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Farewell 2018

Well it’s damn near the end of 2018! I’ve decided to take a bit of a break over the festive season closing on Friday 21stand reopening 14thJanuary.  I hope you all get a well-earned rest at some time this summer. I thought I’d go over what we look for when completing end of year accounts, seeing as that is fast approaching, and the processes I have in place that may differ from prior years. We request a lot of documents, which we need to have as verification that we have the corr...

December 12, 2018

Timing

If you are anything like me you’ll be thinking where has the time gone?  Only two months left of 2018, eight Tuesdays to Christmas, even less paydays and only two and a half GST periods until the end of the financial year!  And this is supposed to be an October newsletter – I might just squeeze that in. Like most workers accountants have to work to a schedule and have KPI’s such as meeting tax return filing targets with Inland Revenue (100% by 31stMarch), making sure we...

October 28, 2018

Payday Filing

You might have heard already about payday filing, but here is some information that might be helpful. Currently each month you would file either by paper or electronically your employer monthly schedule (EMS IR348) and your employment deductions (IR 345) to Inland Revenue (IRD) and make payment on your relevant due date (small businesses generally the 20th of each month).  Now you can choose whether to file your employment information each payday instead of filing an employer monthly s...

September 16, 2018

Anti-Money Laundering and Financing of Terrorism

The Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act) has extended its reach to Accountants, bookkeepers and tax agents from 1stOctober this year.  Lawyers came under the Act earlier this year and real estate agents will enter early next year.  What does this mean to you?  The government knows that it is likely that money laundering is currently going on undetected in New Zealand. Money laundering is the method by which people disguise an...

August 13, 2018

Business Revitalisation cont...

In my last newsletter I spoke about business revitalisation and how it can also revitalise yourself and how you work in and feel about your business.  I’ve been following the process for a couple of months now with Accounta and can see the difference it has made first hand.   In fact, I’m putting my recent major decision down to the effects of the revitalisation process. About 3 weeks ago I was offered a position in a small progressive accounting firm, steady income ...

July 24, 2018

Business Revitalisation

This article is a bit different from my usual in that I want to explain a new service I am offering. It’s come about due to my own reflections on where my business was going and how was it doing? Was Accounta actually making a profit – not just for tax/accounting purposes but actually dollars in the bank, as Director was I doing my best to ensure my shareholders were getting good returns on their investment – ok so as the sole director and shareholder that’s all me, but really was I maki...

June 20, 2018

COCLAR - What?

An international ethics standard was enacted in New Zealand on 15thJuly 2107 which has important considerations for me as an accountant and you as a client. It’s a first-of-its-kind framework to guide auditors and other professional accountants in what action to take in the public interest when they become aware of a potential illegal act, known as non-compliance with laws and regulations, or NOCLAR, committed by a client or employer.  It’s a set of ethical standards with global re...

May 14, 2018

Fearing The Health and Safety Act

I was talking with a sole trader panel beater and asked if they would take on an apprentice.  “No, I wouldn’t be able to leave them alone in the workshop because if they hurt themselves I’d be liable”.   I was surprised to hear his reaction.  Here was someone limiting the potential of his business seemingly not because he didn’t have the work for an apprentice, but because of his fears of the health and safety act. We’ve all heard stories of busines...

April 10, 2018

Thieving From The Community

The IRD website states “Prosecution is one way the Commissioner of Inland Revenue protects the integrity of the tax and social policy systems she is statutorily responsible for.  It is an enforcement activity, usually of last resort,…”  IRD has a compliance model that guides the approach taken.  Most taxpayers want to do the right thing but occasional gets it wrong.  IRD takes an assistance role in helping these taxpayers comply.  Those that don’t want to co...

March 22, 2018

Do You, The client Care?

I always believe transparency and honesty are key business attributes, but I wonder how far that needs to go. For example, most people charge out a greater rate than their costs. This is basic economics; money in greater than money out equals happiness. They don’t tell customers that they are paying this much for this or that and this is my mark up; please pay this amount thank you. But, we still live in a society where there are expectations, a customer walks into a store...

March 5, 2018

Minimum Wage Mayhem

I was with some people the other day and the conversation came around to the pending increase to the minimum wage. The comment that struck me the most was “I’ve heard a lot of businesses say that they won’t be able to employ anyone, unemployment will increase”.  In my head I’m thinking, “why should they say that?”  Let’s look at reality. The government is increasing the minimum wage from $15.75 to $16.50 come 1st April 2018 with progressive increases to meet the $20 tar...

January 17, 2018

Expenses - Business or Personal?

People claim expenses in businesses all the time - materials for building products that they sell, wages to staff, motor vehicle expenses for getting out and visiting clients, rent for premises used in selling, storing or manufacturing goods, legal expenses incurred to recover lost profits for the supply of defective plant, insurance for professional indemnity or to ensure plant and machinery. the list goes on, BUT there are some expenses that people would like to claim that unfortunately can no...

September 6, 2017 Posts 1-12 of 12 | Page
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