Members Newsletter May 2023 |
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It is an interesting time of the year for our members. Two months into the new tax year and we are all busy getting stuck into 2023 accounts (and no doubt some late 2022’s). For some reason every year we have more clients “needing their accounts and returns done asap”. No doubt you are starting to feel the pressure!
Talking of pressure, many of your clients will be starting (or continuing) to stress with the cost of living and interest rate rises. The good news just released is that the latest OCR increase looks like it will be the last. The forecast now is a flatline and decrease starting later on next year. Even thought the building industry is struggling at the moment, it appears that the rest of the economy is still going strong.
The recent Budget announcement regarding the Trustee tax rate increasing to 39% from April 2024 (exemptions for disabled and deceased estates) got me thinking. I asked the Policy Team at IR this week how they allocate their time/energy/resources when they are working on policy that may or many not get enacted depending on the election results later on this year. I personally would struggle showing up to work and putting time and energy into something which may not happen. I guess that’s why I am an accountant - I need certainty. We are continuing to work with IR on other situations that should also be exempt from the 39% trustee rate and if you have any you can think of please send them through to me. We are hoping to meet with the Policy team again in a week or two with our feedback.
We have noticed more mistakes in the correspondence that is being sent out to our clients. Some refer to 2024 provisional tax being overdue, others have amounts that are different to what is showing on the IR website and others that show a completely random due date. If you have similar examples please let your regional coordinator know and they can forward them to the ATAINZ Board for us to action at a higher level. It is frustrating when we have to fix IR's mistakes and we have seen more and more of these recently.
But let’s not finish this update on a “sour” note. Plans are well underway for our workshop in Auckland in October and for the first time in years we are able to have an official networking function in person! More details will be coming soon and hopefully we will see you in October. All the best, Richard Abel Chair - ATAINZ |
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Adding Fries: A Win-Win Recipe for You and Your Clients |
Would You Like Fries with That? Boost Client Satisfaction with Efficient Systems!
As accountants, we are always on the lookout for ways to enhance our services and provide more value to our clients. One powerful strategy that can achieve both goals is getting our clients to embrace accounting tool add-on products. Not only does this benefit our clients, but it also has significant advantages for our own businesses.
By encouraging our clients to use accounting tool add-ons, we empower them to streamline their financial processes, improve accuracy, and gain real-time insights into their business performance. These add-ons can range from inventory management systems and payroll solutions to customer relationship management (CRM) software and expense tracking applications. Each add-on serves a specific purpose and can be customized to meet the unique needs of our clients' businesses.
So, how does this benefit us as Accountants? First and foremost, implementing efficient systems through accounting tool add-ons allows us to work more effectively. With accurate and up-to-date financial data readily available, we can spend less time on manual data entry and more time on analysing and providing valuable insights to our clients.
Additionally, using accounting tool add-ons helps us streamline our own internal processes. By integrating these tools with our accounting software, we can automate repetitive tasks, such as bank reconciliations and expense categorisation. This not only saves us time but also reduces the likelihood of errors, ensuring the accuracy and integrity of our financial reporting.
Moreover, promoting the use of accounting tool add-ons strengthens our client relationships. By introducing our clients to tools that solve their pain points and enhance their business operations, we position ourselves as trusted Advisors who go beyond traditional accounting services. This added value builds trust, fosters long-term partnerships, and sets us apart from our competitors. When our clients embrace efficient systems through accounting tool add-ons, they experience tangible benefits as well. They gain better control over their finances, improve cash flow management, and make informed decisions based on real-time data. By guiding our clients towards these solutions, we help them unlock their full potential, driving their success and growth. To find out more about the MYOB App Add Ons - Click Here To find out more about the Xero App Add Ons - Click Here |
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ATAINZ Member Discount Offer |
We are excited to share a special offer for all ATAINZ members. For those of you who may not know, our friends at Wolter Kluwer offer two platforms in NZ, an IntelliConnect platform and an Accountant specific iKnow platform. They have been working on a single APAC platform which will start to roll out around mid year which will eventually replace both IntelliConnect and iKnow.
What does this mean for users? IntelliConnect will be decommissioning as a platform this year, with all IntelliConnect subscribers migrated to the new platform by the end of 2023. Wolter Kluwer will continue to sell iKnow and start migrating iKnow clients to the new platform in 2024. What does this mean for ATAINZ and our members?
Any member who has a current ATAINZ IntelliConnect bundle and has an active subscription at the time of migration, will be migrated to the new platform by end of 2023. Details around the migration and training/support will be provided closer to the time.
Any member who has a current iKnow subscription at the time of migration, will migrate to the new platform in 2024. You are welcome to note the below offer of the 5% discount for iKnow (except Business Fitness) through 20 December 2023.
From 1 March 2023, Wolter Kluwer have been offering their iKnow platform modules, these are already heavily discounted and as such for ATAINZ members only they will offer a flat 5% discount to any iKnow subscription EXCEPT Business Fitness Practical tools modules. This special discount offer is only available to new subscriptions through 20 December 2023.
Any existing IntelliConnect subscribers rest assured – their content on this platform will continue to be updated as usual until the migration is complete.
Please reach out via email or contact your account manager directly with any questions or to determine the best option for you. |
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Cashflow solutions for challenging times
May can be a difficult time for cashflow, with terminal and provisional tax payments due to Inland Revenue. What’s more, the recessionary environment, inflation pressures and rising interest rates are making things even more challenging this year. Tax pooling can help, by providing payment flexibility, removing risk and freeing up working capital. Find out more, here.
