Mythbusting: 5 myths about virtual accounting to unlearn in 2024
Accountsdept Blog
by Rangika SAS
3w ago
If you’re a kiwi small business owner you might have heard about different negative myths surrounding outsourcing and virtual accounting service providers. In this blog post our accounting professionals debunk a few of the most common virtual accounting myths. Let’s take a squiz. 5 Myths About Virtual Accounting to Unlearn in 2024 Myth #1: “Virtual accounting is more expensive than traditional accounting” Debunked – With traditional accounting, you have to incur recruiting costs, onboarding costs, equipment and software costs, and paid leave costs. When outsourcing payroll, bookkeeping, and ac ..read more
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Here’s How Virtual Accountants Prevent Fraud.
Accountsdept Blog
by Ishan sas
1M ago
It is a time of increased financial crime in New Zealand. A recent survey by the Ministry of Justice revealed a spike in annual fraud and deception crime from 288,000 to a whopping 510,000 cases in a single year. Mad, isn’t it? Is your business safe? Looking at the statistics, it’s common sense to want protection against fraud for your own business. Studies reveal that it’s difficult to spot employees with fraudulent tendencies. Around 87% of staff who have committed fraud were first-time offenders, with 84% of them having a clean employment record. How in-house employees may commit fraud Havi ..read more
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Has your web store run into these 5 accounting challenges?
Accountsdept Blog
by Ishan sas
1M ago
If you own a web store, then you’re probably aware of all the accounting challenges that come with it. Let’s take a squiz at 5 such common challenges and how to overcome them. Has your web store run into these 5 accounting challenges – Auckland Accountant Tips 1. Having to do international transactions Web stores deal with more international transactions than physical stores. Adding them into the accounting process can be a bit of a mare. Implement multi-currency payment gateways, automated currency conversion tools, and cutting-edge tax compliance software that can handle cross-border tax cal ..read more
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7 White Label Accounting success tips and best practices
Accountsdept Blog
by Ishan sas
2M ago
If you’re an NZ accounting services practice looking into outsourcing your accounting tasks, white label accounting just might be the thing for you. Take a squiz at these 7 tips and best practices to have a successful and productive relationship with your white label accounting services provider. 7 success tips and best practices for NZ white label accounting 01. Identify and organise your accounting needs Determine what services you need to outsource to your white label accounting provider so that you don’t end up paying for more than is necessary. 02. Have a clear outline of your goals Creat ..read more
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White Label Accounting success tips and best practices
Accountsdept Blog
by Ishan sas
2M ago
If you’re an NZ accounting services practice looking into outsourcing your accounting tasks, white label accounting just might be the thing for you. Take a squiz at these 7 tips and best practices to have a successful and productive relationship with your white label accounting services provider. 7 success tips and best practices for NZ white label accounting 01. Identify and organise your accounting needs Determine what services you need to outsource to your white label accounting provider so that you don’t end up paying for more than is necessary. 02. Have a clear outline of your goals Creat ..read more
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What is Goods & Services Tax (GST) and why is it important?
Accountsdept Blog
by Ishan sas
3M ago
As a small business owner you have to deal with taxes regularly. And quite often taxes can be very complicated. In this GST guide we’ll suss out the basics of the Goods and Services Tax (GST). What is GST? (The Goods and Services Tax)? According to the New Zealand GST act, the GST is a value-added tax that is imposed on goods and services, including imports, that are purchased for domestic use. Who pays GST? Your customers pay GST. What should you do as a business owner? If you sell domestic use goods and services, you must register for GST with the IRD using your IRD number and charge the tax ..read more
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How to Stay Compliant with Changing Tax Laws and Regulations
Accountsdept Blog
by Ishan sas
3M ago
If you’re a small business owner, you probably know how important and challenging it is to stay compliant with tax regulations. Compliance is important to avoid fines, penalties, and any other legal consequences. But it’s also challenging because tax laws are constantly changing. We’ve got 7 top tips on how best to stay compliant with changing tax laws and regulations. Let’s take a squiz. How to Stay Compliant with Changing Tax Laws and Regulations – NZ Tax expert advice 01. Conduct regular reviews of tax laws Tax law changes are constant and irregular, so it’s important to do routine revision ..read more
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White label accounting: 5 reasons why it’s a game changer for your business
Accountsdept Blog
by Ishan sas
4M ago
Are you an accounting service provider? Are you chocka with work? Is it a mare to find the right resources and staff to get work done? If you answered yes to all three questions, then white label accounting services might be the thing for you. What is white label accounting? It refers to when accounting service providers outsource their projects and services to specialised third-party service providers. 5 reasons why white label accounting is a game changer for your business 01. High quality services for your clients White label accounting firms have a large pool of qualified and skilled accou ..read more
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Why you should keep your personal and business finances separate
Accountsdept Blog
by Ishan sas
4M ago
Small business finance management is a tricky thing. If you’re a small business owner, your personal and business finances almost always blend together. It makes sense. You’re just starting out, so there isn’t a clear line separating your personal and business lives. For convenience reasons many small business owners tend to mix up personal and business finances but they soon find that as their business grows it becomes less of a convenience and more of a luggage. Why you shouldn’t mix your personal and business finances If you haven’t properly separated them, your personal assets can be vulne ..read more
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Common Accounting Mistakes Small Businesses Should Avoid
Accountsdept Blog
by Ishan sas
5M ago
If you’re a small business owner, chances are that you’re chocka with tasks and responsibilities. So you may not have a lot of time on your hands and you might find it difficult to give proper care and attention to your accounting requirements. If you don’t have experienced accountants or NZ accounting services, handling your finances, that is a recipe for a lot of accounting errors. What are accounting errors? Accounting errors are mishaps that occur while processing and recording financial transactions. 60% of accounting errors are a result of bookkeeping errors, while human error accounts f ..read more
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