Why do accounts?
Firstly to meet your obligations to government departments, such as the IRD and Statistics. And, more importantly, your accounts should provide you with a range of information so that you can make well informed business decisions. For example:
• A list of who owes you money and who you owe money to.
• A comparison of Income and expenses and profit from one period to another.
• Obtaining the profit on individual jobs and/or products to determine which area you should concentrate on.

Do I need the overhead of an “In-house” Accountant?
Using a Monthly contract accountant can be a cost effective alternative to hiring an “In-house” Accountant.

Can I do my own Accounts?
If you do not have an accounts background and are planning on doing your own accounts, you will probably need some help getting started. Accounting Works can help you by suggesting appropriate software, setting up systems and teaching basic accounting skills.

Do I need to register for GST?
Very small businesses may not need to register for GST. In general, if your business' annual turnover will exceed $40,000 you must register. For more information go to the ird website http://www.ird.govt.nz/gst/introduction/

How do I comply with my obligations as an employer?
Good payroll software will help you to meet your obligations, such as PAYE, student loan deductions and kiwisaver. Accounting Works can install, setup and train your staff on payroll software. Or, if you prefer, we can prepare your payroll for you, either at your office or off-site.

What can I do to reduce my accountant's bill?
Making sure that data is entered correctly and checked through good reconciliation processes will insure accuracy. Having accurate information on a computer system can save your accountant having to re-enter all your transactions for the year.

When should I do a stocktake?
In order to accurately reflect the profit of your business, it is important to do a regular stock take. How often this should be done will depend on many factors such as the risk of stock losses or incorrect recordkeeping, the turnover of stock and the value of it. As a bare minimum, a stocktake should be done at the end of each financial year.

What is a Registered Tax Agent?
Tax agents represent the interests of people obligated to pay taxes. Once you are added to our agency list (linked with the IRD) we can arrange for all queries, correspondence, and assessments from the IRD to be sent to us. We can generally deal with many of these without you even knowing.

As a tax agent we automatically receive an extension of time to file income tax returns on behalf of our clients which allows us to manage our business and provides you with a longer period to file.

So, taxpayers on our agency list who are up to date with filing their returns, have up to 31 March of the following year to file their income tax return instead of 7 July. You have also extended dates for paying terminal tax (not Provisional Tax). Under the Privacy Act and the Income
Tax Administration Act we must have your authorisation to act as your tax agent and hence the "statement" that must be signed.