Our Services
GST
Goods and Services Tax (GST) refers to the 15% consumption tax that NZ businesses charge on their
goods and services. These businesses collect GST from their consumers and pass it on to the Inland
Revenue Department (IRD). Businesses with an annual turnover exceeding $60,000 must register for
GST. Voluntary registration is an option for businesses below this threshold. Small businesses can
choose to file GST returns monthly, bi-monthly, or six-monthly. It can be difficult and time-
consuming to maintain good and timely records of sales, purchases, and expenses for GST purposes.
Failure to do so leads to inaccurate GST calculations or late filing which can result in penalties and
legal consequences for your business. However, with the right guidance and support, businesses that
file for GST can get on top of their GST obligations.
FBT
In finance, FBT usually stands for Fringe Benefits Tax, which is a tax imposed on certain benefits provided by employers to their employees. FBT services may include assistance with calculating and reporting FBT liabilities, as well as advice on minimizing FBT costs through effective management of employee benefits.
FBT stands for Fringe Benefits Tax, which is a tax on certain non-cash employee benefits provided by an employer. In finance, some common examples of fringe benefits that may be subject to FBT include:
- Company cars provided to employees for personal use.
- Health insurance or gym memberships provided to employees.
- Low-interest loans or discounted loans provided to employees.
- Expense payments or reimbursements made to employees for expenses not related to work.
Employers need to carefully track and report fringe benefits provided to employees in order to calculate and pay the correct amount of FBT. FBT is generally calculated at a rate of 47% on the grossed-up taxable value of the fringe benefit. However, certain exemptions and concessions may apply depending on the type of benefit provided and the circumstances surrounding its provision.
IT RETURNS
IT RETURNS is a service that assists individuals and businesses in filing their income tax returns with the government. It is typically provided by tax professionals or software companies and can include preparing and submitting tax forms, calculating taxes owed, and providing advice on tax-related matters.
An income tax return is a form or document that provides details of an individual’s or a company’s income, deductions, and tax liabilities for a particular financial year. It is used by the tax authority to calculate the amount of tax payable or refundable by the taxpayer. Filing IT returns is mandatory in many countries, and failure to do so within the prescribed deadline can result in penalties and legal consequences.
BUSINESS STURCTURING
Business structuring is a critical process for any entrepreneur or business owner looking to start or grow a company. It involves making key decisions about the legal and organizational framework of the business, including choosing a legal structure that fits the company’s needs and goals.
Effective business structuring is essential for minimizing risk and maximizing profitability, as it helps ensure that the business is operating in a legally compliant and financially sound manner.
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It also allows entrepreneurs and business owners to focus on their core competencies and strategic objectives, rather than getting bogged down in administrative and legal issues.
The most common legal structures for businesses include sole proprietorships, partnerships, limited liability companies (LLCs), and corporations. Each of these structures has its own advantages and disadvantages, and choosing the right one requires careful consideration of factors such as taxation, liability, ownership structure, and management control.
Overall, business structuring is a complex and multifaceted process that requires careful planning and execution. However, with the right guidance and support, entrepreneurs and business owners can create a solid legal and organizational framework that supports their goals and helps them achieve long-term success.
FINANCIAL PLANNING
Financial planning is the process of creating a comprehensive roadmap to achieve your financial goals. It involves assessing your current financial situation, setting financial goals, creating a budget, managing debt, investing for the future, and protecting yourself and your assets with insurance. A financial plan can help you make informed decisions about spending, saving, and investing to help you achieve your short-term and long-term financial goals.
PAYROLL
Payroll refers to the process of calculating and distributing employee compensation, including salaries, wages, bonuses, and deductions for taxes and benefits. This involves keeping track of employee hours, calculating gross pay, deducting taxes and other withholdings, and issuing paychecks or direct deposits. Payroll can also involve managing employee benefits, such as health insurance and retirement plans. Accurate and timely payroll is important for maintaining employee satisfaction and compliance with employment laws and regulations.
VIRTUAL ACCOUNTANT
A Virtual Accountant can provide a wide range of accounting services to help individuals and businesses manage their finances effectively, without the need for in-person meetings or a physical office location. A Virtual Accountant is an accounting professional who provides accounting services to clients remotely or online. Here are some examples of what a Virtual Accountant may do:
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- Bookkeeping – A Virtual Accountant may maintain accurate financial records for a business or individual, including recording financial transactions, reconciling accounts, and managing accounts payable and accounts receivable.
- Tax Preparation – A Virtual Accountant may assist clients in preparing and filing their tax returns, ensuring compliance with relevant tax laws and regulations.
