The Power of Networking

What do the retail, mortgage broking, IT, real estate, legal, marketing and insurance industries have in common? These industries are all represented in the business networking group that I belong to. Our Group has been in existence for over 4 years and comprises 15 people representing some 12 different industries. Why would we each give…

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The ‘Right’ Accounting Software for your Business

Purchasing accounting software can represent a significant business cost, whatever the size of your business. But if the new software ensures effective financial management, the payoffs from your investment will be considerable. The ‘right’ software will produce the ‘right’ information to enable you to manage your organisation or business more effectively.

Here we examine the factors to consider when purchasing accounting software.

1. Does your organisation have the skills and knowledge to utilise the software?

Unless you have people with appropriate experience for your new software, you will never realise its full potential.

Start by evaluating the skills that will be needed to properly utilise the software and decide whether existing staff are at the right level or show potential to be upskilled. UHY can assist with this evaluation.

2. What functionality is required for your type of organisation?

Create a list of the most important functions your software must address, based on the type of operation you run. For example, the requirements of a large trade contracting organisation will be very different from a distribution organisation, only the former needs retention tracking, while the latter needs the ability to count and manage different unit sizes of the same product.
Restrict the list to key functionality to fewer than ten items with emphasis on the operational functions of the business. Too much detail can cause confusion in the early stage of software selection.

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IRD Taking Tougher Stance on Penalties and Interest

It was recently announced that the Government has experienced a $1.6 billion shortfall in tax revenues compared to forecast. We think it is unlikely to be a coincidence therefore that while tax revenues are down the IRD is taking a much tougher stance towards writing off interest, penalties and outstanding tax.

In the past the IRD have been prepared to write off outstanding amounts. Currently we notice that they are insisting that payments be made in full including interest and penalties.

The only certain way to ensure that IRD interest and penalties are not levied is to make sure that all tax obligations are paid on time.

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