Reduce your accounting fees

 

Everyone wants to save fees. Professional accountants take responsibility for the accounts we produce. When we get accounts that have been prepared in a package (such as MYOB, Reckon, Xero and the like) we cannot just take that and file your taxes. We have to ensure the results are reasonably accurate (and tax compliant) before we add adjustments such as depreciation, FBT, owner salaries, taxes, etc.
 

All too often (almost all the time) clients' systems require fixing before we can proceed. It may be that several items bought were actually used in completion of an asset - so we have to move it from expenses to assets. Or an asset may have been capitalised when it cost less than $500 and so can be expensed. Or it may be that it is a mixed use asset - partly private and partly business - which may involve adjustments (including GST). And that's just assets.

 

There are common errors in every area. We make no pretence that we can pick up every error - even auditors can't do that. We primarily check for items that "look" strange (e.g. gross profit rate drops by half), or items that don't agree with other parts of IRD (e.g. GST) or third parties (e.g. banks). That way we ensure the accounts are at least consistent. Still, as they say, if something can go wrong it will, and if it can't go wrong, it still will 😄.

 

When we set up this business, we resolved never again would we deal with the same problems recurring in the same accounts year after year. Neither the client nor we enjoy that. So how do we avoid it? We only take on clients who agree to do their accounts correctly during the year, so the end of year is relatively simple. That sounds easy - almost every business person thinks they are doing things correctly, yet so many aren't. So how do we change this.

 

Contact us

Email results@businessacademy.nz

 

Skype PhilANZ

 

Phone 04 920 0911

 

P.O. Box 30-545, Lower Hutt 5040

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