Frequently Asked Questions

Common Questions

• Do I need an accountant? What do I bring to the first free interview?
  If you are in business or starting in business, want to grow your business, are starting or looking after a trust or have asked yourself any of the questions on our Services page then the chances are that we can help you. The first interview with us is free, confidential and there is no obligation to join our firm. If you are not sure whether you may need an accountant we suggest you make an appointment with us to discuss your business and where you are at. In order for us to see how we can best assist you, we will ask you to complete the applicable parts of our client questionnaire and bring it with you. If you are in business and already have financial statements, a business plan or cashflow forecasts please bring these as well.
• Can I see you for other business advice? Do you do business planning?
  
  YES! Many businesses get their accounts and can see how their business performed in the year that has already been. You know it is too late to look at improving last year and that you should take the time to create your business plan but you keep putting it off because you don’t know where to start, have never needed one before or just don’t know when you will find the time. The most successful businesses are run by people who plan ahead, set targets and know where they are going. We are able to help you with this. We want your business to be successful and will assist you in preparing a business plan. Most people find it much easier to do this when they have an appointment and have someone to guide them through the process. Clients are often surprised about how little time this can take and the difference it makes to their business to have up to date information at hand. We can also provide you with monthly management reports and/or meet with you to discuss your progress. It can be very advantageous to have a monthly budget vs. actual comparison report to keep a close track on how you are going and give you the opportunity to act quickly to remedy any problem areas that may arise.
  
• What experience do you have?
  David Bluett (Director) – Previously worked for local and national accounting firms and specialises in providing accounting and business solutions to business owners. He assists business owners to understand their profitability, financial position and ensure their tax affairs are in order. He has assisted numerous businesses and professionals achieve the most from their business. David is a Chartered Accountant and is a Member of the Institute of Chartered Accountants which means that clients are assured that the services provided meet the highest professional standards.
  
  Pam, Kathryn, Elaine & Katie – This reliable and efficient team have many years combined experience in accounting. They also have personal experience of being in business in the retail, construction, farming and mechanical industries. They will competently prepare financial statements and tax returns (including GST/PAYE/FBT/RWT returns). They also have talents in budgeting, business set-up, wind-up and planning, trusts, business systems, cashflow & management reporting and assisting with any business challenges you may face.
  
  Karen – Attends to tax administration for our clients and ensures that timely reminders for tax payments are provided.
  
  Gaylene – Our support staff attend to administration, reception and companies office requirements.
  
  All of our staff attend regular updates and training to ensure they are fully up to date with the latest business and tax issues.
• How accessible are you? Will I usually deal with the same person?
  When you come on board with our firm a staff member who will best suit your needs is assigned to you. All of our staff have their own email and phone lines so calls are either answered directly or returned promptly. Although this person is predominantly who you will deal with, other staff members are usually able to help with most questions you may have. Our staff is a well-established team who work well together to ensure your needs are met efficiently. David is also accessible by email, phone or appointment.
• Approximately how long will it take to complete my accounts and tax returns?
  We make every effort to get your accounts processed in the quickest time possible without sacrificing accuracy and professional quality. If you require accounts or part-year accounts urgently or by a particular date we will do our absolute best to accommodate this for you. You can help ensure delays are minimised by providing all of the information required and by answering any queries or providing information requested promptly. Our usual timeframe for a client who has all of their records in order is 28 days.
• How much do you charge and what are your billing policies?
  This varies from client to client depending on what services they require. After the first free interview we send you a summary of how our firm can assist you including an estimate of the price specifically for the services you require so there are no surprises. You can then decide whether or not to join our firm. There is no obligation to do so. We are mindful of the importance of cashflow in your business and can customise a payment plan to best support you.
• What software program do you recommend?
  We have recognised that a ‘one size fits all’ mentality to accounting software is often not the best approach. Someone with little computer experience new to a cashbook will get more benefit from different software to that of an experienced business owner who wants to use a full general ledger package with all the trimmings. There are so many options available so we prefer to discuss your requirements, budget and computer experience to assess what will work best for you. We are not in the business of ‘selling’ particular software and so do not promote any one software over another – it is all about what works best for you.
  
• Do you have experience with my accounting software or do I have to change to suit you?
  We will work with your software. We are very familiar with and keep up-to-date with all sorts of accounting software and can assist you if needed with most accounting software including Xero, MYOB, Cashmanager, Rural Cashmanager and Infusion just to name a few. The accounting staff are certified Xero Advisors.
• How do I know when to pay tax and how much to pay?
  We work out how much tax you need to pay and provide this information to you when your tax returns are completed. In addition, prior to when an income tax payment is due, we send you a notice to remind you of the amount and date due. We also check your taxation assessments from Inland Revenue to ensure they are correct.
• What is the point of doing financial statements when I do not understand them?
  Being in business is more than selling your services or products. As a business owner you will want to know how well you have done, what you spent your profit on and set some targets for the next year. Your financial statements are not just for working out how much tax you have to pay! They also provide you with valuable information and are a useful tool for measuring and growing your business. If you do not understand them or would like to understand them better, we are more than happy to spend time explaining them to you in plain English and answering any questions you may have. Once completed, your accounts are reviewed thoroughly and we endeavour to point out any areas of concern or improvement that may be beneficial for you to know about your business.
• Do you outsource your work? What is the review process? Who signs the returns?
  We do not outsource our work so your financial statements are prepared in our office by our staff. As a member of the NZ Institute of Chartered Accountants we are required to ensure that our work is of the highest standard. As part of this any work completed will be reviewed within the firm prior to finalising. As the records and information supplied in order to prepare the accounts have been provided by you, our client, the returns must be signed by you. We generally ask you to sign these at an appointment when we discuss the financial statements and tax position or they may be mailed to you for your perusal first.
• I am not happy with my current accountant, how easy is it to change?
  Before you change accountants we will meet with you to discuss where your business is at and how we can best assist you. We then confirm this to you in writing and upon your acceptance, we forward a courtesy letter to the previous accountant to advise them and obtain all relevant records.
• Can you help me with my employer responsibilities?
  Yes. We can assist in all areas of PAYE including registering as an employer, preparing and assisting you in filing returns, tax rate changes, any queries you may have. If you require advice in relation to an employment issue, if we cannot help you we will put you in touch with an expert who can.
• Do I need to register for GST?
  If you think your income will be over $60,000 in a twelve month period then you need to register for GST. We can assist with registration or discuss with you if you are under the threshold but are considering registering.
• What records should I keep?
  1. One folder with tabs for;
     • Bank statements (with printouts of your bank reconciliations from your cashbook software if applicable)
       
     • Loan statements
       
     • GST returns including any adjustments or calculations made
       
     • Section for correspondence from bank, IRD, etc.
     
     
  2. A separate folder with invoices/receipts for your purchases. Some people prefer to keep these month by month and others alphabetically.
     
  3. You may also need to keep copies of debtor (customer) invoices depending on what software you are using and the type of business you have.
     
  4. You should keep wage records including copies of PAYE returns.
     
  5. Some clients find it useful to keep a manila folder during the year of information to give the accountant at year end. This can include copies of;
     • New loans
       
     • New hire purchase agreements
       
     • Insurance invoices
       
     • Repairs & maintenance over $1,000 + GST
       
     • Notes/calculations of any adjustments made during the year
       
     • Copies of invoices for purchases of business assets (including motor vehicles) over $1,000 + GST
       
     • Notes about any unusual or one-off transactions
     
     
  6. You may be required to keep a motor vehicle log book for three months.
     
     Business records must be kept for 7 years. We can give you further advice if required.