- Financial Reporting – A Virtual Accountant may prepare financial statements, such as balance sheets and income statements, to provide clients with an accurate picture of their financial position.
- Consulting – A Virtual Accountant may provide financial and strategic advice to clients, such as identifying cost-saving measures or recommending investment opportunities.
- Payroll – A Virtual Accountant may handle payroll for a business, including calculating and processing employee wages and taxes.
- Software and Technology Support – A Virtual Accountant may provide support and training on accounting software, such as QuickBooks, to help clients manage their finances more efficiently.
Book Keeping Services
Bookkeeping services involve recording and managing financial transactions for a business, including maintaining ledgers, reconciling accounts, and producing financial statements. These services can be provided by an in-house bookkeeper or outsourced to a third-party bookkeeping service. The goal of bookkeeping is to ensure accurate financial records and provide a basis for informed financial decision-making.
Benchmarking and Variance Analysis
Benchmarking is the process of comparing a company’s performance against industry standards or best practices to identify areas for improvement. Benchmarking services typically involve analyzing a company’s financial statements and performance metrics and comparing them to those of competitors or industry benchmarks.
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Variance analysis, on the other hand, involves comparing a company’s actual financial results to its budget or forecast to identify differences or variances. Variance analysis services may help companies identify areas where they are over or underperforming and make adjustments to their budget or strategy accordingly.
Both benchmarking and variance analysis services can help companies identify areas for improvement and make data-driven decisions to improve their financial performance.
Franchise Accounting
Franchise accounting services refer to accounting and financial management services provided by specialized professionals to franchisors and franchisees. These services may include bookkeeping, financial reporting, tax planning, payroll processing, and other related services specific to the needs of franchise businesses.
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The goal of franchise accounting services is to help franchise owners manage their financials effectively and efficiently, allowing them to make informed business decisions and focus on growing their franchise
Business Plans & Tax Strategies
Business plans typically outline a company’s goals, strategies, and financial projections. They can be helpful in securing funding or as a roadmap for the company’s future.
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Tax strategies involve identifying legal ways to minimize a company’s tax liability. This can include taking advantage of deductions and credits, utilizing tax-efficient investment strategies, and structuring the business in a tax-efficient manner.
LTC Accounting
LTC Accounting services refer to the accounting services provided by a company to clients who specialize in long-term care, such as nursing homes, assisted living facilities, and hospices.
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These services may include bookkeeping, financial reporting, tax preparation, and other financial management services specific to the long-term care industry
Trust Accounting
Trust accounting services typically refer to professional accounting services that specialize in managing and maintaining trust accounts for individuals or organizations.
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These services may include handling transactions, record-keeping, and ensuring compliance with relevant regulations and legal requirements. Trust accounting services are often utilized by law firms, real estate agencies, and other businesses that hold funds in trust for their clients or customers.
Accounting Software Planning
Accounting software planning services refer to professional services that assist businesses in selecting, implementing, and optimizing accounting software systems. These services can include needs assessment, software evaluation and selection, data migration, system setup and configuration, training, and ongoing support. The goal is to ensure that the business’s accounting processes are efficient, accurate, and compliant with relevant regulations.
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Accounting software planning services are often utilized by small and medium-sized businesses that are looking to improve their financial management capabilities.
Cash Flow Forecasting
Cash flow forecasting services refer to professional financial services that help businesses to predict and manage their future cash inflows and outflows. These services typically involve analyszing past financial data, assessing current financial conditions, and creating future cash flow projections based on various assumptions and scenarios.
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Cash flow forecasting services can be provided by financial advisors, accountants, or specialized software tools. The goal of these services is to help businesses make informed decisions about their cash management, budgeting, and investment strategies.
Financial Performance Forecasting services
Financial Performance Forecasting services provide predictions about a company’s future financial performance based on past financial data and other relevant factors, using techniques such as statistical analysis and financial modeling.
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These services can be provided by financial analysts, consulting firms, or specialized software applications. The forecasts can help companies make better business decisions and plan for the future.
Special Purpose Reporting
Special Purpose Reporting services involve the preparation of financial reports that are tailored to meet the specific needs of a particular user or group of users. These reports may be prepared in accordance with specific accounting standards or regulatory requirements and can be used for a variety of purposes such as obtaining financing, valuing a business, or complying with legal or contractual obligations. Examples of special purpose reports include pro forma financial statements, agreed-upon procedures reports, and due diligence reports. These services are typically provided by accounting firms or other financial consulting firms