Full Online Accounting
We provide financial results and reports in a timely and accurate manner. This includes up to date financial records to ensure your business operations run more efficiently on a daily basis. Our accounting range of services includes:
- General Ledger
- Profit & Loss Accounts
- Statement of Income & Expenses
- Statement of Movement in Equity
- Balance Sheet
- Depreciation Schedule & Report
Our financial reporting provides an opportunity for us to offer recommendations and solutions to maximise business profitability and efficiency.
Our reporting involves analysis, review and compilation from information provided by you (for our internal use). If you need further business result analysis for decision making, we will extract the correct information and provide you with reports that are easy to understand and action.
- Online cashbook
- Bank Reconciliation
- Cash Budgeting
- Cash monitoring (remember – once you’re cash is gone – you’re gone)
- GST returns
- GST Audit report
- Complete and submit invoices
- Track invoice payments rec’d with software
- Payroll calculation
- Tax Deductions
- Employee earnings records
- Rental Financial Statements
- Rental Partnership Accounts
- Rental Tax Returns
Tax Problems Solved (Big or small)
Whatever your tax problems we will handle it for you. While we’ll work with IRD as required, never forget that we work for you and not anyone else. We stay totally independent so your interests are protected. Tax is what we know. We’ve been doing it for years. Our team’s extensive tax know-how and experience will be a major benefit to you.
We are specialists in taxation. Some of our accountants are ex-Tax Department where they were employed at senior level. This means you get the full benefit of their vast experience including how to do things within the Tax laws so you’re able to claim everything you’re legally entitled to. Sorting out tax problems of any kind whether simple or complex, small or large is something we do well because of our tax teams’ expertise.
Tax Arrears Negotiations with IRD
You’ll never need to stress when working to make arrangements and proposal with Inland Revenue. If you need a deal for paying your tax over a period or if you wish to make a proposal or offer to the IRD, we can handle all of it for you. We have negotiated countless tax matters and disputes on behalf of clients over the years and in every case we’ve achieved mutually satisfactory outcomes for the parties concerned.
Many clients get behind with their tax payments. This causes them major problems with the IRD. If you have tax and GST arrears, including arrears that go way back, we can put together for you a repayment instalment plan acceptable to the Tax Authorities that would allow you to clear your arrears over a 12 – 60 month period. Although many situations can get a bit complex, by working closely with IRD, a “deal” can be agreed that allows you breathing space and time to pay your tax. Sometimes you just need a few months and some help to recover. Then you can get back on your feet and keep your business operating.
Tax Reduction & Minimisation
One of our main roles is to work at achieving tax reductions for you and your business. We explore every angle, situation and expense to achieve that minimum tax result for you. You can save thousands of dollars every year by letting experts look at your business and personal tax situation. And it should all be done legally.
We believe that over 50% of tax savings arise from how good your accountant carries out his or her tax work when completing your financial accounts each year. Many accountants don’t specialise in tax so make sure you employ the services of one who does. Just because someone is an accountant doesn’t necessarily mean they know a lot about tax. A good tax specialist can save you thousands in tax every year legally.
Tax Planning Strategies
Attempting now to find ways to save on last year’s tax is like “closing the barn door after the horse has run away”. Last year’s tax bill is determined by what happened last year. Too many people mistakenly believe that real savings come from locating some mysterious new deduction or finding an undiscovered tax loophole.
Let’s be clear on this point. There are no shortcuts to tax minimisation. Genuine tax savings result only from adequate and proper tax planning. Good tax planning is not about reducing tax payable. It’s about maximising “after tax” income. Who cares what tax you have to pay as long as what’s done maximise the money you have left over for you and your family after any tax due has been paid. Think about it for a while. They’re slightly different aims.
The legal approach to cutting your tax bill involves knowing the current tax laws and being able to take advantage of the benefits and concessions offered.
There are countless methods the law allows for reducing tax. It is vital that you plan ahead for this because if you wait until the end of your tax year to think about tax reduction that will be too late. Tax planning means setting in place strategies early on that will result in maximum tax deductions and minimum taxable income for your business. Planning must be done at the beginning not the end of your business year.
