Concurrent with the new Act, IRD is also making more and more taxation reporting and payment options available online. For some small businesses, especially those that tried it when it was first available and gave up on it, that may be an intimidating prospect. However, IRD has made their online sites more user-friendly over time.
We encourage the use of widely available accounting software packages, to take advantage of changes brought in by the new Act. Using the online option will make your business easier to run. But it won’t just be in relation to IRD reporting.
Switching to online accounting software like Xero (there are many others) removes a lot of stress for you in terms of compliance and reporting. What’s more, we often find that a time-consuming part of doing end of year work for some clients is first tidying up the bookkeeping. That then becomes a cost to you – and an avoidable one at that.
Cloud-based accounting software packages for small business can cover everything from revenue management to salesforce records, your billing system, bank reconciliation, inventory management, HR, customer records and a whole lot more.
Here are the biggest benefits of using cloud-based accounting software
- You’ll save time.
- You won’t lose data if your computer crashes.
- Well-established software companies have a history with IRD and keep up to the minute with tax changes and developments.
- The best companies offer technical support as part of their package.
By reducing time spent on bookkeeping, you’ll free up time for gaining customers, extending your reach and expanding your profile in the market.
Switching to a new bookkeeping system can be daunting at the best of times, and it’s certainly not a panacea for poor record keeping. If you’re interested in making the move, contact us to discuss your options and to plan a methodical transitional process along with any training needed for you and your employees. Time spent doing this will likely repay you many times over!