CooperAitken Admin

Business Health check: why it matters in the it field In today’s digital age, the way we work and the threats we face have changed dramatically. Cybersecurity incidents, privacy breaches, and data misuse are no longer rare. Businesses both in New Zealand and globally are increasingly targeted by cybercriminals aiming to steal personal information, lock systems for ransom, or exploit internal vulnerabilities. Ironically, many of these attacks are no longer driven by individuals, but by AI-generated threats. Is Your Employment Documentation Keeping Up?  Just like reviewing your will or updating your insurance, keeping your employment contracts and staff handbooks current is vital to maintaining a healthy business. Outdated employment documentation can leave your business exposed. Recently, we’ve seen several businesses come across outdated employment documents – some over a decade old. While they may have served their purpose at the time, the modern workplace has evolved significantly and so have the risks. Consider the rise of social media, mobile work environments, and remote access – have your policies kept pace? Here are some key areas to review: 1. Use of Work Devices Does your employment contract clearly outline expectations around the use of work-issued devices like laptops and mobile phones? This includes: Acceptable use policies Restrictions on personal use Security protocols (e.g., password protection, encryption) Ownership of data, devices and contact information. 2. Data Protection & Client Confidentiality Your staff handbook should include clear guidance on: Handling sensitive client data Internal data safety protocols Reporting suspected breaches or suspicious activity Use of data offsite and client contact out of business hours. 3. Handling a data/privacy breach Having clear, documented processes can reduce response time and limit damage. Employees should know what to do in the event of: A malware or phishing attack A suspected breach of client privacy Accidental data exposure of firm and client data to an outside party 4. Staff Training & Awareness Regular training is essential. Ensure your team is up to date on: Cybersecurity best practices Recognising phishing attempts Secure communication methods It is also important to check these organisational procedures are followed. 5. Data Retention & Exit Procedures When staff leave, do you have a process to: Wipe company data from personal or work devices Revoke access to internal systems Ensure no sensitive information is retained improperly Manage password and access control 6. Data Accuracy & Communication Protocols Mistakes happen – do you have a plan on how to manage any potential mistake.  Review your procedures for: Verifying recipient details before sending data Using secure file-sharing methods Logging and auditing data transfers What You Can Do If it’s been a while since you reviewed your client and data security processes – or if you haven’t started like many SMEs – now is the time.  Consider: Conducting a system and documentation audit Updating contracts and handbooks to reflect current risks Exploring cyber insurance options Implementing regular staff training sessions Final Thoughts You’ve likely heard of data or privacy breaches – locally or internationally.  Staying proactive is your best defence. In the information age, managing your digital and employment infrastructure is not just good practice, it’s essential. If you’d like to learn more, we can connect you with specialists who can help assess and strengthen your business’s digital resilience.   Deborah HollandsPartner + CEO p: 07 889 7153e: deborah@cooperaitken.co.nz

fonterra’s new milk price risk management tools Fonterra has introduced a new suite of milk price risk management tools designed to help farmers gain greater certainty over their income and better manage price volatility. These tools allow farmers to lock in a minimum milk price up to 18 months in advance, providing a valuable planning resource in an increasingly unpredictable market. From 9 June, the new services will be introduced and will complement the current Fixed Milk Price programme. The services give the ability to lock in a Fixed Milk Price for an additional season as well as the ability to lock in a minimum Milk Price – or a minimum and maximum Milk Price –- for the current season. Fixed Milk Price – Additional season This will enable farmers to secure a fixed price for a portion of their milk for two seasons, providing great price certainty over a longer period: The offer: Service fee is 13 cents per kgMS Volume up to a maximum of 30% in the following season Price based on SGX-NZX milk futures Service fee deductions come out in January/February – 5 cents out each month Minimum Milk Price This will enable farmers to secure a minimum price (or ‘floor’) for a portion of their milk. It’s designed to protect farmers from any decrease below the set minimum while ensuring they benefit from any increases to the forecast Farmgate Milk Price. The offer: Service fee is 10 cents per kgMS Premium variable at each event Volume up to 50% Price generally at least 50 cents lower than the FMP offer Service fee and premium deductions come out in January/February. Milk Price Range The Milk Price Range offer will enable farmers to secure both a minimum price (floor) and maximum price (or ‘cap’) for a portion of their milk, helping to stabilise income within a range that farmers are comfortable with. The offer: Service fee is 10 cents per kgMS Volume up to 50% Price as per the minimum Milk price, the floor will generally be at least 50 cents lower that the FMP offer. Service fee deductions come out in January/February – 5 cents out each month The initiative reflects Fonterra’s commitment to supporting farmers with practical, transparent tools that help manage financial risk. For more information, visit the Farm Source website or speak to one of our team.

