Keeping track of your inventory, the time it takes to sell and the profit made on each product is essential if you want to manage your business effectively.
What counts as inventory?
Inventory is anything you buy to on-sell, including fully-completed items to sell in your store, products that you install in people’s homes or businesses or materials used to manufacture products.
Work equipment, tools or anything else used in your business don’t count. If you have a drop-shipping business where third-party suppliers ship direct to your customers, you don’t have inventory either.
Accounting for inventory
Tracking the movement and value of your inventory is essential for pricing, insurance, accurate tax returns and selling your business.
Good inventory tracking can also help you:
Start accounting for inventory now
To manage your inventory effectively, you need to track how much you have, how much it costs and how much you’re selling it for. You also need to factor in discounts, transport and storage costs, damage and write-offs.It can get pretty complex – so you might want to get help from people who have done it all before.
Want to build a better understanding of your inventory? Get expert help from our accounting team.
Your Outside Team
Need a bit of assistance with your
business? Contact an Outside Accounting team member today and learn more about
our fixed fees. You won’t regret it.
Aside from business consultation, we
are business accountants Wellington
who offer accounting, bookkeeping, payroll services designed to
help you achieve greater financial success.
You can click here to speak to a business, accounting and bookkeeping firm. We will give you a
call to know more about your needs. We will explain to you how we can improve
your business.
Address: Level 2, 182 Vivian Street,
Te Aro, Wellington 6011, New Zealand
Mail: PO Box 24-457, Wellington 6142
Phone: 04 889 2975
If you run a business in Wellington, it’s time to double-check that your payroll systems are up to date. As of 1 April 2025, the minimum wage in New Zealand has increased, and failing to adjust your systems could lead to non-compliance and financial penalties.
On 1 April 2025, the New Zealand minimum wage increased, and it’s crucial for Wellington business owners to ensure their payroll systems and employee records are up to date. Failing to comply can result in costly penalties and damage to your reputation — not to mention disgruntled staff.
Creating and maintaining a solid business budget is one of the most effective ways to manage your finances and drive business growth. For businesses in Wellington, budgeting isn’t just about predicting income and expenses — it’s a vital strategic tool that gives you control, clarity, and confidence.
From 1 April 2025, New Zealand’s minimum wage will increase, impacting businesses across the country. As an employer, it’s essential to understand how these changes affect your payroll, budgeting, and overall business operations. Here’s what you need to know to stay compliant and prepared.
The good news? There are practical steps you can take to regain control of your time and create a healthier work-life balance.
You started your business to enjoy the freedom of being your own boss — yet somehow, you’re working longer hours and feeling overwhelmed with admin, meetings, and constant demands.
The good news? There are practical steps you can take to regain control of your time and create a healthier work-life balance.
With 31 March fast approaching, now’s the perfect time to prepare for the end of the financial year. Acting early can save you time, reduce stress, and ensure your business is ready to thrive in 2025. If you’d like a checklist to guide you through the process, reach out — we’re here to help.
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