Tax and GST Returns
Our objective is to complete and file all your tax and GST returns accurately and on time.
Whether for a salary or wages earner or a small self-employed person working from home or a company with many shareholders or a trust that earns income for its beneficiaries, we can do it all for you. We’ll complete and file all tax returns and GST returns for the business as well as its owners and shareholders as and when they are required by law. The key is to ensure all returns are filed by due date otherwise IRD will “hit you” with heavy penalties and interest.
Tax Audits & Investigations
The possibility of your tax return being questioned by the IRD usually causes panic. But knowing what to expect and how to prepare for an audit can go a long way to relieving much of your anxiety.
A tax audit is simply an examination of your financial affairs to check that you have paid the correct amount of tax and that you have been complying with tax law. Tax returns for audit are selected in a number of ways. Most have little to do with suspicion by the IRD that you have been less than honest.
Most people being audited feel more comfortable and confident with professional representation so contact an experienced tax accountant to handle this. It may cost a few dollars but if problems arise they can advise and protect you. They’re “worth their weight in gold”.
Sooner or later your number will come up and the Tax Dept. will conduct an audit of your business affairs and tax responsibilities. We will stand with you and be present with you at any such audit or investigation. You will have our full support to ensure your rights are respected and you’re not intimidated. If you become subject to an audit or investigation our help and support will be invaluable. You don’t need the stress. We can look after it all for you.
Let us be the first people you call.
Company Formation and Admin
We can form a new company for you as well as look after the requirements of companies you already have. We can file annual returns to the NZ Companies Office for all your companies when returns are due.
We can draft and complete all the necessary forms and papers for various company resolutions and proceedings at meetings. All companies based in New Zealand must have at least one NZ resident director. If your company needs a NZ resident director, we can source the right people for the role
Trusts Formations and Admin
We can form a trust for you for family purposes or for operating a business through. Where the requirements are complex we work with our legal partners to ensure your trust complies fully with NZ Trust Law. We can assist with its management obligations and all accounting and trust responsibilities.
Sale of Businesses or Franchise
Many business and franchise owners have the ability to sell the business themselves. Many don’t need to use professional people. However, there are various areas where the assistance of a professional accountant may save you headaches and also from being “ripped off”.
Areas where you will need a good accountant experienced in assessing and selling businesses and franchises include: valuing the business, doing due diligence, checking the buyer’s credentials, tidying up the financial books, structuring the sale agreement, assist the draft of sale advertisements and help locate potential buyers
The best time to sell your business is when it is running well and profits are increasing. The signs of success will give a buyer a great incentive to investigate further and hopefully purchase. It is when your business is running profitably that the greatest value can be attributed to it.
Purchase of Business or Franchise
The main motivation to buy rather than set up from scratch is that everything is established and the new owner is able to generate cash and hopefully a reasonable income from day one. One area you and your accountant will need to check is the reason why the former owner is selling.
Legitimate reasons could include; illness, retirement, expansion due to the success of the business or the former owner was not keen on expanding into other centres or countries because of the workload involved. However, other reasons for selling could be that the business was failing or that competition was affecting turnover, or that cash flow was deteriorating and debts were not able to be paid on time etc. If any of these issues concern you, then you need a professional by your side to do due diligence.
Don’t be rushed into buying a business until “every stone has been turned” and you and your accountant agree to buy or pass. It is essential that you carry out full “due diligence” before making any decisions. We can help you in this area.
We are able to assist you with franchising your business.
If you have a small business that can be easily replicated, then franchising may be one of the better ways to expand at a fast pace. And if you do it correctly you can grow your business quite quickly.
Before starting however, ask yourself a couple of questions – “Is my business franchisable and is franchising my best strategy? These questions can only be answered after evaluating your business fully and determining how franchising fits with your specific goals and objectives.
For this task an experienced accountant working closely with a franchise broker/consultant will provide you the best information for making decisions.
