Oldershaw - Chartered Accountants Hawke's Bay - News & Views

Beyond the Ledger: How Cloud Accounting is Revolutionising NZ Businesses

Mon, 22 Sep 2025 02:00:27 GMT

The Ultimate Guide to Online Accounting for NZ Business Success

Key Takeaways

Cloud accounting provides real-time access to your financial data, allowing for faster, more informed business decisions anytime, anywhere.
Leading software like Xero and MYOB automates key tasks such as invoicing, payroll, and expense tracking, which significantly reduces admin time and human error.
Online accounting systems simplify tax compliance by automatically calculating GST, PAYE, and KiwiSaver contributions, ensuring you stay up-to-date with regulations.
The shift to cloud services in New Zealand is massive, with spending forecast to nearly double by 2028, making adoption a strategic necessity.
Partnering with an expert accountant ensures your software is set up correctly and helps you translate raw financial data into actionable growth strategies.

If you feel like you're constantly hearing about businesses moving to the cloud, you're not wrong. The shift is happening at a remarkable pace. In fact, forecasts suggest that expenditure on public cloud services in New Zealand will nearly double from NZD 5 billion in 2024 to NZD 9.6 billion by 2028 . This isn't just a trend; it's a fundamental change in how modern business operates.

But the real story isn't just about adopting new technology. It’s about what this technology empowers you to do. For business owners in Hawke's Bay and across NZ, online accounting is the key to unlocking a new level of efficiency, insight, and control. It’s about moving from reactive bookkeeping to proactive, strategic financial management.

What Do You Mean by Online Accounting?

At its core, online or cloud accounting means your financial data and software aren't stored on a single computer in your office. Instead, they live securely on the internet. Think of it like the difference between a Word document saved to your desktop and a Google Doc. One is stuck in one place, while the other can be accessed from any device with an internet connection—your laptop at work, your tablet at home, or your phone at a cafe.

This simple change has profound implications for your business. The old way involved boxes of receipts, manual data entry, and waiting weeks for your accountant to prepare reports. The new way is real-time, automated, and collaborative.

How Cloud Accounting Transforms Your Business Operations

The benefits of switching to an online accounting platform go far beyond simple convenience. It fundamentally changes how you manage your business finances, freeing up your most valuable resource: time.

Automate the Everyday, Focus on Growth

How much time do you or your team spend on repetitive admin? Creating and sending an invoice, chasing a payment, processing payroll, or tracking expenses all take time. Cloud accounting software is designed to handle these jobs for you. As noted by industry experts, cloud accounting software automates many tedious processes that were once done manually . Tasks like invoicing, payroll, and expense tracking can be automated, reducing human error and giving you back hours every week to focus on what really matters—serving your customers and growing your business.

Simplify Tax and Compliance

Meeting your tax obligations is a non-negotiable part of running a business, but it can be a major source of stress. Online accounting makes compliance dramatically easier. These platforms are built with local regulations in mind. As one analysis points out, online accounting software eases this burden by automating tax pay and KiwiSaver contribution calculations . The systems update automatically with the latest tax rates and forms, helping you manage GST, PAYE, and other obligations with confidence and accuracy.

Make Strategic Decisions with Real-Time Data

Perhaps the most powerful benefit of cloud accounting is access to real-time financial information. You no longer have to wait for end-of-month reporting to understand your financial position. With a few clicks, you can see your current cash flow, outstanding invoices, and overall profitability.

This immediate insight allows you to be proactive, not reactive. You can spot a potential cash flow issue before it becomes a crisis or identify a profitable new service line and double down on it. But data is only useful if you know how to interpret it. That's where expert advice becomes invaluable. Our local business advisory service for Napier and Hawke's Bay clients helps you turn those real-time numbers into a clear, strategic roadmap for sustainable growth.

What is the Most Used Accounting Software in New Zealand?

The most used accounting software in New Zealand is Xero. Its user-friendly design and powerful features have made it the dominant force in the market. In fact, it's estimated that Xero holds an estimated 75% market share in the Australia and New Zealand markets . This widespread adoption means there is a huge ecosystem of integrated business apps and a large community of expert users.

Alongside Xero, MYOB is another leading platform offering robust features for small and medium-sized businesses. The best choice for your business depends on your specific needs, industry, and growth plans. The key is working with a provider who understands both platforms inside and out. As accredited specialists in both Xero and MYOB , our online accounting team provides tailored setup and support to ensure you get the most out of your chosen software from day one.

Run Your Business From Anywhere

The freedom to manage your business from anywhere isn't just a luxury for freelancers; it's a strategic advantage for any modern company. Cloud accounting untethers you from the office. You can approve a payment from home, send an invoice from your phone after a client meeting, or check your financial dashboard while travelling.

