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Accounting in New Zealand - Complete Services for All Types of Companies

Accounting in New Zealand

Updated on Thursday 22nd September 2022

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NZ companies looking for quality services for accounting in New Zealand can rely on the solutions offered by our team of experts. We are one of the accounting firms in Auckland that can also provide services to companies located in other cities, such as Christchurch or Wellington. Together with our partner lawyers in New Zealand, we provide comprehensive solutions to both tax and legal matters. If you have specific questions about our services, a chartered accountant in New Zealand from our team can give you personalized answers.
 
Read below to find out more about how we can assist you for complete compliance with the current tax and corporate laws in NZ.
 
 
 Quick Facts  
Bookkeeping services in New Zealand

- accounts receivable and accounts payable management,

- different bank account reconciling actions,

- preparing the financial statements

Payroll 

- calculating the wages,

- making the wage payments,

- making the needed contributions for social security purposes 

Invoicing

- preparing and issuing invoices and proforma invoices,

- tracking the issued invoices and overdue invoice reporting

Cash management

Commonly included as part of accounting in New Zealand, this consists of managing the company's cash flows .

Reporting 

Assistance for preparing the annual financial statements according to the type of company (especially for public companies).

Financial analysis

Part of the accounting in New Zealand there are also operational efficiency evaluations, profitability ratio calculations and more.

Forensic accounting

Accounting services as needed in investigations concerning fraud or money laundering investigations.

Tax compliance

- corporate income tax filing and payment as needed,

- ongoing compliance with other taxes for companies in order to avoid unnecessary penalties

VAT compliance and reporting

- Goods and Services Tax (GST) registration for companies that are required to do this,

- GST filing and reporting 

Audit services offered by our accountants in New Zealand

Filing the audited financial statements for companies that are subject to this requirement (most notably, subsidiary NZ companies and others)

Property financial matters

- property tax compliance,

- information on the taxes charged by local authorities in New Zealand

Statutory compliance 

Assistance for complete compliance with the principles for accounting in New Zealand, IFRS adoption and implementation.

Tax authority assistance

Representation in front of the New Zealand Inland Revenue Department

Support for voluntary dissolution

Assistance for settling the debts towards creditors, distributing the remaining assets to shareholders during the liquidation process

Services for foreign companies 

 - information about foreign company taxation principles in NZ,

- double taxation agreement implementation

 

Services offered by our chartered accountants in Auckland

 
Many companies in New Zealand choose to outsource their accounting in order to benefit from cost savings, as well as timely and reliable services.
 
We are one of the accounting firms in NZ that offers complete solutions to companies of all sizes, as well as across many different industries.
 
Our packages and services can be customized to meet the needs of the corporation, based on its number of employees.
 
In most cases, we work on an hourly basis, meaning that small companies, for which the processes handled by our chartered accountants in Auckland take less time, will pay less for their annual accounting.
 
If you are in need of services for accounting in New Zealand, we can help you with the following:
 
  • Bookkeeping: processing payments, invoices, cashflow management, reconciling bank and credit card accounts, etc.;
  • Payroll: handling all matters concerning the payment of your employees’ salaries, calculating the hours and additional time worked, bonuses, payroll expense management and relevant submissions;
  • End-of-year accounts: a core part of our services for accounting in New Zealand is the preparation of the final profit and loss account, the balance sheet and other documents for the end of the financial year;
  • Support: our team offers ongoing support to our clients; we also help start-ups with relevant information about the applicable taxation principles.
 
Working with one of the accounting firms in Auckland that have extensive experience, such as our own, can be an important business advantage.
 
If you are in need of services related to company formation or legal solutions for matters concerning corporate and business law, our lawyers in New Zealand can answer your questions.
 

NZ reporting requirements outlined by our accountants in New Zealand

 
The accounting standards are issued by the New Zealand Accounting Standards Board.
 
Companies are subject to different financial reporting standard based on their revenue or assets:
 
  1. Minimum financial reports: prepared only by companies that, during the last 2 accounting years have had either a total income of $30 million or less or have assets that are $60 million or less;
  2. Higher standard financial accounts: they have had an annual revenue above $30 million or assets of more than $60 million in the last 2 accounting years; these higher standards also apply to those companies with ten or more shareholders and in other situations;
  3. Reporting exemption: small companies do not prepare the financial statements if, during the tax year, they had an income of less than $30,000 or had not incurred expenditure of more than $30,000;
  4. Audit: generally applicable to large companies; most accounting firms in NZ also offer audit services upon request; you can reach out to us if you need auditing solutions.
 
A chartered accountant in New Zealand from our team can give you more details about the principles outlined above.
 
You can also reach out to us if you need information or clarification on the relevant tax laws from our attorneys.
 
Contact our accountants in New Zealand for more information about our services.