Book a meeting
Ph. (03) 343 4448

Kendons Blog

** We are a Finalist **


We are very proud to announce we have been selected as a finalist for
 Xero's NZ Advisory Partner of the Year 2019!

I'm an image


"The Xero Awards recognise excellence among our accounting, bookkeeping and ecosystem partners. These annual awards celebrate the role of our partners in helping small businesses thrive in New Zealand."

 - Xero, 2019


But what does that really mean and why were we nominated?

Xero base their selection on our efforts to make a difference in the lives of our clients via:

  • Providing proactive business advisory services 
  • Leveraging our professional networks to support you with a diverse range of services (IT, insurance, legal) 
  • Developing innovative and value-add solutions for your business
  • Demonstrating knowledge of our clients industry or business area.

 
Sometimes the term 'Business Advisory Services' can be confusing. To help you understand more about the services we offer and why we are a finalist, follow the links below or call our friendly team to see how we can assist you and your business.

 

BUSINESS COACHING AND MENTORING
These sessions allow us to collaborate with you to set goals and we ensure you are held accountable to achieve them. We support you to make better business decisions, utilising the expertise and experience of your Kendons' coach. 


Find out more




PROFIT AND PERFORMANCE IMPROVEMENT
We can help you to determine the key drivers and road blocks of your business. This enables us to develop performance improvement strategies and measures that increase your profit and free up cash flow.

Find out more




APP SCOPING, IMPLEMENTATION AND INTEGRATION
We identify opportunities to add value by utilising additional applications. These opportunities are then scoped through a process of discovery sessions with your key business personnel. We can then recommend a suitable app-stack for to meet your business needs.




REGULAR DASHBOARD REPORTING
By implementing the app-stack and integration, we are then able to ensure your data is accurate. This allows us to create dashboard reporting targeted to your needs and KPIs. This is a great visual tool to put complex financial information into an understandable format for you and your partners.

Find out more




XERO HEALTH CHECK AND TRAINING PLAN

We review your current Xero settings and usage, allowing us to provide recommendations, additional training and review your internal processes. This ensures you have access to accurate and timely data and allows us to provide general feedback about the overall business health.

Find out more




AND MANY MORE ADVISORY SERVICES

We offer many more advisory services such as -organisational reviews - strategic business planning - cash-flow forecasting and advice - structuring advice - due diligence - company and trust formations - succession planning - business acquisitions, sales and mergers - plus more!

Find out more




A very big thank you to our talented team of advisors who have worked so hard to get us here and of course, to you, our clients, of whom we could not achieve this without! 







Audit Shield insures you for the payment of professional fees incurred if you are selected for an audit, investigation or review by the IRD.

We know the cost of being properly represented can be considerable depending on the circumstances. Even a simple audit or investigation can require hours of work. We can help you with Audit Shield to provide a fixed, cost-effective solution to guard against these unbudgeted costs.

The renewal period for Audit Shield cover is coming up at the end of August. Speak to our friendly team today to ensure you are covered!


Audit Shield Master Policy: For Your Protection

What is audit activity? 

Audit activity includes any audit, enquiry, investigation or review which is instigated by the IRD (or other government agencies) to ensure business and tax payer compliance. This includes various tax and legislative requirements such as Income Tax, PAYE, GST, FBT, Record Keeping and Employer Returns, amongst others.

 

How common are audits, enquiries, investigations or reviews?

The IRD continues to focus on audit activity and is consistently provided with additional resources for this purpose. Now more than ever anyone is at risk of being selected for one of the above.

 

What is the Audit Shield Master Policy and why should it be considered?

Kendons' Audit Shield Master Policy covers the cost of professional fees incurred as a result of your lodged return being selected for an audit, enquiry, investigation or review. The cost of being properly represented can be quite significant. Even if no adjustments are required, you could still be left with considerable professional fees if you do not have insurance that covers this. Our Audit Shield Master Policy provides a fixed, cost-effective solution to protect you.

 

What lodged returns are covered?

Computer Tax Audits - Dividend Withholding Tax - Employer Returns - Fringe Benefits Tax - GST - Imputation Credit Account - Income Tax - Non-Resident Withholding Tax - PAYE - Record Keeping - Resident Withholding Tax - Plus more!

 

Who provides the Audit Shield Master Policy?

We provide Audit Shield via a Master Policy we hold in Kendons' name, which is underwritten by Vero Liability Insurance Limited.


Who is covered?

All of our clients are invited to participate in our Audit Shield Master Policy, and we recommend it. Different levels of cover are available for salary and wage earners and businesses with turnover under $100 million. In most cases, individuals and other family entities can be covered with the business entities – for no extra cost. If you decide to participate, your cover commences one business day after your payment is received.

