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Ultimately business owners are responsible for the financial management of the business, so it's important to keep good financial records. You need to be able to account for all of your business transactions. Inland Revenue requires businesses to keep records for seven years and if your business is audited, you'll need to provide evidence of your business transactions. This is an introduction to keeping good financial records.
Businesses create a lot of paperwork, and if you don't have an efficient system for recording and storing the necessary records, your business can quickly turn into chaos.
This information is brought to you by business.govt.nz
When running a business you are expected to keep accurate and complete records. Your business records should include banking information, proof of income and expenses, cash books and wage books. There are different expectations if you have computerised accounting and record systems. Find out about the free advice available to businesses from a Business Tax Information Officer or a Maori Community Officer.
This information is brought to you by Inland Revenue
Find out your legal responsibilities as a small business in regards to financial records. Includes information on registering financial documents with the companies office, audits, when to produce statements and what is needed.
This information is brought to you by Companies Office
Every registered New Zealand limited liability company must file an annual return with the Companies Office each year to maintain registration. This is important to businesses as there are consequences of not filing an annual return by the due date. Filing an annual return is also an opportunity to confirm and update information held on the register about that company.
A cashbook is a record of your business’s income and expenses. It’s a way to track the money going in and out of your business. For many small businesses it will be the basis of their accounting system. This practical guide explains how you can set up and maintain a simple manual cashbook, and how it can help you run your business.
This information is brought to you by National Bank of New Zealand
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23 percent or almost one in four employees in New Zealand work in the wholesale and retail trade industries.