Accounting is difficult and hiring a great accountant is only half the battle. Here are Drumm Nevatt & Associate's best accounting practices for your business.
1) Have a plan and know your goals- Knowing what you're working towards is a key part of accounting. When your goals are defined you are able to fit your finances and your financial plan around that.
2) Maintain accurate records- This is vital as keeping accurate records has ramifications for many different parts of your business. Not only do they go to the IRD, but can help influence your decision making and provide information for potential lenders.
3) Keep tax in mind all year round- Do not only think of tax when tax season is approaching. Tax season is all ready a stressful time and neglecting tax the other 11 months of the year will only make it worse. Plan for tax season throughout the year. Professionals like Drumm Nevatt & Associates’s are very helpful when it comes to tax
4) Separate business and personal finances- This is especially important when you are a small business or the sole owner of the business. Have a separate business bank account and IRD information. This makes it easier to track your business expenses and keep accurate records.
5) Hire the best professional help possible- Accounting is complicated and trying to handle your accounting by yourself can get too difficult. Ethical and diligent accountants like Drumm Nevatt & Associates can make a world of difference.
Contact Drumm Nevatt and Associates
Phone: 64 9 534 4382
Address: Ridge House, 69 Ridge Road, Howick Auckland
Phone: 64 7 576 2194
Address: 23 Myres Street, Otumoetai, Tauranga