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Understanding the role of a Chartered Accountant

Paul Martin • May 15, 2016
Role of a Chartered Accountant

Bookkeepers can call themselves accountants but this does not necessarily mean they are Chartered Accountants (or Certified Public Accountants in some countries). Bookkeepers are responsible for tracking and recording of business transactions. They are often called accounting clerks. Their main responsibility is to keep daily financial records accurate, complete and up to date. Being a bookkeeper only requires basic qualifications such as technical knowledge in bookkeeping, relevant bookkeeping experience and basic accounting skills.

 

On the other hand, accountants that are members of the Chartered Accountants Australia and New Zealand (CAANZ) (or similar professional bodies offshore) need a higher level of tertiary education to be qualified. They usually have at least seven years of education and must undertake ongoing annual professional development to maintain their qualifications. Some accountants are not Chartered Accountants which means they do not need to undertake any particular ongoing professional development or meet certain minimum standards to remain up to date with the latest tax and business trends. 

 

Why choose a Chartered Accountant?

In today's competitive world, having a professional accountant is a must for every kind of business. Although it is possible to have an accountant who is not certified, they may not be the best advisor for your business.

A good Chartered Accountant can help your business thrive. Unlike a bookkeeper or non-Chartered Accountant, they are usually more knowledgeable in business financials and tax due to their ongoing professional development requirements and can help you with general financial and business management. Moreover, Chartered Accountants are bound by a code of ethics to ensure highest professional standards. They have rules to follow and a reputation to maintain. This provides you with an assurance that your business is in the very best hands.

Trusted business partner

Chartered Accountants should be your trusted business partners. They have the ability to analyse business data and see business insights, trends and the unique needs of your business. They recognise the changing demands of the market and understand the pressure of competition enabling them to find viable business and financial strategies and solutions that will work for your company. As they say, with ongoing changes in the business world you must either keep up or be left behind. With a good Chartered Accountant to provide you advice, you can take on multiple challenges and stay ahead.

For more information on how a Chartered Accountant like Paul Martin Chartered Accountant Ltd can add value to your business growth , please do not hesitate to call us on (09) 576 4166 or request an online appointment.

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How the new Government and coalition agreements might affect owners of residential rental properties

By Paul Martin • December 4, 2023
There were some key takeouts of interest to many of our clients from the recently signed coalition agreements between National, ACT and New Zealand First and the formation of the new Government. In particular there are a number of policies which will likely benefit landlord clients who own residential rentals. I have summarised some of these below. 1. Return of Interest deductibility for residential rental properties Interest deductibility for residential rental property owners will return. It will be phased back in over three tax years: • 2023/24 tax year: 60% of interest cost will be deductible. • 2024/25 tax year: 80% of interest cost will be deductible. • 2025/26 tax year: 100% of interest cost will be deductible. 2. Reduction in bright-line period National signalled in their pre-election campaign that the bright-line period for residential rental property sales would reduce from 10-years to 2-years. While the exact implementation of this policy is not yet known, it is good news on the horizon for residential property investors. 3. Reinstatement of 90-day no-cause termination notices The new government will reinstate 90-day no-cause tenancy termination notices. This will avoid many unnecessary disputes in the Tenancy Tribunal and gives landlords more confidence in letting to possibly “marginal tenants". Many landlords have avoided what they considered to be risky tenants because eviction for anti-social behaviour was so difficult. With this reinstatement, landlords might be more inclined to give a marginal tenant a chance because they know that if the tenant misbehaves, they won’t be stuck with them. If you would like more information on how these changes might affect your personal circumstances, please feel free to contact us to discuss further.
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