Change is in the wind for your year-end accounts. Earlier in the month, the Ministry of Economic Development confirmed that most NZ businesses will no longer have to prepare year-end accounts in the form that you currently know them (using technical jargon businesses will no longer have to prepare general purpose financial reports).
This change means that you’ll only need to prepare accounts with enough detail to keep the IRD and your bank happy. The New Zealand Institute of Chartered Accountants (our governing body) is drawing up guidelines on what the replacement to annual accounts should look like. The devil will be in the detail of these guidelines, but they should see accounts become more understandable and relevant to your business.
iif has already moved beyond the year-end accounts. Our Year End + product turns the (usually) daunting year-end accounts into understandable information to help you grow your business. Coupled with benchmarking against other businesses in your industry (comparing your performance), our Year End + gives real insight into areas for improvement in your business. If you’d like to see how Year End + works email us (info[at]iif.co.nz) or give Hamish a call (021 752 270).