 

Is Audit Shield mandatory?
No, it is simply a service we offer to you, our client.

What is not included?
We have carefully selected our Audit Shield Master Policy to provide the widest possible coverage for us and our clients. However, we do remind our clients that such items or circumstances as listed below are not covered:

  • Any audit, enquiry, investigation or review arising from any verbal or written communication of impending audit activity given to you or us (your accountant) prior to your participation date;
  • Any audit which is commenced or is conducted specifically for the purposes of determining your taxation liabilities and liability to pay tax, interest, additional tax or penalties as a result of participation in any mass marketed, publicly promoted, tax avoidance or tax minimisation scheme unless the scheme has received a prior binding ruling from the relevant government authority or agency; 
  • Any IR audit where the auditor imposes a final shortfall or culpability penalty of 100% or more in relation to any year, or in relation to any entity that falls within the scope of the claim.
  • Any punitive costs such as penalty tax, costs, interest or any fines;
  • Any matter in relation to Inland Revenue Child Support or Working For Families;
  • Costs for work incurred which should have been undertaken prior to the audit, enquiry, investigation or review taking place (e.g. outstanding lodgements);
  • Any actions in regard to correspondence from any authority that is educational or advisory in nature or merely suggest, invite or propose actions to be taken; or act as a warning to you that you may be selected for an audit at a future time; or do not compel you or us to take any action.

 

Speak to our friendly team today to ensure you are covered

 

 

Learn about Xero Projects & Expenses

Top 7 Tips & Tricks  of Xero

 

Welcome to our series of free Xero Webinars. Learn about Xero Projects and Expenses is the third webinar in the series.

If you missed the first webinars you can view it by clicking on the below link.

Introduction to Xero (Business Edition)

Any questions relating to these webinars please contact us directly so that we can assist with your Xero journey.

 

Have a great day from the team here at Kendons.

Learn about Xero Projects and Expenses

Tuesday 23 July 2019 at 10am

Join Xero for a free online webinar to learn more about two of Xero's most popular addons - Projects & Expenses. Xero Projects will allow you to manage job in your business and give you live visibility of the
profit and Expenses will take the hassle out of managing receipts of your daily expenses.

 

During this 45 minute webinar you'll learn:

 

How to access Xero Expenses

Different user roles for their expenses submission

How to control staff expenses

What is Xero Projects and who is it for
How to activate Projects
How to record time and expenses to a Project
Project profitability reports
Use of Expenses and Projects Mobile app
How to raise a case with Xero support

There will also be some time at the end of the webinar for a live Q&A session.

 

Please register for the webinar here. If you're unable to make the webinar on Tuesday 23 July at 10am there will be an recording available afterwards for your viewing.

 

Helpful resources 
We've put together some helpful resources to support you with your Xero journey.

Xero resources

 

 

Hubdoc

New Xero product announcement

Hubdoc - a Xero product that will change your life! 

   
 

Kendons have recently partnered with a Xero product called Hubdoc. Hubdoc has the ability to automatically collect bank statements via online banking and store them for use when completing year end accounts. Hubdoc fetches the documents as they are created, without accessing the bank accounts themselves. 
Due to the number of bank statements we request each year, we are offering this free service as a way of reducing the amount of information gathering required by you each year so that we can complete your GST, accounts and tax returns. 
 
If you're interested, please feel free to drop into the office and our friendly receptionist Orlanda will be happy to get you connected in minutes – you'll just need to enter your online banking credentials into the system, so please have these handy. 
 
The Hubdoc technology also has additional functionality to allow you to automate the flow of data from your suppliers into accounting software like Xero. If Hubdoc sounds like a product you would benefit from using in your own business, we would be happy to discuss this with you. Please call the office 03 343 4448 to arrange a time to catch up about this in more detail. In partnership with Hubdoc, Kendons is thrilled to offer a discount on new subscriptions for these advanced features. 
 
Click here to view a video for more information.

Top 7 Tips and Tricks of Xero

 

  

Top 7 Tips & Tricks of Xero

 

Thursday 6 June 2019 at 12 noon

 

Join Xero for a free online webinar to learn more about the accounting software with all the time-saving tools to help you manage your business. During this 45 minute webinar you'll learn:

  • Files
  • Contact groups for bulk invoicing
  • Payment services
  • Bank Rules
  • Mobile App
  • Email to Bills
  • Batch Payments

There will also be some time at the end of the webinar for a live Q&A session.

