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Rookie business mistakes

February 13th, 2018 | Posted by Accountants Auckland in Accountant in Auckland | Chartered Accountant Auckland | Xero Accountant / Zero Accountants - (Comments Off on Rookie business mistakes)

Being an exacting accountant, with all those horribly strong type-A personality traits, it almost hurts me to say this but one of the biggest mistakes I made when starting out was not realising that business isn’t about doing a great job or working incredibly hard.  Yes, those things are really important but not the most important.

What I’ve come to realise is that business is more about the stuff in between; the keeping everyone happy stuff!  From explaining to customers why you’re worth it to tactfully dealing with incompetent staff and suppliers (because let’s face it, the good ones take care of themselves, don’t they).  Communication skills and relationship building are huge.  It’s almost as if you have to become a professional Happy-Maker!

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One of the best things about being an accountant (yes there are some) is the ability to get up close and personal with some of the best businesses on the planet.  What’s not so great is being a messenger for the IRD.  Early in my career, I had an incredibly uncomfortable meeting with an elderly gent who just wouldn’t believe it was illegal to claim his glasses and hearing aid, even though he needed them to do his job.  It was quite the battle, I can tell you, so instead of boring him with legislation I told him about the court case where a personal trainer was sentenced, to home detention, for claiming running shoes and that even plain clothes police were taxed on their clothing allowance.

Now, I’m not saying it’s fair. Personally, I’m on your side but is there a way around these laws?  The answer is advertising.   I don’t know how you feel about having your business branding plastered all over your designer jeans but it’s one way to make them tax deductible.  Without advertising, most clothes fail under the scrutiny of a ‘brown-trousered’ tax investigator (unless they’re uniforms or health and safety wear).  We’d hate you to get caught out so why not quizz yourself to see if you can pick what’s deductible below?

“Life, as a business owner, isn’t perfect but your outfit can be”

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