Hints and Tips

Follow these few tips to save hassle and worry, and to keep your accounting fees as low as possible.

  • Determine what you are happy to do and confident of doing well. Between you and us, there should be no cracks in financial management. Cracks only get deeper, wider and more expensive as time goes by.
  • Operate separate bank accounts for business and personal transactions. An inordinate number of hours can be spent unraveling business/personal complexities.
  • It’s easier to keep up to date in small bursts than it is to play catch-up once a year. For example:
    • When invoices are paid, note the date and payment method (direct debit, internet banking/direct credit, cheque number) and file the invoice in bank statement order (this increases speed of processing).
    • When your bank statement arrives, fill in all transaction details (especially cheque details) and make sure all invoice payments have accompanying invoices and that other deposits are detailed on the bank statements.
    • When your phone bills arrive, mark any personal calls made.
    • If using eftpos or credit cards determine the best way for you to keep track of receipts and follow the system without exception.

When it is time for us to prepare your annual accounts, your designated Client Manager will forward you a questionnaire outlining the information and records you will need to provide, for example:

  • Insurance policy invoices and statements
  • Dividend and rebate statements
  • Loan statements
  • Hire purchase agreements
  • Farming clients please also provide all dairy company and stock firm invoices and statements

We review all records before we start any work to ensure we have the necessary information to complete your accounts in a timely manner. If all necessary information is not provided our standard 6-week turnaround is less likely to be achieved. (If you are looking to physically drop your papers into the office, be prepared for a 15 minute review to ensure everything is in order. Ideally it would be appreciated if you could arrange this with our Service Team, Dorothea Henry or Anna Cowan, who will be very happy to arrange an appointment.)

In summary, minimise your accounting costs with:

  • Efficient systems: Make sure you know how to use computer software effectively. We can help you determine the best system and teach you how to use it.
  • Fully complete our client questionnaire at annual account time and provide all necessary information at one time.
  • Summarise and reconcile as much as possible before giving your accounts work to us.
  • If any unusual events are impacting your financial situation, tell us early on.
  • Discuss with us how you can present your accounting work in a way that’s easier and less costly to process.
  • Provide missing information and respond to our queries quickly.
  • Please ask questions sooner rather than later, email is very effective for this.
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