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Question & answer time with your accountant - part 2

25 February 2020 / By RightWay Ltd

We covered off some of the ways your accountant can help you in your business in part 1. Below we continue to cover some of your most burning business questions.

 

Why should I be using cloud-based software?

At RightWay we’re big fans of cloud-based software, that’s why it’s our go to for accounting. If you want your business to work smarter and faster, cloud accounting software is a wise investment, plus you can use cloud-based software from any device with an internet connection. Online accounting means business owners stay connected to their data and their accountants, the software can integrate with a whole ecosystem of add-ons, it’s scalable, cost effective, and easy to use.

 

Which accounting software do you recommend?

We’re a Xero Platinum Partner and have been from the beginning, and we’re really proud that. RightWay loves Xero because it does all of the above beautifully and simply. As an online solution, Xero delivers anytime anywhere access to your businesses financial data. It provides multiple ways for data to be seamlessly fed directly into its accounting engine without human intervention – so you’ll save a bunch of time, and can have more accurate, real-time data.

 

What is provisional tax?

Provisional tax is income tax that you pay in bits throughout the year (as opposed to paying it in lump sum at the end of the year or through PAYE). If you pay it, it’s typically because you had more than $2,500 to pay Inland Revenue at the end of the previous tax year.

Once you’ve filed your annual tax return, Inland Revenue compares what you’ve paid with the amount you are required to pay, based on your actual profit for the year. You’ll either get a refund or be required to pay any difference. Check out our Help Centre for more information on different tax types.

 

How much do you charge?

As each business is so different, we don’t offer you an off the shelf solution - we target a plan to work with you and your business, depending on your goals and challenges. Our business advisors can provide you with a quote after meeting with you and having a chat about your specific needs.

For example, you might need us to look after your accounts, support you in your business with monthly meetings, as well as doing your bookkeeping. All of these services have a different cost depending on the size of your business and where you are based. But don’t forget that as part of being a RightWay customer, you will also be getting a Xero subscription at a reduced cost included in your package, and that’s just one of the perks! 

So how much does business advice cost exactly? To get a clear idea of what it will cost for us to support you in your business, grab a coffee with one our our experienced business advisors today for a no obligation chat about what we can do for you and your business. It’s an investment that’s worth making to help your business thrive.

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