How to Reduce Your Annual Compliance Fees

We’ve had a lot of clients ask us recently how they can keep their annual compliance costs down. The good news? A few small habits throughout the year can make a big difference. Here are our top tips:

1. Get Your Work in Early 

Rushed or urgent work often attracts a premium because it requires reshuffling schedules and working extra hours. By getting your records to us early, we can plan properly, avoid last-minute stress, and keep your costs to a minimum.

2. Keep Your Bank Accounts Reconciled in Xero 

One of the biggest sources of extra compliance costs comes from unreconciled, duplicated, or missing transactions. If your bank accounts are tidy and reconciled, we can process your accounts much more efficiently.
👉 Need help with reconciliations? We’re happy to sort this out for you — or we can provide training so you can do this yourself with confidence.

3. Attach Invoices to Major Transactions 

Big-ticket items like insurance premiums or asset purchases (e.g. vehicles, machinery, or equipment) often require supporting documentation. If you attach these invoices directly in Xero, it saves us from having to chase you later — which saves you both time and money.

4. Use Clear Descriptions in Xero 

When entering transactions, a little detail goes a long way. For example, “New laptop for office use” is much clearer than just “Computer.” The more context we have upfront, the less back-and-forth is required.
👉 Also, make sure the correct payee is used when reconciling — this keeps your records accurate and avoids rework later.

5. Review Accounts Payable, Receivable & Fixed Assets 

Keeping your accounts payable, receivable, and fixed assets up to date ensures your financial statements are accurate and reduces time spent correcting errors at year-end.
👉 If you’re not sure how to review or tidy these, we can also provide training to help you stay on top of them.

6. Stay on Top of GST and Payroll 

Late or incorrect GST returns and payroll filings often need fixing at year-end. Keeping these up to date (or letting us review them periodically) avoids unnecessary clean-up costs later.

7. Ask Questions Early 

If you’re unsure how to code a transaction or structure a payment, reach out before year-end. A quick call or email can prevent bigger (and more expensive) issues down the track.

8. Be Organised & Share Complete Information 

It’s so much easier (and more cost-effective) for us to do your year-end work if we have everything we need upfront. When information trickles in bit by bit, it slows the whole process down and usually adds to your bill.

We’ll provide you with a checklist of the documents and information we’ll need for your engagement. The best thing you can do is gather everything, keep it organised (or better yet attach it in Xero), and send it through by the agreed start date.

👉 Unsure if something is needed? As a rule of thumb: if in doubt, send it. We keep your information secure and confidential, so there’s no reason to hold back — and it helps us get the job done faster and more efficiently for you.

The Bottom Line

By keeping your records tidy, organised, and timely, you not only reduce compliance costs but also get better financial insights for running your business. Think of it as an investment in smoother operations all year round.

We’re here to help make the process as painless (and cost-effective) as possible — so don’t hesitate to reach out if you’d like a hand with any of the steps above.