2023

What is Management Accounting? Management Accounting involves financial and non-financial ‘decision-making’ information provided to managers and stakeholders within an organisation. It is an accounting method that creates statements, reports and documents to help businesses make better-informed decisions with performance. It provides operational business metrics and market analysis that help to forecast future purchases and investments for company growth. What are the typical duties associated with Management Accounting? Although it varies from organisation to organisation, some of the essential duties associated with management accounting include: What are the 7 Functions of Management Accounting? Essentially, the 7 typical functions of a management account encompass the below: What is the difference between Financial Accounting and Management Accounting? Financial Accountants record and report spending and transactions related to business operations. Management Accountants help managers with decision-making. It requires strong leadership skills combined with a sound knowledge and understanding of various topics. These include market trends, compliance, and risk management. A good Management Accountant ensures the future growth and profitability of a company. Are you ready to talk to an exceptional and professional accountancy firm about your business financial needs? Howick Office Phone: 64 9 534 4382 Email: office@dnaca.co.nz Address: 69 Ridge Road, Howick, AKL Tauranga Office Phone: 64 7 576 2194 Email: admin@dnaca.co.nz Address: 152 Waihi Road, Judea, Tauranga

Business Connect is fast providing New Zealand businesses and entrepreneurs with a community that is designed to encourage each other and help to achieve their strategic goals. A collaboration of products and services, Business Connect is a platform for entrepreneurs and businesses in both the in-person and online space. A place to mingle, learn and socialize with each other, “Business Connect is an entrepreneur hub, a greenhouse, where you find inspiration, where you don’t feel alone with doubts and struggles,” says Phillip Quay, founder of Business Connect. “Business Connect is ideal for any business which likes to get their business seen, needs help with sales, clients, barriers or would like to connect with like-minded people to help them achieve bigger goals faster and succeed in their business,” commented Phillip at a Business Connect meeting on Tuesday. Business Connect is an open and free platform without judgement and is not restricted by age, gender, or profession. “We can help you find products and services that you might not know are available to you,” adds Phillip. Business Connect gives you the opportunity to seek advice and support. “We have key speakers and mentors, and we encourage you with activities that will assist you in achieving your goals and overcoming roadblocks,” says Phillip. Since its inception last year, Business Connect has fostered new collectives, seen new clients signed up, products sold, new ideas and opportunities opened up as well as countless referrals. Believing that businesses are stronger when they work together, Business Connect wants to help businesses grow and people flourish, “We are all connected through our roots and together we can achieve greater things,” says Phillip. Business Connect offers you a fantastic opportunity to interact in person, make new friends and get ideas to achieve your dream and live the life you deserve. Contact Phillip Quay Business Connect Phone: 0274 587 724 Email: phillip@nzbusinessconnect.co.nz Website: www.nzbusinessconnect.co.nz

Tax Compliance – a taxpayer complies (or fails to comply) with the tax rules. Tax Obligations – Filing in a cost-effective timeframeGovernments are increasingly putting pressure on tax administrations – our global economic environment has resulted in businesses facing challenging times in managing tax compliance. Why is tax compliance important?Failure to file returns and report income and transactions subject to tax is likewise punishable by law. Tax compliance has three dimensions – filing, payment, and reporting. What does compliance mean in the workplace? Everyone who earns money in New Zealand must pay income tax, including: Taxable income can come from various sources, including:  If you are a: Ignorance in failure to pay taxes on time will have consequences – it is your duty as a taxpayer to educate yourself on all tax obligations you must fulfil on time. Tax compliance can be challenging for small business owners, and requires a thorough knowledge of various tax laws – it also involves much time and follow-up work. In addition, deadlines are crucial and must meet with accuracy. The Drumm Nevatt & Associates team are professional, highly skilled Chartered Accountants based in Tauranga and Auckland.They can provide help with all your tax accounting services, including annual accounts, GST legislation, tax facts, tax legislation changes and critical dates. The knowledgeable and experienced accounting team will provide tailored advice and firm solutions to help your business get the best results and ensure you only pay as much tax as you need. Are you ready to talk to an exceptional and professional accountancy firm about your business financial needs? Then let’s chat. Drumm Nevatt and Associates LimitedHowick OfficeE: office@dnaca.co.nzRidge House69 Ridge RoadHowickAuckland 2014PO Box 54 060The MarinaAuckland 2144 Tauranga OfficeP: +64 7 576 2194E: admin@dnaca.co.nz23 Myres StreetOtumoetaiTauranga 3110