Compliance is a part of every business. At the end of each financial year (usually 31 March), companies and sole traders are required to have a set of financial accounts prepared and to submit their tax returns with the IRD. Sound like a headache? That’s where the team at Accounting North can take the pressure off you and handle this year end compliance for you. Your individual requirements will be discussed with you and information and constructive advice will be provided. In addition to performing these services we also endeavor to ensure that when you see your financial statements your eyes don’t glaze over! For more on Understanding your Financial Statements click here.

Do you find filling out your GST return a nightmare, time consuming or boring? For business owners, GST returns can be another administrative duty that usually is completed at night as you are juggling the task of running your business during the day. The team at Accounting North can take the GST nightmare off your hands. We can offer accurate and well-timed assistance in the areas of:

• Registration queries
• Preparation and filing of GST returns
• IRD audit assistance
• Specialist events involving GST (e.g. sale or purchase of property)

Do you have a great idea that you think might make an awesome business? The team at Accounting North will guide you along the path to turning this idea into a reality, through:

• Viability – helping you to assess if your business idea has the potential to grow into a viable business
• Business Structure – should your business be set up as a sole trader, partnership or limited company?
• Planning – Preparation of a business plan, cash flow projections, budgets and trading forecasts
• Finance – we can assess your financial requirements and give guidance on the best sources of finance
• Administrative duties – we can complete registration procedures for you, with the Companies Office and Inland Revenue.

There have been significant tax changes in the area of rental property investment from 1 April 2011. We have the necessary expertise to assist in a variety of areas in relation to residential and commercial property investment. The services we offer our clients include:

• Advice on the purchase of a property
• Advice on lending
• The best structure to use
• Structuring your debt to maximise your tax position
• Cashflow Forecast

Contact us today for more information on how we are able to assist you in the business of rental properties.

More administrative duties to tie up your precious time! In addition to complying with taxation requirements, there are requirements under the Companies Act 1993 that must also be observed. Accounting North can assist with:

• Company formations
• Preparation of all documentation related to minutes and resolutions and maintenance of statutory books
• Filing Annual Returns with the Companies Office
• Preparation of documentation in relation to changes in Directors, Shareholders, addresses and office details
• Completing documentation when share transfers or share changes occur

Trust Administration has many arms to it including attending to gifting, recording of minutes and resolutions and preparation of annual accounts to name a few. Accounting North will provide Trust Administration services for your Trust and ensure that your Family Trust does what it was set up to achieve. Contact us for more information.

The setting of the budget is a key business planning tool. A budget will allow financial targets to be set and performance to be measured. The budget is a key component to ensure accountability for performance. Budgets may also improve your chances of obtaining funding as forecasts are often required for funding approval. Budgeting should also allow you to consider the impact of various future scenarios.

We often hear questions such as “How can I do this better?” or “How can I run my business more effectively?” We will work with you to highlight areas in your business that could be improved, put plans in place for improvement and measure these improvements through key performance indicators. Fine tuning your business will ensure it is as competitive, focused and profitable as possible.

“What Accounting software is best for my business?” This really depends on the information you want from your system. As a minimum, it needs to be a system that you find easy to work with. It needs to prepare your GST returns simply and provide the core information on which to produce your financial statements. There are many accounting packages available in New Zealand. Choosing the right package for you can be a difficult decision and costly if you get it wrong. We are trained in a variety of packages and will be able to work with you to find a system that will best suit your needs. Talk to us today.

Where do you want your business to be in 5 years’ time? Can you see how it looks? Planning ahead is often overlooked as you juggle the day-to-day tasks of running your business. We can work with you to help you define the future direction or strategy for your business by considering questions such as “What does your business do?”, “Who do you do it for?” and “What is your unique defining point?” Once you have determined your strategic plan we can then work with you to help you and your team decide exactly how you will achieve these strategies.

Raising finance for business expansion or short-term cashflow needs can be difficult. In many cases, the banks or finance companies will require the input of your Chartered Accountant in providing financial statements and cashflow projections. Banks and finance companies require the information to be presented in a certain way and we are used to that. In addition, we have business contacts at all the banks and many finance companies which allows us to refer you to the appropriate lender.

Buying a business is one of the biggest decisions a person makes and can be an extremely stressful process. You need a team of professional advisors around you to assist in the process. You will have many questions including:

• Am I buying a good business?
• Is it the right business for me?
• What is the value of the business?
• Can I afford it?

Working with Accounting North and your other advisors means you will make the most informed decision possible. We can provide:

• Due diligence services
• Prepare financial forecasts
• Advise on financing
• Advise on correct business structures
• Assist with the development of a business plan.

How much is your business worth? This is a really important question if the sale of your business is supposed to provide your retirement nest-egg. A valuation will let you know

• the value of the business now and
• the issues you need to work on to increase value.

Cashflow management is key in the financial management of any business. Businesses need to forecast their cashflow to understand the peaks and troughs in the business and to ensure they have sufficient funds to meet all liabilities. Accounting North can provide you with easy to understand cashflow forecasting reports so that you can understand the cashflow of your business. More importantly, this will allow you to implement cashflow improvement strategies in your business. Contact us for more information.

A Family Trust can be used to protect assets by acting as a buffer between the risks of the world and the assets you have accumulated. By transferring and gifting your assets into a well-structured Trust, you can gain a significant measure of protection. The protection offered by a Trust can fail if the Trust is not structured correctly at the start or is not subsequently administered properly. Accounting North can assist with:

• Preparing the Trust Deed and associated documents
• Preparing the financial statements and tax returns for the Trust
• Ongoing Trust administration

Everyone has to pay tax – how much is the question. No one wants to pay more than they have to. We can help you manage and minimise your tax commitments (within the law). Tax Structuring Accounting North will work with you to ensure that you are correctly structured for tax purposes. Structuring your business and personal affairs should be seen as an investment rather than a cost. For example, what is the year on year benefit to you of ensuring your loans are structured to allow interest to be a tax deductible expense. Anytime you make a business decision, there will be a tax consequence. At the very least, you should ring us to find out if it’s simple and straightforward or whether the matter needs to be looked at further. It will give you peace of mind.

You need to develop a succession plan for your business. This succession plan will identify the issues you need to work on to get your business in the best condition for sale – this process may take several years. This planning will help you minimise the difficulties and stress involved with selling a business. This will enable you to maximise the value of your business when you come to sell it. We can help you address the many issues involved in this process. Contact us for more information.

Even if your retirement if a long way off, the financial decisions you make today can have a major effect on your future lifestyle. So plan now!

• What are your goals in retirement?
• When is retirement for you?
• How much money will you need?
• Where will this money come from?

If you need assistance in creating a financial plan or investment of funds, we can recommend you to a number of financial advisors.