Inland revenue are asking more questions Activity by Inland Revenue is picking up pace across the board—from investigations of large corporations to risk reviews of property investors and small business owners.   Why are we seeing this?  Firstly, in the NZ Budget 2024, $116million was specifically allocated over 4 years to enhance debt collection and tax compliance efforts, and ever since visible action has been ramping up in both areas.  In recent times there has been a review of over 30,000 tax returns alone, leading to $859 million in additional tax revenue through audits and voluntary disclosures. Secondly Inland Revenue are using real-time data analytics and improved access to third-party information, as tools for bigger picture information gathering. Reviews and audits are then most often triggered when returns have been flagged as being outside the parameters considered ‘normal’ within the industry. For example, the tools have recently been used to review : Property transactions: by leveraging data from Land Information New Zealand to monitor compliance with the bright-line test and identify undeclared rental income. Cash-based businesses : by reviewing data collected in sectors like construction, trades, liquor/vape retail and hospitality. Retail and Service Sector : by analysing Eftpos data to identify possible use of Electronic Sales Suppression tools that can manipulate sales data to underreport income. No industry is exempt from analysis, it’s a matter of when.  Now more than ever, it’s important to: Keep accurate and up-to-date financial records Disclose to us in full all property transactions, and financial investments such as crypto Work closely with us to identify any areas of potential concern Consider if taking up Audit Shield is right for you An investigation can be called for a range of returns from Income Tax, GST to PAYE.  During an investigation of any nature our team will take prompt action, send relevant supporting documentation and respond with technical accuracy.  Audit Shield is an insurance-backed solution to provide freedom of mind that if Inland Revenue comes calling during the policy period, the professional accountancy costs incurred (up to a prescribed amount) will be covered.  The message being sent to taxpayers is clear: tax compliance is a priority.  Analysis of data and information sharing with third-parties will only ever tell a portion of the full story, so the increasing number of risk reviews and audits for taxpayers are our new reality.  However the team here at CooperAitken are the qualified experts to advocate for your tax position.  Contact our office if you would like more information on Audit Shield.   Rachel RobbPartner + Chartered Accountant p: 07 868 9945e: rachel@cooperaitken.co.nz

ACC supporting safer farming The agricultural industry is still one of the most dangerous industries for New Zealanders to work in as well as one of the most important primary industry and biggest exports in the country.  In 2024, ACC accepted over 17,116 new farming-related injury claims, and spent over $124 million to help people recover from farming-related injuries.  With this horribly accurate data coming to the forefront every year, it was vital that ACC jumped on board and partnered with Farmstrong alongside FMG and the Mental Health Foundation to help give farmers the skills and resources to live well, farm well and get the most out of life.  Farmstrong offers real life solutions and tips from farmers to help farmers better cope with the rollercoaster ride that is farming. New Zealand farmers are amongst the finest in the world, but unfortunately we know that accidents can occur when feeling fatigued, under pressure or stressed.  With an increase in compliance, there is also support and assistance now readily available meaning farmers can get better at putting in systems to look after their most important asset, themselves and those who work in the business.   When farmers are looking after themselves, they can look after their farm too.  Farming presents a vast array of unique challenges which are often hard to predict or control.  These challenges won’t be eliminated anytime soon, and this is why developing good habits are paramount for good performance and good health on and off the farm. ACC have also partnered with Safer Farms an organisation dedicated to safer farming culture in New Zealand and helping to prevent injury and fatalities on the farm.  Injecting over $11 million into the Farm Without Harm scheme over the next five years, ACC are focused on supporting the agricultural sector by mitigating risks, improving safety practices and focusing on protecting our farmers from preventable harm. https://youtu.be/omyn5ty_k5s ACC want to give farmers the skills to identify the risks and the tools to help them become the best versions of themselves with a positive outlook of safety and success.   Farms are unique environments where families work, live and play.  Through these types of partnerships ACC is supporting safe workers, safe workplaces and living well with organisations that know farming. Alongside these farming schemes, ACC also support the following industries: Business Leaders’ Health and Safety Forum – https://forum.org.nz/ Construction Health and Safety New Zealand – https://chasnz.org/ Forestry Safety Industry Council – https://www.fisc.org.nz/ Heath and Safety Association of New Zealand – https://www.hasanz.org.nz/ ShopCare Charitable Trust – https://www.shopcare.org.nz/     Rachael HindmanACC Team Lead p: 07 889 7153e: rachaelh@cooperaitken.co.nz

