Frequently Asked Questions

Why do I need a bookkeeper?

It is vitally important to keep on top of your day-to-day Bookkeeping. It allows for clear insight into the business and when kept up to date, can be a powerful tool.

 

Why should I outsource Bookkeeping?

You only pay for the hours your accounts are worked on. There is no need to supply office equipment or office space. We always have a backup, so if your allocated bookkeeper has taken some time off, another team member will fill in to keep your accounts up to date and ensure no deadlines are missed.

 

How are they different to accountants?

I always say it’s like a general practitioner vs a specialist. The general practitioner handles the day to day aches and pains, whereas anything more serious is referred to the specialist. Similarly, a bookkeeper handles the day-to-day accounts, assisting you in staying compliant and managing your daily admin needs. We then engage with an accountant for your tax and business advisory matters.

 

What services can you provide?

We provide day-to-day Bookkeeping. This entails reconciling your bank accounts on a regular basis, as well as filing all your receipts and invoices alongside those transactions. We can process payroll on a weekly, fortnightly or monthly basis if required. Processing of debtors and creditors and preparing batch payment files. The filing of monthly, bi-monthly or 6 monthly GST returns. The preparation of annual accounts which is then submitted through to your preferred accountant. We also provide assistance in the setup and training of Xero and WorkflowMax if required.

 

What do bookkeepers actually do?

We love to crunch numbers and we love to organise your accounts. We love everything you don’t have time for! We turn chaos into bliss.

 

How much does a bookkeeper cost?

We have different pricing systems depending on your needs. Please give us a call to discuss your options.

 

Can you work at my premises?

We are able to visit your premises if this is required, however, we prefer to work remotely and use our systems which are specifically designed to ensure efficiency and accuracy of our work.

 

What areas can you service?

We are currently based in Auckland and Taranaki, however, we can service any region. Remember, we are in the cloud!

 

Why do we need to ask you for your information?

New Zealand has passed a law called the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (“the AML/CFT law” for short). The purpose of the law reflects New Zealand’s commitment to the international initiative to counter the impact that criminal activity has on people and economies within the global community.

Bookkeepers must do several things to help combat money laundering and terrorist financing, and to help Police bring the criminals who do it to justice. The AML/CFT law does this because the services bookkeeping firms and other professionals offer may be attractive to those involved in criminal activity.

The law says that bookkeeping firms and other professionals must assess the risk they may face from the actions of money launderers and people who finance terrorism and must identify potentially suspicious activity.

To make that assessment bookkeepers must obtain and verify information from prospective and existing clients about a range of things. This is part of what the AML/CFT law calls “customer due diligence”.

CUSTOMER DUE DILIGENCE REQUIREMENTS

Customer due diligence requires a bookkeeping firm to undertake certain background checks before providing services to clients or customers. Bookkeepers must take reasonable steps to make sure the information they receive from clients is correct, and so they need to ask for documents that show this.

We will need to obtain and verify certain information from you to meet these legal requirements. This information includes:

  • Your full name; and
  • Your date of birth
  • Your place of birth and
  • Your address

To confirm these details, documents such as your passport, driver’s licence or your birth certificate, and documents that show your address – such as a current bank statement – will be required.

If you are seeing us about company or trust business, we will need information about the company or trust including the people associated with it (such as directors and shareholders, trustees and beneficiaries).

We may also need to ask you for further information. We will need to ask you about the nature and purpose of the proposed work you are asking us to do for you. Information confirming the source of funds for a transaction may also be necessary to meet the legal requirements.

IF YOU CANNOT PROVIDE THE REQUIRED INFORMATION

If we are not able to obtain the required information from you, it is likely we will not be able to act for you. Because the law applies to everyone, we need to ask for the information even if you have been a client for a long time. When required, we will let you know what information we need, and what documents you need to show us and let us photocopy.

Give us call or get in touch and we’ll get you started with bettering your business accounting.