Many New Zealand businesses need to start taking action now if they do not want to get swamped by a rampant economy in 2014. We’ve just had Statistics New Zealand report our highest terms of trade in 40 years, which is underpinned by soaring business confidence and an economy that the OECD is reporting could grow by as much as 2.4% in 2014 and 3.5% in 2015.
Grant Thornton International Ltd. today announced record combined global revenues of US$4.5 billion driven by 8.1% growth in US dollars (8.9% in local currency) for the year ended 30 September 2013. Grant Thornton led the six largest global accounting organisations in reported revenue growth rate in 2012, and now again in 2013.
Owners of small businesses, in particular, are normally very optimistic about the state of the business and how things will be in a year’s time. But they often make forecasts based on best case scenario rather than allowing for some hurdles.
Banks are placing more importance on personal guarantees than they did 10 years ago and they want to know that business owners are invested, according to Matt Parkinson, Partner at Grant Thornton New Zealand.
Effective credit control is an issue for New Zealand businesses, especially for smaller firms that don’t have the resources or the time to deal with it. Robyn Jamieson, an associate at Grant Thornton New Zealand, says too few New Zealand businesses set out clear terms and conditions of trade before they begin working with a new client.
While New Zealand lags behind the world when it comes to issuing corporate social responsibility (CSR) and sustainability information, the statistics may not be as bad as they look, according to Mark Hucklesby, Grant Thornton New Zealand Partner and National Technical Director.
Ninety per cent of New Zealand businesses see Asia as having the greatest impact on our economy in the next three years, be it positive or negative, according to the recent Grant Thornton International Business Report (IBR).
The Government’s release of a consultation document on taxation issues associated with business-related research and development (R&D) reflects its determination to lift the lid on black hole expenditure, a somewhat colourful term for business costs that do not qualify for tax deductions.
On November 4, 2013, the Trustees of the IFRS Foundation announced that after a competitive tender process, conducted by the Foundation's Audit and Finance Committee and involving seven different firms, a decision was made to appoint Grant Thornton as their external auditor.
The adoption of cloud technology for low cost business and office systems and infrastructure is not only inevitable but a must for the survival of many Not for Profit organisations in New Zealand.