Xero Blog Goodness

Spaghettios, dog clothes & top tax tips

Published in Xero Business on 20 March 2013 by Jamie Sutherland

Our recent survey to over 400 accounting professionals reveals that Spaghettios, weddings and dog clothes are just some of the tax deductions people imagine they can get away with. Which shows that if you’ve ever tried to claim an unusual tax deduction, you’re not alone!

This year’s survey provides an update to a similar survey we commissioned last year. The year-on-year data provides  interesting insight into changing perceptions of the cloud as well as where small businesses are going wrong. As well as the fun responses, the research highlights just how much pressure small businesses are under in the US this tax season, especially due to the demands of changing government regulations and tax policy.

We’ve put together an infographic to illustrate the key results:

A key output of the survey is the biggest mistakes that small businesses are making. Top of the list is not keeping financial records up-to-date, followed by a lack of understanding about tax obligations.

All-in-all, it comes back to getting to know your accountant better and tapping into the advice they can give you. Xero’s real time single ledger enables your accountant to have a clear view of your finances and provide better advice to you. Note that nearly a third of the accountants surveyed would be willing to give you a discount if you enable them to view a reconciled ledger, which is easy to do in Xero. And more and more accountants are offering cloud services – up 11% to 43% this year.

Late summer surge for real estate

The Central Otago Lakes residential property market recorded the biggest increase in sales volume compared to other regions for the month of February.

There were 129 house sales in our district during February, an increase of 54 per cent on the previous February, according to statistics released by the Real Estate Institute recently.

Central Otago Lakes also recorded an 13.9 per cent increase in median price for February. The median price was up $55,000 from February 2012 to $363,750, with Queenstown sale prices accounting for most of that increase.

The district wide late summer surge in sales reflects national trends for February.

Nationally, 6,632 houses sold in February, an increase of 34% on January. The national median house price in February was $382,000.

The number of days to sell in Central Otago Lakes has improved by two days from 49 days in January to 47 days in February. Compared with February 2012, the number of days to sell has improved by 16 days.

Central Otago Lakes REINZ spokesperson, Gail Hudson says the market here continues to improve because there are more committed buyers and vendors are responding by listing their houses and meeting the market on price.

Posted on Wanaka Live 20 March 2013

www.wanakalive.com

Ted X Queenstown

Yeah this is a bit exciting, Queenstown hosting it's very own Ted Talk next Friday, there is an excellent range of speakers and the fun bit is only 100 tickets, the race is on! Good luck getting your hands on a ticket, lets us know if you go. Ted X a good place for Queenstown Accountants.

Here is and oldie but a goodie below:

This is broken

InvitBox

Invitbox is a cloud-based mailbox, approval system and filing cabinet for invoices.

Once you register, your suppliers simply email their invoices to you in PDF format to yourco@invitbox.com and within seconds invitbox strips out all the data and presents the invoice to you online for approval.
It's like magic!

Xero HQ

A visit to the Big Smoke this weekend, look what we spied! Xero HQ, downtown Welly town. No traffic...what, this is helpful for Otago accountants hitting the city!

Tips for choosing an accountant

A good accountant should be able to evaluate business problems and offer solutions. Today's accounting professionals are strategic business leaders and should be able to demonstrate that they are much more than pure 'number crunchers', said David Jenkins, CPA Australia country manager for New Zealand this week. "Strategies in international business, thought leadership, skills in communication and persuasion - these are some of the broader 'must-have' aptitudes of today's successful accounting professionals," said Jenkins.CPA Australia, one of the world's largest accounting bodies, representing more than 144,000 finance and accounting professionals around the world, has developed the following tips to guide small businesses in selecting an accountant.

Professionally qualified
It's important that your accountant is professionally qualified and belongs to a professional accounting body. To retain their membership each year, members must complete a requisite number of professional development hours to ensure their qualifications remain current and they are following industry best practice. Membership also dictates they abide by a code of ethics and conduct.

Business consultant
A good accountant will help your business grow by bringing a wider commercial perspective to the partnership. For small businesses, your accountant should be a trusted business adviser and provide credible, strategic advice. They should be able to evaluate business problems and offer solutions. To do this successfully, your accountant will make the effort to understand your business and your product or service, right from the very first meeting.

A good relationship throughout the year
Regular, ongoing dialogue is a sign of a good partnership. Your accountant should be committed to building a strong rapport with you. The right accountant will speak with you on a regular basis and be happy to see you at your premises when it suits you. So look for an accountant who provides a proactive service, working with you throughout the year, not just at year end.

Complementary client portfolio
Whether you're a start-up or an established business it's important that you partner with an accountant that has experience relevant to your business. Find out who their clients are to establish if their experience suits the needs of your business. For example, if you're in the export game, seek an accounting professional with complementary experience.

Tech-savvy
There is a wide range of business management software on offer today; the right package has the power to dramatically improve small business capabilities. A good accountant must be fluent in the application of leading software packages. They should be able to recommend the appropriate accounting package to suit your business needs.

The New Zealand Herald Jill Smith 25 February 2013