Chances are you didn’t start a business because you LOVE doing finances and filing tax returns. For most founders, the thought of diving into their tax obligations is enough to either frighten them or put them to sleep.
Not to worry! We’re here with tools and tips to help you get started with understanding tax.
Tools: Xero, MYOB & Hnry
Keeping track of your finances is the first step to being able to easily and competently meet your tax obligations. Using accounting software is widely accepted as the easiest way to stay on top of things.
Xero
Xero is a New Zealand startup success story and widely accepted as the go-to accounting software for business owners and accountants. With over 3 million users and a variety of plans, you can get started for free with a 30-day trial here.
MYOB
On a tighter budget? MYOB is a committed supporter of New Zealand startups offering their basic plan at just $10 per month, if your business is less than 2 years old.
Hnry
If you’re self-employed, Hnry might be the obvious option for you. They promise you’ll “Never think about tax again” with their accounting software designed specifically for freelancers, tradies and contractors.
Tips: (or at least where to find them…)
Many founders get anxious about making sure they get it right when fulfilling their tax obligations. Here are a few different places you can go to make sure you’re doing the right thing.
IRD Tax Seminars
This might sound like the most dreary, boring thing in the world, but IRD host free Tax Seminars and they’re actually good! These workshops are content based and you will also get a chance to ask questions. You can attend a variety of different seminars depending on your needs, but if you’re just getting started, we recommend An Introduction To Business and the GST Workshop.
Business.govt.nz
Business.govt.nz have an entire section dedicated to Tax and Accounting. You can learn about the different types of tax, how to claim expenses and your tax obligations as an employer. Not a bad place to start to learn all the jargon before you start talking to someone.
Accountants
When in doubt, consult an expert! Hiring an accountant can mean a smoother road in setting up your accounting software, understanding best practice and ensuring you get things right. Plus, if you hire the right accountant you might get the added bonus of receiving some useful advice.
If you’re looking locally, we know founders that have had excellent experiences with both Deloitte and Polson Higgs. Findex has also supported startups through their FoundX event.
Feeling stuck?
If you’re just getting started, tax wont be the only mystery you’re trying to figure out. For help finding your next steps, book in with us for a free startup check-in.