Bookkeeping

Help your business grow

Make account reconciliation and transaction coding a non- issue

With Accounts Pluz, say goodbye to the hassle of bookkeeping. Whether you own a restaurant or trade business, we simplify the process, save you time, and help you stay organised for GST periods and the End of the Financial Year.

Why is bookkeeping
important for your business?

By ensuring your bookkeeping is done right, your business can take full advantage of New Zealand’s tax provisions, including GST and Income Tax.

The way your bookkeeping is conducted largely determines GST and income tax returns.

Benefits of engaging us as your bookkeepers:

Reconciled accounts & coded correctly

Complete Xero training with support

Up-to-date record of all transactions

Never stress over having IRD debt

Know your business's financial health

Bookkeeping is crucial for running a successful business as it helps track finances, make informed decisions, and comply with IRD tax regulations. However, it can be time-consuming and overwhelming, especially for small business owners with multiple responsibilities. Account Pluz streamlines your bookkeeping, completing tasks efficiently. Outsource all or part of your bookkeeping to us and let us handle everything for you.

Leave the Bookkeeping to us and focus on your business

With Sarjit as your bookkeeper, you can focus on growing your business.

Accurate bookkeeping is essential for the success of any business, and Sarjit’s expertise makes it easy for you to maintain accurate financial records and make informed decisions.

Try Accounts Pluz today and see the difference Sarjit can make for your business or company.

FAQ

1. What is bookkeeping?

Bookkeeping is the process of recording and organizing a business’s financial transactions, including income, expenses, and payments. It ensures accurate financial records, which help in tracking cash flow, preparing financial statements, and meeting tax obligations.

2. What are the benefits of bookkeeping?

Accurate Financial Records: Ensures all income and expenses are recorded properly.
Better Financial Management: Helps track cash flow and manage budgets effectively.
Tax Compliance: Makes tax filing easier and reduces the risk of errors or penalties.
Informed Decision-Making: Provides insights into business performance for strategic planning.
Peace of Mind: Keeps financial records organized and up-to-date.

3. What is the difference between bookkeeping and accounting?

Bookkeeping involves recording and organizing financial transactions daily, such as sales, expenses, and payments. It focuses on maintaining accurate and up-to-date financial records.
Accounting, on the other hand, involves interpreting, analyzing, and summarizing the financial data recorded by bookkeeping to prepare financial statements, manage tax obligations, and assist in strategic decision-making.

4. What are the regulatory requirements for bookkeeping in New Zealand?

In New Zealand, bookkeeping practices must adhere to several regulatory requirements to ensure accurate financial reporting and compliance:

Financial Reporting Act 2013: This act establishes the framework for financial reporting, defining which entities are required to prepare financial statements and the applicable standards. assets.kpmg.com
Accounting Standards Framework: The External Reporting Board (XRB) has developed a multi-tiered framework that outlines the accounting standards entities must follow, based on their size and public accountability. xrb.govt.nz
Inland Revenue Requirements: Companies must prepare financial statements that meet minimum requirements set by the Inland Revenue Department (IRD), with thresholds determining the level of reporting needed. ird.govt.nz
Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act 2009: Bookkeepers are required to implement AML/CFT measures, including client due diligence and reporting suspicious activities, to comply with this legislation.
Goods and Services Tax (GST) Act 1985: Businesses must maintain accurate records of GST collected and paid, ensuring timely and correct filing of GST returns.
Employment Relations Act 2000: Accurate payroll records must be kept to comply with employment laws, including wages, leave entitlements, and deductions.
Privacy Act 2020: Bookkeepers must handle personal information responsibly, ensuring data protection and privacy in accordance with this act.

Adherence to these regulations is essential for legal compliance and maintaining the financial integrity of businesses operating in New Zealand.

5. How can I simplify my bookkeeping?

To simplify your bookkeeping:

Use Accounting Software: Automate tasks with tools like Xero or MYOB.
Organize Receipts Digitally: Scan and store receipts to reduce paper clutter.
Maintain Consistency: Record transactions regularly to avoid backlog.
Separate Personal and Business Finances: Use dedicated bank accounts.
Hire a Professional: Outsource to a bookkeeper for accurate records and time savings.