This location independence also applies to your support team. For businesses with diverse connections, this is critical. Our firm is equipped with multilingual accountants who can manage complex international and foreign accounting requirements , offering seamless support no matter where your business takes you. With our global services expertise , we can help you navigate the financial complexities of international trade, all managed through your centralised cloud platform.

Getting Started with Online Accounting

Making the switch to cloud accounting is one of the best strategic decisions you can make for your business. While some platforms may offer a free trial, professional business accounting software typically involves a monthly subscription fee. The costs can vary based on the features you need, like payroll or multi-currency support.

The most important investment, however, is in getting the setup right. A poorly configured system can create more problems than it solves. By partnering with an experienced accountant, you ensure your chart of accounts is correct, your bank feeds are properly connected, and you're trained to use the software effectively.

The future of business accounting is here. It’s online, it’s automated, and it’s packed with insights. Let us help you make the transition smoothly and unlock the full potential of your business. Reach out to our Hawke's Bay-based team today to discuss your online accounting needs .

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_ Disclaimer: The information provided in this article is for general informational purposes only and does not constitute professional financial advice. Business and financial situations are unique, and you should consult with a qualified professional accountant or financial advisor before making any decisions based on the content of this article._

Choosing the Right Accountant for Your Business

Mon, 05 May 2025 02:42:49 GMT

Stronger Together: Why Your Accountant and Financial Adviser Should Be On the Same Team

Managing your finances isn’t just about ticking boxes—it’s about making smart, joined-up decisions that support your life goals. Whether you're growing a business, saving for retirement, or building generational wealth, one thing is clear: your accountant and financial advisor need to work together.

At our firm, all four of our financial advisors are also qualified New Zealand Chartered Accountants . That’s rare—and powerful. Here's why that collaboration makes a real difference to your financial outcomes.

1. Joined-Up Advice = Better Outcomes

Your Accountant and Financial Adviser play different roles:

Too often, they work separately. That’s when strategies clash, or opportunities get missed.

But when they’re aligned?
You get faster answers, clearer strategy, and fewer surprises.

2. Tax-Efficient Planning (Without the Headaches)

Every smart investment has a tax angle.
When your advisor and accountant are on the same page, they can:

That means better returns after tax , not just on paper.

3. One Team. One Plan. One Set of Answers.

We believe your financial team should work for you—not the other way around.

With our integrated team, you won’t have to:

We work behind the scenes to keep everything running smoothly—so you can focus on your goals.

4. Extra Value for Business Owners

If you own a business, your personal wealth and business finances are deeply connected.

Our dual-qualified team helps with:

It’s one strategy for your whole life —not just your business.

5. Forward Thinking with Built-in Risk Awareness

Because we see the full picture—from the numbers to the big-picture goals—we help you:

We’re not just compliance tickers or investment pickers. We’re partners in your financial future .

The Bottom Line: Collaboration is the Competitive Edge

When your Accountant and Financial Adviser work together, everything aligns:

That’s when real financial momentum happens.

At our locally HB New Zealand-based firm, you get this built-in from day one. All our Financial Advisers are Chartered Accountants, and all our Chartered Accountants understand your long-term financial picture.

Want to experience the difference?

Let’s talk.
Reach out today to start building your future with a team that works together—so you don’t have to do it alone.

�� Contact us or Book a free chat

Oldershaw is now using Docusign!

Thu, 17 Aug 2023 01:55:58 GMT

Sign your documents electronically!

Oldershaw are now utilising Docusign to be able to have your accounting documentation signed electronically, rather than printing and manually signing, which is great news for you and the environment.

By signing through Docusign the agreements are legally binding and the process complies with the industry and region-specific laws and standards for electronic/digital signatures and ID verification.

Docusign is used by more than 1,000,000 customers in over 180 countries to accelerate the process of signing and receiving electronic documentation.

Here you can view the client signing experience

Store your documents in cloud solutions like Xero so you can access your accounting from any location.

Wed, 02 Sep 2020 03:43:56 GMT

Xero for accounting

You may be using an old desktop accounting solution and want to know what the benefits of Cloud Accounting are. Alternatively you may already be using a Cloud Accounting solution like Xero but feel you need some assistance on simplifying and streamlining the accounting process.

We can assist you with providing a cloud accounting solution that you can access from any location and any device, the only prerequisite being a good internet connection.

Given the increasing amount of disruptions, it is more important now than ever to consider switching to a cloud based solution. A cloud solution not only gives you peace of mind in these situations but also the ability to continue with your accounting function regardless of the location. You no longer need to be tied to a specific computer in a specific location to do your accounting.

