Financial statement compilation
Financial statements are an important document for a business's stakeholders and to meet regulatory requirements. Understanding and meeting the relevant reporting standards can be complex and most businesses use a combination of word and excel to prepare the financial statements which creates inefficiency, risk of error and loss of integrity.
We can compile your financial statements ensuring compliance with the latest reporting standards and using best practice software. We efficiently produce the financial statements from your source data through software automation, which also reduces the risk of error and maintains data integrity.
Private businesses have distinct tax issues. Our team will take the time to get a thorough understanding of your business and the commercial objectives before applying their technical expertise.
We will help you to meet your tax obligations and pay the right amount of tax in an efficient manner. We know that tax and tax compliance can be a significant cost to your business so we will help you to forecast and manage your payment obligations.
Knowing how your business is performing is key to making good business decisions. Timely information will indicate trends which gives you the opportunity to ‘lift the bonnet’ and make tweaks before any problems become significant.
Regular reporting of key information, trends, and performance against plan, and most importantly understanding what it all means, will ensure you can make well informed decisions. We’ll ensure you have access to timely and accurate information and meet with you regularly to discuss progress and help you achieve your goals. You, your bank and other shareholders can rest easy knowing the business performance is under control.
Good governance is essential in a high performing private business. We work with clients to establish what is the appropriate level and type of governance for your business and assist to establish it, this could include a formal board of directors with independant directors, an advisory board or family council. What is important is to establish a governance structure to provide the necessary advice, challenge and expert input to the CEO and management to grow the value of the business for the business owners.
IR risk reviews & disputes
If not taken seriously by taxpayers early, risk reviews and investigations by Inland Revenue can become drawn out and difficult to manage. Positions become entrenched, and investigations can expand beyond their original scope. We engage disputes resolution specialists early in the course of contentious risk reviews and disputes so that we can control the presentation of any information requested by Inland Revenue, work quickly to understand Inland Revenue's concerns, and then refine and resolve legal issues in a commercial and efficient manner.
Tax pooling & financing
Cashflow and competitive funding options are important to most businesses. We can help you with your cashflow by financing your provisional tax at interest rates similar to a residential mortgage rate with no security required. You can schedule settlement of the financed tax to a date when it suits your cashflow better. This is particularly useful if your business has seasonal earnings or cashflow.
You can purchase back dated provisional tax if you missed a payment, provided you haven't passed the date 75 days after your terminal tax date, at a price that is approximately 30% cheaper than IRD's interest cost. Once purchased and transferred to your tax account, all IRD late payment penalties and interest should reverse out.
You can also purchase back dated tax for prior years for any tax type to satisfy an increased liability resulting from a reassessment due to a voluntary disclosure or IRD audit.