Keep up-to-date with us and what's happening in the business world |
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- Happy Easter & AAF Out-Of-Office Dates - 2025 Annual Accounts Questionnaires - Reducing the Uncertainty: Financial Forecasting and Planning - Xero Tip of the Month: How to Merge Duplicate Contact Records
- Welcome to the Team: Chrissy Williams - Tax Question of the Month: Withholding Tax Deduction on Payments Made to a Contract Painter
- IRD Upcoming Tax Payment Dates |
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The All Accounted For team hopes you and your family had a safe and happy Easter break!
Please note that, in addition to being closed through the Easter break (Friday, 18 April 2025 to Monday, 21 April 2025), our team will also be taking an extended break from Tuesday, 22 April to Thursday, 24 April, with Friday, 25 April observed as ANZAC Day. During this period, our office will be closed. This extended break will give our valued team members the opportunity to rest and recharge after an exceptionally busy start to the year.
We will resume normal hours on Monday, 28 April 2025.
We’d like to thank our clients for their continued support and patience, particularly in light of recent staffing levels. If you need any assistance during this time, please email us at admin@aafl.nz, and we’ll respond as soon as we return on Monday, 28 April. |
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2025 ANNUAL ACCOUNTS QUESTIONNAIRES |
As mentioned in our March GL Newsletter, we've transitioned to a digital format for our End of Financial Year (EOFY) questionnaires. This new system simplifies the process, making it faster and more convenient for you to provide the necessary details we need to prepare your annual accounts.
By now, you should have received your questionnaire(s) via email. If our email address isn’t saved as a contact, please check your spam or junk folder, as the email may have ended up there.
Additionally, on 28 March, you should have received our General Ledger Special, which offers detailed guidance on our enhanced EOFY questionnaire process and its many benefits. To view this guide, simply click the button below.
If you need any assistance or have questions about the process, please don't hesitate to call us at 04 970 1182. We are here to help! |
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REDUCING THE UNCERTAINTY: FINANCIAL FORECASTING AND PLANNING |
Uncertainty can be a major threat to your financial planning strategy.
Being unsure of what lies around the corner makes it difficult to make those important financial decisions around operational budgets, investment and growth funding.
But by using forecasting and scenario-planning, you make it easier to manage your finances and reduce some of the financial uncertainty. |
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Looking to the future with your financials Analysing your cashflow statements, profit and loss reports and quarterly management accounts gives you an indication of where you’ve been as a business. But these reports don’t tell you much about where you’re going, and what your financial future may look like. By looking forward, rather than backward, you can start to get a better idea of the landscape that lies ahead – including future cashflow, revenue, profits and operational budgets.
Five key techniques you can use to reduce your financial uncertainty
Cashflow forecasts: Cash is king, so having a detailed overview of your cashflow trajectory is vital.
With cashflow forecasting apps, like Fathom, you can predict your cash availability and spot potential cash shortfalls – while there’s still time to plug the hole. By cutting expenses or seeking short-term funding, you can keep the business in a positive cashflow position. It’s this forecasting and foresight that keeps you trading, despite the uncertainty in the market.
Revenue forecasts: Knowing the future patterns in your sales and revenue data helps you keep your income stable. Revenue forecasting apps, like Clari analyse your sales data, revenue trends and market shifts to anticipate fluctuations in your revenue. Armed with this future view of your potential revenue, you can adapt your pricing, invest in more marketing and make your income more consistent.
Scenario-planning: There’s always more than one potential outcome of any business situation. Having a plan B (or C, D and E) allows you to understand the multiple potential possibilities – and plan for them. An app like Modana helps you model potential ‘what-if’ scenarios, so you can see the possible outcomes of an economic downturn or disruption to your supply chain disruptions. This kind of scenario-planning makes it easier to make contingency plans and mitigate the potential risks.
Profit projections: Being a profitable enterprise is important for a number of reasons. It shows lenders you’re a low-risk borrower, allows you to invest in the business and drives your dividend payments. A tool like Teamwork helps you track your performance and estimate future profitability, factoring in variable costs, sales and market changes. This helps you determine your price point, drive cost-cutting measures or make investment decisions that keep the profits rolling in.
Budget forecasts: Tracking and forecasting your budget performance keeps your expenses in check.
