“Do I need a Bookkeeper?” is a question possibly every self-employed tradesman has asked at some point or other and it’s a very good question to consider. How do you decide if you need a Bookkeeper and what are some of the signs?
Firstly, let’s look at the difference between a Bookkeeper and an Accountant. In short, a Bookkeeper deals with day-to-day transactions and processes, and supports you at a grassroots level, whether on a daily, weekly or monthly basis. Accountants look at your numbers, on either a 3, 6 or 12-monthly basis, provide business advice and submit tax returns to Inland Revenue on your behalf. There is the option to do the bookkeeping work yourself, or have a family member do it, but this raises a number of questions such as; are you doing it right, do you have the time, or is this where your time is best spent (bookwork or on the tools)?
Some signs that you might need a Bookkeeper include:
- Being up late doing bookwork.
- Feeling overwhelmed with paperwork.
- Struggling to keep on top of your bills or pay on time.
- Having a lot of outstanding monies owed to you.
A Certified Bookkeeper can take care of all this for you, and you will sleep better knowing that you are compliant.
On the subject of compliance, are you aware of the new payroll filing regulations coming into place on 1st April 2019?
Do you know what your new employer obligations are? Below are some things you need to be aware of:
- If your annual PAYE and Employer Super Contribution Tax is greater than $50,000 as of 1st April 2019, you will have to file electronically using payroll software within 2 days of your payday.
- If your PAYE and ESCT is less than $50,000 annually you will have the option of filing within 10 days on paper or within 2 days electronically.
- You will need to opt in for payday filing through your myIR account.
- If you need to file electronically you will need to have the appropriate payroll software to do this.
- Any employment information changes will need to be made online.
It’s a Bookkeeper’s role to stay apace of such changes and to help your business stay compliant. You don’t even need to be in the same building with most work able to be done remotely.
So, if talking to a Bookkeeper feels like a good first step, go to this website and from there you can search for someone in your area, secure in the knowledge they are a dedicated professional guided by their membership to the Institute of Certified NZ Bookkeepers.