Please register for the webinar here. If you're unable to make the webinar on Wednesday 15 May at 12 noon there will be a recording available afterwards for your viewing.

 

Helpful resources

 

We've put together some helpful resources to support you with your Xero journey.

 

Xero resources

 

 

Business guides

 

Introduction to Xero Webinar

Introduction to Xero webinar 


Wednesday 15 May 2019 at 12 noon 

 
Join Xero for a free online webinar to learn more about the accounting software with all the time-saving tools to help you manage your business. During this 45 minute webinar you'll learn:

? How to create a Xero login
? How to set user permissions
? How to raise a case with Xero support
? Where to enter your organisational details
? How to create an invoice
? How to do bank reconciliations

There will also be some time at the end of the webinar for a live Q&A session.
Please register for the webinar here. If you're unable to make the webinar on Wednesday 15 May at 12 noon there will be a recording available afterwards for your viewing. 

Helpful resources
We've put together some helpful resources to support you with your Xero journey.

Xero resources

 

Business guides

 

 

 

March 2019 Update

Kendons Update March 2019 
In this issue 
Information regarding the changes to the Annual Questionnaires
Ring Fencing of Losses and what this might mean for you
IRD services temporarily unavailable
Kendons closure dates for April 2019


Changes to our Annual Questionnaires process

These last few months we have been working to develop a new and improved system for gathering your annual information. 
Shortly we will be sending out our regular year end email regarding your 2019 accounts and when we have your work scheduled however this time it is for information purposes only. 
A month prior to your work being scheduled to begin, you will receive an email with a link to the Kendons 2019 electronic questionnaire. There are approximately six fields to complete then on the completion with your digital signature this document will be automatically sent back to us. This means no printing and scanning back to us. Couldn't be easier! 
Once we start working on your annual accounts you will receive an email from us asking you to answer questions and provide documents. The questions will be tailored specifically for you, your business and/or trust activities. Don't panic - closer to the time we will send you a step by step guide. 
We believe we have thought of every possibility however with all things new, especially technology, we expect that the unknown may occur. Please have patience with us while we iron out any glitches. It is our wish to find time effective solutions to make your lives easier.

Proposed Tax Changes

An issues paper has been released by Inland Revenue proposing changes to the tax regime for investment properties. Inland Revenue is proposing that the new rules will apply from the 2019/2020 tax year and will mean that investors will no longer be able to offset losses on property investments against their other income. It's not yet clear whether the new rules will be applied in their entirety from 1 April 2019 as Inland Revenue have indicated that it may be possible to phase the rules in over a two or three year period (by gradually reducing the amount of losses that can be applied against other income). However, the IRD appears to favour applying the rules in their entirety from 1 April 2019. At the date of this newsletter, these changes have not been legislated. 
Please contact the team at Kendons if you have any questions relating to how this may affect you. 

IRD Services will be temporarily unavailable

As many of you will be aware IRD is making some major changes to their website. To make these changes their key services will be unavailable between 3pm, Thursday 18 April and 8am, Friday 26 April 2019. During this time you will not be able to access myIR, or contact them through their contact centres. Their offices will also be closed. 
This temporary close down will also mean that you will not be able to file your Employer Schedules on the 20th using myIR – please either file the schedule before 18th April or file it on Friday 26th. The IRD will not charge any penalties for the schedules filed on the 26th. Payments can be made via internet banking.

April is going to be a short month!

This year Easter and ANZAC day occur in the same week. Kendons will be closed for the full week – gifting our fabulous team extra days off to enjoy a long break. We will be closed from 5.00pm Thursday 18th April 2019 and re-open 8.00am Monday 29th April 2019.

For key tax dates for April 2019 click on the below 
www.accounting.co.nz

Kendons and AML / CFT Act Obligations


From 1 October 2018, we may be required to undertake client due diligence in order to comply with our obligations under the revised Anti-Money Laundering and Countering Financing of Terrorism regulations in New Zealand.



The information we may require will depend on the type of work we're performing and your type of entity. If required, we will need this information before we begin any work.

When you contact us, or if there is a significant change in the nature of your work, we will let you know if we need to carry out client due diligence and what information we require.

This may include:
  • Forms of identification (for example, your passport or driver's licence)
  • Proof of your address (for example a recent utility bill or rates invoice)
  • Your occupation and where you do business
  • We may need further information depending on your specific services. For example, for trusts, we may require information about trustees and beneficiaries. For companies, we may need information about directors and shareholders. 
  • We may also need to verify the source of funds for certain transactions.

If you have any queries, please do not hesitate to contact us.


From Kendons Directors

Click here to contact Kendons Today!