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Thread ID: 103491	2009-09-25 04:53:00	Avoid NZ accountants	lance4k (4644)	PC World Chat

Post ID	Timestamp	Content	User
813693	2009-09-25 04:53:00	I want to startup a business and I don't want to use an accountant to keep financial records and pay tax for me. I want to do this all myself. Are there any books that tell you how to start a business/manage it/pay tax for New Zealand?	lance4k (4644)
813694	2009-09-25 05:03:00	The IRD can help with all of this can't they?	CYaBro (73)
813695	2009-09-25 05:06:00	Even if you don't want to use an accountant as such, I'd still suggest you retain the services of one for the first few years to help you get systems and structures in place, and answer any questions you may have as you go along.	nofam (9009)
813696	2009-09-25 05:06:00	they can but i don't want to use the IRD. I want to do it on my own. The IRD can help with all of this can't they?	lance4k (4644)
813697	2009-09-25 05:12:00	MOYB or www.xero.com	whellington (15030)
813698	2009-09-25 05:17:00	So do it on your own. I do. I use Excel for it all. Made up a spreadsheet with one section showing income, by day. Next section date down the side, columns across - Total, GST, Parts, Bank Fees, Power, Phone, etc etc etc. Auto total it at the bottom. And a good idea is to have a check auto total ACROSS too - so you can see that it balances both ways - in case of typos in your amounts or whatever. I get it to do a sum minus GST, % claimable of a certain bill (if required, otherwise its all of it). And the end of the month transfer those totals into another spreadsheet marked Rows as months. Each 2 months its dead simple to calculate GST payable. Then at the end of the year I made one up for Profit and Loss. Take the total from each column in the by month spreadsheet. Do your P&L calculation and voila. The only thing I don't do is fill out the end of year tax form - cause there's rebate under this amount, that amount and other annoying bits I hate so I pay a bookkeeper person $120 to fill it out for me. She is experienced in this - and does a few per year as pocket money. All very easy really. Unless you are a large company with all sorts of payroll and other stuff......in which case - get an accountant. You can probably get example Profit and Loss calcs off the net if you don't know how to do it.	pctek (84)
813699	2009-09-25 05:18:00	they can but i don't want to use the IRD. I want to do it on my own. So you aren't even interested in the free advice service for people wanting to do it themselves or the info on the IRD website? www.ird.govt.nz	PaulD (232)
813700	2009-09-25 05:40:00	they can but i don't want to use the IRD. I want to do it on my own. Pretty sure they won't do it for you but they do show you how for free. When we first started our business I went to the local IRD and some lady showed me how to keep records etc and do GST. Pretty much what pctek is talking about.	CYaBro (73)
813701	2009-09-25 10:13:00	So you don't want to use an accountant or the IRD. Right...	beeswax34 (63)
813702	2009-09-25 20:19:00	I want to startup a business and I don't want to use an accountant to keep financial records and pay tax for me. I want to do this all myself. Are there any books that tell you how to start a business/manage it/pay tax for New Zealand? I was/am in the same position as you. I went to all of our good bookshops in town and they had heaps of books on how to invest, how to "make money" and how to start a new business. But none of them had detailed ways of actually how to record your accounts, and set them up and present them in an acceptable way to the IRD. But in the end after much search on the net I found out how to set up a couple of spreadsheets to do my accounts. I am old school used to Profit and Loss and Balance sheets. But the hard part is the new owners equity and retained earnings and tax provisions, this is where it gets tricky. Of course we would all be better off if we used an accountant, but unless you are a large business the accountant will charge you more than they save you. But I suppose that once you get going profitably it would pay to get one. About that book....	Digby (677)
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