Hubdoc: Simplifying Financial Document Management Managing your financial documents can be a breeze with Hubdoc, an online platform designed to streamline and automate document management. How Hubdoc Works Document Capture: Hubdoc makes it easy to capture financial documents. Users can take photos on their mobile devices, use email, scan, or upload documents directly into Hubdoc. Each organisation has a unique email address for forwarding documents, making it convenient to send invoices and receipts directly to Hubdoc Data Extraction: Hubdoc automates data entry by reading key information from bills and receipts, such as supplier names, amounts, invoice numbers, and due dates. This data is then converted into usable information to create transactions in accounting software like Xero, with the source document attached. Organisation and Storage: All key documents are stored online in one place. Hubdoc sorts invoices into supplier groups and provides a search function that allows users to find invoices with ease. Key Benefits of Hubdoc Time-Saving: Hubdoc takes care of the boring stuff like data entry by automatically pulling key info from your receipts, invoices, and bills. More time for you to do what you love! Real-Time Capture: Snap photos of your documents on the go with your phone, or upload them from your computer or email. Your financial records will always be up-to-date. Stay Organised: Keep all your important documents in one handy digital spot. No more hunting through piles of paper or endless email threads. Making it easier to stay organised and access your financial records from anywhere Accessibility: With all documents stored online, users can access their financial information from anywhere, at any time. This is particularly useful for businesses with remote teams or multiple locations. Compliance: Rest easy knowing your documents are safely stored and backed up, providing peace of mind that your financial information is safe and easy to retrieve. Hubdoc’s secure filing system ensures that businesses remain compliant with document retention requirements, reducing the need for physical storage space. Automation: Hubdoc works seamlessly with accounting software like Xero. Less hassle, more efficiency! Easy Collaboration: Share your documents effortlessly with your accountant. Everyone stays in the loop and on the same page. Tips to help you get the most out of Hubdoc: Systemise Your Document Collection: Create a system for gathering and temporarily storing your invoices and receipts. Use designated folders for items that have been uploaded and those that haven’t, both digitally and physically. This helps keep everything organised and easy to find. Use Email Forwarding: Set up email forwarding rules for regular suppliers. If invoices are sent from specific email addresses or contain certain keywords, you can automatically forward them to your Hubdoc account. This saves time and ensures nothing gets missed. Bulk Uploads: Take advantage of bulk uploading features to save time. You can upload multiple documents at once from your computer or mobile device, making the process quicker and more efficient. Mobile App: Use the Hubdoc mobile app to capture documents on the go. Snap photos of receipts or invoices as soon as you get them, so they’re immediately stored and processed. Integrate with Accounting Software: Make sure to connect Hubdoc with your accounting software like Xero. Regular Reviews: Periodically review the documents in Hubdoc to ensure all data has been correctly extracted and categorised. This helps maintain accuracy and prevents any issues down the line. Is there anything specific you’d like to know more about? Get in touch with the team! TestimonialsMany users have praised Hubdoc for its ability to automate bookkeeping workflows and eliminate data entry. Testimonials highlight the significant time savings and the value Hubdoc brings to creating efficient financial processes. “Hubdoc is an essential tool for businesses looking to streamline their financial document management. Its ability to capture, store, and organise documents, coupled with automated data extraction, makes it a valuable asset for any business aiming to improve accuracy and efficiency in their administrative processes.”   Louise Maxwell-GranichClient Manager + Chartered Accountant p: 07 888 8002e: louise@cooperaitken.co.nz 

The end of another financial year is fast approaching….! We have put together our top tips to ensure you are ready for the end of the financial year and the year ahead. 1) Get your records ready Bank and Loan statements – Confirming your account/loan balances and interest rates Accounts Receivables – Don’t pay tax on money you won’t receive! If you have done all you can to recover a debt and are ready to write them off, you need to make sure this is done before your balance date for the tax deduction to apply. Accounts Payables Stock on Hand Shares investments in other companies Hire Purchase agreements and repayment schedules with all information relating to the finance  Invoices for asset purchases, large repairs & maintenance items and insurances paid Depreciation Schedule have a look over your 2024 depreciation schedule and advise us of any assets you no longer have or any that need to be written off Any changes to your family situation, which can affect your entitlement to family assistance Any donation receipts for donations made to registered charities, public schools and religious organisations throughout the year. Alternatively, these can now be uploaded to myIR as you go. Anything on your balance sheet, we require third party confirmation, if you’re unsure and would like a specific list of what we will require for your business, please let us know. 2) Home officeIf you use part of your family home for work, a portion of your home expenses can be claimed as a business expense. This can include expenses such as rates, insurance, power and mortgage interest. The portion you can claim relates to the area of your home that you use for business, being the total area of your house along with the total area of the space set aside for work related tasks. 3) Stock on HandFor commercial clients, if you carry stock of more than $10,000 then you will need to complete a stock take so we know the value of the stock you have. It’s important to get this right as stock can heavily affect your profit, and therefore tax. When completing the stock take we need the GST exclusive figure. This can be either a physical stock take, or if you have an inventory system, the value can be found there. For farming clients, a physical stock count needs to be undertaken on balance date, noting the ages and classes of animals. Alternatively, electronic stock records like NAIT records can be provided. 4) Consider your goals for the upcoming yearAs the end of another financial year approaches, we encourage you to work with our team and together, we can help your business thrive! It’s important to reflect on the year that was, and look ahead to where you would like to go. We are here to help, whether it is setting goals, preparing a budget, succession planning, business planning, cash flow and profit improvement or business advisory and more. 5) Make next years record keeping easier and more efficient Retaining records and providing information can often be viewed as a frustrating task, this process can be made easier and more efficient with the use of proper accounting systems and technology. Rather than using a physical folder to file all of your documents, there are now many cloud-based software’s that allow you to upload the information as you go, meaning we will not need to request as many documents from you as we once did. Anything obtained throughout the year or uploaded to your accounting software does not need to be provided to us again. Accounting software also makes record-keeping much more relevant, less time consuming, and is also space saving!   Louise Maxwell-GranichClient Manager, Chartered Accountant p: 07 888 8002e: louise@cooperaitken.co.nz