As we head into another volatile year it is important that we focus on the things that we can control. Year end is a good time to reflect on your financial position and take the time to dig a bit deeper on where you could make possible savings. Every penny counts.
ACC
1. Register for MyACC for Business to manage your ACC account
With MyACC for Business, you can securely access information about your employees’ work-related claims, view and pay your levy invoice, opt-in to get your invoices by email, or use LiveChat to talk to one of the team.
To register, you need a RealMe, Microsoft, or Google account and your ACC or IRD number
2. Opt-in to receive your invoices via email
Don’t wait for the post, check your levy communications preference is set to “email”, and update it in MyACC for Business.
3. Check your provisional payroll estimate for 2024/25
As an employer, you’ll receive your ACC levy invoice from July. It’s a good idea to double check your details are correct ahead of your July invoice, so you get invoiced the right amount. This is especially true if your circumstances have changed over the last year. You can check and update your liable earnings for the previous year, your business’s classification unit, and your employment status in MyACC for Business.
4. Familiarise yourself with ways to pay your levy invoice
You can pay your ACC invoice via credit card, through internet banking or by setting up a three or six month payment plan. Just log into MyACC for Business once you get your invoice to set it up.
You can find more information on ways to pay your levy invoice on the ACC website.
INSURANCE
Make sure that the machines are insured for actual ‘market value’, not what you think they are worth or what they are valued at on your balance sheet
Check with your insurance provider if the sum insured should be GST exclusive or GST inclusive (for most insurance policies the sum insured should be GST exclusive)
Depending on the level of your insurance premium, you may be able to add a ‘profit share’ premium adjustment to your Mobile Plant insurance policy. The addition of this extension may slightly increase your insurance premium, but at the end of the insurance period, if your claim costs are low, a credit premium amount may be earned to be credited against the following years’ insurance premium.
If you pay your insurance premium monthly, ensure that you know what the interest cost is, to ensure it not overinflated.
Check that your insurance broker has re-marketed your insurance programme, to ensure you are with the right insurer for a competitive premium.
CODING/ XERO/ MYOB
In preparation for your end of year financials, make the job for your accountant as simple as possible to reduce your accountancy fees.
Check your balance sheet to make sure relevant loans match with the correct codes.
Profit & Loss – look over the last financial year and make sure coding looks correct. If something is sticking out, drill into the code and make sure it is where it should be.
Pre-empt any questions that your accountant will have around new asset purchases and make sure you have the right documentation to back it up.
Reconcile loan payments to loan statements so they match amounts.
If profit is low, talk to your accountant about deferring or recalculating your provisional tax. Terminal tax has to be paid but provisional tax is variable.
Make sure all current creditors and debtors are loaded.
