Tax & Annual Accounts

As accountants, we have two roles. At Whitelaw Weber our experience extends well beyond tax compliance. On a daily basis we are helping clients enter new markets, grow sales, improve efficiency, reclaim personal time and plan for the future.

Tax Compliance - The process of preparing EOYFAs is primarily about understanding how much tax you need to pay or will be refunded. However, as an added benefit, it also highlights broader issues and opportunities within a business.

Business Management - Identifying and addressing these issues and opportunities are where accountants add the most value to a business.

What are End of Year Financial Accounts (EOYFAs)?

EOYFAs provide information on the financial status of an entity, usually based on the last 12 months of operating.

Why do you need End of Year Financial Accounts?

The information is used as a basis to prepare tax returns for the Inland Revenue Department (IRD), as well as for determining how much tax you need to pay (or refunds you are due).

EOYFAs are also usually required by banks and other financial institutions, along with the entity’s stakeholders such as shareholders, partners and beneficiaries.

How are EOYFAs prepared?

There are 5 key steps to preparing EOYFAs:

  • Gathering all financial and key operational information

  • Checking the accuracy of the information and making any necessary adjustments or changes

  • Application of revenue assessment and tax deductibility strategies

  • Collating, sharing and filing the EOYFAs

  • Advising of any necessary payments to IRD  

Does technology make it easier?

The new generation of accounting software has made it easier and faster for businesses to manage their own financial needs.

Not only can you scan expense receipts and set up batch payments for example, the transactional information is brought together into a single secure system. This helps the accountant with part of the first step: gathering transactional information (bank transactions, sales transactions and payment transactions).

In addition, software provides the accountant with  better visibility and faster access to your financial information. This in turn improves the quality and accuracy of data.

We actively encourage you to use accounting software. In addition to making it easier to manage day to day accounting needs, software also opens the door to broader opportunities to improve the performance of your business.