It was recently announced that Inland Revenue has officially recognised bookkeepers as giving them increased engagement with businesses. A new ‘agent status’ allows a bookkeeper to link a client directly to their own agency, without affecting an accountant's tax agent status with the client.
Through this, bookkeepers are now able to file returns, communicate with Inland Revenue, and see the status of each tax type, requiring no need to incur additional time and costs to their client by liaising with third parties and accountants. This comes as a big milestone, as the petition to educate Inland Revenue on the valuable role bookkeepers play in the success of businesses started over eight years ago.
It is important to note that businesses, whether big or small, have to work with a lot of numbers. Hiring the expertise of bookkeepers is considered a great investment strategy for businesses to save money, and ease them of the burden of painstaking accounting duties.
Hiring a bookkeeper is essential to keep business processes efficient and robust, as they are able to provide accurate accounting and financial information. Though this, businesses are also able to make more sound business decisions, and help them with their compliance obligations. The less missed due dates, the fewer penalty payments business owners have to pay.
Payroll is also a vital part of one’s business and to get things wrong will adversely affect how the business runs. Through making payroll processes efficient and up-to-date, clients are ensured that their businesses will run smoothly and competently even without them focusing on bookkeeping.
For 3rd Arm Admin, it’s all about capitalising on the right tools, as this increases productivity and ultimately reduces the chances of human error. In short, businesses don’t have to worry as much as they did, now that bookkeepers have easier access to work with IRD on their client’s affairs.
To learn more, visit the 3rd Arm Admin website at https://www.3rdarmadmin.co.nz