Business Update – 21 October 2021
2.5% of Population Vaccinated in One Day
The government vaccinated at least 2.5% of the country’s population on Saturday, with 124,669 shots administered throughout the country.
However, Auckland will stay in lockdown for at least another two weeks, Prime Minister Jacinda Ardern announced on Monday.
Inland Revenue to Go Offline for a Week
Inland Revenue’s computer systems will go offline for a week to complete the final stage of its $1.7 billion Business Transformation project.
Online services and call centres will be offline from 3 pm on Thursday until Thursday morning the following week. Offices will also be closed to the public.
The changes will see the systems that manage child support payments moved from its outdated mainframe-based First computer system to its new technology platform, Start. If you have any queries, please get in touch.
Quarantine-Free Travel From NZ’s South Island to Australia
Months after the travel bubble was temporarily paused due to the growing number of COVID-19 cases in Australia, quarantine-free travel from the South Island to Australia will reopen from midnight Tuesday next week.
However, travel from the North Island will remain off limits until the end of the month. Those travelling from NZ will need to take a pre-departure PCR test within 72 hours of their flight and show evidence they are fully vaccinated. They will also have to declare they haven’t been to the North Island in the last 14 days.
ANZ Survey: Business Confidence Declines in October
Business sentiment fell in October from the previous month, according to ANZ Bank’s preliminary survey. This comes as Auckland remains in lockdown to contain the Delta outbreak.
The survey’s headline measure showed a net 8.6% of respondents expected the economy to deteriorate over the year ahead, up from 7.2% pessimism level in the September poll.
Inflation Surged to Fastest Pace in 10 Years
Inflation increased to the fastest pace in 10 years during the third quarter, reinforcing expectations that the central bank will keep raising interest rates.
From 3.3% in the second quarter, annual inflation rate jumped to 4.9%, beating economists’ forecast of 4.2%.
Support available to you
Work and Income has a Find COVID-19 Support tool to help you find the support options you’re eligible for.
Wage Subsidy 2021 #5 open
Applications for the fifth Wage Subsidy are open for two weeks between 15 October and 28 October.
Inland Revenue is updating their systems between 21 and 28 October. This may delay some COVID-19 Wage Subsidy August 2021 applications, because Work and Income will need to verify your information with Inland Revenue. You can still apply during this time.
Modernise your Financial Department
It is not uncommon for startups and small businesses to operate with limited resources. But smart technology tools can enable small teams to operate at a larger level, giving them a competitive edge despite their size.
This Forbes article discusses how you can take a modern approach to finance and adopt a strategy that encourages business growth.
- Employ more strategic cash flow management. Improving simple practices such as sending invoices as soon as possible, using online invoicing tools, evaluating where you can reduce expenses, and adjusting inventory.
- Schedule regular financial forecasts to gauge profitability. Financial forecasting is critical for both short- and long-term scenario planning, and an effective tool to estimate profitability.
- Invest in the right technology. Automation can make manual processes much more efficient, increasing the importance of an organisation’s finance tech stack.
Modernising financial management is not as difficult as it seems. However, it takes dedication to ensure your team is on the right track. If you need some guidance with your business finances, get in touch with us today.
Get in touch
Contact us if you have any questions or want to discuss the next steps for your business.