New Business Start-up Help and Advice
A question for any budding business owner is – “when should I go into business”? Timing is critical for many reasons. Having a business is totally different from working for a boss. You will be taking on a lot of responsibility and you have to be prepared for the changes involved. There is a lot of work required and a lot to learn. We have had many years of practical experience in start-ups so can help with all areas involved in starting and setting up your business
We can provide full assistance if you’re starting up in business. There are many pitfalls to avoid. Just a few minutes discussing things with us will avoid many headaches and heartaches for you. Our specialists have set up many businesses of their own from scratch and helped many new business owners. There is little we can’t answer and advise should you come across a problem or tricky situation. Talk to us first if you’re planning on owning your own business. Ask us for our free initial advice with absolutely no obligation to appoint us as your accountants.
Business Advisory – years of experience.
As a new business owner, make sure you think things through before you get too far into your new venture. The proper development of each area is critical so it is important to work with your adviser. The expertise of advisers who has been involved in business start-ups could save you a lot of unnecessary costs and headaches. Even if you believe you have a good idea to convert into a profitable operation, it is best to keep your feet firmly on the ground. Follow through each stage in the start-up process slowly and carefully. You will have a greater chance of success if you do that rather than rush headlong into things without sound discussion and review.
Great business advice comes from personal experience “getting your hands dirty” in your own businesses – and that’s what we can give you. We have years of business experience behind us so we can provide you with advice for any area of commerce. There is little in business that we haven’t had first-hand experience with ourselves so we offer you that expertise
Business Consulting – all areas
A small business would benefit from advice provided by our business consulting team. Our consultants can work with you on strategy, planning and problem solving as well as help you develop your business skills and knowledge.
A good business consultant takes the time to learn as much as possible about your business to identify existing problems to arrive at solutions and find where changes are needed. Our business consultant will help you identify opportunities to grow your business, increase profits, and boost efficiency.
We provide full consulting on any complex business issue. Perhaps you just need a second opinion. You won’t have to be a client of August Group for us to provide you with an initial opinion.
Business Rescue, Survival, Closure or Merge
Unfortunately, not every business will succeed. In fact, the majority of businesses will fail and will not be operating after a few years. The statistics are dour because they point to a failure rate of over 70% for new businesses within the first 3 – 5 years. And the reasons why businesses fail are many.
Owners of a business can exit from business using one or more of the following options:
- Close Up – Close the business, sell assets, pay liabilities and stop trading.
- Sell Up – Sell the business as a going concern.
- Merge – Merge the business with another one.
- Succession – Pass the business on to family members or others.
- Bankruptcy – File for bankruptcy (if not a company) and close up.
- Liquidation – Liquidate and close the business (if a company).
We can help with a rescue, provide survival options, look for a merger with another business if viable or simply assist you to close everything up. If your business is failing you may need help for rescue. Contact us as soon as you see that things are not working out as you’d like. The sooner survival steps are taken to head off problems, the better
If you have come to the conclusion that the business needs to be closed we can help. This includes business bankruptcy, company liquidation, receivership or creditor compromise deals. If you are contemplating a merger with another business, talk to us first so you’re not disadvantaged in your negotiations.
Online “Cloud” Accounting Software
Cloud accounting software is similar to traditional, on-premises accounting software. The main difference is that cloud software is hosted on remote servers. Data is sent into “the cloud,” where it is processed and returned to the user. All application functions are performed off-site, not on the user’s desktop.
There are a several key distinctions between cloud accounting and traditional, on-site accounting. For example, cloud accounting is much more flexible. Accounting data can be accessed from anywhere in the world on any device that has internet connection, rather than from your on the premise computer.
And unlike traditional accounting software, cloud accounting software updates financial information automatically and provides financial reporting in real-time. This means account balances are always accurate and fewer errors occur because of minimal manual data entry.
There are number of cloud accounting packages available now on the NZ market and we can advise you on them as well as train you on their function if you require
We also have our own cloud accounting software that our team developed for use by any business owner and for any type of business. It is arguably the fastest and simplest to use online accounting software in the country primarily because it was specially designed for ease of use by omitting the usual “bells & whistles” functions that most other software companies built into their products, functions that most SME businesses in NZ do not need.