• E-Commerce Bookkeeping By Fuel Accountants

    | Categories: Accounting , Bookkeeping , Business Coaching

    Blog by Fuel Accountants

    From calculating taxes on online sales to inventory management to figuring out shipping logistics, running an eCommerce Fulfilled By Amazon (FBA) business comes with a whole host of challenges and considerations. Your bookkeeping and accounting solution needs to be able to keep up. As experts, we at Fuel Accountants want to help our clients by ensuring their books are clean so that you can run your business efficiently.

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  • Why my small business switched to Xero

    | Categories: Small Business , Accounting , Bookkeeping , Online Accounting , Xero

    This article is re-posted from the xero.com blog.
    I’m not a huge fan of the Super Bowl, but I love seeing the ads. They’re always the highlight of the whole event for a lot of people. This year there was a great ad by BMW that showed a clip of two TODAY show hosts from 1994 who was reading an email address out loud. It was obviously the first time they’d done so. They didn’t know how to pronounce an ‘@’. This led to the perplexing duo questioning “what is the internet anyway?”

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  • Recent Changes in Xero

    | Categories: Accounting , Record Keeping , Xero

    The last eighteen months has seen some HUGE changes in Xero—our preferred online accounting system. Let’s run down just a few of the significant ones:
    Files
    About 18 months ago Xero added the ability to attach files to any transaction. You can email files in to a designated “inbox” and then move them to existing transactions or initiate a new transaction and have them attached automatically. In our office, and with many of our clients, we now scan all incoming bills and upload them to Xero. We don’t keep the originals anymore!
    Purchase Orders

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  • Go Directly to Jail, Do not pass Go, Give back $200

    | Categories: Accounting , ethics , Record Keeping , Tax Invoice

    Blog by Fuel Accountants

    A few years back I was doing a minor alteration on the family home. One of the builders who I got in to do a quote gave me his price and then said “but if you can pay cash it will be $X” (a figure about 13% lower than his first quote). I didn’t hire him, even though I could have saved a nice chunk of change. I figured that if he was dishonest enough to defraud the government, what would stop him from trying to do the dirty on me as well. And with no records of the transaction, I would have nothing to fall back on.

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  • When Should You Call Your Accountant

    | Categories: Accounting , Accounts , Business , Record Keeping

    Blog by Fuel Accountants

    Most people in business avoid calling their accountant. It’s a bit like going to the Dentist – you don’t know what they’re going to say but you presume that it’s not what you want to hear and you always get a big bill for the privilege. However, like going to the dentist, not checking with your accountant before making business decisions can often lead to more trouble down the line. Your accountant can often save you money by structuring things efficiently or avoiding pitfalls. It’s usually easier to start out the right way than trying to fix it after the fact.

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  • Update on Changes to Financial Reporting

    | Categories: Accounting , Business , Online Accounting , Record Keeping

    You may have heard about changes to the financial reporting legislation. In the short term, many people are finding it a bit hard to work out how or whether the changes affect them.
    The requirements are changing for some businesses that used to have to file financial statements based on the New Zealand version of International Financial Reporting Standards (NZ IFRS). For example, your requirements have changed if your business:

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  • Entertaining Expenses

    | Categories: Accounting , New Zealand , Taxation

    Blog by Fuel Accountants

    IMPORTANT: This post is specific to New Zealand. If you are not a New Zealand business/taxpayer then it is probably not applicable to you.

    Sometimes we get a client’s list of expenses from the year and it just makes us laugh! There are things listed

    that clearly are not business expenses. Quite often there are things that are borderline, and there are always things that are simply unclear. In this article I want to address the topic of “Entertainment” expenses. Some things are just not deductible at all, some fully deductible, and some 50% deductible.

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  • Tips to Survive the End of the Tax Year

    | Categories: Accounting , New Zealand , Taxation

    Blog by Fuel Accountants

    IMPORTANT: This post is specific to New Zealand. If you are not a New Zealand business/taxpayer then it is probably not applicable to you.

    The 2013 tax year ends in just a few days – over this coming Easter weekend for the vast majority of taxpayers. A few minutes of preparation now could save you hours of grief (and expense) later. Here are five things that you should spend a few minutes thinking about BEFORE 31 March that could save you time or tax:

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  • Making a tax payment

    | Categories: Accounting , New Zealand , Taxation

    Blog by Fuel Accountants

    IMPORTANT: This post is specific to New Zealand. If you are not a New Zealand business/taxpayer then it is probably not applicable to you.

    There are several ways to make a tax payment to the IRD (no, you don’t send it to me).

    1. You can send a cheque to the IRD (if you can even find your chequebook) at Inland Revenue, PO Box 39050, Wellington Mail Centre, Lower Hutt 5045 (attach a note with IRD number, taxpayer name, Tax type and period end – see below). From October 2014 your cheque must be received by the IRD on time – it is no longer sufficient for it to be postmarked on time.

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  • Pimping your ride: motor vehicles and taxes

    | Categories: Motor Vehicles , Accounting , Business , Invoice , New Zealand , Record KeepingTaxation

    Blog by Fuel Accountants

    IMPORTANT: This post is specific to New Zealand. If you are not a New Zealand business/taxpayer then it is probably not applicable to you.

    Having access to a vehicle is quite a necessity for a business these days. If you are in business for yourself your company vehicle is probably also the family car. This gives rise to some interesting tax questions about how much of your ride you can claim as a valid business deduction. There are a lot of things to consider – more than I can go through in this short article, but here are the three main methods for claiming a vehicle on your tax return.

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  • When an invoice is not a Tax Invoice

    | Categories: Accounting , Business , New Zealand , Record Keeping , Tax Invoice

    Blog by Fuel Accountants

    IMPORTANT: This post is specific to New Zealand. If you are not a New Zealand business/taxpayer then it is probably not applicable to you.

    I find it frustrating when I buy something for business and get given a receipt or till docket and find that it is not a valid tax invoice. It’s amazing how many businesses issue invoices that aren’t valid tax invoices for GST purposes. So, having the personality that I do, I point this out to the clerk/owner and politely request a “valid” tax invoice. The most common response I get is “we’ve been giving them out like this for years and no one has complained.” Yeah – maybe. But that doesn’t make it right! These rules haven’t changed in the time that GST has been around so there really is no excuse for not getting them right

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  • Getting Ready for your Year-End Accounts

    | Categories: Accounting , Accounts , Business , New Zealand , Record Keeping

    Blog by Fuel Accountants

    IMPORTANT: This post is specific to New Zealand. If you are not a New Zealand business/taxpayer then it is probably not applicable to you.

    Last month I wrote about things that you should do BEFORE 31 March that could save you time or tax. This month I will highlight things that you should be doing now to make the process of creating your year-end accounts easier.

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