Accounting Resources

See top tax tipsSee IRD Due DatesSee quick food and drink coding rulesGo through a business startup checklistLearn more on how to grow your business

Top Tax Tips

Open a separate bank account

Transfer at least 20% of your income regularly to cover GST and Income Tax

Know your dates

Be prepared, know when tax is due – PTO for dates

Salary or Drawings

Determine the most tax efficient method

Utilise tax payment services

Such as IRD arrangements and Tax Management lending

Use the right business entity structure

Sole Trader - Partnership - Trading Trust - Company

Use a Payroll system

Pay the full cost each pay

Claim everything permissible


IRD Due dates

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Food and Drink Coading Rules

Eating in the office

ought for the owner and/or employees, eaten in the office,e.g. morning & afternoon teas (excluding alcohol)

(Code to Office Expenses)

Eating outside of the office

Bought for the owner or employees, eaten outside the office (within 50kms of the office) e.g. team lunch at a cafe, Christmas function

Code 50% to entertainment, 50% to non–deductible entertainment

Travel expenses

Bought for owner or employee while out of town on business (50kms or more from the office)

Code to Travel

Business gifts

Bought for business contact,e.g. owner takes client out for restaurant meal, owner gives client Christmas gift of bottle of wine. Applies both to meals and to gifts of food or alcohol

Code 50% to entertainment, 50% to non–deductible entertainment

Food/Drink gift cards

Gift cards for supermarkets or restaurants are considered food and drink purchases

Code 50% to entertainment, 50% to non–deductible entertainment

Other gift cards

Gift cards for other than Food & Drink Purchases are 100% deductible

Code to Client Gifts

Business Startup Checklist

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Grow your business

There are many tricks and tips that will help grow your business in the short term. Quick fixes are great at producing short term results, but they don’t lead to sustained growth. Viable, long term growth only comes through planning

Identify your Purpose

What is your Why?

Identify your Vision

Look beyond today.What do you want your future to look like?

Identify your Plan

What has to happen to achieve your vision? Keep it simple – one page

Be Held Accountable

Choose an accountability partner to keep you on track.

Set Short Term Targets

What can be done within the next 90 days to move
towards achieving the Plan?
Who is going to take responsibility for these tasks?

And for those of you who want the quick fixes anyway…

Keep your debtor days short

  • Reduce your due by dates

  • Follow up late payments immediately

  • Use ‘pay now’ features

  • Utilise ‘Invoice Overdue’ reminders

Make referrals easy

  • Leave contact details with current clients

  • Website and Social Media – clear and concise

  • Encourage clients to leave 5 star reviews on Google

  • Immediate followup on inquiries

Review Efficiency

  • Sharpen processes

  • Consider new ways of doing things

  • Regularly review markups and margins

  • Improve systemization

Reduce costs

  • Review current trade agreements

  • Compare suppliers

  • Eliminate non essential expenses

Keep the clients you have

  • Follow up any outstanding issues

  • Deliver service with competency and timeliness

Advanced Accounting

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Helping passionate Business Owners achieve their goals doing what they love.