Software solutions that have been created to record all business monetary transactions, stock transactions or job / project costings and
For instance: Moneyworks, MYOB, Quickbooks, Sage, Plusfactor,
Cloud based Solutions
Working in the cloud is running your business through internet based
software products. This allows an entity to be run from all over the
world where ever there is an internet connection.
For instance: Xero, Unleashed, Smart Payroll, Workflowmax
Bookkeeping / Data Entry / Accounts Processing.
The process or service used to enter all relevant information required to manage the financial aspect of your business. The process of entering all transaction into an Accounting Package to produce Aged reports, GST returns, Wages & PAYE reports.
Payroll / Wages / PAYE / Kiwisaver
System used to track payments made to employees, taxation deducted from their remuneration. Also tracks entitlements like holiday pay - public holidays and sick leave. Tax deducted from an employees earnings. Savings scheme introduced by the Government. Kiwi Saver is deducted from an employees pay. This amount is matched by the Employer. The employers contribution is now subject to ESCT tax.
Credit Control / Debt Collection
The term for the process used to pursue clients / customers who have
not paid their accounts with an entity within the agreed payment terms.
GST - IR 103
A tax rate currently of 15% charged on all goods and services
provided by an entity. A threshold of $60000.00 gross income per annum
needs to be reached before an entity must be registered for GST (does
not apply to employees whose income is subject to PAYE Tax). Returns are
filed either monthly, two monthly or 6 monthly
Year end Financial Accounts / Annual Financial Accounts / Taxation returns
Analysis of all Revenue/Income against expenses to establish the profitability of an entity and the entities tax liability. The document that must be filed with the IRD to show earnings with tax deducted and income that has not had tax deducted.
This is a return made to the Companies Office to confirm and /or
update the details of the Entity ie: Directors and/or shareholders,
shareholdings in a company.
Not to be confused witha Taxation return which is filed with the IRD
A Company must be registered at the Companies Office before the entity can start trading under that name.