Coming to Xero very soon…
Payday filing is a new method for reporting employment information, and is compulsory from 1 April 2019.
Each time you pay staff, you’ll need to file employee information to Inland Revenue within two days.
What does it mean for you?
Payday filing means you’ll need to file:
- more information
- more frequently
- and if your annual PAYE and ESCT deductions are $50,000 or more, you’ll need to do it online
With Xero Payroll, it’ll be easier to report payroll information directly to Inland Revenue.
By 1 April 2019, Xero will seamlessly integrate with Inland Revenue so payday filing can be done in just a few clicks.
If you’re a business owner, business manager or bookkeeper who wants to take back control of your business (and your life!), this eBook is for you. And this book is definitely for you if you’d like to take more holidays without worrying about work while you’re away!
- Learn how to turn chaos into order
- Gain confidence on understanding your cashflow
- Discover tips to solving common business problems
- Learn how to manage growth as well as managing your accounts
- Discover the 5 ways cloud accounting makes sustainability simple
When our internal accountant departed with very short notice last year we had an immediate staffing problem. To recruit and train an accountant in a matter of days simply wasn’t feasible. So, with a degree of nervousness I decided to outsource the role and engaged Katalyst.
The transition was seamless, and Katalyst took over the whole process in a very professional way. The benefits have been tremendous…….we have freed up office space, we no longer have to work around staffing issues like holidays and sick leave, the work is done on time by very competent people who are always accessible, and the cost is substantially lower.
I started out being very skeptical about the functionality of outsourcing but now, thanks to Katalyst, I’m a huge fan. I highly recommend them to any business considering their services.
Chief Executive Officer
The proposed changes are likely to be included in a tax bill for consideration by Parliament in 2017.
- Employer monthly schedules will no longer need to be lodged. Instead, from 1 April 2019, PAYE information will be filed on a payday basis (2 days after the payroll date – to allow for any corrections before lodgement).
- The Government is not proposing to change the dates by which PAYE and related deductions have to be paid to Inland Revenue. However it will be possible to make these payments on a payday basis. A good idea really as it can be organised at the same time that gross payments are made to staff.
- To improve the workability of the rules minor changes would be made from 1 April 2018 to the PAYE rules for holiday pay paid in advance and to align when rate changes come into effect.
- The payroll subsidy, which subsidises employers to outsource their PAYE obligations to listed payroll intermediaries will cease from 1 April 2018.
Further details including a copy of the Minister of Revenue (Hon. Michael Woodhouse’s) speech to the NZ Payroll practitioners Conference regarding these changes can be found here.
We are very excited to win the Xero Bookkeeping Partner of the Year for Auckland. We are off to Xerocon South, in Brisbane in September, to see if we have won the NZ award.
Thanks to our awesome team and the ongoing support from Xero.
Is your Payroll spreadsheet turning into a Monster? Slay the beast and move to cloud-based payroll!
Cloud – A better way to manage your payroll
I see so many companies trying to manage their payroll with spreadsheets that I really feel like yelling out to the world, there is an easier way – move to cloud-based payroll!!! Managing a spreadsheet requires so much manual work, that it can become a nightmare – and if you find yourself with an out-dated spreadsheet that has so many formula’s you have lost track of what still works and what doesn’t, this could be costing your company an awful lot of money in incorrect calculations and headaches.
There are so many great cloud-based payroll systems available these days, that there really is no need for those dreaded payroll spreadsheets and hours spent manually calculating leave balances, PAYE and KiwiSaver contributions any more – why would you spend your days (and nights in most small business owners cases) manually calculating figures that can simply be produced when using a proper payroll system?
My favourite cloud-based payroll software – Flexitime
I am particularly fond of Flexitime, with its numerous (too many to mention) features that clearly shows that these guys have put a lot of thought into developing a product to make it easy to use and customise to suit your business, as well as reduce processing time, and we all love saving some time, don’t we?
Flexitime has developed an App that allows your staff to record their hours while they work, doesn’t matter where they are. All the time entries made to Flexitime app will automatically appear in Flexitime payroll system when you log in, ready to be approved and then paid. Once setup, these payrolls are a dream to manage, Annual Leave is accrued automatically after each payrun, the system alerts you to Public Holidays that falls during this period, IR345 and 348 can simply be downloaded and then uploaded to IRD website, Batch files can be exported from Flexitime and simply uploaded to your Business Banking, and I can go on and on and on.
To top this all off, they have an amazing support Team, always friendly and always ready to help. This for me, really is a cherry on a very yummy cake – because no matter how good a product, it does come down to after sales service and ongoing support (if required)
Get help moving to Flexitime
If you are finding yourself struggling to keep a spreadsheet going each week, or wading through paper timesheets, give me a call and I will be more than happy to drag you from the dark ages, straight into the light :)
Well done to Xero, the new points based, practical, certification process is excellent – what used to be a one size fits all multi-choice test, is now much more targeted and in a much better format. I can actually see new bookkeepers to Xero getting a lot out of it, as well as some old hands…
By the way, I got 100% on my first one!
Our good friends at UHY Haines Norton, have shared the new Director requirements with us. Please have a read and let your accountant know if this might affect you.
Directors of all New Zealand companies should be mindful of requirements coming into affect from 28th October 2015. Click here to view the new rules.
Here is a great piece of work from one of our favourites – Debtor Daddy:
Debtor Daddy’s field guide for getting paid & boosting your cashflow.
Download a poster version for your wall:
I purchased the New Zealand D-Photo magazine over the weekend and was happily reading an article about going pro for photographers, and turning the page – #3 was “Get a Bookkeeper…”.
We have worked with several photographers over the years, ranging in business size, and as a keen enthusiast photographer myself, I love working with them. We have provide, setup and train, or manage – cloud based systems, you can access anywhere you can get online:
- Job system to manage leads, quoting, time and materials through to invoicing
- Software to manage receipts when travelling through to the accounting software, so we can work for you, while you are away
- Cloud based accountancy software
- Paperless document management giving you access to all your business information
If you know any photographers starting out who might been keen for a obligation free chat about getting them setup right from the start, please do pass on our details to them. Or, really, to any photography business that needs a great bookkeeper!
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