IBBZ Accounting

Chartered Accountants & Tax Specialist

 

Useful tips for Small Business

General update by IBBZ Accounting on latest tax news, business growth and technology tips.

Why are small businesses important in growing New Zealand’s economy?

on in Business growth
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Small Businesses

 

Small businesses are independently owned cooperation, partnerships or sole traders. There is a close control over operations and decisions by the owners. In NZ, small businesses play an important role in the growth of economy as they make up majority of businesses.


Although the big businesses may lead the stock market, however the small businesses are making economy moving as these are engine for growth. 97% of businesses in NZ are small businesses, employing less than 20 people and contributing 28% in GDP of NZ (New Zealand’s Support for Small Business 2018).


These small enterprises include industries like construction, accommodation & food services, primary industries, retail trade, professional, scientific & technical services, manufacturing, other services, wholesale trade and education


Small businesses are important because of following reasons:


1. Brings new competition:

Many start-up and small businesses can easily compete with the large businesses. For instance, a new local clothing line will be able to offer cheaper rates in comparison to bigger brands as they don’t need to ship from overseas.

2. Innovation:

A sustainable environment helps in growing the business and bringing innovative products and services in the market. For instance, new café in a busy area can make regular meals look appealing than others.

3. New jobs:

Small businesses mainly operate in local regional areas and create meaningful jobs where employees contribute in every step for business growth and hence, build a direct relationship with the owner. Small business employment rose at an annual rate of 8-10% and outpaced the 3.1% growth in new jobs across NZ. In additional, there is a change of 2.1% in number of employees hired in small businesses from Jan 2019 to Feb 2019 (Xero Business Insight).

4. More diversity:

There is generally more flexibility in small businesses, so anyone can start it. People from different cultures, roles, skills and knowledge contribute in growing a small business. So, it becomes easier for the nation to cope up with tough times with more diversity.

 

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Saurav Wadhwa

Saurav Wadhwa is the Managing Director of IBBZ Accounting. IBBZ Accounting is one of the finest tax consulting firm based in Auckland, New Zealand. IBBZ Accounting has multiple business awards. 
Saurav Wadhwa is Masters in Taxation and Post Graduate in Law. Has dual membership with New Zealand Institute of Chartered Accountants and CPA Australia. He has a passion for Helping New Zealand Businesses. 


 


Awards and Recognition


 


As of Aug 2020 total number of 115 businesses saved from tax debt associated problems. Their written testimonials and Google Reviews provides authenticity of these numbers.


2019 IBBZ Accounting was Finalist in two categories: Excellence in Customer Service and Excellence in Business Planning. Westpac Auckland Business Awards


2018 IBBZ Accounting was Finalist in Westpac Auckland Business Awards: Strategy and Business Planning 2018.


2017 Saurav was appointed as a committee member to New Zealand Public Practice Board of CPA Australia. 


2015 Saurav won the award of Best Accountant of the Year.


2014 IBBZ Accounting won the award of Best Small Business 2014. 



 


News Paper Articles.


Sunday Star Times -Fairfax Media -12-08-2018


InTheBlack Aug 2018 issue - CPA Australia In Practice Publication 


 


Contact us on info@ibbz.co.nz  or 09 272 8050

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