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April 2022 Newsletter

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Benefits of eInvoicing

With eInvoicing, businesses no longer need to generate paper-based or PDF invoices that have to be printed, posted or emailed, and buyers no longer need to manually enter these into their financial system. It improves accuracy and security, reduces process time and speeds up payments.

By adopting eInvoicing, your business has the opportunity to share in the following benefits:

  • Faster payment and improved cash flow
  • Reduced admin
  • Reduced processing costs
  • Direct and secure information
  • Universal connection
  • Improved financial visibility
  • Available to any business
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End of financial year: What we need from you

It’s end of financial year – time to start thinking about your annual accounts. What do you need to pull together so we can get it right and help your business succeed?

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End of Year Tax Checklists 

 

A selection of 2022 business and personal checklists that assist you in gathering the necessary information for us to complete your financials.

click for checklists
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Our Audit Shield Master Policy:
Protection against unplanned costs

 Reminder

No one wants to be audited and we have no reason to suspect you will be. However, even with 100% accuracy accountants and their clients can still come under scrutiny by Inland Revenue (IR). It is for this reason that we provide the Audit Shield Master Policy.

What is the Audit Shield Master Policy?
Our Audit Shield Master Policy provides for the payment of professional fees, including specialists, incurred in the event that you are selected for an audit, enquiry, investigation, review or examination instigated by IR. The cost of being properly represented in these matters can be quite considerable depending on the length of time involved.

Even the simplest enquiry can require hours of work.

What is covered?
All professional fees up to a prescribed limit (with no excess) are covered when you engage us in audit activity matters. Our fees, legal fees, bookkeeping fees and other specialist professional advisor fees are covered. Our Audit Shield Master Policy also provides retrospective cover so all previously lodged returns are included in the coverage.

The list is extensive as to what is covered under our Audit Shield Master Policy. Income Tax, GST, PAYE, Fringe Benefits Tax, Employer Benefits, Dividend Withholding Tax and Resident Withholding Tax are just a few inclusions of the comprehensive offering.

Is it right for you?
All of our clients can take advantage of our Audit Shield Master Policy. Different levels of cover are available for salary/wage earners and businesses.

Anyone can be targeted, even if their lodgements are accurate. It is no reflection on the quality of work from your accountant. With this in mind, we offer you the opportunity to protect yourself with our Audit Shield Master Policy.

 

The top five reasons people choose to participate in our Audit Shield Master Policy:

Reputable provider – More than 3500 accounting firms across New Zealand, Australia and Canada trust Audit Shield, and offer it to their clients.

It is tax deductible – A bonus of our Audit Shield Master Policy is that you can add it to the list of your tax deductions each year if you are in business or are self-employed. 

You are comprehensively covered – All of your current and previously lodged returns are covered by our Audit Shield Master Policy, even if you had another accountant taking care of your tax affairs in the past. 

There are no unplanned fees – Where there are adjustments required to your lodged returns, our Audit Shield Master Policy will cover the cost of the professional fees, including specialists we may need to engage to assist us on your behalf.

It is simple – In order to be covered under our Audit Shield Master Policy, all you need to do is complete the Client Acceptance Form that we emailed to you recently. Instructions for payment are provided on this document. If we inadvertently forgot to contact you  please speak with us.

 

Interested?
We value your opinion. If this service is of interest to you and you would like further information to consider the offer, please talk to our team.  

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Coping with the skyrocketing cost of living

Household living costs are skyrocketing and seem set to keep rising throughout the year. Here are our 12 top tips for coping with the rapidly increasing cost of living – ways to earn more, spend less, and invest in your future.

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6 secrets to getting prompt payment

Keeping positive cash flow is really important for a small business. Late payments can cause big issues, so stay on top of your invoicing with a proactive strategy. Sometimes it just takes a phone call.
#smallbusiness #moneytalk

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Business Tips: Setting KPIs and measuring performance

Do you know which startup metrics and key performance indicators (KPIs) to track? We’ll help you set up a custom KPI dashboard to manage the future path of your business

#businessadvice

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Time is money - make the most of it

If time is money, don't let it slip away. Four tips to help you re-set and prioritise productivity

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Overseas income and tax – don’t get caught out!

If you receive income from overseas sources, sometimes working out the tax can be tricky. Here are five points to consider.

Learn more
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Business tips - Scaling up your business and workforce

Is your startup ready to scale up? We’ll help you build a viable scale-up plan, with costings, budgets and achievable targets to meet.

#businessadvice #startup

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Navigating the new world office

As the workforce undergoes digital transformation, what impact do the new ways of working have on your business?

Learn more
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Understand how Hubdoc works

Hubdoc is a data capture tool which extracts key data from documents, then creates transactions in Xero. You can:

 

Email bills and receipts straight into your Hubdoc organisation

 

Use the mobile app to upload a photo

 

Set up automated connections so every time you get a bill from a particular supplier it goes straight into Hubdoc

 

As soon as Hubdoc receives a document, it extracts the key data such as contact, date and amount. When you publish the document, Xero creates the invoice, bill, credit note, or spend money transaction with a copy of the document attached.

 

You can set up Hubdoc to automate every step, so all you need to do is reconcile the transaction against your bank statement line in Xero. This is particularly useful if you get regular bills from the same supplier.

 

Hubdoc also stores documents so you don't need to keep paper copies of bills and receipts. You can organise the documents in Hubdoc using tags and folders, or send them to another cloud storage system your business might use, such as Bill.com or Dropbox.

 

Like Xero, you can invite your accountant, bookkeeper, or team member into your Hubdoc organisation, and decide how much access you want them to have.

 

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Accountants  Hawkes Bay Limited

27A Austin Street

Napier

+64 6 8434868

 

Accountants  Hawkes Bay Limited

120 Karamu Road North

Hastings

+64 6 8434868

 

Accountants Bay of Plenty Limited

1179 Arawa St

Rotorua

Phone +64 7 3436452

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27 Austin St, Onekawa, Napier 4110

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