How much does it cost to hire an accountant for a small business?

Even in your average small business (1-3 employees, less than $500k turnover) there will be a broad range of options for accounting and finance including getting specialise setup, tax structuring advice, finance systems and processes together with the everyday bookkeeping and accounting functions.

Is an accountant needed for a small business?

An accountant can offer comprehensive startup and ongoing small business advice, while making sure tax compliance is prepared and filed with the relevant authorities on time.

What is the role of an accountant in a small business?

Being a business owner can be a tough job, and it’s good to have a trusted advisor to lean on in times of complexity or uncertainty. An accountant will be able to help you navigate your business through these times, and help keep compliant with relevant tax authorities.

Xero is an integrated accounting platform that can complete all small business invoicing, receipts, bank transactions and reporting for the IRD. Being cloud based means your advisers can have access to your information in real time.

Is Xero Accounting any good?

Xero is a great tool for small businesses as it gives you real time access to the financial data of your business - information we couldn’t imagine being in business without.

Transitioning to AIM: Simplify Your Provisional Tax

If you are tired of the traditional approach to calculating and paying your provisional tax, it's time to explore an alternative method that aligns your tax obligations more accurately with your actual income.

The Accounting Income Method (AIM) is a game-changer in the world of sole traders and contractors. At Accountech, we're here to help you seamlessly transition to AIM and simplify your tax processes.

What is AIM?

AIM, short for Accounting Income Method, is a contemporary approach to calculating and paying provisional tax. Unlike the standard uplift method, which relies on estimates based on previous years' income, AIM allows you to pay provisional tax based on your current accounting income as it is earned. This means no more surprises or cash flow burdens caused by unpredictable tax bills.

Benefits of Transitioning to AIM:

Accuracy: AIM ensures your provisional tax payments closely match your actual income, providing a more accurate representation of your tax obligations.
Cash Flow Management: With AIM, your tax payments are spread out throughout the year, aligning them with your income streams and offering better cash flow management.
Reduced Risk: By paying provisional tax based on current income, you reduce the risk of under or overpaying, minimizing penalties and interest charges.
Flexibility: AIM gives you the freedom to adjust your provisional tax payments as your income fluctuates, providing greater financial flexibility.

How Accountech Can Assist You:

At Accountech, we understand that transitioning to a new tax method can be overwhelming. That's why our team of experienced accountants is here to guide you through the entire process, ensuring a seamless transition to AIM. Here's how we can help:

AIM Implementation: Our experts will assess your business's suitability for AIM and provide personalized recommendations tailored to your unique circumstances.
Reconciliation Support: We'll assist you in reconciling your accounts on a monthly basis, allowing you to stay on top of your accounting income and make accurate provisional tax payments.
AIM Filing: As part of our commitment to excellent service, we will handle your AIM filing requirements, ensuring compliance with IRD regulations.
Ongoing Support: We'll be your trusted advisors, answering any questions you may have, providing timely guidance, and helping you navigate the complexities of AIM.

Make the Switch to AIM with Accountech:

If you're ready to simplify your provisional tax and enjoy greater accuracy and control over your tax obligations, Accountech is here to support you every step of the way.

Contact our team today to schedule a consultation and explore how AIM can benefit your business. Trust Accountech for reliable accounting solutions that empower your financial success.

Disclaimer: The information provided in this blog post is for general informational purposes only and should not be considered as professional tax advice. Each business's tax situation is unique, and it's essential to consult with a qualified tax professional to assess your specific circumstances and receive personalised advice.