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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.
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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.
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