Cashflow challenges will be front of mind for many this week, as the Government announced the Budget 2023. To help you understand more about the Government’s plans to ease the cost of living crisis, support business recovery and grow a healthier economy, TMNZ have invited leading economist Tony Alexander to share his expert view. This interesting webinar was held on the 19th of May, but you can still listen to the full recording here.
Tax reminder for 26 June
The 75th day deadline for 2022 tax is quickly approaching. The last date to buy 2022 tax or settle existing arrangements is 21 June. Please contact us if you have any questions.
RDTI in-year payments
In-year payments are now live and the window for payment requests relating to R&D performed from 1 April 2022 to 31 March 2023 is open, and closes on 30 June 2023. Find out more and apply, here |
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ATAINZ's Donation Supports Napier's Flood Recovery Efforts |
We are delighted to share a photograph featuring our Vice-Chair, Amie Lorensen, alongside Napier's Mayor Kirsten Wise and a long-time standing member of ATAINZ, as they presented a donation of $41,365.00 to the Mayoral Relief Flood Response Fund. We stood united in our commitment to supporting the affected individuals and families during that challenging time. The generous contribution from ATAINZ provided immediate assistance and helped in rebuilding lives and communities. Together, we made a positive impact and offered solace and strength to those in need.
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Save the date for our upcoming workshop! Join us on Friday, October 13, 2023, for an enriching experience at the Waipuna Hotel & Conference Centre, located in beautiful Mt Wellington, Auckland.
Stay tuned for the release of our program, which will provide detailed information about the workshop sessions and activities. For our members, you have the option to book accommodation directly at the Waipuna Hotel.
P.S. Please note that this workshop will take place at the Waipuna Hotel in Mt Wellington, not the Conference Centre in East Tamaki that we have used in previous years. |
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Top Signs You Could Benefit from Mentoring |
Discover the telltale signs that indicate you could greatly benefit from the guidance and support of a mentor, from lacking direction to desiring continuous improvement.
Lack of Direction: If you're unsure about your goals or lacking a clear path, a mentor can provide guidance and help establish a roadmap for success.
Stagnation: Feeling stuck in your personal or professional life? A mentor can offer fresh perspectives and insights to help you overcome obstacles and achieve growth.
Limited Network: If your network is small or lacks diversity, a mentor can introduce you to new connections, expanding your professional circle and opening up opportunities for collaboration and advancement.
Skills Gap: Identify gaps in your skillset or knowledge? A mentor can provide valuable expertise and guidance on acquiring the necessary skills to excel in your chosen field.
Lack of Accountability: Struggling with self-discipline or finding it challenging to stay motivated? A mentor can provide accountability and keep you on track toward your goals.
Low Confidence: Frequently doubting your abilities or struggling with imposter syndrome? A mentor can help boost your confidence by offering support, encouragement, and constructive feedback.
Decision-Making Challenges: Having difficulty making important decisions or tending to second-guess yourself? A mentor can provide a sounding board and offer valuable perspectives to help you make informed choices.
Work-Life Balance Issues: Finding it challenging to maintain a healthy work-life balance and often feeling overwhelmed? A mentor can help you prioritize, set boundaries, and develop strategies for achieving equilibrium.
Lack of Personal Development: Feeling like you're not growing personally or intellectually? A mentor can expose you to new ideas, challenge your assumptions, and inspire you to continually learn and improve.
Desire for Continuous Improvement: If you have a strong desire to enhance your skills, expand your knowledge, and reach your full potential, a mentor can provide ongoing guidance, support, and motivation to help you achieve continuous improvement.
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Inland Revenue - Snapshot of Recent Updates |
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Benefits of Mentoring Graduate Accountants
Do You Have What It Takes? |
Explore the essential skills and traits required to be an effective mentor for graduate Accountants and make a meaningful impact in their professional development. Being a mentor to graduate Accountants requires a combination of technical expertise, interpersonal skills, and a genuine desire to support and guide others. Here are the important skills and traits that can make you an effective mentor in this field:
Strong Accounting Knowledge: Have a solid foundation of accounting principles, practices, and regulations. Stay updated with the latest developments in the field to provide accurate and relevant guidance to your mentees.
Excellent Communication Skills: Convey complex accounting concepts clearly and build rapport with your mentees. Actively listen to their concerns and provide constructive feedback.
Patience and Empathy: Recognise that everyone learns at their own pace and may encounter challenges. Show patience and understanding, creating a supportive learning environment.
Leadership Abilities: Demonstrate leadership qualities by setting a positive example and inspiring mentees to develop their own professional identities. Encourage them to take initiative, solve problems, and make informed decisions.
Adaptability and Flexibility: Adjust mentoring approaches to suit individual needs and learning styles. Be adaptable and flexible in your strategies and methods.
Active Mentorship: Engage actively with mentees, regularly checking in on their progress and offering guidance and support. Provide opportunities for questions, advice, and sharing accomplishments or challenges.
Networking Skills: Help mentees expand their professional networks by introducing them to industry contacts, connecting them with relevant opportunities, and guiding them on effective networking strategies.
Professional Integrity: Uphold high ethical standards and demonstrate professionalism in interactions with mentees. Instill the importance of integrity, confidentiality, and ethical behavior in the accounting profession.
Continuous Learning: Encourage mentees to pursue professional development opportunities, such as attending seminars, obtaining certifications, or engaging in relevant industry research.
Positive Attitude and Motivation: Maintain a positive attitude and inspire mentees to stay motivated and enthusiastic. |
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Know someone who might be interested in becoming an ATAINZ member?
Share the link https://atainz.co.nz/join-atainz and let them discover the benefits of joining our dynamic community. |
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P.O.Box 87475 Meadowbank Auckland 1742 |
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