintain high standards: Ensure your business consistently delivers high-quality service. Positive reviews and word-of-mouth recommendations can greatly enhance your business’s appeal to buyers. Create a memorable experience: Consider ways to create a unique and memorable experience for your customers. This could be through special events, themed nights, or offering something that sets your business apart from competitors. 4. Review and Upgrade Your Physical Assets The physical condition of your premises and equipment plays a crucial role in the sale process. Buyers are more likely to be attracted to a well-maintained, up-to-date business. Conduct a thorough inspection: Review the condition of your premises, equipment, and furnishings. Address any maintenance issues and consider upgrading outdated equipment or décor. Enhance curb appeal: First impressions matter. Make sure your business’s exterior is clean, inviting, and well-maintained. A fresh coat of paint, updated signage, and tidy landscaping can make a big difference. Review lease agreements: If your business operates from leased premises, ensure your lease agreements are in good standing. Buyers will want to know that the business can continue operating without immediate lease issues. 5. Strengthen Your Team A strong, reliable team is a valuable asset to any hospitality business. Buyers want to know that they can count on the existing staff to maintain operations during and after the transition. Train and retain key staff: Identify key staff members and ensure they are well-trained and motivated to stay with the business. Offering incentives or bonuses can help retain top talent during the sale process. Develop a succession plan: If you are heavily involved in the day-to-day operations, consider how the business will function without you. Developing a succession plan, or delegating responsibilities to key staff, can make the transition smoother for a new owner. 6. Get Professional Advice Preparing a business for sale can be complex, and it’s often worth seeking professional advice to maximise your results. Hire a business broker: A business broker with experience in the hospitality industry can help you navigate the sale process, from valuation to negotiations and closing the deal. Consult with an accountant: An accountant can help you organise your financial records, identify tax implications, and advise on ways to structure the sale for maximum financial benefit. Legal consultation: Ensure all contracts, leases, and legal documents are in order. A lawyer can help you address any potential legal issues that could arise during the sale process. Conclusion Selling your hospitality business is a significant decision that requires careful planning and attention to detail. By organising your financials, optimising operations, building a strong brand, and seeking professional advice, you can enhance your business’s appeal to potential buyers and achieve a successful sale. Remember, the more prepared you are, the smoother the process will be, leading to a better outcome for both you and the buyer.

Cash flow is the lifeblood of any trades business. Whether you're an electrician, plumber, builder, or any other type of Tradie, maintaining a steady cash flow is crucial for keeping your business running smoothly. Here’s how to ensure your financial health through smart budgeting, forecasting, and management of receivables and payables. 1. Budgeting: Plan for Success on the Bottom Line Budgeting is the foundation of financial management. A well-structured budget helps you anticipate expenses, allocate resources, and set financial targets. Most importantly, it provides a valuable insight into the key drivers for your business success. Here’s how to create an effective budget for your trade business: Track your expenses: Start by listing all your fixed costs (e.g., rent, insurance, salaries) and variable costs (e.g., materials, subcontractors). Understanding where your money goes helps you identify areas where you can cut costs. Include seasonal variations: Many trade businesses experience seasonal fluctuations. Factor in these variations to ensure you’re prepared for slower periods. For example, budget for higher expenses during peak seasons and set aside funds for quieter times. Set realistic goals: Based on past performance and market conditions, set achievable revenue and profit targets. This will help you stay focused and motivated throughout the year. 2. Forecasting: Looking Ahead at Cash In & Out The budgeting process generally provides an “accrual” result because it includes non-cash items such as depreciation, and recognises income and expenses as they are incurred rather than when they are physically received or paid. In contrast, forecasting is cash-focused planning that allows you to anticipate future cash needs and avoid surprises. It’s a critical tool for ensuring your business remains sustainable in the long term. Sales forecasting: Estimate your future sales based on historical data, market trends, and any upcoming projects. This will help you plan for staffing, materials, and other expenses. Cash flow forecasting: Create a cash flow forecast to predict when money will come in and go out of your business. This helps you identify potential cash shortfalls and take action before they become a problem. Scenario planning: Consider different scenarios (e.g., a key client delays payment, a project is cancelled) and plan how you would manage your cash flow in each case. This helps you stay prepared for unexpected challenges. 3. Managing Receivables: Get Paid on Time Managing receivables effectively is crucial to maintaining a healthy cash flow. Late payments can cause significant disruptions, so it’s important to have a solid strategy in place. Set clear payment terms: Make sure your clients understand your payment terms from the outset. Clearly state your payment deadlines, any late fees, and the consequences of non-payment in your contracts. Invoice promptly: Send invoices as soon as work is completed. The sooner you invoice, the sooner you can expect payment. Consider using invoicing software to streamline the process and set up automated reminders for overdue payments. Follow up: Don’t hesitate to follow up on late payments. A polite but firm reminder can often prompt clients to pay sooner. If late payments become a pattern with certain clients, consider adjusting their payment terms or requiring upfront deposits. 4. Managing Payables: Stay on Top of Bills Just as you need to get paid on time, it’s important to manage your own payments effectively. Late payments to suppliers or subcontractors can damage your relationships and lead to penalties. Prioritise payments: Create a list of your regular payables and prioritise them by due date and importance. Paying essential suppliers and services first ensures your business can continue operating without interruption. Negotiate payment terms: If you’re experiencing cash flow issues, consider negotiating longer payment terms with your suppliers. Many are willing to accommodate loyal clients, especially if you communicate openly about your situation. Monitor your cash flow: Regularly review your cash flow to ensure you have enough funds to cover upcoming payments. If you anticipate a shortfall, take action early by delaying non-essential expenses or seeking short-term financing. 5. Use Technology to Your Advantage Modern technology can make managing your cash flow much easier. Consider using accounting software that offers features like cash flow tracking, invoicing, and expense management. These tools can save you time, reduce errors, and give you a clear picture of your financial health at any given moment. 6. Seek Professional Advice If managing cash flow feels overwhelming, don’t hesitate to seek professional advice. A qualified accountant or financial advisor can help you create a solid financial plan, identify potential issues, and suggest strategies for improvement. Conclusion Keeping the cash flowing in your trade business is all about planning, discipline, and proactive management. By budgeting carefully, forecasting accurately, and managing your receivables and payables effectively, you can ensure your business stays financially healthy, even in challenging times. Take control of your cash flow today and set your business up for long-term success.

Cybercrime is no longer a distant threat reserved for large organisations; it’s a very real risk for businesses of all sizes.

Recruiting and retaining staff in the hospitality industry has always been a challenge, but with the right strategies, you can build a strong, engaged team that helps your business succeed.

Selling your business requires careful preparation to maximize its value and attract the right buyers.

In a tough economic environment, trades and construction businesses—whether residential builders, commercial construction firms, plumbers, electricians, or other trades— need to navigate unique challenges. Standing out from the competition is critical. Here are some practical strategies to help you survive difficult times.

Managing the finances in your business can sometimes be a bit of a headache. Your business can be thriving but you’re having difficulty finding the funds to pay your expenses and fund the growth your business needs. Or your business can have good cash flow, but you’re profit is really lean or you’re just breaking even.

If you own an investment property or properties, you need to be aware of the Government’s changes to the ‘bright-line’ test, which took effect on 1 July 2024.