There are many benefits to converting to a cloud accounting solution, one of them being the storage of documents such as bills and receipts. We all know the pain of filing documents for 7 years, filing them in a folder, bottom draw or shoebox and then having the physical space to store them. Then there’s those pesky thermal receipts that fade quickly! The next issue is having to find one of your documents that has been “filed”.

Most cloud accounting solutions including Xero and MYOB Essentials have a solution for the document storage problem.

Xero has purchased a software solution called Hubdoc which automates the processing of bills and receipts in Xero and is a document storage solution in it’s own right. That’s right, you no longer need to keep paper versions of documents they can be stored in Hubdoc and Xero electronically. Hubdoc has a mobile phone app which enables you to take photos of those receipts and upload them into Xero, meaning once the photo is taken the receipt can be thrown away. Finding documents is also much easier from within either Xero or Hubdoc. Another great feature is that documents are stored in two places, Xero and Hubdoc and there is also the ability for a third storage option as Hubdoc can upload documents to storage solutions like dropbox.

If you already have a cloud accounting solution but you would like advice on how to simplify and streamline the accounting process giving you more time to focus on doing what you love please give Lena Ripley a call and she will provide you with training and possible software solutions (like Hubdoc) to make your life easier.

At Oldershaw we believe in providing solutions that are tailored to our clients needs as there is no “one size fits all” when it comes to accounting software.

Changes with the IRD

Tue, 19 May 2020 23:57:52 GMT

Inland Revenue updates

Auto-Assessments

IRD is currently doing a lot of advertising about their auto assessments that will occur from 20th May 2019 onwards and how it ‘makes tax easier’.

We are asking that you be wary of any assessments or refunds you receive directly from IRD and speak with us if you get any. There can be errors in the IRD system and unknown information, so please get in touch and we can help ensure your taxes are correct.

Refunds

IRD’s new system will refund any credit balance within 24 hours of it being paid now – so if you make a payment to IRD and accidently pay to the wrong tax type or the wrong tax period, it is highly likely they will refund that money directly to you and you then have 30 days to get it back to them without penalty.

Refunds can be missed when they are direct credited back into your bank account, so please be vigilant about details of online payments to IRD and call us if you need any assistance.

Oldershaw Wealth your financial planner - no need for Prophets

Mon, 09 Sep 2019 03:37:17 GMT

Financial planning

When financial planners are asked at parties what they do for a living, many hesitate to be specific. Why? Because the inevitable follow-up questions relate to where they think the stock market, the dollar, interest rates or the economy are headed.

It’s a myth that dies hard—the idea that a financial planner is a market prophet with special powers for foreseeing the future. To be sure, some advisors position themselves as smart forecasters or market timers.

The best planners, however, will tell you that no one can predict the future.

We believe that a financial plan should not be shaped by market forecasts. Rather, it should be shaped according to the needs, goals, risk appetites and life circumstances of each individual client. In this sense, good financial planners are not experts in prophecy but in possibility.

We spend time with our clients to learn about them. We need to know not only about their assets, liabilities, income and living costs, but also about their aspirations and expectations. From there, goals are set for the short, medium and long term. We then connect those goals to a portfolio strategy that gives clients the best chance of both achieving their goals. A short-term market forecast isn’t required.

The key to earning that return is not market timing or stock selection, but diversification and discipline. The stock market will have more good years than bad, we know that. But there will be bad years, so a plan needs to accommodate those by including bonds and other defensive assets.

Finally, none of our plans are ever set in concrete and forgotten about. There are two reasons. First, markets are always changing. This can move clients’ portfolios beyond the bounds of their risk appetites. Second, our clients are always changing. They change careers, relationships, build families, move house, and face periodic challenges with their health and external circumstances. Plans need to be reassessed, portfolios rebalanced and goals reset, if necessary, to accommodate all of that.

The controllable stuff may not be as interesting as the big political or market story of the day. But it’s here where we, your planner, makes the real difference.

Get in touch with one of our Financial Advisers.

Making Your Money Do Good

Sun, 19 May 2019 23:46:07 GMT

Where To Invest Your Hard Earned Dollars

Are you concerned about where your hard earned dollars are being invested? Many investors are now beginning to be more concerned about where their funds are being invested. From emissions variables such as greenhouse gas emissions intensity and potential emissions from fossil fuel reserves to other environmental and social sustainability variables such as land use and biodiversity, toxic spills and releases, operational waste, water management, factory farming, child labour, cluster munitions and landmines, nuclear weapons systems, tobacco, alcohol, gambling and adult entertainment. With socially responsible investing (SRI), investments in companies are emphasised, reduced or excluded based on environmental and sustainability impact, as well as social considerations.

OCW have SRI portfolios available as an option for investors with the historical returns of these portfolio being commensurate to standard portfolios and are still well diversified. If you would like to know more about SRI options for your investments contact one of our Financial Advisers today.