Small Business Basics

Just launching your new small business or been going for a wee while but the paperwork and accounting is starting to bog you down?

Or maybe just unsure of what you need to comply with?

Here are some of the basic accounting requirements:

• GST Registration – if you think or know that your Turnover (sale/income) will exceed $60,000 then you must be GST registered. For small businesses, cash flow wise, it’s best to be based on 1 or 2 month return cycle. Leave it longer and you could accumulate a large bill and not be able to pay.

• If you employ staff – you’ll need Individual Employment Agreements, a Health & Safety Policy, pay records, payroll PAYE

• Annual Tax Returns to Inland Revenue (to do this you need completed annual accounts i.e. Profit and Loss account and Balance Sheet)

So, if you can’t tick off the above, give us a call. 
We specialise in helping small businesses (throughout Tauranga) get off the ground, assisting with all their accounting, payroll and IRD requirements.

Other things to consider:

• Will you trade as a sole trader or Limited Liability Company?

• Do you have a system for recording customer invoices, your purchases etc. Are these manual or computerised?

• Do you have the time to do this paperwork?

Again, if you are unsure or need to review this, give us a call.