|It's been a busy few months since my last update. The Team have been head down bums up working hard to get as much work in progress completed as possible before we go on a much deserved break at Christmas. |
We have family catch ups, Xmas parties and plenty of summer camping missions on the cards - can't wait!
If you're still waiting on your financials and tax returns for 2022 - please touch base with Zoe. The bulk of returns are in progress, some we are still waiting for information before being able to proceed. This year we are taking longer than usual to file, due to several factors.
> Multiple compliance changes that have all come into force this financial year.
> Compiling Covid financial support payments received to make sure these are declared to IRD.
> Following up IRD queries around expense claims, asset purchases and Covid support payments.
> Software and portal closedowns and updates.
These factors have slowed us down a little - but we are ploughing on through. In September you would have received and Audit Shield email detailing the accountancy insurance that we offer clients. With all the compliance changes and IRD putting on pressure around expense claims for both income tax and GST, we recommend taking out the cover.
If IRD raise a query for any tax type - the cost of our team having to work through the query is covered by Audit Shield. The normal IRD review/audit rate is $210 + GST per hour.
If you would like some more info or need the Audit Shield invoice to be sent out again, please touch base with Haley.
We have had some staff changes in the last month and some roles will be changing next year as well.
Celine has gone on maternity leave, earlier than expected. Celine and baby are both doing well. All of Celine's clients have or will be receiving an introduction from Deb. Deb will be your bookkeeper going forward, and is also a new addition to our team.
Deb joins the team with some awesome skills and knowledge. Deb has experience working with DHB's and construction companies. She also has a certificate in Accounting, Bookkeeping and IT.
Jeannie has also cut down her hours - she will continue working with a handful of clients. Jeannie and her hubby have recently purchased Little Eats in Mangawhai and rebranded to The BBQ Hut. If you're local you have to stop in and try their bbq meat burgers and sliders!
Taking over from Jeannie is Chrissy - also newly joining the team.
Chrissy brings with her a wealth of bookkeeping experience - working with several family owned businesses and providing a range of services. Chrissy is very details orientated - which is highly valued in the bookkeeping industry!
Both Deb and Chrissy are great additions to the MTC team!
In my last update I did mention Zoe was back on board. Her role is a little different and will continue through next year. Zoe is our Practice and Compliance Manager - overseeing and reviewing returns and financials, and providing tax and compliance support to clients and the team.
Maris is our Business Advisory Specialist. Maris will be in touch with clients to schedule in complimentary annual review sessions. This is a great time to discuss business/personal goals, plans and business development ideas. Maris would love to hear from you and set up some business sessions with you!
Jo will be changing her role up next year. She will still be bookkeeping, but she'll also be spearheading several service add-ons for our clients.
Payroll Specialist: Jo will be providing payroll support to the team as well as clients. New payroll set ups, payroll software advisory and Payroll reviews.
Annual Payroll Audits: The Holidays Act is a minefield. No payroll software is able to manage pay and leave requirements per the Act. Hence the need for an annual payroll audit. All employees should be opting in for an annual payroll audit to make sure they are meeting minimum leave and employment requirements.
Debtor Management Specialist: Jo can provide a debtor package option for clients - manging debtors, sorting T&Cs, and providing short-term cashflow relief. More info below.
Debtor Management Services
We partner with Debtor Daddy to provide debtor management services to our clients. These are stand alone services or can be part of a monthly package. Customised workflows manage automated reminders to customers. Reminders can be a mixture of emails and text messages. For non payment, customers are escalated in the workflows to phone calls and direct contact, all managed by Jo. Consistent non payments can be escalated again to collections.
Jo has some great testimonials and can provide monthly stats around debt recovery progress.
We have partnered with Tradie Terms to be able to provide our clients with terms of trade appropriate for your business. Tradie Terms mainly work with trades but can generally work with most industries. There are 2 options - pre-made terms for specific industries or customised terms for your business. Clients get professionally written terms of trade that meet legal requirements, templates that can be uploaded into Xero software for quoting and invoicing, and ease of mind that you're contractually covered if a client chooses not to make payment.
We have partnered with FundTap to offer a solution to clients who need to increase their business short term cashflow. FundTap is on demand finance. Invoices which are due for payment in the future can be borrowed against. When your customer pays you, you pay back FundTap less a very small fee. You can borrow on invoices up to $100k. There can be times when money is short but employees still need to be paid, stock purchased etc so by using FundTap you can get instant access to short term cash and then pay it back when you get paid.
If you want to chat about any of these services please touch base with Haley or Jo.
Pricing Increases 2023:
Unfortunately with costs rising all around us, we are no longer able to maintain current pricing. From 1st April 2023 our rates will be increasing.
Our fixed fees and monthly packages are still the best way to get as much value as possible out of the services you receive. We have also rolled out our complimentary client reviews this year - allowing all clients to make the most of a free catch up with Maris to chat business, financials, and life.
With any price increase we are mindful to continue providing value to our clients in any way we can. We are also happy to provide payment options for any of our services. Please touch base with Haley if you may be having trouble paying your invoice.
New pricing from 1st April 2023:
> Bookkeeping hourly rate $75 + GST
> Tax, Compliance & Advisory hourly rate $150 + GST
> IRD Review & Audit hourly rate $210 + GST
EOY annual filing fixed fees
> Withholding Tax Contractors $695 + GST
> Sole Traders $895 + GST
> Limited Companies $1,595 + GST
> Partnerships $1,595 + GST
> Rental & Property Investments $1,695 + GST
> Trusts $1,895 + GST
End of Year Close-down
The office will be closing Tuesday 20th December for the year, and we'll be re-opening on Monday 16th January 2023. Some of the team will be working through managing payrolls and returns over the break and maintaining client work.
Please remember to get in touch prior to the 20th December if you have urgent requirements. Over the closedown emails will be checked intermittently, but there will be minimal staff working.
Thank you to our Amazing Clients!
This will be our last update before we close down. I'd like to take some time to thank all our clients for their continued support. I know times are tough at the moment - We are really feeling the flow on affects of Covid and I'm sure it will be felt for some time yet. In saying that businesses seem to be flourishing so keep on keeping on!
Take some time out with family and friends at Christmas - rest and recharge ready to spring into 2023!
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My Two Cents End of Year Update
November 20, 2022