BUSINESS SET UP
As most small businesses are personally owned and managed there is little time for the busy owners to do anything else. This is where we can be most useful as your virtual business partners taking care of the back office. We offer to work with you on your business plan. Basically functioning without a business plan is like Captain James Cook chartering the south pacific without a map, and he would not have made history as one of the great discoverers of NZ.
In conjunction with a business plan is the need to prepare a cash flow forecast, which is an estimate of future sales and expenses and will forecast whether you will have enough cash to keep the business alive. When you decide on a company structure we can have it formed and registered with the companies’ office in no time and have a tax number, GST, and Employer registration if required set up.
Having us involved from an early stage of your business means we can advise on the best structure that achieves the maximum tax savings. NZ has a progressive tax rate for individuals from 10.5% to 33%, and fixed rates for Non-LTC companies and trusts at 28% and 33% respectively. This system allows every taxpayer the opportunity to structure their tax affairs within the boundaries of the law, to gain maximum savings.
We offer to prepare and file the following tax returns:
• Income tax • Goods and services tax • Fringe benefit tax • PAYE
For the following entities:
• Companies • Individuals • Sole traders • Partnerships
• Trust and Societies
We can advise and assist with IRD audits and ACC related matters
A third of our company clients have LTC status. If you are a rental property investor or planning to invest in the rental property market, talk to us first for guidance on:
Purchasing a property
Loan structure & Interest rates
We are more than happy to support you in making the right decision.
As the saying goes cash flow is the life blood of all businesses. No cash no business. We are not too big (OR too small) to do book keeping work so that you get reports when you need it and you know your cash situation at any point in time. Our software is capable of flexible reporting of your business activity in whatever format to suit your needs and as often as you require.
We can present your report in any combination of text and numbers, graphs or percentages whichever makes it easier for you to track your performance, identify your key drivers, make informed decisions and run a profitable business. We don’t stop there as we will always be alongside to interpret the numbers or even paint a picture if required
We prepare financial statements to meet the requirements of the user. Exempt companies require their financial statements to be prepared in accordance with the Financial Reporting Order 1994. All other companies must comply with the requirements of the Financial Reporting Act 1993. Non- company entities that are not large and have no public accountability can prepare special purpose financial statements and do not have to comply with generally accepted accounting principles (GAAPS) unless specifically required by the user of the financial statement.
Most recipients of government funding such as Preschools and Community agencies are required by their funders to prepare financial statements in accordance with GAAPS. Other entities such as sole traders, partnerships, family trusts and individual tax payers can save on compilation costs by requesting special purpose financial statements prepared using tax principles for the purpose of filing a tax return.
AUDIT OR REVIEW
Our work with church groups, preschool, community agencies and foreign investment entities over a number of years identified a big gap between the resources available and the accountability requirements of these entities. Our involvement utilises our expertise and knowledge to bridge some of that gap. Our valued audit clients have their own accountants prepare the financial report for us to audit or review.
Audit – An audit provides the readers of the financial report with a high level of assurance. The auditing standards are very detailed and require the auditor to complete many audit procedures in order to obtain sufficient appropriate audit evidence. An audit is usually the most costly.
Review – A review provides the readers of the financial report with a moderate level of assurance. Evidence is gained mainly through conducting review procedures which are primarily management enquiry and analytical review. A review generally costs about two thirds the cost of an audit.
Special purpose audit
• Audit of Ministry of Education funding that funds have been applied in accordance with the principles laid down by that Ministry.
• Audit of financial statements for migration purposes.