There are a few simple things you can do to help us reduce your accounting fees. These will help make the annual accounting and taxation return process more efficient. It will also help minimise the effort on this part of our services so we can focus on helping your grow your business.
Occasionally we will send you information about topics that affect you. Take a moment to read the information and contact us if you have any questions.
We can provide advice before a transaction takes place and look for any possible tax advantages or opportunities that may not be available to you once the transaction has been completed.
Quite often, changes happen throughout the year that can have an impact on what accounts need to be prepared and therefore impact on our fee.
Examples of situations where we can assist are:
Business structure changes, eg a partnership may decide to start operating as a company
Key staff moving on or joining the business
If you start or stop selling products or services
Movement into new markets, eg international
If you’ve received funding from third parties, eg new shareholders or loans from friends or relatives
Talk to us before you start preparing any records. We can advise you on the information we will need, exactly how we will need it, and the best type of software solution for your particular purposes.
Maintain Your Accounts
We encourage clients to set up and maintain their accounts regularly on a daily, weekly, or monthly basis whether they are hard copy or PC-based.
This will help save time at the end of the year, but more importantly provide you with information to help run your business.
Reconcile Your Accounts
Reconciling your accounts will help minimise errors and ensure all transactions are accounted for. The important accounts that should be reconciled are bank accounts, suppliers, and debtors.
Label and Store Documents
Label all documents, eg invoices, hire purchase agreements etc and file them in a logical systematic order. This will make them easy to find at a later date.
Include all copies of material prepared throughout the year for the Inland Revenue Department.
These include GST and FBT returns, motor vehicle logbooks and any interest or dividend certificates.
In our annual questionnaire, we will include a list of schedules that we will need to be completed. Note: Not all the schedules may apply to you. Call us to discuss which ones apply to your circumstances.
The schedules cover issues such as:
Accounts payable owing by you
Accounts receivable owing to you
Business use of home
Assets sales and purchases
Private use of business assets
It is important that we agree on a timetable before we start work on your accounts.
While we have an arrangement with the Inland Revenue Department that permits us some flexibility in filing your tax return, as you will appreciate, we have extremely tight deadlines and it is important to adhere to them.
If for any reason you are unable to provide the information when requested, you should contact us as soon as possible so that we can redeploy our resources and discuss a new date.
After delivery of your information according to the agreed dates, the following steps will occur:
Your information will be reviewed to ensure you have completed your annual questionnaire and any subsequent discussions. We shall contact you on any points or queries found during our review
After any queries have been resolved preparation on your account will begin. Again, there may be additional information that you will need to provide
When your final set of accounts has been completed, a copy will be sent to you for your records
Ask us for a copy of the annual questionnaire. The annual questionnaire can be used throughout the year to make sure you are retaining the right records.
Talk to us about any details required if you are unsure. Also, we can help set up procedures and processes for your business that will help provide the information required in the right format and at the right time.
If you consider that any of the issues contained in this fact sheet may affect you.
Important: This is not advice. Readers should not act solely on the basis of the material contained in this fact sheet which consists of general comments only and do not constitute or convey advice per se. Changes in legislation may occur quickly. We therefore recommend that our formal advice be sought before acting in any of the areas. We believe the contents to be true and accurate as at the date of writing but can give no assurances or warranty regarding the accuracy, currency or applicability of any of the contents.