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You are the Driver

Important reports to review before the end of the financial year

It’s that time of year again! We will need some information from you to start working on your annual accounts.

What do we need from you?

For each of your businesses (including Trusts if you have one), we’ll need your comprehensive financial information.

Your business is already linked to us through Xero so the good news is that we already have a lot of this data. However, we’ll still need the following information:

  • Your bank statements including credit cards as at March 31.

  • Your Resident Withholding Tax Certificate, business, Trust & personal.

  • Vehicle logbooks and mileage records.

  • Any loan balance at March 31.

  • Stock and/or Work in Progress value at March 31.

  • Detail on dividends that you have received incl Sharesies etc.

  • Accounts receivable and payable at March 31, if you don't capture this in Xero.

  • Details of your home office expenses for the year, get in touch if you don't know what those are.

  • Any bad debts you’ve written off, if this is not already in Xero

  • Any other income you received during the year.

It’s also helpful if you can completely reconcile your accounts. If you’re stuck with a tricky refund, part payment or other anomaly, just get in touch and we can sort it out.

This is not a comprehensive list, we will send you a questionnaire before your annual accounts are to be done to capture this information. There may be some other bits that we need depending on your situation.

The right information helps us to help you

Having all the necessary information helps us look closely at your accounts and make sure you’re not paying too much tax. For instance, if we don’t know about your expenses, we won’t be able to offset them against your income, so you’ll pay more tax than required.

On the flipside, you may also have paid too much provisional tax during the year if your business had a tough time. Getting all your information together means we can apply for a refund if you’ve overpaid, and adjust your provisional tax depending on your expectations.

It’s also helpful to have your annual accounts completed so you can analyse how your business performed. You can compare it to previous years and think about what’s working, and what isn’t, so you can make better decisions for the year ahead.

It takes time to generate accurate accounts

One last note – although you may not read your accounts with a fine-toothed comb, we do! It takes considerable time, attention and energy to turn paperwork into accurate annual accounts.

You will receive an email in April with the month your annual accounts are planned to be processed. We try our best to stick within these timeframes and if for whatever reason you need them sooner or wish to push them out please let us know.

The month before your annual accounts are scheduled we will send the questionnaire. The sooner we get that info back the sooner we can complete your accounts and ensure you have a clear picture of your tax position.

Confused or stuck? We can help

For questions, clarification or assistance, just drop us a note or give us a call, we’d love to help.


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