If you haven’t already noticed the recent changes for Xero invoicing, you will soon and you are guaranteed to love them.

  • When you email an invoice to a client now, when they open the invoice a read receipt is noted on the history of the invoice.  So when they say “Oh, I never got it…” you can say “…actually, you read on Monday at 2.31pm…” (if you want to).
  • The invoice shows their current account balance too, so they can click the link and get copies of their invoices without having to ask you – It might be worth educating clients that they can now self-serve for invoice copies.
  • If your customer uses Xero, they can save the invoice directly into drafts, and like magic, it saves the pdf copy with it = Yeehaw!  This is even better than repeating drafts where you have to then save the invoice copy.
  • There is a pay now button, so if you are using PayPal, it is now easier to pay the invoice immediately.  Just consider the additional cost of PayPal fees if you are thinking about using it.  If it means getting paid sooner, maybe it is a good idea to look into it.  Check out our recently updated debtors page for further hints for getting paid faster.

 If you have any questions, please don’t hesitate to call the office on 09 269 5466.

Check out PocketRent – it is property management software, which links up with Xero, it draws bank data from Xero for rent payments.  It has some very cool features, like letting property managers (or owners) and tenants know if rent was missed, populated tenancy agreements etc.  You can also upload copies of warranty information for appliances and fittings etc.

Have a look: https://pocketrent.com/

If you know anyone who would like this, please send them our way.  We can setup Xero up at the same time if not yet setup.  A good property management firm, like Quinovic, for instance, are going to be experts at managing the tenants, taking the emotion out of it, but this certainly helps the DIY Landlords out there.


Company Cars and what you probably shouldn’t do with them ;-)

I highly recommend you take your company car and go racing at Pukekohe Park Raceway – the track is open most weekends for casual racing – you pay $90 and race all you want.  Motorbikes and Cars go separately, you don’t have to go too crazy if you don’t want too.  All you need is a helmet, and a car… maybe your company car will do?

Destroying the brakes on the company car

We took the Katalyst company car for a blast, my husband and I are a bit competitive though, so we were caning it, it certainly gets your blood pumping when another car is near by too.
Katalyst Company Car
As fun as it was, I now have a loaner, as we destroyed the brakes in my car and it refused to start on Sunday, so she’s certainly putting in her protests.  We were doing 210km per hour on the back straight with 200m before the hair pin, so my poor car was working hard.  I might have done a couple of really bad gear changes in there too.

Wheels that were spotless Friday afternoon, are now blackened with brake dust, a full tank of gas at Drury was gone by time we left the track with our grinding brake pads…

Tank of gas, $100, brake rotors, pads and hi-temp fluid $1350, track fee $90, fun = priceless!  Just remember, your car won’t be insured if you crash, or if someone crashes into you. Also, make sure your car is branded so any potential clients will spot it ;-).

Fee Funders offers our clients more options regarding payment

Katalyst has partnered with Fee Funders to help our clients have more options regarding payment. Fee Funders pay 100% of your invoice on your behalf straight away whilst you can spread payment over a 3, 6 or 9 month period via monthly Direct Debit. They offer a competitive interest rate that’s less than most credit cards etc and there are no penalties for early repayment (you only pay interest for the duration of the loan). You can use Fee Funders to fund any bill over $1000. It’s quick, easy and all done online in less than 5 minutes!
Fee Funders Innovative Client Payment Solutions

What is Fee Funders?

Fee Funders is in essence a Cashflow Provider. They are a specialist funding company that allows customers to spread payment of their invoice over 3, 6 or 9 months, whilst their invoice supplier gets paid in full upfront – thus everyones cash flow wins! You can check them out at www.feefunders.co.nz.

Use Fee Funders to pay your Xero and WorkflowMax setup or sort out bills

We want to give you the support you need, when you need it and we understand that the need often exists before the budget does – Fee Funders solves the problem. It’s quick and easy and all done online in less than 5 minutes. Simply mention Fee Funders to us if you’d like to use this payment method.

Key Benefits of Fee Funders Payment Solution:

  • Quick and Easy and all done online
  • Enjoy smaller, more budget friendly monthly repayments rather than a lump sum payment.
  • Preserve cash and credit lines for other use.
  • Funding fees are in most cases 100% tax deductible – we can sort that for you!

For further information or to apply for this payment option or if this sounds like it could be of use to your business, please contact us at Katalyst on 09 269 5466 or visit www.feefunders.co.nz.

Katalyst are proud to co-present the Cloud Office Services Seminar

Being held in July, the speakers are as follows:

  1. Cloud Services – Brendon Ros – www.needanerd.co.nz
  2. Virtual PA – Charlie Perry – www.charliesangels.co.nz
  3. Websites and Xero Integrated Shopping Carts – www.websitebuilder.co.nz
  4. Book Keeping with Xero – Glennis Stuckey – www.katalyst.co.nz
  5. Accounting with Xero – Ric Thorpe – www.djca.co.nz
  6. Debt Collection – Josie Hart – www.waterstone.co.nz
  7. DIY HR – Lisa MacKay – www.hrtoolkit.co.nz

Goto https://katalyst.co.nz/cloud-office-services-seminar/ to book.

Xero Custom Invoice Templates are now available

Xero Custom Templates were included in the major Xero upgrade this morning. These include an invoice, statement and credit note. They look awesome and you can do all sorts of format and placement changes on them, including large back ground images.  For those who don’t want to read about it, there is a video available.

Branding Xero Custom Invoice Templates

If you have different more than one income stream in your business, each with their own branding, you can have different Xero Custom Templates for each one. For example, a Plumber might have a plumbing team and a separate gas fitting team. With the Custom Template, you can now have different themes for each. You can completely change the layout, logos and payment details.

Need help with Xero Custom Templates?

We can build custom templates for you – see our Custom Templates page for more information. We also have pre-built templates which you can customise available from our Xero Shop.Sample of Xero Custom Templates

More specifics

The custom templates use a Word docx format, you will need Word 2010 or greater. Consider using PDF compatible fonts for a consistent result.

For more information about Xero custom templates, or WorkflowMax custom templates, contact us now.

Look Through Company is the structure replacing the LAQC Company

I attended a WHK seminar last night about the coming changes to the LAQC structure.  It is being replaced by an LTC – Look Through Company.  These changes are still in draft format.

What a Look Through Company means for Directors

From what I understood, the main changes will be around attributing losses, it will be limited to the financial risk held by each shareholder.  For example, if you got married, one person had $100k to invest, and the other didn’t, the losses would only be attributable to the shareholder who introduced the funds, with the losses being carried forward for the other shareholder.  However, if the other shareholder had signed a personal guarantee with the bank, then they would have a financial risk, so could receive losses.

There are other limits and things to consider with this that I recommend you talk to your accountants about the structure that would best suit your company and shareholders.  A decision will need to be made about the structure that will suit you.

Depending on the structure, you may need to revalue properties and you may also need to refinance, so if you are on fixed rates, you may need to pay break fees.  There are some options here – Sole Trader, QC, regular Company, LTC, Limited Partnerships etc.  They all have benefits and flaws.

So again, please contact your accountant, if you would like a referral to a suitable accountant, please call me.

Disclaimer:  I am not a financial advisor, so please don’t assume what I have said is fact, it is based on my memory and my notes.

Glennis Stuckey 24/11/10

WHK is now Crowe Horwath. Follow the link for their contact details. Crowe Horwath offers services such as small business accounting, auditing, risk management, and business advice.
Crowe Horwath Logo - Look Through Company