End of Financial Year

End of Financial Year

March 22, 2021

We’re speeding toward the end of the 2021 financial year, and let’s hope we don’t see another one like that one!

If we ever needed a reminder that we live in an amazing part of the world, we well and truly received it this year. The thing is though, even within that part of the world, we live in a pretty amazing place.

We are very grateful for your support; we are certainly aware that we work with some great people and don’t take the opportunity for granted.

Its been a challenging year for Duncan Dovico, and we thank you for the patience that you have shown when your work has been delayed. This is an issue we are working hard to fix in the coming twelve months, and its an area that we know we simply have to improve on.

Its been a year of real change within Duncan Dovico, and this will lead to more efficiencies this year. We are now using an internally redesigned work paper suite where all documents are scanned rather than printed. It has taken some time to get used to but the benefits are going to be worth it.

Our server has been reconfigured and we know store all of our files on Microsoft SharePoint drives. This means that we can access it anyway, and it has been a great feeling sitting in meetings with you and other professionals, like lawyers, and being able to bring up documents even when those meetings are not in our offices.

It also means that we can set up your own personal folders stored securely on our server, where you can upload information that you would normally send to us at the end of the year and create new folders that mean something to you, to allow you to control the process.

We also have the ability to share a secure folder where all of your own financial statements and tax returns are stored. So rather than asking us to email you copies of those documents, you are able to log in and pick what you need yourself. The feedback from a small group of “guinea pigs” has been great and we’re excited to be ready to go to roll this out.

Checklists! End of year checklists! We get more feedback about checklists than anything else. Often clients who join Duncan Dovico comment that they never had to fill one in with their previous accountant. This may well be the case, its proven, without exception, to be the tool that best helps us to deliver efficiency through the annual accounting process.

There is simply no doubt that those of you who fill in the checklists (to the best of your ability) have the accounts turned around the most efficiently.

Consider this. You decide to pain your house. You erect scaffolding and you buy a can of paint. You’re ready to go but you realise you don’t have a paint brush, so you pack the scaffolding away and mow the lawn instead.

The next weekend you put up the scaffolding again, start painting but run out of pain halfway through the first wall. So, you pack the scaffolding away and do some baking.

Or another example; you are a dairy farmer and its milking time. You bring half of the cows into the yard and start the machinery. Once those cows have been milked you turn off the machinery and go and get another quarter of the herd from paddock. You repeat the process until the entire herd has been milked.

Both of these examples might seem a bit farcical. But this is exactly what we do when we don’t receive all the necessary information from you at the start of the annual accounts (or GST for that matter) process.

Each time we have to put down your work to gather more information we lose efficiency. And the longer before we pick this up again, the harder it is to just carry on from where we left off.

This week the 2021 checklists will be either emailed or posted out to you.

Please, please, please, help us help you.

Please take the time to read the information and think about what you need to supply to us. If you’re unsure, give us a call! We’re happy to help.

Most of the questions might not apply to you. That’s ok, just tick no and continue on. If you don’t know what the question means then it probably doesn’t apply either.

If there is so much that doesn’t apply, why do we ask it?

A number of times the question has triggered a response like ‘well yes I do, but is it relevant”. Most of the time it is relevant. The most common light bulb moment is around foreign superannuation. The tax rules around these are complex. If we don’t ask everyone that question, then we often don’t know who needs assistance (and often they don’t either until Inland Revenue starts to knock on the door).

So please, take some time to look at the checklists and when you are ready, fill them in as best you can. You might be surprised how little is required, especially if we prepare your GST returns or if you use a product like Xero or MYOB.

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20 Robe St, New Plymouth 4310