Budgeting apps, like Jirav, help you build dynamic budgets and remain on budget to achieve your financial goals. Budget forecasts help you track your performance, control your expenses and cut any unnecessary spending, keeping you on track with your agreed budget.
Making your financial future clearer and easier to navigate With so many ups and down in economic conditions and the costs of raw materials and labour, getting serious about financial forecasting really is a must. Come and talk to us about the key areas of financial uncertainty in your business – and find out how we can guide you through these uncertain times and out the other side. |
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XERO TIP OF THE MONTH: HOW TO MERGE DUPLICATE CONTACT RECORDS |
Are your contacts in Xero getting a little out of control? If the answer is yes it might be time for some Xero housekeeping! Duplicate contacts can easily be merged. All the financial data is merged into a single contact, and the duplicate is then archived. This allows you to keep all contact information and related transactions together, instead of across multiple records for the same contact. When you merge duplicate contact records, no transactions are deleted (this includes invoices, bills, and other financial transactions). The transaction details are added to the activity details of the contact you keep.
To merge two or more contacts:
1. In the Contacts menu, select All contacts. 2. In the search field, start typing the name of the contact you want to merge.
3. Once you are satisfied the contacts are associated with the same company, select the checkbox for each contact you want to merge. Do not select the contact you want to retain. Ensure that the contact you keep has the correct bank account details.
4. Click Merge, then click Confirm merge. The merged contacts will be archived and all associated transactions will be merged into the activity details of the contact you keep.
Note: You can restore a merged contact if necessary by going to the Archived section (highlighted in the image below in the top toolbar). In this section, simply click on the contact and then click the Restore button located on the right-hand side of the page. |
WELCOME TO THE TEAM: CHRISSY WILLIAMS |
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| We’re excited to introduce Chrissy, our new Practice Manager here at All Accounted For!
With over 20 years of experience in client services management, operations, and relationship-building across a wide range of industries, Chrissy brings a wealth of expertise and a client-first, hands-on approach to her new role.
As Practice Manager, Chrissy will oversee all administrative, marketing, and IT business operations, ensuring everything runs smoothly and efficiently behind the scenes. Her commitment to excellence and her knack for improving processes will undoubtedly benefit our clients and enhance the services we provide. |
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Outside of work, Chrissy enjoys spending time outdoors, whether hiking or umpiring netball. She’s also an active member of the community, serving as a netball umpire and Vice President of Netball Hutt Valley. Welcome, Chrissy! |
TAX QUESTION OF THE MONTH: |
QUESTION: A sole trader who is a painting and decorating contractor has engaged the services of a New Zealand tax resident subcontractor to assist him on a particular job lasting for two months. The subcontractor does not operate through a company and is not GST registered.
The sole trader pays the subcontractor weekly. The sole trader supplies all materials and equipment, and the subcontractor only supplies their labour.
The subcontractor has told the sole trader that he does not need to deduct withholding tax from each payment as the third-party digital accounting service provider “looks after it all for him”. The subcontractor has not supplied a certificate of exemption to the sole trader.
Is the sole trader required to deduct withholding tax from the payments? ANSWER:
In answering this question, it is assumed that the subcontractor is a contractor and not an employee of the sole trader. A person that makes a schedular payment is required to withhold tax on that payment.
Payments to a labour-only painter are a schedular payment and subject to withholding tax at a rate set out in schedule 4 of the Income Tax Act 2007. A payment for labour-only building work has a standard rate of tax of 0.20 for each dollar of the payment.
“Labour-only building work” means work or services under a contract or arrangement which is exclusively or substantially for the supply of labour in connection with a building or a construction (including pre-fabrication and pre-cutting for the relevant building or construction), if the work or services have the following nature: -
work or services that, customarily, may form part of the work or services of a carpenter under a building contract
- work or services connected with roof-fixing, steel-fixing, erecting fences, or laying concrete, bricks, blocks, tiles, slabs, or stones, if the relevant building or construction is not land that is used or intended to be used for farming or agriculture
- work or services connected with hanging wallpaper, hanging decorative wall coverings or furnishings, or painting or decorating (including plastering), or
- work or services connected with installing fibrous plaster, wallboard, insulating material, interior tiles, interior lining, floor tiles, carpet, linoleum, or floor coverings.
As a certificate of exemption has not been supplied by the subcontractor, the sole trader is required to deduct the withholding tax, not the subcontractor himself. |
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IRD UPCOMING TAX PAYMENT DATES |
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